Document:

Exhibit 10.2

This Warrant has not been registered under the Securities Act of 1993, as
amended, or any applicable state securities laws, and may not be sold or
transferred unless such sale or transfer is in accordance with the registration
requirements of such Act and applicable laws or some other exemption from the
registration requirements of such Act and applicable laws is available with
respect thereto.

                          APPLIED NEUROSOLUTIONS, INC.

                          COMMON STOCK PURCHASE WARRANT

Warrant No. ANS-A-3                                   Number of Shares: 500,000

                          Void after September 3, 2008

     1. Issuance. This Warrant is issued to David Stone by Applied
NeuroSolutions, Inc., a Delaware corporation (hereinafter with its successors
called the "Company").

2. Number of Shares; Purchase Price. Subject to the terms and conditions
hereinafter set forth, the registered holder of this Warrant (the "Holder"),
commencing on the date hereof, is entitled upon surrender of this Warrant with
the subscription form annexed hereto duly executed, at the office of the
Company, 50 Lakeview Parkway, Suite 111, Vernon Hills, IL 60061, or such other
office as the Company shall notify the Holder of in writing, to purchase from
the Company, 500,000 fully paid and nonassessable shares of Common Stock,
$0.0025 par value, of the Company (the "Common Stock"). The purchase price per
share (the "Purchase Price") shall equal $0.15. Until such time as this Warrant
is exercised in full or expires, the Purchase Price and the securities issuable
upon exercise of this Warrant are subject to adjustment as hereinafter provided.

     3. Payment of Purchase Price. The Purchase Price may be paid (i) in cash or
by check, (ii) by the surrender by the Holder to the Company of any promissory
notes or other obligations issued by the Company, with all such notes and
obligations so surrendered being credited against the Purchase Price in an
amount equal to the principal amount thereof plus accrued interest to the date
of surrender, (iii) through delivery by the Holder to the Company of other
securities issued by the Company, with such securities being credited against
the Purchase Price in an amount equal to the Fair Market Value (as defined
herein), or (iv) by any combination of the foregoing. The Board of Directors of
the Company (the "Board") shall promptly respond in writing to an inquiry by the
Holder as to the Fair Market Value of any securities the Holder may wish to
deliver to the Company pursuant to clause (iii) above.

     4. Net Issue Election. The Holder may elect to receive, without the payment
by the Holder of any additional consideration, shares equal to the value of this
Warrant or any portion hereof by the surrender of this Warrant, or such portion
to the Company, with the net issue election notice annexed hereto duly executed,
at the office of the Company. Thereupon, the Company shall issue to the Holder
such number of fully paid and nonassessable shares of Common Stock as is
computed using the following formula:

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                                 X = Y ( A - B )
                                     -----------
                                          A

where X = the number of shares to be issued to the Holder pursuant to this
Section 4.

         Y    = the number of shares covered by this Warrant in respect of which
              the net issue election is made pursuant to this Section 4.

         A    = the Fair Market Value of one share of Common Stock (defined
              herein), as at the time the net issue election is made pursuant to
              this Section 4.

         B    = the Purchase Price in effect under this Warrant at the time the
              net issue election is made pursuant to this Section 4.

For purposes of Sections 3 and 4, the "Fair Market Value" of a security of the
Company as of a particular date shall be determined as follows: (i) if traded on
a securities exchange or through the Nasdaq National Market, the value shall be
deemed to be the average of the closing prices of the securities on such
exchange over the thirty (30) day period ending three (3) days prior to the net
issue election; (ii) if traded over-the-counter, the value shall be deemed to be
the average of the closing bid or sale prices (whichever is applicable) over the
thirty (30) day period ending three (3) days prior to the net issue election;
and (iii) if there is no active public market, the Fair Market Value shall be
determined in good faith by the Board; provided, however, that, if the Warrant
is being exercised upon the closing of the Company's initial public offering,
the Fair Market Value of the securities to be sold in the initial public
offering will be the initial "Price to Public" of such securities specified in
the final prospectus with respect to such offering. The Board shall promptly
respond in writing to an inquiry by the Holder as to the Fair Market Value of
the Company's securities.

     5. Partial Exercise. This Warrant may be exercised in part, and the Holder
shall be entitled to receive a new warrant, which shall be dated as of the date
of this Warrant, covering the number of shares in respect of which this Warrant
shall not have been exercised.

     6. Issuance Date. The person or persons in whose name, or name, any
certificate representing shares of Common Stock is issued hereunder shall be
deemed to have become the holder of record of the shares represented thereby as
at the close of business on the date this Warrant is exercised with respect to
such shares, whether or not the transfer books of the Company shall be closed.

     7. Expiration Date; Automatic Exercise. This Warrant shall expire at the
close of business on the date five years after issuance, and shall be void
thereafter. Notwithstanding the foregoing, this Warrant shall automatically be
deemed to be exercised in full pursuant to the provisions of Section 4 hereof,
without any further action on behalf of the Holder, immediately prior to the
time this Warrant would otherwise expire pursuant to the preceding sentence.

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     8. Reserved Shares; Valid Issuance. The Company covenants that it will at
all times from and after the date hereof reserve and keep available such number
of its authorized shares of Common Stock free from all preemptive or similar
rights therein, as will be sufficient to permit, respectively, the exercise of
this Warrant in full. The Company further covenants that such shares as may be
issued pursuant to such exercise and conversion will, upon issuance, be duly and
validly issued, fully paid and nonassessable and free from all preemptive
rights, taxes, liens and charges with respect to the issuance thereof. The
Company covenants that the issuance of this Warrant shall constitute full
authority to its officers to execute and issue the Common Stock upon exercise of
this Warrant.

     9. Stock Dividends. If the Company shall subdivide the Common Stock, by
split-up or otherwise, or combine the Common Stock, or issue additional shares
of Common Stock in payment of a stock dividend on the Common Stock, the number
of shares issuable on the exercise of this Warrant shall forthwith be
proportionately increased in the case of a subdivision or stock dividend, or
proportionately decreased in the case of a combination, and the Purchase Price
shall forthwith be proportionately decreased in the case of a subdivision or
stock dividend, or proportionately increased in the case of a combination.

     10. Mergers and Reclassifications. If there shall be any reclassification,
capital reorganization or change of the Common Stock (other than as a result of
a subdivision, combination or stock dividend provided for in Section 9 hereof),
or any consolidation of the Company with, or merger of the Company into, another
corporation or other business organization (other than a consolidation or merger
in which the Company is the continuing corporation and which does not result in
any reclassification or change of the outstanding Common Stock), or any sale or
conveyance to another corporation or other business organization of all or
substantially all of the assets of the Company, then, as a condition of such
reclassification, reorganization, change, consolidation, merger, sale or
conveyance, lawful provisions shall be made, and duly executed documents
evidencing the same from the Company or its successor shall be delivered to the
Holder, so that the Holder shall thereafter have the right to purchase at a
total price not to exceed that payable upon exercise of the Warrant in full, the
kind and amount of shares of stock and other securities and property receivable
upon such reclassification, reorganization, change, consolidation, merger, sale
or conveyance by a holder of the number of shares of Common Stock which might
have been purchased by the Holder immediately prior to such reclassification,
reorganization, change, consolidation, merger, sale or conveyance, and in any
such case appropriate provisions shall be made with respect to the rights and
interests of the Holder to the end that the provisions hereof (including without
limitation, provisions for the adjustment of the Purchase Price and the number
of shares issuable hereunder) shall thereafter be applicable in relation to any
shares of stock or other securities and property thereafter deliverable upon
exercise hereof. The Company will not, by amendment to its Certificate of
Incorporation or through any reorganization, recapitalization or other voluntary
action, avoid or seek to avoid the observance hereof but will at all times in
good faith assist in carrying out the provisions hereof in order to protect the
rights of the Holder against impairment.

     11. Fractional Shares. In no event shall any fractional share of Common
Stock be issued upon any exercise of this Warrant. If, upon exercise of this
Warrant as an entirety, the Holder would be entitled to receive a fractional
share of Common Stock, then the Company shall issue the next higher number of
full shares of Common Stock, issuing a full share with respect to such
fractional share.

<PAGE>

     12. Certificate of Adjustment. Whenever the Purchase Price is adjusted, as
herein provided, the Company shall promptly deliver to the Holder a certificate
of the Company setting forth the Purchase Price after such adjustment and
setting forth a brief statement of the facts requiring such adjustment.

     13. Notices of Record Date. Etc. In the event of:

                  (a) any taking by the Company of a record of the holders of
         any class of securities for the purpose of determining the holders
         thereof who are entitled to receive any dividend or other distribution,
         or any right to subscribe for, purchase or otherwise acquire any shares
         of stock of any class or any other securities or property, or to
         receive any other right,

                  (b) any reclassification of the capital stock of the Company,
         capital reorganization of the Company, consolidation or merger
         involving the Company, or sale or conveyance of all or substantially
         all of its assets, or

                  (c) any voluntary or involuntary dissolution, liquidation or
         winding-up of the Company,

then and in each such event the Company will mail or cause to be mailed to the
Holder a notice specifying (i) the date on which any such record is to be taken
for the purpose of such dividend, distribution or right, and stating the amount
and character of such dividend, distribution or right, or (ii) the date on which
any such reclassification, reorganization, consolidation, merger, sale or
conveyance, dissolution, liquidation or winding-up is to take place, and the
time, if any is to be fixed, as of which the holders of record in respect of
such event are to be determined. Such notice shall be mailed at least 20 days
prior to the date specified in such notice on which any such action is to be
taken.

     14. Amendment. The terms of this Warrant may be amended, modified or waived
only with the written consent of the Company and the holders of Warrants
representing at least two-thirds of the number of shares of Common Stock then
issuable upon the exercise of the Warrants. No such amendment, modification or
waiver shall be effective as to this Warrant unless the terms of such amendment,
modification or waiver shall apply with the same force and effect to all of the
other Warrants then outstanding.

     15. Warrant Register; Transfers, Etc.

                  A. The Company will maintain a register containing the names
         and addresses of the registered holders of the Warrants. The Holder may
         change its address as shown on the warrant register by written notice
         to the Company requesting, such change. Any notice or written
         communication required or permitted to be given to the Holder may be
         given by certified mail or delivered to the Holder at its address as
         shown on the warrant register.

<PAGE>

                  B. Subject to compliance with applicable federal and
         securities laws, this Warrant may be transferred by the Holder with
         respect to any or all of the shares purchasable hereunder. Upon
         surrender of this Warrant to the Company, together with the assignment
         hereof properly endorsed, for transfer of this Warrant as an entirety
         by the Holder, the Company shall issue a new warrant of the same
         denomination to the assignee. Upon surrender of this Warrant to the
         Company, together with the assignment hereof properly endorsed, by the
         Holder for transfer with respect to a portion of the shares of Common
         Stock purchasable hereunder, the Company shall issue a new warrant to
         the assignee, in such denomination as shall be requested by the Holder
         hereof, and shall issue to such Holder a new warrant covering the
         number of shares in respect of which this Warrant shall not have been
         transferred.

                  C. In case this Warrant shall be mutilated, lost, stolen or
         destroyed, the Company shall issue a new warrant of like tenor and
         denomination and deliver the same (i) in exchange and substitution for
         and upon surrender and cancellation of any mutilated Warrant, or (ii)
         in lieu of any Warrant lost, stolen or destroyed, upon receipt of
         evidence reasonably satisfactory to the Company of the loss, theft or
         destruction of such Warrant (including a reasonably detailed affidavit
         with respect to the circumstance of any loss, theft or destruction) and
         of indemnity reasonably satisfactory to the Company. Issuance of Common
         Stock upon exercise of this Warrant and all transfers of this Warrant
         shall be made without charge to the Holder.

                  D. Except as otherwise provided in this Section 16, the
         Company will not seek reimbursement from the Holder for any costs
         associated with the issuance of any shares of Common Stock upon the
         exercise of this Warrant or any permitted transfers of this Warrant by
         Holder.

     16. No Impairment. The Company will not, by amendment of its Certificate of
Incorporation or through any reclassification, capital reorganization,
consolidation, merger, sale or conveyance of assets, dissolution, liquidation,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to
promote the rights of the Holder.

     17. Governing Law. The provisions and terms of this Warrant shall be
governed by and construed in accordance with the internal laws of the State of
Illinois.

     18. Successors and Assigns. This Warrant shall be binding upon the
Company's successors and permitted assigns and shall inure to the benefit of the
Holder's successors, legal representatives and permitted assigns. The
obligations of the Company hereunder shall not be assigned by the Company
without the prior written consent of the Holder; provided, however, that no such
consent shall be required for the assumption of such obligations by the
successor to the Company that participates in a currently contemplated reverse
triangular merger with the Company

<PAGE>

     19. Business Days. If the last or appointed day for the taking of any
action required or the expiration of any right granted herein shall be a
Saturday or Sunday or a legal holiday in Illinois, then such action may be taken
or right may be exercised on the next succeeding day which is not a Saturday or
Sunday or such a legal holiday.

Dated: As of ______________________________

                          APPLIED NEUROSOLUTIONS, INC.

                                           By: _________________________________
                                                 Name:    Bruce N. Barron
                                                 Title:   Chairman & CEO
<PAGE>

                                  Subscription

To:                                         Date
    ---------------------------------           --------------------------------

     The undersigned hereby subscribes for ________________ shares of Common
Stock covered by this Warrant. The certificate(s) for such shares shall be
issued in the name of the undersigned or as otherwise indicated below:

                                           -------------------------------------
                                           Signature

                                           -------------------------------------
                                           Name for Registration

                                           -------------------------------------
                                           Mailing Address

                            Net Issue Election Notice

To:                                         Date
    ---------------------------------           --------------------------------

         The undersigned hereby elects under Section 4 to surrender the right to
 purchase shares of Common Stock pursuant to this Warrant. The certificate(s)
 for the shares issuable upon such net issue election shall be issued in the
 name of the undersigned or as otherwise indicated below.

                                           -------------------------------------
                                           Signature

                                           -------------------------------------
                                           Name for Registration

                                           -------------------------------------
                                           Mailing Address

<PAGE>

                                   Assignment

For value received ________________________ hereby sells, assigns and transfers

unto ___________________________________________________________________________
                [Please print or typewrite name and address of Assignee]

the within Warrant, and does hereby irrevocably constitute and appoint _________

_______________________ its attorney to transfer the within Warrant on the books

of the within named Company with full power of substitution on the premises.

Dated:
       ------------------------------

                                           -------------------------------------

In the Presence of:

-------------------------------------------Exhibit 10.3

                          APPLIED NEUROSOLUTIONS, INC.
                         COMMON STOCK WARRANT AGREEMENT

THIS AGREEMENT ("Agreement") is made this 10th day of September 2002, between
Applied NeuroSolutions, Inc. (formerly called Hemoxymed, Inc.), a Delaware
corporation ("APNS" or the "Company"), and Judson Cooper (the "Holder"). This
Agreement supercedes the previous Common Stock Warrant Agreement dated the
September 10, 2002 between the Company and Prism Ventures LLC.

1.   Grant of Common Stock Warrants This certifies that Holder is hereby granted
     a warrant (the "Warrant") to purchase from the Company 400,000 shares of
     the Company's Common Stock (the "Warrant Shares") at a price of $.20
     (twenty cents) per share (the "Stock Purchase Price"). The Warrant may be
     exercised until September 10, 2012 ("Last Exercise Date"). Any portion of
     the Warranted Shares that have not been exercised shall accumulate and can
     be exercised at any time prior to the Last Exercise Date.

2.   Exercise of Warrant This Warrant may be exercised by delivering to the
     Company (i) a written notice of intention to exercise specifying the number
     of Warranted Shares to be purchased and (ii) payment in full of the Stock
     Purchase Price for all such Warrant Shares in cash, certified check or
     surrender of shares of Common Stock of the Company having a value equal to
     the Stock Purchase Price of the Warrant Shares being purchased. The Company
     shall use its best efforts to cause the Warrant Shares to be issued as
     promptly as practicable after receipt of the notice of intention to
     exercise.

3.   Conversion Right In lieu of payment of the Stock Purchase Price, at any
     time the Stock Purchase Price is less than the market price of the
     Company's Common Stock (such difference being the "Per Share Value of the
     Warrant"), Holder shall have the right to require the Company to convert
     this Warrant, in whole or part, into the Warrant Shares as follows (the
     "Conversion Right"): Upon exercise of the Conversion Right, the Company
     shall deliver to the Holder (without payment by the Holder of any of the
     Stock Purchase Price) up to that number of the Warrant Shares equal to the
     quotient obtained by dividing (x) the product of (i) the Per Share Value of
     the Warrant at the time the Conversion Right is exercised and (ii) the
     number of Warrant Shares issuable upon exercise of this Warrant immediately
     prior to the exercise of the Conversion Right by (y) the market price of
     one share of the Company's Common Stock immediately prior to the exercise
     of the Conversion Right.

4.   Change in Capitalization Subject to any required action by the shareholders
     of the Company, the number of shares of common stock covered by each
     outstanding Warrant and the number of shares of common stock which have
     been authorized for issuance under this Agreement, as well as the price per
     share of common stock covered by each such Warrant, shall be
     proportionately adjusted for any increase or decrease in the number of
     issued shares of common stock resulting from a stock split, reverse stock
     split, stock dividend, combination or reclassification of the common stock,
     or any other increase or decrease in the number of issued shares of common
     stock effected without receipt of consideration by the Company. The

<PAGE>

     conversion of any convertible securities of the Company shall not be deemed
     to have been "effected without receipt of consideration."

5.   Merger or Asset Sale In the event of a merger of the Company with or into
     another corporation, or the sale of substantially all of the assets of the
     Company, the Warrant shall be assumed or an equivalent warrant or right
     substituted by the successor corporation or a Parent or Subsidiary of the
     successor corporation.

6.   Registration Rights The Company agrees to register the Warrant Shares with
     the next registration statement filed by the Company that includes any
     shares underlying options held by the Company's management.

7.   Successors and Assigns. All authority herein conferred or agreed to be
     conferred shall survive the death or incapacity of any party hereto and any
     obligations of a party shall be binding upon the heirs, personal
     representatives, successors, and assigns of such party.

8.   Counterparts. This Agreement may be executed in more than one counterpart,
     each of which shall be deemed an original, but all of which shall
     constitute the same instrument.

9.   Interpretation. Unless the context otherwise requires, as used herein,
     words in the singular shall include words in the plural and vice versa and
     words in one gender shall include words in the other gender. This Agreement
     is deemed executed and delivered in the State of New York and shall be
     construed and enforced in accordance with the laws of such state without
     giving effect to the conflicts of law rules thereof.

10.  Venue. Each party hereof irrevocably consents to the sole and exclusive
     jurisdiction and venue of the state and federal courts located in the
     Southern District of New York in connection with any matter arising from or
     related to any matter addressed in this Agreement.

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day
and year first set forth above.

By:  _______________________________
        Judson Cooper

APPLIED NEUROSOLUTIONS, INC.

By:  _______________________________
       Bruce Barron

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