Document:

Exhibit 4.13  

THIS SENIOR SECURED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAW, AND MAY BE OFFERED AND SOLD
ONLY IF REGISTERED PURSUANT TO THE PROVISIONS OF THE ACT OR THOSE LAWS OR IF AN EXEMPTION FROM REGISTRATION IS AVAILABLE.  

  
 

    SENIOR SECURED PROMISSORY NOTE    
    

	Principal Amount:	 	$1,493,105	 	June 4, 2004

        FOR
VALUE RECEIVED, IMCOR PHARMACEUTICAL CO., a Nevada corporation (hereinafter called "Issuer"), hereby promises to pay to the order of Xmark Fund, Ltd. and its successors and
assigns (hereinafter called the "Holder"), at such address as the Holder may designate in writing to Issuer, the aggregate principal sum of ONE MILLION FOUR HUNDRED NINETY THREE THOUSAND ONE HUNDRED
FIVE DOLLARS ($1,493,105) in lawful money of the United States, without interest other than as specified in Section 6 below. 

        This
Senior Secured Promissory Note (the "Note") is one of the secured promissory notes referred to in that certain Exchange Agreement, dated as of even date hereof, by and among Issuer,
the Holder and Xmark Fund, L.P. 

        1.    Payment of Principal.    Prior to the Maturity Date (as defined below), subject to Section 5 below, the
principal amount of this Note shall be payable in installments (each an "Installment Date") as follows: (i) on the date of closing of the Financing (as defined below), Issuer shall pay Three
Hundred Fifty Thousand Seven Hundred Fifty Dollars ($350,750) of the principal amount of this Note to the Holder (the "Initial Installment Date") and (ii) on each Installment Date set forth
below, Issuer shall pay to the Holder the principal amount of this Note set forth opposite such Installment Date: 

	Installment Date
 
	 	Installment Amount

	August 2, 2004	 	$	35,075
	September 1, 2004	 	$	276,820
	October 1, 2004	 	$	276,820
	November 1, 2004	 	$	276,820
	December 1, 2004	 	$	276,820

If
any Installment Date is not a Business Day (as defined below), then such amount shall be due and payable on the Business Day next succeeding the original payment date and interest shall continue to
accrue on such amount until paid. As used herein, (i) "Financing" shall mean the financing described in the preliminary proxy statement Issuer filed with the Securities and Exchange Commission
(the "SEC") on April 30, 2004 pursuant to which Issuer proposes to raise up to a minimum of $10,000,000 (including the $1,987,505 of gross proceeds received by Issuer as of the date hereof in
connection with the closing of the first tranche of the Financing) and a maximum of $17,250,000 through the issuance and sale of its common stock, par value $0.001 per share, (ii) "Business
Day" shall mean a day, other than a Saturday or Sunday, on which commercial banks in New York are open for the general transaction of business and (iii) "Maturity Date" shall mean the earliest
to occur of: (A) December 1, 2004; (B) Issuer's receipt of an Acceleration Notice (as defined in Section 5) from Holder in accordance with Section 5 of this Note; or
(iii) an Event of Default (as defined in Section 5) specified in clauses (a), (b), (d), (e), (f) or (g) of Section 5 of this Note. 

Notwithstanding
anything contained in this Note to the contrary, the unpaid principal amount of this Note shall be due and payable in full on the Maturity Date. 

 

        2.    Prepayment; Reduction of Principal Amount of this Note.    Issuer may prepay this Note at any time in whole but
not in part; provided, however, Issuer shall give the Holder written notice at least five (5) days prior to such prepayment (the date of
prepayment is referred to herein as the "Prepayment Date"). Prior to the Maturity Date, Issuer shall be entitled to receive an aggregate prepayment discount (the "Prepayment Discount") equal to
$35,075 for each whole calendar month between the Prepayment Date and December 1, 2004. For the avoidance of doubt, Issuer shall not be entitled to receive a Prepayment Discount if the
Financing has not been fully consummated and Issuer has not received at least $10,000,000 in gross proceeds therefrom (including the $1,987,505 of gross proceeds received by Issuer as of the date
hereof in connection with the closing of the first tranche of the Financing) prior to July 19, 2004. For example, if Issuer provides the Holder with at least five (5) days prior written
notice that it is electing to prepay this Note in full on September 15, 2004, Issuer shall be obligated to pay the Holder the then outstanding principal amount of this Note less the Prepayment
Discount in an amount equal to $70,150. All payments made on account of this Note shall be applied first to the payment of any costs of enforcement then due hereunder, second to the payment of accrued
and unpaid interest then due hereunder, and the remainder, if any, shall be applied to the unpaid principal balance of this Note. 

        3.    Secured Obligation; Affirmation of Collateral.    This Note and the indebtedness evidenced hereby are
Obligations (as defined in each of the Security Agreement, dated as of June 18, 2003 (the "General Security Agreement"), by and among Issuer, the Holder and Xmark Fund, L.P. and the Patent and
Trademark Security Agreement, dated as of June 18, 2003 (the "IP Security Agreement" and together with the General Security Agreement, the "Security Agreements"), by and among Issuer, the
Holder and Xmark Fund, L.P.) secured by the Security Agreements. Issuer hereby warrants and agrees that the liens granted under the Security Agreements are validly perfected first priority liens
securing all of the existing and future Obligations owing by Issuer to the Holder, whether direct or indirect, including without limitation Issuer's obligations under this Note. Issuer acknowledges
and agrees that the Security Agreements remain in full force and effect and that the Holder's rights and remedies thereunder are not intended to be limited by, and are not limited by, this Note. 

        4.    Covenants.    Issuer agrees that, so long as any amount payable under this Note is outstanding, it shall: 

        (a)   not,
without the prior written consent of the Holder, create, incur, guarantee, issue, assume or in any manner become liable in respect of, any obligation (i) for
borrowed money, (ii) evidenced by bonds, debentures, notes, or other similar instruments, (iii) in respect of letters of credit or other similar instruments (or reimbursement obligations
with respect thereto), (iv) to pay the deferred purchase price of property or services, except trade payables arising in the ordinary course of business consistent with past practices,
(v) as lessee under capitalized leases, (vi) secured by a Lien (as defined in the Security Agreements) on any asset of Issuer, whether or not such obligation is assumed by Issuer and
(vii) of any other person or entity, other than indebtedness for borrowed money existing on the date of this Note ("Existing Indebtedness"); provided, however, Issuer shall not refinance,
re-borrow, modify, exchange, reclassify or otherwise amend any Existing Indebtedness without the prior written consent of the Holder; and 

        (b)   (i) furnish
to the Holder and its legal counsel with copies of all correspondence (within two (2) Business Days after sending or receiving any such
correspondence) from Issuer to the SEC or the staff of the SEC or from the SEC or the staff of the SEC to Issuer, in each case, concerning the Financing; and (ii) consult with the Holder and
its legal counsel prior to responding to any such correspondence from the SEC or the staff of the SEC concerning the Financing. 

        5.    Event of Default Defined; Acceleration of Maturity.    Any one or more of the following events shall constitute
an "Events of Default" (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, 

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decree
or order of any court or any order, rule or regulation of any administrative or governmental body): 

        (a)   a
default in the payment of all or any part of the principal due under this Note, or the other secured promissory note issued pursuant to the Exchange Agreement, as and
when the same shall become due and payable, whether on an Installment Date, at maturity, by declaration as permitted hereunder, upon acceleration or otherwise; provided, however, with respect to
payments of principal due on the Installment Dates (other than the Initial Installment Date), Issuer shall be entitled to one 10-day cure period to cure a payment default (for the
avoidance of doubt, Issuer is not entitled to a 10-day cure period for each payment default on an Installment Date; rather Issuer is entitled to only one 10-day cure period
under this Note); 

        (b)   the
Financing shall not have been fully consummated and Issuer shall not have received gross proceeds therefrom of at least $10,000,000 (including the $1,987,505 of
gross proceeds received by Issuer as of the date hereof in connection with the closing of the first tranche of the Financing) prior to July 19, 2004; 

        (c)   any
Event of Default (as defined in the Security Agreements) shall have occurred under the Security Agreements; or 

        (d)   Issuer
shall have applied for or consented to the appointment of a custodian, receiver, trustee or liquidator, or other court-appointed fiduciary of all or a substantial
part of its properties; or a custodian, receiver, trustee or liquidator or other court appointed fiduciary shall have been appointed with or without the consent of Issuer; or Issuer is generally not
paying its debts as they become due by means of available assets or is insolvent, or has made a general assignment for the benefit of creditors; or Issuer files a voluntary petition in bankruptcy, or
a petition or an answer seeking reorganization or an arrangement with creditors or seeking to take advantage of any insolvency law, or an answer admitting the material allegations of a petition in any
bankruptcy, reorganization or insolvency proceeding or has taken action for the purpose of effecting any of the foregoing; or if, within sixty (60) days after the commencement of any proceeding
against Issuer seeking any reorganization, rehabilitation, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal bankruptcy code or similar order under
future similar legislation, the appointment of any trustee, receiver, custodian, liquidator, or other court-appointed fiduciary of Issuer or of all or any substantial part of its properties, such
order or appointment shall not have been vacated or stayed on appeal or otherwise or if, within sixty (60) days after the expiration of any such stay, such order or appointment shall not have
been vacated; 

        (e)   Issuer
shall merge or consolidate with or into any other person or entity, sell, transfer, lease or otherwise dispose of all or any substantial portion of its assets in
one transaction or a series of related transactions, participate in any share exchange, consummate any recapitalization, reclassification, reorganization or other business combination transaction or
adopt a plan of liquidation or dissolution or agree to do any of the foregoing; 

        (f)    One
or more judgments in an aggregate amount in excess of Fifty Thousand Dollars ($50,000) shall have been rendered against Issuer and such judgment or judgments remain
undischarged or unstayed for a period of sixty (60) days after such judgment or judgments become or became, as the case may be, final and unappealable; 

        (g)   Issuer
shall fail to observe or perform any other covenant or agreement contained in this Note; 

        Upon
the occurrence of any Event of Default specified in clause (c), the Holder may, at its option, by notice in writing to Issuer (the "Acceleration Notice"), declare all amounts
due hereunder to be due and payable immediately and, upon any delivery of such Acceleration Notice, the same shall become and be immediately due and payable. If an Event of Default specified in
clauses (a), (b), (d), (e), (f) or 

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(g) occurs,
then all amounts due hereunder shall become immediately due and payable without any declaration or other act on the part of the Holder. Upon the occurrence of any Event of Default,
the Holder may, in addition to declaring all amounts due hereunder to be immediately due and payable, pursue any available remedy, whether at law or in equity, including any and all remedies under the
Security Agreements. If an Event of Default occurs, Issuer shall pay to the Holder the reasonable attorneys' fees and disbursements and all other out-of-pocket costs incurred
by the Holder in order to collect amounts due and owing under this Note or otherwise to enforce the Holder's rights and remedies hereunder. 

        6.    Interest Upon an Event of Default.    From and after the occurrence of an Event of Default, interest shall
accrue on the outstanding principal amount of this Note at the rate of ten percent (10%) per annum until such time as this Note, including all accrued but unpaid interest, has been indefeasibly paid
in full. Interest shall be computed on the basis of a 360 day year for the actual number of days elapsed. 

        7.    Reimbursement of Expenses.    In addition to its other obligations hereunder, not later than the close of
business on the date hereof or one (1) Business Day after receipt of an invoice therefor, Issuer shall reimburse the Holder for the fees and disbursements incurred by the Holder's counsel in
connection with the preparation, negotiation, execution and enforcement of this Note and the Exchange Agreement. 

        8.    Waiver of Presentment, Demand and Dishonor.    

        (a)   Issuer
hereby waives presentment for payment, protest, demand, notice of protest, notice of non-payment and diligence with respect to this Note, and waives
and renounces all rights to the benefit of any statute of limitations or any moratorium, appraisement, exemption or homestead now provided or that hereafter may be provided by any federal or
applicable state statute, including but not limited to exemptions provided by or allowed under the Federal bankruptcy code, both as to itself and as to all of its property, whether real or personal,
against the enforcement and collection of the obligations evidenced by this Note and any and all extensions, renewals and modifications hereof. 

        (b)   No
failure on the part of the Holder hereof to exercise any right or remedy hereunder with respect to Issuer, whether before or after the happening of an Event of
Default, shall constitute a waiver of any future Event of Default or of any other Event of Default. No failure to accelerate the debt of
Issuer evidenced hereby by reason of an Event of Default or indulgence granted from time to time shall be construed to be a waiver of the right to insist upon prompt payment thereafter; or shall be
deemed to be a novation of this Note or a reinstatement of such debt evidenced hereby or a waiver of such right of acceleration or any other right, or be construed so as to preclude the exercise of
any right the Holder may have, whether by the laws of the state governing this Note, by agreement or otherwise; and Issuer hereby expressly waives the benefit of any statute or rule of law or equity
that would produce a result contrary to or in conflict with the foregoing. Issuer shall not have the right to set off or otherwise deduct from amounts payable by it hereunder any amounts whether
liquidated or unliquidated, which the Holder or any of its affiliates may owe to Issuer, which right is hereby expressly waived to the maximum extent permitted by applicable law. 

        9.    Notices.    Except as otherwise permitted herein, any notice required or permitted hereunder shall be in writing
and shall be deemed to have been duly given when received if delivered personally against receipt; when transmitted if transmitted during regular business hours on a Business Day by telecopy,
electronic or digital transmission method (or on the next succeeding Business Day if transmitted during other than regular business hours on a Business Day) or the next Business Day if sent for next
Business Day delivery by a nationally recognized overnight courier service. In each case, notice shall be sent as follows: (i) in the case of Issuer, to IMCOR Pharmaceutical Co., 6175 Lusk 

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Boulevard,
San Diego, California 92121, facsimile (858) 410-5161, attention: Chief Executive Officer; with a copy (that shall be required for any such notice to be effective) to
Grippo & Elden, 227 W. Monroe Street, Suite 3600, Chicago, IL 60606, facsimile (312) 558-1195, Attention: Matthew I. Hafter, Esq., or (ii) in the case of the Holder,
to Xmark Fund, Ltd., 152 West 57th Street, 21st Floor, New York, New York 10019, facsimile (212) 247-1329, attention: Mitchell D. Kaye; with a
copy (that shall be required for any such notice to be effective) to Lowenstein Sandler PC, 65 Livingston Avenue, Roseland, New Jersey 07068, facsimile (973) 597-2507, attention:
Steven Siesser, Esq., or to such other address or addresses as Issuer or the Holder, as the case may be, may notify the other party in writing in accordance with this Section 9. 

        10.    Amendments; Waivers.    No modification, alteration, waiver or change of any of the provisions hereof shall be
effective unless in writing and signed by Issuer and the Holder and, then, only to the extent set forth in such writing. 

        11.    Binding Effect; Assignability.    This Note shall be binding upon Issuer, its successors and its assigns, and
shall inure to the benefit of Holder, its successors and its assigns. This Note is freely transferable or assignable by the Holder or any transferee of the Holder; provided that such transfer or
assignment is made in compliance with the Act and any applicable state and foreign securities laws. 

        12.    Governing Law; Jurisdiction.    This Note shall be binding upon the Issuer and Holder and their respective
successors, assigns and legal representatives. The validity, construction and interpretation of this Note will be governed, and construed in accordance with, the laws of the State of New York.  EACH OF ISSUER AND THE HOLDER
HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS NOTE AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED
SPECIFICALLY AS TO THIS WAIVER.

        Issuer
and the Holder irrevocably submit to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the
Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Note and the transactions contemplated hereby. Service of process in
connection with any such suit, action or proceeding may be served on Issuer anywhere in the world by any method authorized by law. Each of Issuer and the Holder irrevocably consents to the
jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each of Issuer and the Holder irrevocably waives any objection to the laying of venue of
any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum. 

        [remainder
of page intentionally left blank] 

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        IN
WITNESS WHEREOF, Issuer and the Holder have caused this instrument to be duly executed as of the date first written above. 

	 	 	IMCOR PHARMACEUTICAL CO.
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

XMARK FUND, LTD.
	

 	
 	

By:	

 Name:

Title:

6Exhibit 10.22  

 
 

FORBEARANCE AGREEMENT    
    

        THIS AGREEMENT is entered into this    day of June, 2004 by and between Philips Medical Capital, LLC ("PMC") and IMCOR Pharmaceutical Co. f/k/a
Photogen Technologies, Inc. ("Debtor"). 

        The
parties stipulate as follows: 

	A.
	On
or about October 25, 1999, Photogen, Inc. executed and delivered to Picker Financial Group, LLC ("Picker") an Equipment Lease (the "Lease"), pursuant to which Picker
leased the equipment described therein to Photogen, Inc. under the terms set forth in the Lease (collectively, the "Equipment").

	B.
	In
connection therewith, Debtor executed and delivered that certain Guaranty, guarantying all of the obligations of Photogen, Inc. under the Lease.

	C.
	Under
the Guaranty, Debtor is justly indebted to PMC in the amount of $568,601 as of the date of this Agreement (the "Indebtedness"). In addition, the Lease provides for the accrual of
interest, costs and expenses, including, without limitation, attorneys' fees (collectively, "Costs").

	D.
	The
Indebtedness and Costs are fully enforceable and is not subject to any defense or counterclaim, or any claim of setoff or recoupment (although Debtor reserves all rights against
Tufts University).

	E.
	Picker
subsequently assigned the Lease to PMC.

	F.
	Debtor
represents that it has been seeking financing since January 2003 but has not been able to obtain additional capital except for bridge financing provided by its principal
venture capital investors led by Mi3 L.P. and Oxford Bioscience Partners IV, L.P.; those venture capital investors have advised Debtor that they are unwilling to provide financing to discharge the
Indebtedness; and Debtor is continuing to seek financing and is currently in the process of completing a private placement. Debtor makes no representations or warranties as to its ability to obtain
capital or other financing in the future.

	G.
	The
parties acknowledge that each has been represented by counsel in connection with the negotiation and execution of this Agreement, that this Agreement represents an
arms-length transaction, and that each party has acted in good faith in the making of this Agreement. 

        NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

        1.    Forbearance Period.    Subject to the express provisions of this Forbearance Agreement, PMC hereby agrees to
forbear from exercising its remedies under the Lease and the Guaranty or under applicable law (including, without limitation, the right to collect the Indebtedness and Costs in accordance with the
terms of the Lease and Guaranty and the right to take possession of the Equipment) until the occurrence of a Termination Event, as defined in Section 3 of this Agreement. This period of
forbearance is hereinafter referred to as the "Forbearance Period." 

        2.    Conditions of Forbearance.    PMC's agreement to forbear is conditioned upon and subject to timely satisfaction
of each of the following conditions ("Conditions of Forbearance"): 

        (a)    Cash.    Debtor shall pay PMC (i) $75,000 on the second business day after the closing of the second
tranche of its private placement, but no later than July 22, 2004, and (ii) an additional $25,000 within six months thereafter. 

        (b)    Stock.    Debtor shall, within three (3) business days after the date hereof, issue shares of its stock
to PMC (the "PMC Stock") in an amount equal to ten percent (10%) less than the (A) the Indebtedness (less any amount paid or payable in cash under paragraph (a) above)  divided  

 

 by (B) the VWAP for the ten (10) trading days prior to the date of this Agreement, but in no event will the price per share be $0.75 or less. "VWAP" means on any
particular trading day or for any particular period, the volume weighted average trading price per share of Common Stock on such date or for such period as reported by the Bloomberg L.P., by any
successor performing similar functions. The provisions related to granting of the PMC Stock and PMC's ability to sell same and the Final Payment are described in greater detail in Exhibit "A"
attached hereto and incorporated herein by reference. 

        (c)    Correctness of Representations and Warranties.    All representations and warranties made by Debtor to PMC
under this Agreement shall remain true and correct throughout the Forbearance Period. 

        (d)    No Defaults Under Lease Documents.    During the Forbearance Period, Debtor's obligation to make payments to
PMC under the Lease and Guaranty shall be governed by this Agreement. Debtor shall perform or shall cause to be performed all obligations, covenants, representations and warranties contained in the
Lease except for the payment obligations. A copy of the insurance for the Equipment, as required by the Lease is attached hereto as Exhibit "B". With respect to all such obligations, covenants,
representations and warranties, an Event of Default under any of the Lease documents or a default under the Guaranty shall constitute a Termination Event under this Agreement. 

        (e)    No Defaults Hereunder.    During the Forbearance Period, Debtor shall not breach any promise or covenant
contained in this Agreement or the Lease. 

        3.    Termination Events.    Each of the following shall constitute a Termination Event under this Agreement and an
Event of Default under the Lease: 

	(a)
	Debtor
fails to comply in a timely manner with any of the Conditions of Forbearance set forth above. 

        (b)   Debtor
becomes a debtor in bankruptcy by means of either a voluntary or involuntary petition. 

        (c)   Any
kind of receivership or insolvency proceeding is commenced by or against Debtor. 

        (d)   Debtor's
common stock shall cease to be listed on the Nasdaq SmallCap Market or a comparable national securities market or exchange. 

        (e)   Debtor
fails to cause a registration statement covering resale of the PMC Stock to become effective within 12 months from the date of this Agreement or fails to
comply with any other provision of Exhibit A. 

        (f)    Debtor
shall breach any other representation, warranty or covenant set forth in this Agreement. 

        4.    Termination of Forbearance Period.    Debtor agrees that the Forbearance Period automatically, and without
notice, shall be terminated upon the earlier of: 

        (a)   the
discharge of the Indebtedness in accordance with Exhibit A, or 

        (b)   occurrence
of any Termination Event, as defined above. Upon termination of the Forbearance Period due to the occurrence of a Termination Event, the entire amount of the
Indebtedness outstanding at that time, plus Costs, shall be immediately due and payable, and PMC shall be under no obligation to forbear in any respect and shall be entitled immediately to exercise
all of its rights and remedies under the Lease and Guaranty, all without further notice to Debtor. 

        5.    Forgiveness of Indebtedness.    Provided that throughout the Forbearance Period Debtor satisfies all of the
Conditions of Forbearance set forth above, then PMC (for itself and any other entity deemed 

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to
be a lessor under the Lease, including Picker) shall forgive remaining outstanding balance of the Indebtedness and Costs, if any, and shall release Debtor from all further obligations and
liabilities under the Lease and Guaranty. If, however, there shall ever occur a Termination Event, PMC shall be under no obligation to forgive or discharge any portion of the then outstanding
Indebtedness or related Costs. 

        6.    Confession of Judgment.    Debtor will execute a confession of judgment in the form attached hereto as Exhibit
"C" and PMC shall be entitled to utilize such confession of judgment upon the occurrence of any Termination Event in the full amount of the Indebtedness then outstanding at that time. 

        7.    Representations, Warranties and Covenants.    In order to induce PMC to enter into this Agreement, Debtor makes
the following representations, warranties and covenants: 

	(a)
	Debtor
is a validly existing corporation in good standing under the laws of the State of Nevada and is duly qualified to conduct its business in all jurisdictions where it does
conduct business;

	(b)
	Debtor
is duly authorized and empowered to enter into and perform under this Agreement;

	(c)
	The
execution and performance of this Agreement by Debtor does not and will not violate any agreement to which Debtor is a party;

	(d)
	All
written financial and other information given by Debtor or any of its agents or representatives to PMC is and shall be true and accurate in all material respects;

	(e)
	During
the Forbearance Period, Debtor will not dispose of any material amount of its property outside of the ordinary course of business except for licenses of its intellectual
property on commercially reasonable terms;

	(f)
	During
the Forbearance Period, without PMC's written consent (not to be unreasonably withheld) Debtor will not incur any additional debt for borrowed money except for trade debt
incurred in the ordinary course of business and up to an aggregate of $2,000,000 of other debt for borrowed money to be used for working capital; and

	(g)
	Debtor
shall take no action that would impair Debtor's ability to perform its obligations hereunder or to satisfy any of the Conditions of Forbearance. 

        8.    Effectiveness of the Lease and Guaranty.    This Agreement shall not constitute a novation of the Lease or the
Guaranty or any other agreement between the parties hereto and such documents shall remain in full force and effect subject only to PMC's agreement to forbear as set forth herein. 

        9.    Release and Waiver.    Debtor hereby agrees that, with respect to the Lease, the Guaranty and the other
documents related to and the transactions contemplated by the Lease and Guaranty: Debtor has no claims or causes of action against PMC and its officers, directors and employees of any kind whatsoever
and hereby releases PMC from any and all claims, causes of action, demands and liabilities of any kind whatsoever whether direct or indirect, fixed or contingent, liquidated or
non-liquidated, disputed or undisputed, known or unknown, which Debtor has or may acquire in the future relating in any way to any such event, circumstance, action or failure to act from
the beginning of time to the date of this Agreement. 

        10.    Costs and Expenses.    Debtor agrees to pay on demand all reasonable out-of-pocket
costs and expenses of PMC, including the fees and out-of-pocket expenses of counsel for PMC, in connection with the administration, enforcement, or protection of PMC's rights
under this Forbearance Agreement, the Guaranty and Lease. 

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        11.    No Obligation to Extend Future Forbearances; No Waiver.    Debtor acknowledges and agrees that PMC is not
obligated and does not agree to extend any other or future forbearances except as expressly set forth herein. This Agreement shall not constitute a waiver by PMC of any of Debtor's defaults under the
Guaranty. Except as expressly provided herein, PMC reserves all of its rights and remedies under the Guaranty and the Lease. No action or course of dealing on the part of PMC, its officers, employees,
consultants, or agents, nor any failure or delay by PMC with respect to exercising any right, power or privilege of PMC under the Lease, the Guaranty or this Agreement, shall operate as a waiver
thereof, except to the extent expressly provided herein. 

        12.    No Obligation to Make Further Advances.    Debtor acknowledges and agrees that PMC is under no obligation to
advance any additional credit to Debtor. 

        13.    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania. The parties agree that the federal and state courts located in Philadelphia county, Pennsylvania shall have exclusive jurisdiction over any dispute arising hereunder or
under the Guaranty. 

        14.    Amendments.    This Agreement cannot be amended, rescinded, supplemented or modified except in writing signed
by the parties hereto. 

        15.    Complete Agreement.    This Agreement contains the entire agreement of the parties and supersedes any other
discussions or agreements relating to the subject of this Agreement. 

        16.    Time of the Essence.    TIME IS OF THE ESSENCE OF THIS AGREEMENT. 

        IN
WITNESS WHEREOF, this Forbearance Agreement has been executed as of the date first set forth above. 

	Witness:	 	IMCOR PHARMACEUTICAL CO.
	

By:	
 	

    
	
 	

By:	
 	

    

	

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Address:	
 	

    

	

 	
 	

 	
 	

 	
 	

    

	

Witness:	
 	

PHILIPS MEDICAL CAPITAL, LLC
	

By:	
 	

    
	
 	

By:	
 	

    

	

Print name:	
 	

    
	
 	

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Title:	
 	

    
	
 	

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Address:	
 	

1111 Old Eagle School Road

Wayne, PA 19004

Attn: Peter E. Ochroch, Esq.

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EXHIBIT A  

        This Exhibit A sets out the terms and conditions governing the issuance, registration and sale of the PMC Stock. If Debtor complies with these provisions,
the Indebtedness shall be deemed to be "discharged" for purposes of Section 4(a) and Section 5 of the Forbearance Agreement. 

        1.     Debtor
shall cause its transfer agent to issue and deliver the PMC Stock to PMC pursuant to PMC's instructions in accordance with Section 2(b), above. 

        2.     Debtor
shall file a registration statement covering PMC's resale of the PMC Stock with the Securities and Exchange Commission ("SEC") within 10 days after
Debtor files with the SEC a registration statement covering the shares Oxford and Mi3 acquired from Debtor in November 2003, but in no event later than six (6) months from the date hereof. PMC
shall cooperate with the Debtor to provide information about PMC or its resale of the shares necessary to satisfy the requirements of the SEC. 

        3.     The
proceeds of PMC's sale of PMC Stock, net of broker commissions, shall be applied to reduce the Indebtedness. PMC shall not be required to account to Debtor for any
net proceeds in excess of the Indebtedness. 

        4.     Debtor
shall be required to keep the registration statement effective until PMC can sell shares of PMC Stock in accordance with Rule 144 under the Securities Act
of 1933. If for any reason the registration statement is not effective during the period it is required to be, the Sale Period described below will be extended for the period of time the registration
statement is not effective. 

        5.     At
the end of the Sale Period, Debtor shall pay PMC an amount in cash (the "Final Payment") equal to the excess of (a) the amount of Indebtedness then outstanding
(if any) over (b) the sum of (i) the aggregate net proceeds of PMC's sales of the PMC Stock at the end of the Sale Period, plus (ii) the value of the PMC Stock remaining that is
beneficially owned by PMC at such time (calculated based on the VWAP for such shares for the ten (10) trading days prior to the date of determination), plus (iii) any payments PMC receives
directly or indirectly from Tufts University in connection with the Lease or transactions contemplated thereby in excess of $50,000, if any; provided, however, that Debtor will be relieved of the
obligation to make any Final Payment if during any consecutive twenty (20) trading days during the Sale Period the VWAP of the Debtor's common stock is $3.50 or greater (such price to be adjusted for
stock splits and stock combinations) and where the average sales volume on such trading days is not less than 15,000 shares per day. The "Sale Period" is the period of time beginning on the
date the registration statement covering the PMC Stock becomes effective and ending 12 months thereafter. 

        6.     PMC
represents and warrants that it is an "accredited investor" as such term is defined under Regulation D under the Securities Act of 1933; and that it is
acquiring the PMC Shares for its own account and not with a view to the resale or distribution thereof except pursuant to an effective registration statement or otherwise in accordance with applicable
law. 

EXHIBIT "B"

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