Document:

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                                                                   EXHIBIT 10.33

                          REGISTRATION RIGHTS AGREEMENT

         REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of October
22, 2003, by and between NEOPROBE CORPORATION, a Delaware corporation, (the
"COMPANY"), and undersigned purchasers (together with their permitted assigns,
the "PURCHASERS") of the 1,304,348 shares of common stock, $.001 par value (the
"Purchased Shares"), and the Series R Warrants to Purchase Common Stock (the
"WARRANTS") issued by the Company on the date hereof pursuant to the terms of a
Stock Purchase Agreement of even date (the "STOCK PURCHASE AGREEMENT").
Capitalized terms used herein and not otherwise defined herein shall have the
respective meanings set forth in the Stock Purchase Agreement.

                                    WHEREAS:

         A.       The Company has agreed, upon the terms and subject to the
conditions of the Stock Purchase Agreements, to issue to the Purchasers the
Purchased Shares and the Warrants exercisable for 652,174 shares of the
Company's common stock, par value $.001 per share (the "WARRANT SHARES"); and

         B.       To induce the Purchasers to enter into the Stock Purchase
Agreement, the Company has agreed to provide certain registration rights under
the Securities Act of 1933, as amended, and the rules and regulations
thereunder, or any similar successor statute (collectively, the "1933 ACT"), and
applicable state securities laws.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Purchasers hereby agree as follows:

         1.       DEFINITIONS.

                  As used in this Agreement, the following terms shall have the
following meanings:

                  a.       "PERSON" means any person or entity including any
corporation, a limited liability company, an association, a partnership, an
organization, an individual, a governmental or political subdivision thereof or
a governmental agency.

                  b.       "REGISTER," "REGISTERED," and "REGISTRATION" refer to
a registration effected by preparing and filing one or more registration
statements of the Company in compliance with the 1933 Act and pursuant to Rule
415 under the 1933 Act or any successor rule providing for offering securities
on a continuous basis ("RULE 415"), and the declaration or ordering of
effectiveness of such registration statement(s) by the United States Securities
and Exchange Commission (the "SEC").

                  c.       "REGISTRABLE SECURITIES" means the Purchased Shares,
and the Warrant Shares which may from time to time be issued upon exercise of
the Warrants.

                  e.       "REGISTRATION STATEMENT" means the registration
statement of the Company which the Company has agreed to file hereunder
registering the offer and sale by Purchasers to the public of the Registrable
Securities.

<PAGE>

         2.       REGISTRATION.

                  a.       Mandatory Registration. The Company shall as soon as
practicable following the Closing, but no later than December 31, 2003, file the
Registration Statement with the SEC. Purchasers and their respective counsel
shall have a reasonable opportunity to review and comment upon the Registration
Statement prior to its filing. Purchasers shall furnish all information
reasonably requested by the Company for inclusion in the Registration Statement.
The Company shall use commercially reasonable efforts to have the Registration
Statement declared effective by the SEC by March 1, 2004. In the event the
Registration Statement is not filed or declared effective within the above time
frames, or for any delay or other inability of the Purchasers to use the
prospectus after initial effectiveness which are caused by the Company's breach
of its obligations under the Registration Rights Agreement, the exercise price
of the Warrants shall be reduced by 10% per month. The Company shall use
commercially reasonable efforts to keep the Registration Statement effective
pursuant to Rule 415 promulgated under the 1933 Act and available for sales by
Purchasers of all of the Registrable Securities at all times until the earlier
of (i) the date as of which any Purchaser would, if not an affiliate of the
Company, be able sell all of the Registrable Securities without restriction
pursuant to Rule 144(k) promulgated under the 1933 Act (or successor thereto),
or (ii) date on which Purchasers shall have sold all the Registrable Securities
(the "REGISTRATION PERIOD").

                  b.       Rule 424 Prospectus. The Company shall, as required
by applicable securities regulations, from time to time file with the SEC,
pursuant to Rule 424 promulgated under the 1933 Act, the prospectus and
prospectus supplements, if any, to be used in connection with sales of the
Registrable Securities under the Registration Statement. Purchasers and their
counsel shall have a reasonable opportunity to review and comment upon such
prospectus prior to its filing with the SEC.

         3.       RELATED OBLIGATIONS.

         With respect to the Registration Statement, the Company shall have the
following obligations:

                  a.       The Company shall prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to the
Registration Statement and the prospectus used in connection with the
Registration Statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the 1933 Act, as may be necessary to keep the Registration
Statement effective at all times during the Registration Period.

                  b.       The Company shall permit Purchasers to review and
comment upon the Registration Statement and all amendments and supplements
thereto at least two Business Days prior to their filing with the SEC. Each of
the Purchasers shall provide the Company with any comments or corrections to the
Registration Statement, or any amendments or supplements thereto, within two
Business Days from the date such Purchaser receives the final version thereof.

                  c.       The Company shall furnish to Purchasers, (i) promptly
after the same is prepared and filed with the SEC, at least one copy of the
Registration Statement and any amendment(s) thereto, including financial
statements and schedules, and all exhibits, (ii) upon the effectiveness of any
registration statement, a copy of the prospectus included in such registration
statement and all amendments and supplements thereto (or such other number of
copies as Purchasers may reasonably request) and (iii) such other documents,
including copies of any preliminary or final prospectus, as Purchasers may
reasonably request from time to time in order to facilitate the disposition of
the Registrable Securities owned by Purchasers.

<PAGE>

                  d.       The Company shall use commercially reasonable efforts
to (i) register and qualify the Registrable Securities covered by a registration
statement under such other securities or "blue sky" laws of such jurisdictions
in the United States as Purchasers reasonably request, (ii) prepare and file in
those jurisdictions, such amendments (including post-effective amendments) and
supplements to such registrations and qualifications as may be necessary to
maintain the effectiveness thereof during the Registration Period, (iii) take
such other actions as may be necessary to maintain such registrations and
qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the
Registrable Securities for sale in such jurisdictions; provided, however, that
the Company shall not be required in connection therewith or as a condition
thereto to (x) qualify to do business in any jurisdiction where it would not
otherwise be required to qualify but for this Section 3(d), (y) subject itself
to general taxation in any such jurisdiction, or (z) file a general consent to
service of process in any such jurisdiction.

                  e.       As promptly as practicable after becoming aware of
such event or facts, the Company shall notify Purchasers in writing of the
happening of any event or existence of such facts as a result of which the
prospectus included in the Registration Statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, and
promptly prepare and file with the SEC and with all other applicable "blue sky"
authorities a supplement or amendment to such registration statement to correct
such untrue statement or omission, and deliver 10 copies of such supplement or
amendment to Purchasers (or such other number of copies as Purchasers may
reasonably request). The Company shall also promptly notify Purchasers in
writing (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed, and when the Registration Statement or any
post-effective amendment has become effective, (ii) of any request by the SEC
for amendments or supplements to the Registration Statement or related
prospectus or related information, and (iii) of the Company's reasonable
determination that a post-effective amendment to the Registration Statement
would be appropriate.

                  f.       The Company shall use its commercially reasonable
efforts to prevent the issuance of any stop order or other suspension of
effectiveness of any registration statement, or the suspension of the
qualification of any Registrable Securities for sale in any jurisdiction and, if
such an order or suspension is issued, to obtain the withdrawal of such order or
suspension at the earliest possible moment and to notify Purchasers of the
issuance of such order and the resolution thereof or its receipt of actual
notice of the initiation or threat of any proceeding for such purpose.

         4.       OBLIGATIONS OF PURCHASERS.

                  a.       Each Purchaser shall promptly furnish to the Company
such information regarding itself, the Registrable Securities held by it and the
intended method of disposition of the Registrable Securities held by it as shall
be reasonably requested by the Company to effect the registration of such
Registrable Securities, including information to be included in the Registration
Statement, prospectus and all amendments and supplements thereto, and shall
execute such documents in connection with such registration as the Company may
reasonably request.

                  b.       Each Purchaser agrees to cooperate with the Company
as reasonably requested by the Company in connection with the preparation and
filing of the Registration Statement, any amendment thereto, or any amendment or
supplement to the prospectus.

<PAGE>

                  c.       Each Purchaser agrees that, upon receipt of any
notice from the Company of the happening of any event or existence of facts of
the kind described in Section 3(f) or the first sentence of 3(e), such Purchaser
will immediately discontinue disposition of Registrable Securities until
Purchaser's receipt of the copies of the supplemented or amended prospectus
contemplated by Section 3(f) or the first sentence of 3(e).

         5.       EXPENSES OF REGISTRATION.

                  All reasonable expenses, other than sales or brokerage
commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all
registration, listing and qualification fees, printing and accounting fees, and
fees and disbursements of counsel for the Company, shall be paid by the Company.

         6.       INDEMNIFICATION.

                  a.       To the fullest extent permitted by law, the Company
will, and hereby does, indemnify, hold harmless and defend each Purchaser, each
Person, if any, who controls a Purchaser, the members, the directors, officers,
partners, employees, agents, representatives of Purchasers and each Person, if
any, who controls Purchasers within the meaning of the 1933 Act or the
Securities Exchange Act of 1934, as amended (the "1934 ACT") and their
respective successors and assigns (each, an "INDEMNIFIED PERSON"), against any
losses, claims, damages, liabilities, judgments, fines, penalties, charges,
costs, attorneys' fees, amounts paid in settlement or expenses, joint or
several, (collectively, "CLAIMS") incurred in investigating, preparing or
defending any action, claim, suit, inquiry, proceeding, investigation or appeal
taken from the foregoing by or before any court or governmental, administrative
or other regulatory agency, body or the SEC, whether pending or threatened,
whether or not an indemnified party is or may be a party thereto ("INDEMNIFIED
DAMAGES"), to which any of them may become subject insofar as such Claims (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon: (i) any untrue statement or alleged untrue
statement of a material fact in the Registration Statement, or any
post-effective amendment thereto or in any filing made in connection with the
qualification of the offering under the securities or other "blue sky" laws of
any jurisdiction in which Registrable Securities are offered ("BLUE SKY
FILING"), or the omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not misleading,
(ii) any untrue statement or alleged untrue statement of a material fact
contained in the final prospectus (as amended or supplemented, if the Company
files any amendment thereof or supplement thereto with the SEC) or the omission
or alleged omission to state therein any material fact necessary to make the
statements made therein, in light of the circumstances under which the
statements therein were made, not misleading, or (iii) any violation or alleged
violation by the Company of the 1933 Act, the 1934 Act, any other law,
including, without limitation, any state securities law, or any rule or
regulation thereunder relating to the offer or sale of the Registrable
Securities pursuant to the Registration Statement (the matters in the foregoing
clauses (i) through (iii) being, collectively, "VIOLATIONS"). The Company shall
reimburse each Indemnified Person promptly as such expenses are incurred and are
due and payable, for any legal fees or other reasonable expenses incurred by
them in connection with investigating or defending any such Claim.
Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(a): (i) shall not apply to a Claim by an
Indemnified Person arising out of or based upon a Violation which occurs as a
result of any untrue statement or omission of a material fact by either
Purchaser in information provided to the Company expressly for use in connection
with the preparation of the Registration Statement, or any amendment thereof or
supplement thereto; (ii) with respect to any superseded prospectus, shall not
inure to the benefit of any such person from whom the person asserting any such
Claim purchased the

<PAGE>

Registrable Securities that are the subject thereof (or to the benefit of any
person controlling such person) if the untrue statement or omission of material
fact contained in the superseded prospectus was corrected in the revised
prospectus, as then amended or supplemented, prior to the purchase, and if such
revised prospectus was timely made available by the Company pursuant to Section
3(c) or Section 3(e); (iii) shall not be available to the extent such Claim is
based on a failure of an Indemnified Person to deliver or to cause to be
delivered the prospectus made available by the Company, if such prospectus was
timely made available by the Company pursuant to Section 3(c) or Section 3(e);
and (iv) shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of the Company,
provided that such consent shall not be unreasonably withheld. Such indemnity
shall remain in full force and effect regardless of any investigation made by or
on behalf of the Indemnified Person and shall survive any transfer of the
Registrable Securities by a Purchaser pursuant to Section 9.

                  b.       In connection with the Registration Statement, each
Purchaser agrees to indemnify, hold harmless and defend, to the same extent and
in the same manner as is set forth in Section 6(a), the Company, each of its
directors, each of its officers who signs the Registration Statement, each
Person, if any, who controls the Company within the meaning of the 1933 Act or
the 1934 Act and their respective successors and assigns (collectively and
together with an Indemnified Person, an "INDEMNIFIED PARTY"), against any Claim
or Indemnified Damages to which any of them may become subject, under the 1933
Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages
arise out of or are based upon any Violation, in each case to the extent, and
only to the extent, that such Violation (i) occurs in reliance upon and in
conformity with information furnished to the Company by such Purchaser expressly
for use in connection with the Registration Statement, prospectus or amendment
or supplement thereto, (ii) arises from an untrue statement or omission of
material fact contained in a superseded prospectus, if the untrue statement or
omission of material fact contained in the superseded prospectus was corrected
in the revised prospectus, as then amended or supplemented, if such revised
prospectus was timely made available by the Company pursuant to Section 3(c) or
Section 3(e), (iii) arises as a result of such Purchaser's failure to deliver or
to cause to be delivered the prospectus made available by the Company, if such
prospectus was timely made available by the Company pursuant to Section 3(c) or
Section 3(e), or (iv) arises from the offer or sale or Registrable Securities
under the securities or other "blue sky" laws of any jurisdiction in which such
Purchaser has not requested the Company to register and qualify the Registrable
Securities pursuant to Section 3(d); and, subject to Section 6(d), such
Purchaser will reimburse promptly as such expenses are incurred and are due and
payable any legal fees or other reasonable expenses incurred by them in
connection with investigating or defending any such Claim; provided, however,
that the indemnity agreement contained in this Section 6(b) and the agreement
with respect to contribution contained in Section 7 shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the prior
written consent of such Purchaser, provided that such consent shall not be
unreasonably withheld. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Indemnified Party
and shall survive the transfer of the Registrable Securities by Purchaser
pursuant to Section 9.

                  c.       Promptly after receipt by an Indemnified Person or
Indemnified Party under this Section 6 of notice of the commencement of any
claim, investigation, inquiry, action or proceeding (including any governmental
action or proceeding) involving a Claim, such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to be made against any
indemnifying party under this Section 6, deliver to the indemnifying party a
written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, to assume
control of the defense thereof with counsel mutually satisfactory to the
indemnifying party and the Indemnified Person or the Indemnified Party, as the
case may be; provided, however, that an Indemnified Person or Indemnified

<PAGE>

Party shall have the right to retain its own counsel with the fees and expenses
to be paid by the indemnifying party, if, in the reasonable opinion of counsel
retained by the indemnifying party, the representation by such counsel of the
Indemnified Person or Indemnified Party and the indemnifying party would be
inappropriate due to actual or potential differing interests between such
Indemnified Person or Indemnified Party and any other party represented by such
counsel in such proceeding. The Indemnified Party or Indemnified Person shall
cooperate fully with the indemnifying party in connection with any negotiation
or defense of any such action or claim by the indemnifying party and shall
furnish to the indemnifying party all information reasonably available to the
Indemnified Party or Indemnified Person which relates to such action or claim.
The indemnifying party shall keep the Indemnified Party or Indemnified Person
fully apprised at all times as to the status of the defense or any settlement
negotiations with respect thereto. No indemnifying party shall be liable for any
settlement of any action, claim or proceeding effected without its written
consent, provided, however, that the indemnifying party shall not unreasonably
withhold, delay or condition its consent. No indemnifying party shall, without
the consent of the Indemnified Party or Indemnified Person, consent to entry of
any judgment or enter into any settlement or other compromise which does not
include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party or Indemnified Person of a release from all liability
in respect to such claim or litigation. Following indemnification as provided
for hereunder, the indemnifying party shall be subrogated to all rights of the
Indemnified Party or Indemnified Person with respect to all third parties,
Persons, firms or corporations relating to the matter for which indemnification
has been made. The failure to deliver written notice to the indemnifying party
within a reasonable time of the commencement of any such action shall not
relieve such indemnifying party of any liability to the Indemnified Person or
Indemnified Party under this Section 6, except to the extent that the
indemnifying party is prejudiced in its ability to defend such action.

         7.       CONTRIBUTION.

                  To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable
under Section 6 to the fullest extent permitted by law; provided, however, that:
(i) no seller of Registrable Securities guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any seller of Registrable Securities who was not guilty of
fraudulent misrepresentation; and (ii) contribution by any seller of Registrable
Securities shall be limited in amount to the net amount of proceeds received by
such seller from the sale of such Registrable Securities.

         8.       REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

                  With a view to making available to Purchasers the benefits of
Rule 144 promulgated under the 1933 Act or any other similar rule or regulation
of the SEC that may at any time permit Purchasers to sell securities of the
Company to the public without registration ("RULE 144"), until the Warrants have
been fully exercised or have expired, the Company agrees to:

                  a.       make and keep public information available, as those
terms are understood and defined in Rule 144;

                  b.       file with the SEC in a timely manner all reports and
other documents required of the Company and its officers under the 1933 Act and
the 1934 Act so long as the Company remains subject to such requirements and the
filing of such reports and other documents is required for the applicable
provisions of Rule 144; and

<PAGE>

                  c.       furnish to each Purchaser so long as such Purchaser
owns Registrable Securities, promptly upon request, (i) a written statement by
the Company that it and its officers have complied with the reporting and or
disclosure provisions of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of
the most recent annual or quarterly report of the Company and such other reports
and documents so filed by the Company and its officers, and (iii) such other
information as may be reasonably requested to permit Purchasers to sell such
securities pursuant to Rule 144 without registration.

         9.       ASSIGNMENT OF REGISTRATION RIGHTS.

                  The Company shall not assign this Agreement or any rights or
obligations hereunder without the prior written consent of Purchasers, including
by merger or consolidation. A Purchaser may not assign its rights under this
Agreement without the written consent of the Company, other than to a permitted
transferee of Purchaser's Warrants.

         10.      AMENDMENT OF REGISTRATION RIGHTS.

                  Provisions of this Agreement may be amended and the observance
thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company
and the holders of a requisite majority interest of Registrable Securities.

         11.      MISCELLANEOUS.

                  a.       A Person is deemed to be a holder of Registrable
Securities whenever such Person owns or is deemed to own of record such
Registrable Securities. If the Company receives conflicting instructions,
notices or elections from two or more Persons with respect to the same
Registrable Securities, the Company shall act upon the basis of instructions,
notice or election received from the registered owner of such Registrable
Securities.

                  b.       Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered: (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); or (iii) one Trading Day after
deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses and facsimile
numbers for such communications shall be:

         If to the Company:

                  Neoprobe Corporation
                  425 Metro Place North, Suite 300
                  Dublin, OH 43017
                  Telephone: 614-793-7500
                  Facsimile: 614-793-7522
                  Attention: Chief Financial Officer

<PAGE>

         With a copy to:

                  Porter Wright Morris & Arthur
                  41 South High Street, Suite 2900
                  Columbus, OH 43215
                  Telephone: (614) 227-2136
                  Facsimile: (614) 227-2100
                  Attention: William J. Kelly, Jr.

         If to the Purchasers:

                  copy to:

or at such other address and/or facsimile number and/or to the attention of such
other person as the recipient party has specified by written notice given to
each other party three Business Days prior to the effectiveness of such change.
Written confirmation of receipt (A) given by the recipient of such notice,
consent, waiver or other communication, (B) mechanically or electronically
generated by the sender's facsimile machine containing the time, date, recipient
facsimile number and an image of the first page of such transmission or (C)
provided by a nationally recognized overnight delivery service, shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a
nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

                  c.       Failure of any party to exercise any right or remedy
under this Agreement or otherwise, or delay by a party in exercising such right
or remedy, shall not operate as a waiver thereof.

                  d.       The corporate laws of the State of Delaware shall
govern all issues concerning the relative rights of the Company and its
stockholders. All other questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of New York, without giving effect to any choice of
law or conflict of law provision or rule (whether of the State of New York or
any other jurisdictions) that would cause the application of the laws of any
jurisdiction other than the State of New York. The parties hereto further agree
and acknowledge that any dispute or controversy arising out of or in any manner
whatsoever relating to this Agreement shall be brought in the courts of the
State of New York of the United States of America for the Southern District of
New York, and by execution of this Agreement, each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. If any provision of this Agreement shall
be invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.

                  e.       This Agreement, the Warrants, the Purchase Agreement
and the other agreements and instruments referenced therein, constitute the
entire agreement among the parties hereto with respect to the subject matter
hereof and thereof. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein. This
Agreement and the

<PAGE>

Purchase Agreement, and the other agreements and instruments executed and
delivered in connection therewith, supersede all prior agreements and
understandings among the parties hereto with respect to the subject matter
hereof and thereof.

                  f.       Subject to the requirements of Section 9, this
Agreement shall inure to the benefit of and be binding upon the permitted
successors and assigns of each of the parties hereto.

                  g.       The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

                  h.       This Agreement may be executed in identical
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same agreement. This Agreement, once executed by a party,
may be delivered to the other party hereto by facsimile transmission of a copy
of this Agreement bearing the signature of the party so delivering this
Agreement.

                  i.       Each party shall do and perform, or cause to be done
and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

                  j.       The language used in this Agreement will be deemed to
be the language chosen by the parties to express their mutual intent and no
rules of strict construction will be applied against any party.

                  k.       This Agreement is intended for the benefit of the
parties hereto and their respective permitted successors and assigns, and is not
for the benefit of, nor may any provision hereof be enforced by, any other
Person.

         IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be duly executed as of the day and year first above written.

                                              THE COMPANY:

                                              NEOPROBE CORPORATION

                                              By:    /s/ David C. Bupp
                                                 -------------------------
                                              Name:  David C. Bupp
                                              Title: President and Chief
                                                     Executive Officer

                                              PURCHASERS:

                                              Bridges & Pipes, LLC

                                              By: /s/ David Fuchs
                                                  -------------------------
                                                  David Fuchs, Managing Director

<PAGE>

                     SCHEDULE IDENTIFYING OMITTED DOCUMENTS

         The only particulars in which the foregoing instrument differs
materially from the omitted instruments are the names of the purchasers and the
number of shares and warrants subscribed, which information is contained in the
following table:

<TABLE>
<CAPTION>
                PURCHASER                                 SHARES          WARRANTS
----------------------------------------------------------------------------------
<S>                                                     <C>               <C>
MFW Associates                                            434,783          217,391
----------------------------------------------------------------------------------
Dan & Edna Purjes                                         869,565          434,783
----------------------------------------------------------------------------------
Sands Brothers Venture Capital I, LLC                     217,391          108,696
----------------------------------------------------------------------------------
Sands Brothers Venture Capital II, LLC                    217,391          108,696
----------------------------------------------------------------------------------
Sands Brothers Venture Capital III, LLC                 1,304,348          652,174
----------------------------------------------------------------------------------
Sands Brothers Venture Capital IV, LLC                    434,783          217,391
----------------------------------------------------------------------------------
R&R Capital Partners I, Inc.                            1,086,957          543,478
----------------------------------------------------------------------------------
Y Securities Management, Ltd.                             217,391          108,696
----------------------------------------------------------------------------------
ALKI Capital Management                                   434,783          217,391
----------------------------------------------------------------------------------
West End Convertible Fund, L.P.                           108,696           54,348
----------------------------------------------------------------------------------
WEC Partners, LLC                                         326,087          163,043
----------------------------------------------------------------------------------
Aspatuck Holdings, Ltd.                                   108,696           54,348
----------------------------------------------------------------------------------
Myles Wittenstein                                         217,391          108,696
----------------------------------------------------------------------------------
Bristol Investment Fund, Ltd.                           1,304,348          652,174
----------------------------------------------------------------------------------
Dan Purjes IRA                                            869,565          434,783
----------------------------------------------------------------------------------
Gary Gelman                                               217,391          108,696
----------------------------------------------------------------------------------
Gamma Opportunity Capital Partners, L.P.                  869,565          434,783
----------------------------------------------------------------------------------
Alpha Capital AG                                        1,304,348          652,174
----------------------------------------------------------------------------------
Bridges & PIPES, LLC                                      108,696           54,348
----------------------------------------------------------------------------------
The Purjes Foundation                                     217,391          108,696
----------------------------------------------------------------------------------
</TABLE><PAGE>

                                                                   EXHIBIT 10.34

         THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES
         ISSUABLE UPON EXERCISE HEREOF MAY NOT BE OFFERED OR SOLD EXCEPT
         PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), (ii) AN EXEMPTION FROM
         REGISTRATION, OR (iii) TO THE EXTENT APPLICABLE, RULE 144 UNDER SUCH
         ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF
         SECURITIES).

         THE TRANSFER OR EXCHANGE OF THE WARRANTS REPRESENTED BY THE ATTACHED
         WARRANT CERTIFICATE ARE RESTRICTED IN ACCORDANCE WITH THE TERMS
         PROVIDED HEREIN.

                                WARRANT AGREEMENT

         WARRANT AGREEMENT dated October 22, 2003 between NEOPROBE CORPORATION,
a Delaware corporation (the "Company"), and Bridges & Pipes, LLC (the
"Purchaser").

         WHEREAS, the Company hereby grants to Bridges & Pipes, LLC or its
registered assigns (the "Registered Holder") the right to purchase from the
Company 652,174 shares of Common Stock, a number equal to 50% of the number of
shares purchased by a Purchaser pursuant to the private offering of the
Company's common stock shares of Common Stock (as adjusted from time to time
hereunder) at a price per share of $.28 (as adjusted from time to time
hereunder, the "Exercise Price"). Certain capitalized terms used herein are
defined in Section 5 hereof. The amount and kind of securities obtainable
pursuant to the rights granted hereunder and the purchase price for such
securities are subject to adjustment pursuant to the provisions contained in
this Warrant.

                  This Warrant is subject to the following provisions:

                  Section 1. Exercise of Warrant.

                  1.1.     Exercise Period. The Registered Holder may exercise,
in whole or in part, the purchase rights represented by this Warrant at any time
and from time to time after October 31, 2003 (hereinafter, the "Commencement
Date") to and including 5:00 p.m., New York time, on the fifth anniversary of
the Commencement Date or, if such day is not a Business Day, on the next
preceding Business Day (the "Exercise Period"). The Company shall give the
Registered Holder written notice of the expiration of the rights hereunder at
least thirty (30) days but not more than ninety (90) days prior to the end of
the Exercise Period.

                  1.2.     Exercise Procedure.

                           (a)      This Warrant shall be deemed to have been
exercised when the Company has received all of the following items (the
"Exercise Time"):

                                    (i)      a completed Exercise Agreement, as
         described in paragraph 1.3 below, executed by the Person exercising all
         or part of the purchase rights represented by this Warrant (the
         "Purchaser");

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                                    (ii)     this Warrant;

                                    (iii)    if this Warrant is not registered
         in the name of the Purchaser, an Assignment or Assignments evidencing
         the assignment of this Warrant to the Purchaser, in which case the
         Registered Holder shall have complied with the provisions set forth in
         Section 7 hereof; and

                                    (iv)     either (1) a check payable to the
         Company in an amount equal to the product of the Exercise Price
         multiplied by the number of shares of Common Stock being purchased upon
         such exercise (the "Aggregate Exercise Price"), (2) the surrender to
         the Company of debt or equity securities of the Company having a Fair
         Market Value equal to the Aggregate Exercise Price of the Common Stock
         being purchased upon such exercise (provided, that for purposes of this
         subparagraph, the Fair Market Value of any note or other debt security
         or any preferred stock shall be deemed to be equal to the aggregate
         outstanding principal amount or liquidation value thereof plus all
         accrued and unpaid interest thereon or accrued or declared and unpaid
         dividends thereon) or (3) a written notice to the Company that the
         Purchaser is exercising the Warrant (or a portion thereof) on a
         "cashless" basis by authorizing the Company to withhold from issuance a
         number of shares of Common Stock issuable upon such exercise of the
         Warrant which when multiplied by the Fair Market Value of the Common
         Stock is equal to the Aggregate Exercise Price (and such withheld
         shares shall no longer be issuable under this Warrant).

                           (b)      Certificates for shares of Common Stock
purchased upon exercise of this Warrant shall be delivered by the Company to the
Purchaser within three (3) Business Days after the date of the Exercise Time.
Unless this Warrant has expired or all of the purchase rights represented hereby
have been exercised, the Company shall prepare a new Warrant, substantially
identical hereto, representing the rights formerly represented by this Warrant
which have not expired or been exercised and shall within such three-day period,
deliver such new Warrant to the Person designated for delivery in the Exercise
Agreement.

                           (c)      The Common Stock issuable upon the exercise
of this Warrant shall be deemed to have been issued to the Purchaser at the
Exercise Time, and the Purchaser shall be deemed for all purposes to have become
the record holder of such Common Stock at the Exercise Time.

                           (d)      The issuance of certificates for shares of
Common Stock upon exercise of this Warrant shall be made without charge to the
Registered Holder or the Purchaser for any issuance tax in respect thereof or
other cost incurred by the Company in connection with such exercise and the
related issuance of shares of Common Stock. Each share of Common Stock issuable
upon exercise of this Warrant shall upon payment of the Exercise Price therefor,
be fully paid and nonassessable and free from all liens and charges with respect
to the issuance thereof.

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                           (e)      The Company shall not close its books
against the transfer of this Warrant or of any share of Common Stock issued or
issuable upon the exercise of this Warrant in any manner which interferes with
the timely exercise of this Warrant. The Company shall from time to time take
all such action as may be necessary to assure that the par value per share of
the unissued Common Stock acquirable upon exercise of this Warrant is at all
times equal to or less than the Exercise Price then in effect.

                           (f)      The Company shall assist and cooperate with
any Registered Holder or Purchaser required to make any governmental filings or
obtain any governmental approvals prior to or in connection with any exercise of
this Warrant (including, without limitation, making any filings required to be
made by the Company).

                           (g)      Notwithstanding any other provision hereof,
if an exercise of all or any portion of this Warrant is to be made in connection
with a registered public offering, a sale of the Company or any transaction or
event, including a Qualified Public Offering, such exercise may, at the election
of the Registered Holder hereof, be conditioned upon the consummation of such
transaction or event in which case such exercise shall not be deemed to be
effective until the consummation of such transaction or event.

                           (h)      The Company shall at all times reserve and
keep available out of its authorized but unissued shares of Common Stock solely
for the purpose of issuance upon the exercise of the Warrants, such number of
shares of Common Stock as are issuable upon the exercise of all outstanding
Warrants. All shares of Common Stock which are so issuable shall, when issued,
be duly and validly issued, fully paid and nonassessable and free from all
taxes, liens and charges. The Company shall take all such actions as may be
necessary to assure that all such shares of Common Stock may be so issued
without violation of any applicable law or governmental regulation or any
requirements of any domestic securities exchange upon which shares of Common
Stock may be listed (except for official notice of issuance which shall be
immediately delivered by the Company upon each such issuance). The Company shall
not take any action which would cause the number of authorized but unissued
shares of Common Stock to be less than the number of such shares required to be
reserved hereunder for issuance upon exercise of the Warrants. The Company will
use its best efforts to cause the shares of Common Stock, immediately upon such
exercise, to be listed on any domestic securities exchange upon which shares of
Common Stock or other securities constituting such shares of Common Stock are
listed at the time of such exercise.

                  1.3.     Exercise Agreement. Upon any exercise of this
Warrant, the Exercise Agreement shall be substantially in the form set forth in
either Exhibit I or Exhibit II attached hereto, except that if the shares of
Common Stock are not to be issued in the name of the Person in whose name this
Warrant is registered, the Exercise Agreement shall also state the name of the
Person to whom the certificates for the shares of Common Stock are to be issued,
and if the number of shares of Common Stock to be issued does not include all
the shares of Common Stock purchasable hereunder, it shall also state the name
of the Person to whom a new Warrant for the unexercised

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portion of the rights hereunder is to be delivered. Such Exercise Agreement
shall be dated the actual date of execution thereof.

                  1.4.     Fractional Shares. If the Common Stock is listed on
any securities exchange or quoted on the Nasdaq Stock Market System or the
over-the-counter market and a fractional share of Common Stock would, but for
the provisions of this paragraph 1.4, be issuable upon exercise of the rights
represented by this Warrant, the Company shall, within five (5) Business Days
after the date of the Exercise Time, deliver to the Purchaser a check payable to
the Purchaser in lieu of such fractional share in an amount equal to the
difference between Fair Market Value of such fractional share as of the date of
the Exercise Time and the Exercise Price of such fractional share.

                  Section 2. Adjustment of Exercise Price and Number of Shares
of Common Stock. In order to prevent dilution of the rights granted under this
Warrant and grant the holder hereof certain additional rights, the Exercise
Price and the number of shares of Common Stock obtainable upon exercise of this
Warrant shall be subject to adjustment from time to time as provided in this
Section 2.

                  2.1.     Computation of Adjusted Exercise Price. Except as
hereinafter provided, in case the Company shall at any time after the date
hereof issue or sell any shares of Common Stock, other than the issuances or
sales referred to in Section 2.7 hereof ("Excluded Issuances"), including shares
held in the Company's treasury and shares of Common Stock issued upon the
exercise of any outstanding options, rights or warrants, to subscribe for shares
of Common Stock and shares of Common Stock issued upon the direct or indirect
conversion or exchange of securities for shares of Common Stock, for a
consideration per share less than the Exercise Price in effect immediately prior
to the issuance or sale of such shares, or without consideration, then forthwith
upon such issuance or sale, the Exercise Price shall (until another issuance or
sale) be reduced to the price (calculated to the nearest full cent) equal to the
quotient derived by dividing (i) an amount equal to the sum of (a) the total
number of shares of Common Stock outstanding immediately prior to the issuance
or sale of such shares, multiplied by the Exercise Price in effect immediately
prior to such issuance or sale, and (b) the aggregate of the amount of all
consideration, if any, received by the Company upon such issuance or sale, by
(ii) the total number of shares of Common Stock outstanding immediately after
such issuance or sale; provided, however, that in no event shall the Exercise
Price be adjusted pursuant to this computation to an amount in excess of the
Exercise Price in effect immediately prior to such computation, except in the
case of a combination of outstanding shares of Common Stock, as provided by
Section 2.3 hereof.

         For the purposes of this Section 2 the term "Exercise Price" shall mean
the Exercise Price per share of Common Stock set forth in Section 5 hereof, as
adjusted from time to time pursuant to the provisions of this Section 2.

         For the purposes of any computation to be made in accordance with this
Section 2.1, the following provisions shall apply:

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                           (i)      In case of the issuance or sale of shares of
Common Stock for a consideration, part or all of which shall be cash, the amount
of the cash consideration therefor shall be deemed to be the amount of cash
received by the Company for such shares (or, if shares of Common Stock are
offered by the Company for subscription, the subscription price, or if either of
such securities shall be sold to underwriters or dealers for public offering
without a subscription offering, the initial public offering price) before
deducting therefrom any compensation paid or discount allowed in the sale,
underwriting or purchase thereof by underwriters or dealers or others performing
similar services, or any expenses incurred in connection therewith.

                           (ii)     In case of the issuance or sale (otherwise
than as a dividend or other distribution on any stock of the Company) of shares
of Common Stock for a consideration part or all of which shall be other than
cash, the amount of the consideration therefor other than cash shall be deemed
to be the value of such consideration as determined in good faith by the Board
of Directors of the Company.

                           (iii)    Shares of Common Stock issuable by way of
dividend or other distribution on any capital stock of the Company shall be
deemed to have been issued immediately after the opening of business on the day
following the record date for the determination of stockholders entitled to
receive such dividend or other distribution and shall be deemed to have been
issued without consideration.

                           (iv)     The reclassification of securities of the
Company other than shares of Common Stock into securities including shares of
Common Stock shall be deemed to involve the issuance of such shares of Common
Stock for a consideration other than cash immediately prior to the close of
business on the date fixed for the determination of security holders entitled to
receive such shares, and the value of the consideration allocable to such shares
of Common Stock shall be determined as provided in subsection (ii) of this
Section 2.1.

                           (v)      The number of shares of Common Stock at any
one time outstanding shall include the aggregate number of shares issued or
issuable (subject to readjustment upon the actual issuance thereof) upon the
exercise of options, rights, warrants and upon the conversion or exchange of
convertible or exchangeable securities.

                           (vi)     As used herein, the phrase "Market Price" at
any date shall be deemed to be the last reported sale price, or, in case no such
reported sale takes place on such day, the average of the last reported sale
prices for the last three (3) trading days, in either case as officially
reported by the principal securities exchange on which the Common Stock is
listed or admitted to trading, or, if the Common Stock is not listed or admitted
to trading on any national securities exchange, the average closing bid price as
furnished by the NASD through NASDAQ or similar organization if NASDAQ is no
longer reporting such information, or if the Common Stock is not quoted on
NASDAQ, as determined in good faith by resolution of the Board of Directors of
the Company, based on the best information available to it.

                  2.2.     Options, Rights, Warrants and Convertible and
Exchangeable Securities. In case the Company shall at any time after the date
hereof issue options, rights or warrants to subscribe

<PAGE>

for shares of Common Stock, or issue any securities convertible into or
exchangeable for shares of Common Stock, other than Excluded Issuances, for a
consideration per share less than the Exercise Price in effect or the Market
Price immediately prior to the issuance of such options, rights or warrants, or
such convertible or exchangeable securities, or without consideration, the
Exercise Price in effect immediately prior to the issuance of such options,
rights or warrants, or such convertible or exchangeable securities, as the case
may be, shall be reduced to a price determined by making a computation in
accordance with the provisions of Section 2.1 hereof, provided that:

                  (a)      The aggregate maximum number of shares of Common
Stock, as the case may be, issuable under such options, rights or warrants shall
be deemed to be issued and outstanding at the time such options, rights or
warrants were issued, and for a consideration equal to the minimum purchase
price per share provided for in such options, rights or warrants at the time of
issuance, plus the consideration (determined in the same manner as consideration
received on the issue or sale of shares in accordance with the terms of the
Warrants), if any, received by the Company for such options, rights or warrants.

                  (b)      The aggregate maximum number of shares of Common
Stock issuable upon conversion or exchange of any convertible or exchangeable
securities shall be deemed to be issued and outstanding at the time of issuance
of such securities, and for a consideration equal to the consideration
(determined in the same manner as consideration received on the issue or sale of
shares of Common Stock in accordance with the terms of the Warrants) received by
the Company for such securities, plus the minimum consideration, if any,
receivable by the Company upon the conversion or exchange thereof.

                  (c)      If any change shall occur in the price per share
provided for in any of the options, rights or warrants referred to in subsection
(a) of this Section 2.2, or in the price per share at which the securities
referred to in subsection (b) of this Section 2.2 are convertible or
exchangeable, such options, rights or warrants or conversion or exchange rights,
as the case may be, shall be deemed to have expired or terminated on the date
when such price change became effective in respect of shares not theretofore
issued pursuant to the exercise or conversion or exchange thereof, and the
Company shall be deemed to have issued upon such date new options, rights or
warrants or convertible or exchangeable securities at the new price in respect
of the number of shares issuable upon the exercise of such options, rights or
warrants or the conversion or exchange of such convertible or exchangeable
securities.

                  2.3.     Subdivision and Combination. In case the Company
shall at any time subdivide or combine the outstanding shares of Common Stock,
the Exercise Price shall forthwith be proportionately decreased in the case of
subdivision or increased in the case of combination.

                  2.4.     Adjustment in Number of Securities. Upon each
adjustment of the Exercise Price pursuant to the provisions of this Section 2,
the number of Warrant Securities issuable upon the exercise of each Warrant
shall be adjusted to the nearest full amount by multiplying a number equal to
the Exercise Price in effect immediately prior to such adjustment by the number
of Warrant Securities

<PAGE>

issuable upon exercise of the Warrants immediately prior to such adjustment and
dividing the product so obtained by the adjusted Exercise Price.

                  2.5.     Definition of Common Stock. For the purpose of this
Agreement, the term "Common Stock" shall mean (i) the class of stock designated
as Common Stock in the Certificate of Incorporation of the Company as may be
amended as of the date hereof, or (ii) any other class of stock resulting from
successive changes or reclassifications of such Common Stock consisting solely
of changes in par value, or from par value to no par value, or from no par value
to par value. In the event that the Company shall after the date hereof issue
securities with greater or superior voting rights than the shares of Common
Stock outstanding as of the date hereof, the Holder, at its option, may receive
upon exercise of any Warrant either shares of Common Stock or a like number of
such securities with greater or superior voting rights.

                  2.6.     Merger or Consolidation. In case of any consolidation
of the Company with, or merger of the Company with, or merger of the Company
into, or sale by the Company of all or substantially all of its assets to
another corporation (other than a consolidation or merger which does not result
in any reclassification or change of the outstanding Common Stock), the
corporation formed by such consolidation or merger or acquiror of such assets
shall execute and deliver to the Holder a supplemental warrant agreement
providing that the Holder of each Warrant then outstanding or to be outstanding
shall have the right thereafter (until the expiration of such Warrant) to
receive, upon exercise of such Warrant, the kind and amount of shares of stock
and other securities and property receivable upon such consolidation or merger,
by a holder of the number of shares of Common Stock of the Company for which
such Warrant might have been exercised immediately prior to such consolidation,
merger, sale or transfer. Such supplemental warrant agreement shall provide for
adjustments which shall be identical to the adjustments provided in Section 2.
The above provision of this Subsection shall similarly apply to successive
consolidations or mergers.

                  2.7.     No Adjustment of Exercise Price in Certain Cases. No
adjustment of the Exercise Price shall be made:

                  (a) Upon the issuance or sale of the Warrants or the shares of
Common Stock issuable upon the exercise of the Warrants, or any options, rights
and Warrants issued and outstanding on the date hereof;

                  (b) If the amount of said adjustment shall be less than 2
cents ($.02) per Warrant, provided, however, that in such case any adjustment
that would otherwise be required then to be made shall be carried forward and
shall be made at the time of and together with the next subsequent adjustment
which, together with any adjustment so carried forward, shall amount to at least
2 cents ($.02) per Warrant; or

                  (c) (i)the issuance of Common Stock to employees, consultants,
officers or directors of the Corporation pursuant to stock purchase or stock
option plans or agreements approved by the Board of Directors of the Corporation
(the "Board"), (ii) the issuance of Common Stock (or securities

<PAGE>

exercisable for or converted into Common Stock) representing in the aggregate
not more than 2% of the outstanding Common Stock of the Company to vendors,
distributors, suppliers, financial institutions or lessors in connection with
commercial credit arrangements, equipment financings or similar transactions
approved by the Board, or (iii) the issuance of securities pursuant to
transactions involving the in-licensing of technology or products or the
development of technology or products on behalf of the Company unanimously
approved by the Board.

                  2.8.     Dividends and Other Distributions. In the event that
the Company shall at any time prior to the exercise of all Warrants declare a
dividend (other than a dividend consisting solely of shares of Common Stock) or
otherwise distribute to its stockholders any assets, property, rights, evidences
of indebtedness, securities (other than shares of Common Stock), whether issued
by the Company or by another, or any other thing of value, the Holders of the
unexercised Warrants shall thereafter be entitled, in addition to the shares of
Common Stock or other securities and property receivable under the exercise
thereof, to receive, upon the exercise of such Warrants, the same property,
assets, rights, evidences of indebtedness, securities or any other thing of
value that they would have been entitled to receive at the time of such dividend
or distribution as if the Warrants had been exercised immediately prior to such
dividend or distribution. At the time of any such dividend or distribution, the
Company shall make appropriate reserves to ensure the timely performance of the
provisions of this Subsection 2.8.

                  2.9.     Notices.

                  (a)      Immediately upon any adjustment of the Exercise
Price, the Company shall give written notice thereof to the Registered Holder,
setting forth in reasonable detail and certifying the calculation of such
adjustment.

                  (b)      The Company shall give written notice to the
Registered Holder at least twenty (20) days prior to the date on which the
Company closes its books or takes a record (A) with respect to any dividend or
distribution upon the Common Stock, (B) with respect to any pro rata
subscription offer to holders of Common Stock or (C) for determining rights to
vote with respect to any Qualified Public Offering, Liquidation Event, Organic
Change or other dissolution or liquidation.

                  (c)      The Company shall also give written notice to the
Registered Holders at least twenty (20) days prior to the date on which any
Qualified Public Offering, Liquidation Event, Organic Change or other
dissolution or liquidation shall take place.

                  Section 3. Liquidating Dividends. If the Company declares or
pays a dividend upon the Common Stock payable otherwise than in cash out of
earnings or earned surplus (determined in accordance with generally accepted
accounting principles, consistently applied) except for a stock dividend payable
in shares of Common Stock (a "Liquidating Dividend"), then the Company shall pay
to the Registered Holder of this Warrant at the time of payment thereof the
Liquidating Dividend which would have been paid to such Registered Holder on the
Common Stock had this Warrant been fully exercised immediately prior to the date
on which a record is taken for

<PAGE>

such Liquidating Dividend, or, if no record is taken, the date as of which the
record holders of Common Stock entitled to such dividends are to be determined.

                  Section 4. Purchase Rights. If at any time the Company grants,
issues or sells any Options, Convertible Securities or rights to purchase stock,
warrants, securities or other property pro rata to the record holders of any
class of Common Stock (the "Purchase Rights"), then the Registered Holder of
this Warrant shall be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which such holder could have
acquired if such holder had held the number of shares of Common Stock acquirable
upon complete exercise of this Warrant immediately before the date on which a
record is taken for the grant, issuance or sale of such Purchase Rights, or, if
no such record is taken, the date as of which the record holders of Common Stock
are to be determined for the grant, issue or sale of such Purchase Rights.

                  Section 5. Definitions. The following terms have meanings set
forth below:

                  "Board of Directors" means the board of directors of the
Company.

                  "Business Day" means any day other than a Saturday, a Sunday
or a day on which banks in New York City are authorized or obligated by law or
executive order to close.

                  "Common Stock" means the Company's Common Stock, par value
$0.001 per share, and except for purposes of the shares obtainable upon exercise
of this Warrant, any capital stock of any class of the Company hereafter
authorized which is not limited to a fixed sum or percentage of par or stated
value in respect to the rights of the holders thereof to participate in
dividends or in the distribution of assets upon any liquidation, dissolution or
winding up of the Company.

                  "Convertible Securities" means any stock or securities
(directly or indirectly) convertible into or exchangeable for Common Stock.

                  "Exchange Act" means the Securities and Exchange Act of 1934,
as amended.

                  "Fair Market Value" means as to any security, the greater of
either (i) the closing price on the day "Fair Market Value" is to be determined
or (ii) the average of the closing prices of such security's sales on the New
York Stock Exchange, the American Stock Exchange or any other domestic
securities exchanges on which such security may at the time be listed, or, if
there have been no sales on any such exchange on any day, the average of the
highest bid and lowest asked prices on all such exchanges at the end of such
day, or, if on any day such security is not so listed, the average of the
representative bid and asked prices quoted in the Nasdaq Stock Market as of 4:00
P.M., New York time, on such day, or, if on any day such security is not quoted
in the Nasdaq Stock Market, the average of the highest bid and lowest asked
prices on such day in the domestic over-the-counter market as reported by the
National Quotation Bureau, Incorporated, or any similar successor organization
(collectively, a "Securities Exchange"), in each such case averaged over a
period of three (3) days consisting of the day as of which "Fair Market Value"
is being determined and the two

<PAGE>

(2) consecutive Business Days prior to such day. If at any time such security is
not listed or quoted on any Securities Exchange, the "Fair Market Value" shall
be the fair value thereof determined jointly by the Company and the Registered
Holders of Warrants representing a Majority of the Common Stock purchasable upon
exercise of all the Warrants then outstanding; provided, that if such parties
are unable to reach agreement within a reasonable period of time, such fair
value shall be determined by an appraiser jointly selected by the Company and
the Registered Holders of Warrants representing two-thirds of the Common Stock
purchasable upon exercise of all the Warrants then outstanding. The
determination of such appraiser shall be final and binding on the Company and
the Registered Holders of the Warrants, and the fees and expenses of such
appraiser shall be paid by the Company.

                  "Liquidation Event" means (a) the liquidation, dissolution or
winding up of the Company, (b) any merger, reorganization or consolidation to
which the Company is a party, except for a merger, reorganization or
consolidation in which the Company is the surviving Company, the terms of the
Warrants or Common Stock are not changed and neither the Warrants nor Common
Stock are exchanged for cash, securities or other property, and after giving
effect to such merger, reorganization or consolidation, the holders of the
Company's outstanding capital stock possessing a majority of the voting power
(under ordinary circumstances) to elect a majority of the Board of Directors
immediately prior to the merger, reorganization or consolidation shall continue
to own the Company's outstanding capital stock possessing the voting power
(under ordinary circumstances) to elect a majority of the Board of Directors,
(c) any sale or transfer of more than 50% of the assets of the Company and its
Subsidiaries on a consolidated basis (measured either by book value in
accordance with generally accepted accounting principles consistently applied or
by fair market value determined in the reasonable good faith judgment of the
Board of Directors) in any transaction or series of transactions and (d) any
sale, transfer or issuance or series of sales, transfers and/or issuances of
Common Stock or other securities by the Company or any holders thereof which
results in either (i) any Person or group of Persons (as the term "group" is
used under the Exchange Act), beneficially owning (as such term is used in the
Exchange Act) more than 50% of the Common Stock outstanding or on a fully
diluted basis at the time of such sale, transfer or issuance or series of sales,
transfers and/or issuances or (ii) Persons beneficially owning the Common Stock
outstanding or on a fully diluted basis at the time of such sale, transfer or
issuance or series of sales, transfers and/or issuances beneficially owning less
than 50% of the Common Stock outstanding or on a fully diluted basis following
such sale, transfer or issuance or series of sales, transfers and/or issuances.

                  "Options" means any rights or options to subscribe for or
purchase Common Stock or Convertible Securities.

                  "Person" means an individual, a partnership, a joint venture,
a corporation, a limited liability company, a trust, an unincorporated
organization and a government or any department or agency thereof.

                  "Qualified Public Offering" means the sale, in an underwritten
public offering registered under the Securities Act, of shares of Common Stock
having (a) a per share value (based

<PAGE>

on the aggregate proceeds received by the Company in such offering, prior to
applicable underwriting discounts or commissions) of at least three (3) times
the Exercise Price in effect immediately prior to the time of such sale and (b)
an aggregate value (based on the aggregate proceeds received by the Company in
such offering, prior to applicable underwriting discounts or commissions) of at
least $5 million, and which are listed on any securities exchange or quoted on
the Nasdaq Stock Market System or the over-the-counter market following such
offering.

                  Other capitalized terms used in this Warrant but not defined
herein shall have the meanings set forth in the Purchase Agreement.

                  Section 6. No Voting Rights; Limitations of Liability. This
Warrant shall have voting rights as provided in the Company's Certificate of
Incorporation. No provision hereof, in the absence of affirmative action by the
Registered Holder to purchase Warrant Shares, and no enumeration herein of the
rights or privileges of the Registered Holder shall give rise to any liability
of such Registered Holder for the Exercise Price of Warrant Shares acquirable by
exercise hereof or as a stockholder of the Company.

                  Section 7. Warrant Transferable. Subject to the transfer
conditions referred to in the legend endorsed hereon, this Warrant and all
rights hereunder are transferable, in whole or in part, without charge to the
Registered Holder, upon surrender of this Warrant with a properly executed
Assignment (in the form of Exhibit III hereto) at the principal office of the
Company.

                  Section 8. Warrant Exchangeable for Different Denominations.
This Warrant is exchangeable, upon the surrender hereof by the Registered Holder
at the principal office of the Company, for new Warrants of like tenor
representing in the aggregate the purchase rights hereunder, and each of such
new Warrants shall represent such portion of such rights as is designated by the
Registered Holder at the time of such surrender. All Warrants representing
portions of the rights hereunder are referred to herein as the "Warrants."

                  Section 9. Replacement. Upon receipt of evidence reasonably
satisfactory to the Company (an affidavit of the Registered Holder shall be
satisfactory) of the ownership and the loss, theft, destruction or mutilation of
any certificate evidencing this Warrant, and in the case of any such loss, theft
or destruction, upon receipt of an unsecured indemnity agreement of the
Registered Holder in form reasonably satisfactory to the Company, or, in the
case of any such mutilation upon surrender of such certificate, the Company
shall (at its expense) execute and deliver in lieu of such certificate a new
certificate of like kind representing the same rights represented by such lost,
stolen, destroyed or mutilated certificate and dated the date of such lost,
stolen, destroyed or mutilated certificate.

                  Section 10. Notices. Except as otherwise expressly provided
hereunder, all notices referred to herein shall be in writing and shall be (i)
delivered in person, (ii) transmitted by facsimile, (iii) sent by registered or
certified mail, postage prepaid with return receipt requested, or (iv) sent by
reputable overnight courier service, fees prepaid, to (x) the Company, at its
principal executive offices and (y) to any Registered Holder, at such Registered
Holder's address as it appears in the

<PAGE>

records of the Company (unless otherwise indicated by any such Registered
Holder). Notices shall be deemed given upon personal delivery, upon receipt of
return receipt in the case of delivery by mail, upon acknowledgment by the
receiving facsimile machine or one day following deposit with an overnight
courier service.

                  Section 11. Amendment and Waiver. Except as otherwise provided
herein, the provisions of the Warrants may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the written consent of the
Registered Holders of Warrants representing a majority of the shares of Common
Stock obtainable upon exercise of outstanding Warrants; provided, that no such
action may change the Exercise Price of the Warrants or the number of shares or
class of stock obtainable upon exercise of each Warrant without the written
consent of the Registered Holders of Warrants representing 100% of the shares of
Common Stock obtainable upon exercise of the Warrants.

                  Section 12. Warrant Register. The Company shall maintain at
its principal executive offices books for the registration and the registration
of transfer of Warrants. The Company may deem and treat the Registered Holder as
the absolute owner hereof (notwithstanding any notation of ownership or other
writing hereon made by anyone) for all purposes and shall not be affected by any
notice to the contrary.

                  Section 13. Governing Law. The corporate laws of the State of
Delaware shall govern all issues concerning the relative rights of the Company
and its stockholders. ALL OTHER QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY,
ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING
EFFECT TO ITS CONFLICT OF LAWS PRINCIPLES. THE PARTIES HERETO FURTHER AGREE AND
ACKNOWLEDGE THAT ANY DISPUTE OR CONTROVERSY ARISING OUT OF OR IN ANY MANNER
WHATSOEVER RELATING TO THIS WARRANT SHALL BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK OR THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW
YORK LOCATED IN THE STATE OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS
WARRANT HEREBY (I) ACCEPTS THE JURISDICTION OF THE AFORESAID COURTS; (II)
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT OF ANY SUCH COURT WITH RESPECT TO
THIS WARRANT; AND (III) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE,
COURT, ACTION OR PROCEEDING WITH RESPECT TO THIS WARRANT BROUGHT IN ANY SUCH
COURT AND FURTHER IRREVOCABLY WAIVES ANY SUCH CLAIM THAT ANY SUCH SUIT, ACTION
OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.

                  Section 14. Headings. The headings of the various sections of
this Warrant have been inserted for reference only and shall not be deemed to be
a part of this Warrant .

<PAGE>

                  Section 15. Specific Performance. The Company, on the one
hand, and the holder of this Warrant, on the other hand, acknowledge that money
damages would not be a sufficient remedy for any breach of this Warrant. It is
accordingly agreed that the parties shall be entitled to specific performance
and injunctive relief as remedies for any such breach, these remedies being in
addition to any of the remedies to which they may be entitled at law or equity.

                  Section 16. Remedies Cumulative. Except as otherwise provided
herein, the remedies provided herein shall be cumulative and shall not preclude
the assertion by any party hereto of any other rights or the seeking of any
other remedies against any other party hereto.

                  Section 17. No Third Party Beneficiaries. Except as
specifically set forth or referred to herein, nothing herein is intended or
shall be construed to confer upon any person or entity other than the parties
hereto and their successors or assigns, any rights or remedies under or by
reason of this Warrant.

                  Section 18. Severability. If any term, provision, covenant or
restriction of this Warrant is held by a court of competent jurisdiction to be
invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Warrant shall remain in full force and effect
and shall in no way be affected, impaired or invalidated.

                  Section 19. Entire Agreement; Modification. This Warrant
contains the entire understanding between the parties hereto with respect to the
subject matter hereof and may not be modified or amended except by a writing
duly signed by the party against whom enforcement of the modification or
amendment is sought.

                  Section 20. No Strict Construction. The parties hereto have
participated jointly in the negotiation and drafting of this Warrant. In the
event an ambiguity or question of intent or interpretation arises, this Warrant
shall be construed as if drafted jointly by the parties hereto, and no
presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this Warrant.

                                    * * * * *

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
                           [SIGNATURE PAGE TO FOLLOW]

<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
signed and attested by its duly authorized officers under its corporate seal and
to be dated the date hereof.

                                             NEOPROBE CORPORATION

                                             Dated: October 22, 2003

                                             By:  /s/ David C. Bupp
                                                  ------------------------------
                                                  Name:  David C. Bupp
                                                  Title: Chief Executive Officer

<PAGE>

                                                                       EXHIBIT I

          [FORM OF ELECTION TO PURCHASE PURSUANT TO SECTION 1.2(a)(iv)]
                  (Exercise and payment by check or securities)

To:      Dated:

                  The undersigned, pursuant to the provisions set forth in the
attached Warrant (Certificate No. W-____), hereby agrees to subscribe for the
purchase of ____________ shares of the Common Stock covered by such Warrant and
makes payment herewith in full therefor at the price per share provided by such
Warrant.

                                              Signature:________________________

                                              Address:__________________________

<PAGE>

                                                                      EXHIBIT II

        [FORM OF ELECTION TO PURCHASE PURSUANT TO SECTION 1.2(a)(iv)(3)]
                               (Cashless Exercise)

                  The undersigned hereby irrevocably elects to exercise the
right, represented by this Warrant Certificate, to purchase _________________
shares of Common Stock all in accordance with the terms hereof and Section
1.2(a)(iv)(3) of the Warrant Agreement. The undersigned requests that a
certificate for such securities be registered in the name of ___________________
whose address is _______________________________________________________________
______________ and that such Certificate be delivered to________________________
__________________________ whose address is ____________________________________
____________________________________.

Dated:

                           Signature _____________________________________

                           (Signature must conform in all respects to name of
                           holder as specified on the face of the Warrant
                           Certificate.)

                           ________________________________
                           (Insert Social Security or Other
                           Identifying Number of Holder)

<PAGE>

                                                                     EXHIBIT III

              [FORM OF ASSIGNMENT PURSUANT TO SECTION 1.2(a)(iii)]

(To be executed by the registered holder if such holder desires to transfer the
Warrant Certificate.)

     FOR VALUE RECEIVED
hereby sells, assigns and transfers unto

_________________________________________________
  (Please print name and address of transferee)

this Warrant Certificate, together with all right, title and interest therein,
and hereby irrevocably constitutes and appoints _______________________________
Attorney, to transfer the within Warrant Certificate on the books of the
within-named Company, with full power of substitution.

Dated:

               Signature: ___________________________________

               (Signature must confirm in all respects to name of holder as
               specified on the face of the Warrant Certificate.)

                       (Insert Social Security or Other Identifying Number of
                       Assignee).

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