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                                                                    Exhibit 10.2

                                 NOVOCELL, INC.

                   SERIES C PREFERRED STOCK PURCHASE AGREEMENT

         THIS SERIES C REFERRED STOCK PURCHASE AGREEMENT (the "Agreement") is
made as of December 10, 2001 between Novocell, Inc., a Delaware corporation (the
"Company"), and the purchasers listed on the Schedule of Purchasers ("Schedule
of Purchasers") attached hereto as Exhibit A (the "Purchasers"). The parties
hereby agree as follows:

         1.       Authorization and Sale of the Preferred Shares.

                  1.1 Authorization. The Company has authorized the issuance and
sale pursuant to the terms and conditions hereof of up to 1,250,000 shares of
its Series C Preferred Stock (the "Series C Shares"), having the rights,
restrictions, privileges and preferences as set forth in the Restated
Certificate of Incorporation of the Company (the "Restated Certificate")
attached hereto as Exhibit B.

                  1.2 Sale and Issuance of the Shares. Subject to the terms and
conditions hereof, at the Closing, the Company will issue and sell to each
Purchaser and each Purchaser will purchase from the Company that number of
Series C Shares set forth opposite such Purchaser's name on Exhibit A hereto at
a purchase price of $4.00 per share. Subject to Section 6.1(f) hereof, the
Company's agreement with each of the Purchasers hereunder is a separate
agreement, the sale of the Series C Shares to each of the Purchasers is a
separate sale and the closing of each sale is not conditional upon the closing
of other sales. No Purchaser shall be liable for any breach of this Agreement by
any other Purchaser.

         2.       Closing Date; Delivery.

                  2.1   Closing Date. The closing comprising the purchase by the
Purchasers and sale by the Company of the Shares (the "Closing") shall be held
at the offices of Crosby, Heafey, Roach & May, Professional Corporation, 1901
Avenue of the Stars, Suite 700, Los Angeles, California 90067 at 10:00 a.m.,
local time, on December 10, 2001 or at such other place and time as the Company
and the Purchasers shall mutually agree (the "Closing Date").

                  2.2   Delivery. Subject to the terms of this Agreement, at the
Closing, the Company will deliver to each Purchaser a stock certificate
registered in such Purchaser's name representing the number of Series C Shares
purchased at the Closing by such Purchaser as set forth opposite such
Purchaser's name on the Exhibit A, against delivery by each Purchaser to the
Company, by check or wire transfer, of payment for the Shares being purchased at
the Closing in the amount set forth opposite such Purchaser's name on Exhibit A.

         3.       Representations and Warranties of the Company. Except as set
forth in the Schedule of Exceptions attached hereto as Exhibit C (the "Schedule
of Exceptions") (which exceptions shall be exceptions to the Sections of this
Agreement referenced in the Schedule of Exceptions; provided; however, that the
Purchasers agree that the inadvertent omission of a reference in the Schedule of
Exceptions to a specific Section or Sections herein shall not be or be
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deemed to be a breach of this Agreement if the disclosure is such that it is
understandably applicable to any other Section or Sections of this Section 3 the
reference(s) to which were so omitted), the Company hereby represents and
warrants to each Purchaser that:

                  3.1   Organization and Standing. The Company is a corporation
duly organized, validly existing and in good standing under the laws of the
State of Delaware and has all requisite corporate power and authority to carry
on its businesses as now conducted and as proposed to be conducted. The Company
is qualified or licensed to do business as a foreign corporation in all
jurisdictions where such qualification or licensing is required, except where
the failure to so qualify would not have a material adverse effect upon the
Company's business, properties or financial condition (a "Material Adverse
Effect").

                  3.2   Corporate Power. The Company has all requisite corporate
power necessary for the authorization, execution and delivery of this Agreement
and the Second Amended and Restated Rights Agreement in substantially the form
attached hereto as Exhibit D (the "Second Amended and Restated Rights
Agreement"). This Agreement is, and the Second Amended and Restated Rights
Agreement, when executed and delivered, will be, a valid and binding obligation
of the Company enforceable in accordance with its terms, except as the same may
be limited by bankruptcy, insolvency, moratorium, and other laws of general
application affecting the enforcement of creditors' rights and/or by public
policy considerations.

                  3.3   Capitalization. The authorized capital stock of the
Company consists of 10,000,000 shares of Common Stock, and 6,400,115 shares of
Preferred Stock, of which 1,685,000 shares have been designated Series A
Preferred Stock, 3,255,813 shares have been designated Series B Preferred Stock,
209,302 shares have been designated Series B-1 Nonvoting Preferred Stock, and
1,250,000 have been designated Series C Preferred Stock. As of immediately prior
to the Closing, there are or will be no shares of the Company's Common Stock,
1,685,000 shares of the Series A Preferred Stock, 3,046,511 shares of the Series
B Preferred Stock, 209,302 shares of the Series B-1 Nonvoting Preferred Stock
and no shares of Series C Preferred Stock issued and outstanding. The
outstanding capital stock of the Company has been validly issued in accordance
with applicable law. There are no outstanding securities of the Company other
than the 1,685,000 issued and outstanding shares of Series A Preferred Stock,
the 3,046,511 issued and outstanding shares of Series B Preferred Stock and the
209,302 issued and outstanding shares of Series B-1 Nonvoting Preferred Stock
and options for 500,766 shares of Common Stock issued and outstanding under the
Company's Stock Option Plan. Except as provided under the Existing Rights
Agreement (as defined below), there are no outstanding preemptive or other
rights, plans, options, warrants, conversion rights or agreements for the
purchase or acquisition from or repurchase (other than pursuant to the Company's
Stock Option Plan and the Exchange Agreement described and defined in the
Schedule of Exceptions) by the Company of any securities of the Company, except
that 1,078,699 shares of Common Stock have been or will be reserved for issuance
under the Company Stock Option Plan to management, employees, prospective
employees, consultants, directors, and the like (whether issued outright, as
restricted stock or pursuant to options, warrants or other rights to acquire
securities), 1,685,000 shares of Common Stock have been reserved for issuance
upon conversion of the Series A Preferred Stock, an aggregate of 3,255,813
shares of Common Stock have been reserved for issuance upon conversion of the
outstanding shares of the Series B Preferred Stock and/or shares of the Series
B-1 Nonvoting Preferred Stock and 1,250,000 shares of Common

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Stock have been reserved for issuance upon conversion of the Series C Shares
being sold hereby. Notwithstanding the foregoing, and assuming that the
transactions contemplated by the Exchange Agreement in the form provided to the
Purchasers are consummated subsequent to the Closing and in accordance with the
terms of such form of the Exchange Agreement, then, immediately after such
consummation, there will be 3,255,813 shares of Series B Preferred Stock and no
shares of Series B-1 Nonvoting Preferred Stock issued and outstanding. Attached
hereto as Exhibit F is a capitalization chart, which capitalization chart sets
forth a true and accurate list of the stockholders of the Company (by affiliated
fund name or affiliated group) as of the date hereof (without giving effect to
the consummation of any of the transactions contemplated hereby or by the
Exchange Agreement).

                  3.4   Authorization.

                        (a)  Corporation Action.  All corporate action on the
part of the Company, its officers, directors and stockholders necessary for the
sale and issuance of the Series C Shares, the issuance of the Common Stock
issuable upon conversion of the Series C Shares, the approval and filing of the
Restated Certificate and the authorization, execution and delivery, and the
performance of the Company's obligations under, this Agreement and the Second
Amended and Restated Rights Agreement, has been taken or will be taken prior to
the Closing. This Agreement has been duly executed and delivered on behalf of
the Company.

                        (b)  Valid Issuance.  The Series C Shares when issued in
compliance with the provisions of this Agreement, and the shares of Common Stock
issued upon conversion of the Shares when issued in accordance with the
provisions of the Restated Certificate, will be validly issued, fully paid and
nonassessable and will be free of any liens or encumbrances; provided, however,
that all such shares may be subject to restrictions on transfer under state
and/or federal securities laws as set forth therein, and as may be required by
future changes in such laws. The rights, preferences, privileges and
restrictions of the Series C Shares are as set forth in the Restated
Certificate.

                  3.5   No Preemptive Rights. No person has any right of first
refusal or any preemptive rights in connection with the issuance of the Series C
Shares, the issuance of the Common Stock upon conversion of the Series A
Preferred Stock, the Series B Preferred Stock or the Series B-1 Nonvoting
Preferred Stock or any future issuances of securities by the Company except as
set forth in that certain Amended and Restated Rights Agreement dated as of
April 25, 2000 between the Company and its stockholders as amended by a First
Amendment to Amended and Restated Rights Agreement (as amended, the "Existing
Rights Agreement"), and as proposed to be amended and restated in its entirety
by the Second Amended and Restated Rights Agreement.

                  3.6   Disclosure. No representation or warranty by the Company
in this Agreement, or in any document or certificate furnished or to be
furnished to the Purchasers pursuant hereto or in connection with the
transactions contemplated hereby, when taken together, contains or will contain
any untrue statement of a material fact or omits or will omit to state a
material fact necessary to make the statements made herein and therein, in the
light of the circumstances under which they were made, not misleading. The
Company has fully provided the Purchasers with all the information which the
Purchasers have requested for deciding

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whether to purchase the Shares and all other material information known to the
Company regarding the business of the Company which the Company believes is
reasonably necessary to enable the Purchasers to make such decision.

                  3.7   Properties and Assets; Liens, etc. The Company has good
and marketable title to its properties and assets and good title to all its
leasehold estates, in each case subject to no mortgage, pledge, lien,
encumbrance or charge, other than liens resulting from taxes which have not yet
become delinquent and liens and encumbrances which do not in any case materially
detract from the value of the property subject thereto or materially impair the
operations of the Company, and which have not arisen otherwise than in the
ordinary course of business.

                  3.8   Proprietary Rights. As of the date hereof, the Company
has sufficient right, title and ownership of all patents, trademarks, service
marks, trade names, copyrights, licenses, information and other proprietary
rights, or adequate licenses, rights or purchase options with respect thereto,
necessary for its business as now conducted, or will be able to obtain on terms
which will not have a Material Adverse Effect, all necessary permits, licenses
and other authority with respect thereto without any conflict with or
infringement of the rights of others. To the Company's knowledge, as of the date
hereof, the Company will be able to obtain, on terms which will not have a
Material Adverse Effect, those proprietary rights which the Company reasonably
believes are necessary for the conduct of its business as presently proposed to
be conducted. To the Company's knowledge, the Company does not require any
permit, license or authority with respect to any proprietary right of any third
party which is necessary for its business as currently conducted other than such
permits, licenses or authorities that have already been obtained by the Company
or which the Company reasonably believes it will be able to obtain on terms
which will not have a Material Adverse Effect. The Company has not received any
written communications alleging that the Company has violated any of the
patents, trademarks, service marks, trade names, copyrights, trade secrets or
other proprietary rights of any person or entity.

                  3.9   Compliance with Other Instruments; None Burdensome, etc.
The Company is not in violation, default or breach of any term of its present
Restated Certificate of Incorporation or its Bylaws, as the same may be amended
to date, or any mortgage, indenture, contract, agreement, instrument, judgment,
decree or order by which the Company is bound or to which its properties are
subject or, any statute, rule, or regulation applicable to the Company where
such violation, default or breach would materially and adversely affect the
business, assets, liabilities, financial condition or operations of the Company.
The execution, delivery and performance by the Company of and compliance by the
Company with this Agreement and the Second Amended and Restated Rights
Agreement, and the transactions contemplated hereby and thereby, will not result
in any such violation and will not be in conflict with or constitute a default
or breach under any of the foregoing and will not result in the creation of any
mortgage, pledge, lien, encumbrance or charge upon any of the properties or
assets of the Company pursuant to any of the foregoing.

                  3.10  Employees. To the Company's knowledge, no employee of
the Company is in violation of any term of any employment contract, patent
disclosure agreement or any other contract or agreement relating to the right of
any such employee to be employed by the Company because of the nature of the
business conducted or proposed to be conducted by the Company or

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for any other reason, and the continued employment by the Company of its present
employees will not result in any such violations.

                  3.11  Litigation, etc. There are no actions, suits, or
proceedings pending or, to the Company's knowledge, threatened (nor does the
Company have knowledge of any inquiries or investigations pending or threatened)
against the Company, nor, to the Company's knowledge, is there any basis
therefor, which, either in any case or in the aggregate, could be reasonably
expected to result in any material adverse change in the business, prospects,
affairs or operations of the Company or in any of its properties or assets, or
in any material impairment of the right or ability of the Company to carry on
its business as now conducted or as proposed to be conducted, or in any material
liability on the part of the Company, and none which questions the validity of
this Agreement or any action taken or to be taken in connection herewith or
therewith. The Company is not a party or subject to any writ, order, decree or
judgment and there is no action, suit, proceeding, arbitration or investigation
by the Company currently pending or which the Company intends to originate. The
Company has complied with all laws, rules, regulations and orders applicable to
its business, operations, properties and assets except where the failure to so
comply would not have a Material Adverse Effect.

                  3.12  Registration Rights. Except as provided in this
Agreement and in the Existing Rights Agreement, the Company is not under any
obligation to register any presently outstanding securities, or any securities
which may hereafter be issued, under the Securities Act of 1933, as amended (the
"Securities Act").

                  3.13  Qualified Small Business. As of the date of issuance
hereunder of the Series C Shares to be issued at the Closing, (i) the Company is
or will be a "qualified small business" and meets or will meet the "active
business" requirements, as such terms are used in Internal Revenue Code ("IRC")
Section 1202, and (ii) the Series C Shares will qualify as "qualified small
business stock", as defined in IRC Section 1202. The Company further represents
and warrants that it has made no "significant redemptions" within the meaning of
Section 1202(c)(3)(B) of the IRC.

                  3.14  Consents, etc. No consent, approval or authorization of,
or registration, declaration or filing with, any governmental authority or third
party on the part of the Company is required in connection with the valid
execution and delivery of this Agreement or the Second Amended and Restated
Rights Agreement or, as of the date hereof, the offer, sale or issuance of the
Series C Shares or the consummation of any other transaction contemplated
hereby, except those imposed under the Existing Rights Agreement and filings
under the Securities Act, the California Corporate Securities Law of 1968, as
amended (the "California Law"), and any other applicable state securities laws
which will be made and will be effective within the time periods required by
law.

                  3.15  No Broker.  No broker, agent or other intermediary has
been retained by the Company in connection with the transactions contemplated
hereby.

                  3.16  Use of Proceeds. The proceeds received by the Company
from the sale of the Series C Shares shall only be used by the Company for
working capital and general corporate purposes.

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                  3.17  Subsidiaries. The Company does not own or control,
directly or indirectly, any interest in any other corporation, partnership,
limited liability company, association, or other business entity. The Company is
not a participant in any joint venture, partnership, or similar arrangement.

                  3.18  Related Party Transactions. No employee, officer,
stockholder or director of the Company or member of his or her immediate family
is indebted to the Company, nor is the Company indebted (or committed to make
loans or extend or guarantee credit) to any of them, other than (i) for payment
of salary for services rendered, (ii) reimbursement for reasonable expenses
incurred on behalf of the Company, and (iii) for other standard employee
benefits made generally to all employees. To the Company's knowledge, except for
an equity ownership in one or more stockholders of the Company, no employee,
officer or director has any direct or indirect ownership interest in any firm or
corporation with which the Company is Affiliated (as defined below) or with
which the Company has a business relationship, or any firm or corporation that
competes with the Company, except that employees, officers, or directors of the
Company and members of their immediate families may own stock in publicly traded
companies that may compete with the Company. To the Company's knowledge, no
officer, stockholder, director or any member of their immediate families is,
directly or indirectly, interested in any material contract with the Company
(other than such contracts as relate to any such person's ownership of capital
stock or other securities of the Company). For purposes of this Agreement, a
corporation or other legal or natural person is an "Affiliate" of another or is
"Affiliated" with another if the corporation or other legal or natural person
controls or is controlled by or under common control with the other corporation
or other legal or natural person. "Control" means possessing the ability to
influence the management or policies of a corporation or other legal or natural
person.

                  3.19  Permits; Compliance. The Company has all franchises,
permits, licenses, and any similar authority necessary for the conduct of its
business as now being conducted by it, the lack of which could reasonably be
expected to have a Material Adverse Effect. The Company is not in default in any
material respect under any of its present franchises, permits, licenses or other
similar authority.

                  3.20  Tax Return, Payments, and Elections. The Company has
timely filed all tax returns (federal, state and local) required to be filed by
it and all taxes, including, without limitation, income, excise, property,
sales, transfer, use, franchise, payroll, employees' income withholding and
social security taxes imposed or assessed by the United States or by any state,
municipality, subdivision or instrumentality of the United States shown on such
returns to be due or payable by the Company, and all interest, penalties and
additions thereon, have been paid in full or, if not yet payable, have been
adequately accrued on the Company's books and records. The Company is not the
beneficiary of any extension of time within which to file any such returns. The
Company has no tax deficiency or claim outstanding, assessed or, to the best of
its knowledge, proposed against it. No issues have been raised in writing to the
Company or are currently pending by the Internal Revenue Service or any other
taxing authority in connection with any of such tax returns, and no waivers of
statutes of limitations have been given or requested with respect to the Company
in connection therewith. The Company has not elected pursuant to the Internal
Revenue Code of 1986, as amended (the "Code"), to be treated as an S corporation
or a collapsible corporation pursuant to Section 1362(a) or Section 341(f) of
the Code, respectively, nor has it made any other elections pursuant to the Code
(other than elections

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that relate solely to methods of accounting, depreciation, or amortization) that
are expected to have a Material Adverse Effect.

                  3.22  Securities Laws. Subject in part to the truth and
accuracy of each Purchaser's representations set forth in this Agreement, the
offer, issuance and sale of the Series C Shares are, and the issuance of the
Common Stock upon the conversion thereof will be (based on existing law), exempt
from the registration and prospectus delivery requirements of the Securities
Act, and upon making the required "Blue Sky" filings (if any) in the applicable
jurisdictions, will have been registered or qualified (or are exempt from
registration and qualification) under the registration, permit or qualification
requirements of all applicable state securities laws. The Company has not issued
any securities in violation of Section 5 of the Securities Act or the
registration, permit or qualification requirements of any state securities laws
(other than those for which the statute of limitations has expired).

                  3.23  Insurance. The Company has in full force such types of
insurance issued by issuers of recognized responsibility insuring the Company,
with respect to its liability, workers' compensation, business and properties,
in such amounts and against such losses and risks as are customarily maintained
by entities operating businesses and properties of the type operated by the
Company.

                  3.24  Employee Benefit Plans; Unions. Each employee benefit
plan (as such term is defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA")) maintained by the Company has been
administered and operated in all material respects in compliance with its terms.
The Company does not maintain nor is it a party to (or ever maintained or was a
party to ) any "employee pension benefit plan," as defined in Section 3(2) of
ERISA, and the Company does not contribute to any "multiemployer plan" as
defined in Section 3(37) of ERISA. The Company does not have any employees that
are represented by a union with respect to the Company and its business or
operations. The Company is not a party to any collective bargaining agreement
and, to the best of the Company's knowledge, no organizational efforts are
presently being made with respect to any of its employees.

                  3.25  Books and Records. The minute books of the Company
contain complete and accurate records in all material respects of all meetings
and other corporate actions of the Company's stockholders, Board of Directors
and all committees, if any, appointed by its Board of Directors. To the best of
the Company's knowledge, the Company's stock ledger is complete and reflects all
issuances, transfers, repurchases and cancellation of shares of the capital
stock of the Company. The books of account, ledgers, records and documents of
the Company accurately reflect all material information relating to its
business, the nature, acquisition, maintenance, location and collection of its
assets and the nature of all transactions giving rise to its obligations and its
accounts receivable.

                  3.26  Assumptions, Guaranties, Etc. of Indebtedness of Other
Persons. The Company has not assumed, guaranteed, endorsed or otherwise become
directly or contingently liable on any indebtedness of any other person
(including, without limitation, liability by way of agreement, contingent or
otherwise, to purchase, to provide funds for payment, to supply funds to or
otherwise invest in the debtor, or otherwise to assure the creditor against
loss), except for

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guaranties by endorsement of negotiable instruments for deposit or collection in
the ordinary course of business consistent with past practice.

         4.   Covenant of the Company; Qualified Small Business. The Company
will use its best efforts to comply with the reporting and recordkeeping
requirements of IRC Section 1202, any regulations promulgated thereunder and any
similar state laws and regulations, and agrees, unless otherwise approved by the
Board of Directors, not to repurchase or redeem any stock of the Company if such
repurchase or redemption would cause any of the Series C Shares not to so
qualify as "Qualified Small Business Stock" ("QSBS"). The Company further
covenants to submit to its stockholders and to state and federal taxation
authorities such forms and filings as may be required to document such
compliance, including the California Franchise Tax Board Form 3565, Small
Business Stock Questionnaire, with its franchise or income tax return for the
current income year. Until such time as Treasury Regulations or other tax
authority pronouncements are issued which clarify the meaning of QSBS, the
Company will in good faith treat and report the Series C Shares as QSBS for all
purposes as long as there is a reasonable basis for such treatment. Within
forty-five (45) days of the receipt of a written request for information from a
Purchaser regarding the status of such Purchaser's Series C Shares as QSBS, the
Company shall provide such Purchaser a certification setting forth the Company's
good faith judgment regarding the QSBS status of such Series C Shares, provided
that the Company shall not be liable to such Purchaser in the event such Series
C Shares are later determined not to be QSBS.

         5.   Representations and Warranties of Purchasers and Restrictions on
Transfer Imposed by the Securities Act.

              5.1  Representations and Warranties by the Purchasers. Each
Purchaser, severally and not jointly, represents and warrants to the Company as
follows:

                   (a)  Investment Intent.  This Agreement is made with the
Purchaser in reliance upon such Purchaser's representation to the Company,
evidenced by Purchaser's execution of this Agreement, that Purchaser is and will
be acquiring the Series C Shares to be acquired by it pursuant hereto and the
Common Stock issuable upon conversion thereof (collectively the "Securities") at
the Closing for such Purchaser's own account, for investment and not with a view
to, or for resale in connection with, any distribution or public offering
thereof within the meaning of the Securities Act. Purchaser has the full right,
power and authority to enter into and perform this Agreement and the Second
Amended and Restated Rights Agreement and this Agreement constitutes, and, upon
execution and delivery, the Second Amended and Restated Agreement will
constitute, a valid and binding obligation upon it, except as the same may be
limited by bankruptcy, insolvency, moratorium, and other laws of general
application affecting the enforcement of creditors' rights and/or by public
policy considerations.

                   (b)  Shares Not Registered.  Purchaser understands and
acknowledges that the offering of the Series C Shares pursuant to this Agreement
has not been and will not be registered under the Securities Act or qualified or
registered under applicable blue sky laws on the grounds that the offering and
sale of the Securities contemplated by this Agreement are exempt from
registration under the Securities Act and exempt from qualification or
registration under exemptions available under applicable blue sky laws, and that
the Company's reliance

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upon such exemptions is predicated upon such Purchaser's representations set
forth in this Agreement. Purchaser acknowledges and understands that the
Securities must be held indefinitely unless the Securities are subsequently
registered under the Securities Act and qualified under applicable blue sky laws
or an exemption from such registration and such qualification is available.

                   (c)  No Transfer.  Purchaser covenants that in no event will
such Purchaser dispose of any of the Securities (other than in conjunction with
an effective registration statement for the Securities under the Securities Act
or in compliance with Rule 144 promulgated under the Securities Act) unless and
until (i) such Purchaser shall have notified the Company of the proposed
disposition and shall have furnished the Company with a statement of the
circumstances surrounding the proposed disposition, and (ii) if reasonably
requested by the Company, such Purchaser shall have furnished the Company with
an unqualified written opinion of legal counsel who shall be reasonably
satisfactory to the Company, addressed to the Company and reasonably
satisfactory in form and substance to the Company's counsel, to the effect that
(x) such disposition will not require registration under the Securities Act and
(y) appropriate action necessary for compliance with the Securities Act and
other applicable state, local or foreign law has been taken. It is agreed that
the Company will not require opinions of counsel for transactions made pursuant
to Rule 144.

                   (d)  Permitted Transfers.  Notwithstanding the provisions of
subsection (c) above, no registration statement or opinion of counsel shall be
necessary for a transfer by a Purchaser which is a partnership to a partner of
such partnership or a former partner of such partnership who leaves such
partnership after the date hereof, or to the estate of any such partner or
former partner or the transfer by gift, will or intestate succession of any
partner to his spouse or lineal descendants or ancestors, if the transferee
agrees in writing to be bound by the terms of this Agreement to the same extent
as if the transferee were an original Purchaser hereunder.

                   (e)  Knowledge and Experience.  Purchaser (i) is an
"accredited investor" as that term is defined in Rule 501 of Regulation D
promulgated under the Securities Act; (ii) has the ability to bear the economic
risks of such Purchaser's prospective investment, including a complete loss of
Purchaser's investment, in the Securities; (iii) has been furnished with and has
had access to such information as such Purchaser has considered necessary to
make a determination as to the purchase of the Securities together with such
additional information as is necessary to verify the accuracy of the information
supplied; (iv) has had all questions which have been asked by such Purchaser
satisfactorily answered by the Company; and (v) has not been offered the
Securities by any form of advertisement, article, notice or other communication
published in any newspaper, magazine, or similar media or broadcast over
television or radio, or any seminar or meeting whose attendees have been invited
by any such media.

                   (f)  Not Organized to Purchase.  Purchaser has not been
organized for the purpose of purchasing the Securities.

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              5.2  Legends. Each certificate representing the Securities may be
endorsed with the following legends:

                   (a)  Federal Legend.  THE SECURITIES EVIDENCED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE
IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES,
THE TRANSFER IS MADE IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT OR
THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES
REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER,
ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS
DELIVERY REQUIREMENTS OF SUCH ACT.

                   (b)  Other Legends.  Any other legends which the Company
believes should be placed thereon with regard to applicable state corporate
and/or securities laws.

The Company need not register a transfer of legended Securities, and may also
instruct its transfer agent not to register the transfer of the Securities,
unless the conditions specified in each of the foregoing legends are satisfied.

              5.3  Removal of Legend and Transfer Restrictions. Any legend
endorsed on a certificate pursuant to subsection 5.2(a) and the stop transfer
instructions with respect to such legended Securities shall be removed, and the
Company shall issue a certificate without such legend to the holder of such
Securities if such Securities are registered under the Securities Act and a
prospectus meeting the requirements of Section 10 of the Securities Act is
available or if such holder satisfies the requirements of Rule 144(k).

         6.   Conditions to Closing.

              6.1  Conditions to Purchasers' Obligations. The obligation of
each Purchaser to purchase its Series C Shares at the Closing is subject to the
fulfillment to the Purchaser's satisfaction, on or prior to the Closing Date, of
the following conditions, any of which may be waived by such Purchaser:

                   (a)  Consents and Waivers.  The Company shall have obtained
in a timely fashion any and all consents, permits and waivers necessary or
appropriate for consummation of the transactions contemplated by this Agreement.

                   (b)  Restated Certificate.  The Restated Certificate shall
have been filed with the Delaware Secretary of State, and the same shall be
effective as of the Closing Date and not rescinded or amended, and evidence of
such filing shall have been delivered to the Purchasers.

                   (c)  Amended Agreement.  The Company and each of the parties
to the Existing Rights Agreement and each of the Purchasers shall have executed
and delivered the Second Amended and Restated Rights Agreement.

                                       10
<PAGE>
                   (d)  Representations and Warranties Correct; Performance of
Obligations. The representations and warranties made by the Company in Section 3
hereof shall be true and correct when made and shall be true and correct in all
material respects on the Closing Date (subject to changes thereto in the
ordinary course of business) with the same force and effect as if they had been
made on and as of the Closing Date. The Company shall have performed in all
material respects all obligations and conditions herein required to be performed
or observed by it on or prior to the Closing Date and there shall be no order,
decree of injunction shall have been issued which prohibits such purchase and no
proceeding shall be pending or threatened seeking to prohibit such purchase.

                   (e)  Legal Investment.  At the time of the Closing, the
purchase of the Shares by the Purchasers hereunder shall be legally permitted by
all laws and regulations to which the Purchasers and the Company are subject.

                   (f)  Payment for Series C Shares.  Each of the Purchasers
shall have delivered to the Company the purchase price for the Series C Shares
to be acquired by it at the Closing.

                   (g)  Officer's Certificate.  The Company shall have delivered
to each Purchaser a certificate, dated as of the Closing Date, executed by the
President of the Company, certifying to the satisfaction of the conditions
specified in Sections 6.1 (a) through (d) herein.

                   (h)  Opinion of Counsel.  The Company shall have delivered to
the Purchasers an opinion of counsel to the Company, addressed to the Purchasers
and dated as of the Closing Date, in substantially the form attached hereto as
Exhibit E.

              6.2  Conditions to Obligations of the Company. The Company's
obligation to sell and issue the Series C Shares at the Closing is subject to
the fulfillment to the satisfaction of the Company on or prior to the date of
Closing Date of the following conditions, any of which may be waived by the
Company:

                   (a)  Representations and Warranties Correct.  The
representations and warranties made by each Purchaser in Section 5 hereof shall
be true and correct when made and shall be true and correct on the Closing Date
with the same force and effect as if they had been made on and as of the Closing
Date. Each Purchaser shall have performed in all material respects all
obligations and conditions herein required to be performed or observed by it on
or prior to the Closing Date and there shall be no order, decree of injunction
shall have been issued which, prohibits such purchase and no proceeding shall be
pending or threatened seeking to prohibit such purchase.

                   (b)  Consents and Waivers.  The Company shall have obtained
in a timely fashion any and all consents, permits and waivers necessary or
appropriate for consummation of the transactions contemplated by this Agreement.

                   (c)  Incorporation of Conditions.  The conditions set forth
in Section 6.1(c) and Section 6.1(e) (other than as the foregoing relate to
actions of the Company) shall have been fulfilled.

                                       11
<PAGE>
                   (d)  Payment for Series C Shares.  As to any Purchaser, that
Purchaser shall have delivered to the Company the purchase price for the Series
C Shares to be acquired by it at the Closing, such delivery of the purchase
price to be made in the manner specified in Section 2.2 hereof.

         7.   Miscellaneous.

              7.1  Governing Law. This Agreement shall be governed in all
respects by the laws of the State of California as such laws are applied to
agreements between California residents entered into and to be performed
entirely within California.

              7.2  Survival. The representations, warranties, covenants and
agreements made herein shall survive the Closing of the transactions
contemplated hereby.

              7.3  Successors and Assigns. Except as otherwise expressly
provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors and administrators of
the parties hereto.

              7.4  Entire Agreement. This Agreement and the other documents
delivered pursuant hereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof and thereof and
they supersede, merge and render void every other prior written and/or oral
understanding or agreement among or between the parties hereto.

              7.5  Notices, etc. All notices and other communications required
or permitted hereunder shall be in writing and shall be delivered personally,
mailed by first class mail, postage prepaid, or delivered by courier or
overnight delivery, addressed (a) if to a Purchaser, at such Purchaser's address
set forth in the Schedule of Purchasers, or at such other address as such
Purchaser shall have furnished to the Company in writing or (b) if to the
Company, at such address as the Company shall have furnished to the Purchasers
in writing. Notices that are mailed shall be deemed received five (5) days after
deposit in the United States mail.

              7.6  Severability. In case any provision of this Agreement shall
be found by a court of law to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions of this
Agreement shall not in any way be affected or impaired thereby.

              7.7  Expenses. The Company and the Purchasers shall each bear
their own expenses and legal fees in connection with the consummation of this
transaction.

              7.8  Titles and Subtitles. The titles of the sections and
subsections of this Agreement are for convenience of reference only and are not
to be considered in construing this Agreement.

              7.9  Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

              7.10 Delays or Omissions. No delay or omission to exercise any
right, power or remedy accruing to the Company or to any holder of any
securities issued or to be issued

                                       12
<PAGE>
hereunder shall impair any such right, power or remedy of the Company or such
holder, nor shall it be construed to be a waiver of any breach or default under
this Agreement, or an acquiescence therein, or of or in any similar breach or
default thereafter occurring; nor shall any delay or omission to exercise any
right, power or remedy or any waiver of any single breach or default be deemed a
waiver of any other right, power or remedy or breach or default theretofore or
thereafter occurring. All remedies, either under this Agreement, or by law
otherwise afforded to the Company or any holder, shall be cumulative and not
alternative.

         IN WITNESS WHEREOF, the parties hereto have executed this Series C
Preferred Stock Purchase Agreement as of the date first written above.

                                       NOVOCELL, INC.

                                       By: /s/ Paul Latta
                                          --------------------------------------
                                           Paul Latta, President & CEO

"PURCHASER"

                                        SurModics, Inc.
                                       -----------------------------------------
                                       (Print or type name of Purchaser)

                                       By: /s/ James C. Powell
                                          --------------------------------------
                                           (Signature)

If signing on behalf of an entity:

                                       Name of Signatory:
                                                         -----------------------

                                       Title of Signatory:
                                                          ----------------------

                                       13<PAGE>

                                                                    EXHIBIT 10.1

                 RENEWAL REVOLVING CO-BORROWER PROMISSORY NOTE

$2,500,000.00                                               Due December 5, 2002
                                                          Minneapolis, Minnesota

                                                  Dated as of January 29th, 2002

On December 5, 2002, the undersigned, for value received, jointly and severally
promise to pay to the order of Associated Bank Minnesota (the "Bank"), at its
main office in Minneapolis, Minnesota in lawful money of the United States of
America, the principal sum of Two Million Five Hundred Thousand and no/100
Dollars ($2,500,000.00), or so much thereof as is advanced and remains
outstanding hereunder on the due date as shown on the Bank's liability record,
together with interest (computed on the basis of actual days elapsed in a 360 -
day year) thereon from the date hereof until fully paid at an annual rate equal
on each day to 1.0% above the U.S. Prime Rate reported by the Wall Street
Journal on that day or the immediately preceding business day or, if the Wall
Street Journal does not report such a rate on that day, as reported by any
other national financial publication selected by the Bank. Each change in the
interest rate hereon shall become effective on the day the corresponding change
in the Prime Rate is reported, but in no event shall the interest rate under
this Note be less than 6.0%.

The undersigned consist of Quantech Ltd. (the "Entity Borrower") and Richard W.
Perkins, Richard W. Perkins as Trustee of the Richard W. Perkins Revocable
Trust Established Under Agreement Dated June 14, 1978, James F. Lyons, James F.
Lyons as Trustee of the James F. Lyons Revocable Trust Established Under
Agreement Dated April 18, 2000, Edward E. Strickland and Robert W. Gaines (each
an "Individual Borrower" and, together with the Entity Borrower, the
"Borrowers"). Each Borrower is a co-borrower under this Note and each is
fully obligated for the entire principal balance of this Note regardless of
how, or at whose request, the Bank disburses the proceeds of this Note. Each of
the undersigned acknowledges that each is directly obligated as a borrower
under this Note and that none of the undersigned has signed in an accommodation
capacity.

Advances under this Note are available from time to time in the absence of an
Event of Default in an aggregate amount not to exceed $2,500,000.00. The
undersigned may borrow, pre-pay (without premium or penalty) and re-borrow
under this Note subject to the terms of this Note.

Interest shall be payable monthly on the last day of each month and at maturity.

Each of the Entity Borrower, Perkins and Partners Profit Sharing Plan and
Trust, James F. Lyons as Trustee of the James F. Lyons Revocable Trust
Established Under Agreement Dated April 18, 2000, Edward E. Strickland and
Robert W. Gaines has provided collateral for this Note pursuant to a Pledge
Agreement (collectively, the "Pledge Agreements") dated on or about the date of
this Note.

Each of the following events shall constitute an Event of Default under this
Note:

<PAGE>

      1.   If the undersigned shall fail to perform any of their obligations
           under this Note;

      2.   If any payment due on any other indebtedness to the Bank of any of
           the undersigned is not paid within 45 days after the due date for
           that payment;

      3.   If a garnishment summons or a writ of attachment is issued against
           or served upon the Bank for the attachment of any property of any of
           the undersigned in the Bank's possession or any indebtedness owing to
           any of the undersigned;

      4.   If any of the undersigned shall submit to the Bank any credit
           application or financial statement containing information which shall
           prove to be incorrect in any material respect when made;

      5.   If any of the undersigned shall fail to pay when due any material
           indebtedness for borrowed money, or, if such indebtedness is subject
           to a cure period, by the end of the cure period;

      6.   If a petition is filed by or against any of the undersigned under the
           United States Bankruptcy Code, or if a trustee, receiver or similar
           officer is appointed for any of the undersigned or for the property
           of any of the undersigned;

      7.   If any of the undersigned shall fail to provide annual financial
           statements (audited in the case of the Entity Borrower) and tax
           returns to the Bank;

      8.   If the Entity Borrower shall fail to provide monthly unaudited
           financial statements to the Bank within 30 days after the end of each
           month;

      9.   If the aggregate fair market value of the liquid assets subject to a
           first priority security interest in favor of the Bank pursuant to the
           Pledge Agreements is less than $3,000,000.00 at any time.

Upon any Event of Default, the undersigned shall have no further right to
request advances under this Note and, if the Event of Default is not cured
within 30 days, the Bank may, at its option, declare this Note to be
immediately payable, together with all unpaid interest accrued hereon, without
notice or demand and may exercise any other right available to the Bank. No
cure period shall apply to an Event of Default under Paragraph 6 above and this
Note shall immediately become due and payable upon such an Event of Default.

If this Note is not paid when due, either on the due date or upon acceleration,
the Bank shall have the right to set off the indebtedness evidenced by this
Note against any indebtedness of the Bank to any of the undersigned.

The Bank may at any time renew this Note or extend its maturity date for any
period and release any security for, or any party to, this Note, all without
notice to or consent of and without releasing any accommodation maker, endorser
or guarantor. The undersigned agree,

                                      -2-

<PAGE>

jointly and severally, to pay all costs of collection, including attorneys'
fees and legal expenses, in the event this Note is not paid when due whether
suit is commenced or not, including costs and expenses in litigation,
bankruptcy or insolvency proceedings. Presentment or other demand for payment,
notice of dishonor and protest are hereby waived by the undersigned. This Note
shall be governed by the substantive laws of the State of Minnesota. The
undersigned hereby irrevocably submit to the jurisdiction of the Minnesota
District Court, Fourth District, and the Federal District Court, District of
Minnesota, Fourth Division, over any action or proceeding arising out of or
relating to this Note and agree that all claims in respect of such action or
proceeding may be heard and determined in any such court.

This Note may be signed by the undersigned in one or more counterparts,
including facsimile counterparts, all of which counterparts taken together
shall constitute a single document. The failure of one or more of the named
parties to sign this Note shall not affect the obligations of those parties who
do sign this Note.

This Note is a renewal and replacement of a $2,500,000.00 promissory note dated
as of May 17, 2001 from the undersigned to the Bank which prior note remains
unpaid but the principal balance of which has been incorporated into this Note.
It is an express condition to the renewal of the prior note that the
undersigned have paid to the Bank a renewal fee of $25,000.00.

Quantech, Ltd.

By /s/ James F. Lyons                      /s/ Richard W. Perkins
   -----------------------------------     ------------------------------------
   James F. Lyons                          Richard W. Perkins (Individually)
   Its President

   /s/ Richard W. Perkins                  /s/ James F. Lyons
   ------------------------------------    -------------------------------------
   Richard W. Perkins as Trustee of the    James F. Lyons (Individually)
   Richard W. Perkins Revocable Trust
   Established Under Agreement Dated
   June 14, 1978

   /s/ James F. Lyons                      /s/ Edward E. Strickland
   ------------------------------------    -------------------------------------
   James F. Lyons as Trustee of the        Edward E. Strickland (Individually)
   James F. Lyons Revocable Trust
   Established Under Agreement Dated
   April 18, 2000

                                           /s/ Robert W. Gaines
                                           -------------------------------------
                                           Robert W. Gaines (Individually)

                                      -3-

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