Document:

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                                                                    EXHIBIT 10-7

                              EMPLOYMENT AGREEMENT

         EMPLOYMENT AGREEMENT, entered into the 20th day of December, 2001,
effective as of the 1st day of February, 2002, between DEB SHOPS, INC., a
Pennsylvania corporation with its principal offices at 9401 Blue Grass Road,
Philadelphia, Pennsylvania 19114 (the "Company") and BARRY VESOTSKY, an
individual residing at The Willings-Monroe Manor, 225 South Fourth Street,
Philadelphia, PA 19106 the "Employee").

         NOW, THEREFORE, in consideration of the foregoing and the promises and
covenants hereinafter set forth, the parties, intending to be legally bound,
hereby agree as follows:

         1. Employment. The Company hereby continues the employment of the
Employee and the Employee agrees to continue his employment with the Company on
the terms and conditions hereinafter set forth.

         2. Term. The term of this Agreement shall commence on February 1, 2002
and shall expire on January 31, 2007 (the "Term"), unless this Agreement is
sooner terminated in accordance with Paragraphs 5 or 6.

         3. Duties. The Employee is presently engaged as the Company's Vice
President-Merchandising and he agrees to continue to perform the duties and
services incident to that position, or such other or further duties and services
of a similar nature as may be reasonably required of him by the Company. The
Employee shall report to, and be subject to the direction and control of the
President of the Company consistent with the terms of this Agreement. The
Employee shall perform his duties for the Company primarily from the Company's
facilities at 9401 Blue Grass Road, Philadelphia, Pennsylvania 19114, or such
other similarly situated locations of the Company to which the Employee may be
assigned to from time to time by the Company. Notwithstanding the foregoing,
Employee acknowledges and agrees that from time to time, in the ordinary course
of the business of the Company that the Employee will be required to travel, and
Employee hereby agrees to undertake such travel. The Employee shall devote his
full business time, attention, energies and best efforts to the performance of
his duties hereunder and to the promotion of the business and interests of the
Company and of any corporate subsidiaries or affiliated companies. Nothing
contained in this Section 3 shall be construed as preventing Employee from
investing his personal assets, provided that no such investment (a) shall
violate the provisions of Section 7 or 8 of this Agreement or (b) constitute the
usurpation of a corporate opportunity of the Company. For purposes of this
Section 3, a corporate opportunity shall be (i) one presented to or made
available to the Company or any affiliate of the Company and known by the
Employee or (ii) an investment or acquisition known by Employee as being
considered by the Company or any affiliate of the Company, but a corporate
opportunity shall not include any investment opportunity presented to or made to
the Company or any affiliate of the Company which neither the Company nor such
affiliate elects to pursue within a reasonable time. In addition, during the
Term or extended term of this Agreement, the Employee may serve on corporate,
civic or charitable boards or committees, except boards or committees of
corporations that compete with the Company.

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         4. Compensation: Expenses.

            (a) Salary. The Employee shall be paid a salary at the rate of
$250,000 per annum for the period February 1, 2002 through January 31, 2005 and
at the rate of $275,000 per annum for the period February 1, 2005 through
January 31, 2007 (the "Base Salary"). The Base Salary shall be paid in arrears
in accordance with the Company's regular payroll practices. The Base Salary may
be increased, but shall not be decreased, during the Term of this Agreement.

            (b) Bonus.

                (i) Employee shall be entitled to receive an annual bonus
("Bonus"), in the amount and calculated as set forth below, based on the
increase in earnings before interest and taxes ("EBIT") of the Company,
including its apparel subsidiaries, but excluding any subsidiary not engaged in
the apparel business and further excluding Tops `N Bottoms of New York, Inc., on
a consolidated basis, in accordance with GAAP consistently applied (the "Base
Company").

                (ii) In the event of an acquisition by the Company of a
subsidiary whose merchandising does not come under the supervision of Employee,
the EBIT for such subsidiary shall be excluded from the EBIT of the Company for
purposes of determining Employee's Bonus.

                (iii) The Bonus shall be determined as follows:

                      (A) The Bonus will equal two (2%) percent of the increase
in EBIT for
each fiscal year over the preceding fiscal year.

                      (B) Notwithstanding the preceding Subsection 4(b)(iii)(A),
in the event that the Base Company sustains an operating loss in any fiscal
year, the Bonus will be deemed earned if such operating loss is less than any
operating loss sustained by the Base Company in the preceding fiscal year; in
any such event, the Bonus will be two percent (2%) of the reduction in the
operating loss from the previous year to the current year.

                      (C) Notwithstanding the preceding Subsections 4(b)(iii)(A)
and (B), in the event that the EBIT for any fiscal year during the term of this
Agreement decreases, then and in such event, the Bonus for an increase in EBIT
in a subsequent fiscal year during the term of this Agreement shall be based on
the increase in EBIT for such fiscal year over the preceding fiscal year which
did not experience a decrease in EBIT.

                                       2
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                (iv) The Bonus shall be calculated (based on the audited
financial statements of the Company) and paid no later than April 15 of each
fiscal year for the fiscal year ending January 31 of each year. The first
calculation of the Bonus shall be for the fiscal year ending January 31, 2003.

            (c) Stock Options. On or before March 31, 2002, the Company shall
issue to Employee options to purchase up to 125,000 shares of the Common Stock
of the Company in accordance with the vesting schedule set forth on Schedule
4(c) attached, and pursuant to the provisions of the Company's Incentive Stock
Option Plan, and subject to applicable law. A copy of the Company's Incentive
Stock Option Plan was delivered to the Employee. Notwithstanding the above, in
the event that the Employee voluntarily terminates his employment, or in the
event that the Company terminates the Employee for cause as provided in Section
6(a) of this Agreement, any options which have not vested as of the date of such
termination of employment shall be deemed to have terminated,

            (d) Fringe Benefits. The Employee shall be entitled to such benefits
and perquisites as are provided under the Company's standard executive benefit
package to the extent and on the same terms and conditions as are accorded to
other executives of the Company, and as heretofore provided to Employee,
provided however nothing herein, except as provided in Section 4(c) above, shall
be deemed to require grants or awards to Employee under any benefit plans which
provide for grants or awards at the discretion of any Board of Directors or any
committee thereof or administrator. Throughout the Term of this Agreement, the
Company will furnish the Employee with an automobile similar to that provided to
other executive officers in accordance with Company policy and will pay all
reasonable expenses incurred in connection with its operation. Nothing herein
shall require Company to establish, maintain or continue any of the fringe
benefits already in existence or hereafter adopted for employees of the Company,
nor restrict the right of the Company to amend, modify or terminate such fringe
benefit programs in a manner which does not discriminate against Employee as
compared to other executive employees of the Company. The Employee shall also be
entitled to up to three (3) weeks' paid vacation during each year of this
Agreement. Any vacations shall be taken at such times as are mutually convenient
for the Company and the Employee.

            (e) Business Expenses. The Company will pay, or reimburse the
Employee for, all ordinary and reasonable out-of-pocket business expenses
incurred by Employee in connection with his performance of services hereunder
upon the Employee's submission of a written, itemized account of such business
expenses in accordance with the Company's expense authorization and approval
procedures then in effect.

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         5. Death or Disability of the Employee.

            (a) Death. In the event of the death of the Employee during the Term
of this Agreement, this Agreement shall terminate effective as of the date of
the Employee's death, and the Company shall not have any further obligation or
liability hereunder except that the Company shall pay to Employee's estate, as
soon as practicable (i) any accrued and unpaid Base Salary, (ii) a pro rata
portion of any Bonus (based upon the period of Employee's employment) otherwise
payable with respect to the fiscal year in which Employee died, (iii) the amount
of any Bonus for prior periods which Bonus was earned but not paid prior to
Employee's death and (iv) unreimbursed business expenses for which Employee is
entitled to be reimbursed under Section 4 of this Agreement to the date of the
Employee's death.

            (b) Disability. In the event of the Total Disability (as hereafter
defined) of the Employee, the Company shall have the right to terminate the
Employee's employment hereunder by giving the Employee 90 days prior written
notice thereof and, upon expiration of such 90-day period, the Company shall not
have any further obligation or liability under this Agreement except that the
Company shall pay to the Employee, as soon as practicable (i) any accrued and
unpaid Base Salary, (ii) a pro rata portion (based upon the period of Employees
employment) of any Bonus otherwise payable with respect to the fiscal year in
which Employee became totally Disabled, (iii) the amount of any Bonus for prior
periods which Bonus was earned but not paid prior to Employee's Total
Disability, (iv) any unreimbursed business expenses in accordance with the
provisions of Paragraph 4 hereof to the date of such Total Disability; provided,
however, that if the Employee, during any period of disability, receives any
periodic payments representing lost compensation under any disability insurance
plan, the premiums for which have been paid by the Company, the amount of
compensation that the Employee would be entitled to receive from the Company
during such period of disability shall be decreased by the amounts of such
payments.

         The term "Total Disability", when used herein, shall mean a mental,
emotional or physical condition which has rendered the Employee for a period of
180 consecutive days, or for a total of 180 days during any period of 12
consecutive months, during the term of this Agreement unable or incompetent to
carry out, on a substantially full time basis, the Employee's normal and
customary job responsibilities he held or tasks that he was assigned at the time
the disability was incurred. The Employee agrees, in the event of any dispute as
to the determination made pursuant to this Paragraph 5, to submit to a physical
or other examination by a licensed physician approved by Company, and such
physician's determination and resolution of the dispute shall be binding and
conclusive. During the period in which the determination of the Employee's Total
Disability shall be under review, the Employee shall continue to be treated for
all purposes of this Agreement as an employee of the Company, enjoying the full
status with full pay to which he would otherwise be entitled under this
Agreement.

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         6. Termination.

            (a) Termination by Company for Cause. Company shall have the right
to terminate this Agreement and employment hereunder "for cause" by giving
Employee ten (10) days advance written notice to that effect. Any such
termination of employment shall be effective on the date specified in such
notice. In the event of such termination for cause, Company shall pay to
Employee (i) his accrued and unpaid Base Salary to the effective date of the
termination, and (ii) any business expenses remaining unpaid on the effective
date of the termination for which Employee is entitled to be reimbursed under
Section 4 of this Agreement. For the purpose of this Agreement, "for cause"
shall mean (i) commission of a willful act of dishonesty in the course of
Employee's duties hereunder which injures Company, (ii) conviction by a court of
competent jurisdiction of a crime constituting a felony or conviction in respect
of any act involving fraud, dishonesty, or moral turpitude, (iii) Employee's
continued, habitual intoxication or performance under the influence of
controlled substances, after Company shall have provided written notice to
Employee and given Employee 30 days within which to commence rehabilitation with
respect thereto, and Employee shall have failed to commence or thereafter
complete such rehabilitation, (iv) frequent or extended absenteeism (not as a
result of incapacity or disability) resulting in a material failure by Employee
in the performance of his duties hereunder and which shall not have been cured
within 30 days after Company shall have advised Employee in writing of its
intention to terminate Employee's employment in accordance with the provisions
of this Subsection 6(a), in the event such condition shall not have been cured,
(v) engaging in any act which has the potential for material injury to Company
and which shall not have been cured within thirty days after Company shall have
advised Employee in writing of its intention to terminate Employee's employment
in accordance with the provisions of this Subsection 6(a), in the event such act
shall not have been cured, (vi) any act constituting a violation of the written
firearm and dangerous weapons policy of Company, a copy of which has been
provided to the Employee, or (vii) breach of any of the provisions of Sections 7
or 8 of this Agreement or non-compliance with or breach of any of the material
terms or provisions of this Agreement, which shall not have been cured within
thirty (30) days after the Company shall have advised the Employee in writing of
its intention to terminate the Employee's employment in accordance with the
provisions of this Subsection 6(a), in the event such act shall not have been
cured.

            (b) Termination Without Cause. The Company shall have the right to
terminate Employee's employment without cause. In the event of such termination,
or if the Employee resigns for Good Reason (as hereafter defined) Company shall
pay Employee an amount equal to the lesser of (i) Employee's remaining Base
Salary for the balance of the Term or (ii) six (6) months Base Salary, provided,
however, in the event of any Change in Control of the Company as hereinafter
defined the Company shall pay Employee an amount equal to the lesser of (i)
Employee's remaining Base Salary for the balance of Term or (ii) one (1) year
Base Salary. This provision shall only apply to the initial Term of this
Agreement and not to any extensions of this Agreement. Upon such payment,
Company shall have no further obligations with respect to Employee. "Good
Reason" shall mean the resignation of the Employee from employment by the
Company as a result of a reduction in his Base Salary or Bonus, or a substantial
diminution in his duties, responsibilities or reporting responsibility, without
his express prior written consent.

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            (c) Pro Rata Payments. In the event of the termination of Employee
as described in Sections 6 (a) and (b), Company shall pay to Employee (i) a pro
rata portion of any Bonus for the year in which termination occurs, such bonus
prorated based upon the date of such termination, (ii) the amount of any Bonus
for prior fiscal years which Bonus was earned but not paid prior to Employee's
termination and (iii) unreimbursed business expenses for which Employee is
entitled to be reimbursed under Section 4 of this Agreement to the date of
Employee's termination.

            (d) Change in Control. A "Change in Control of the Company" shall
mean (i) an acquisition (other than directly from the Company) of any Voting
Securities by any "Person" (as such term is defined in Sections 13(d) or 14(d)
of the Securities Exchange Act of 1934 ("Exchange Act")) immediately after which
such Person has "Beneficial Ownership" (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 40% or more of the combined voting power
of the Company's then outstanding Voting Securities, provided that Marvin
Rounick and Warren Weiner own less than 25% of the Company's then outstanding
Voting Securities, or (ii) approval by stockholders of the Company of(A) a
merger, consolidation or reorganization involving the Company, pursuant to which
Marvin Rounick and Warren Weiner own less than 25% of the Company's then
outstanding Voting Securities, (B) a complete liquidation or dissolution of the
Company, or (C) an agreement for the sale or other disposition of all or
substantially all of the assets of the Company to any Person (other than a
transfer to a Subsidiary or affiliate of the Company).

         7. Confidential and Proprietary Information. Employee recognizes and
acknowledges that he will have access to certain confidential information of the
Company and its affiliates and that such information constitutes valuable,
special and unique property of the Company and its affiliates. Employee agrees
that he will not, for any reason or purpose whatsoever, during or after the term
of his employment, disclose any of such confidential information to any party
without express authorization of the Company, except as necessary in the
ordinary course of performing his duties hereunder. Employee further
specifically agrees:

            (a) All proprietary business and technical information (whether
written or oral) disclosed in connection with this Agreement or otherwise known
to the Employee regarding the Company shall be received and retained by the
Employee as strictly confidential, and such information shall only be
disseminated internally within the Company and its affiliates and on a
need-to-know basis.

                                       6
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            (b) All business or technical information identified by the Company
or reasonably identifiable and of which the Employee became aware in the conduct
of his duties hereunder and which is proprietary to the Company shall be and
remain the exclusive property of the Company at all times and shall be returned
to the Company upon its request or upon termination or cancellation of this
Agreement. In the event that Employee is required by legal process to disclose
any confidential information, Employee shall, provided Employee is not
prohibited by law or has reasonable grounds to believe Employee is not
prohibited by law provide the Company with prompt notice of such requirement so
that the Company may seek a protective order or other appropriate remedy or
waive compliance with the provisions of this Agreement. In the event that a
protective order is obtained, Employee shall use reasonable efforts to assure
that all such information disclosed will be covered by such order or other
remedy. Whether or not such protective order or other remedy is obtained, or
that the Company waives compliance with the provisions of this Agreement,
Employee will disclose only that portion of such information which Employee is
legally required to disclose.

            Notwithstanding the foregoing, there shall be no obligation to
retain as confidential information which is in the public domain at the time of
receipt or comes into the public domain without breach of this Agreement.

         8. Equitable Relief.

            (a) The Employee acknowledges that by reason, among others, of the
uniqueness of the Company's business, that the covenants set forth in Section 7
are reasonable and necessary for the protection of the Company's legitimate
business interests.

            (b) The Employee hereby acknowledges that irreparable harm will
result to the Company in the event of the breach of any of the covenants
contained in Section?. In the event that the Employee breaches any of the
covenants contained in Section 7, the Employee agrees that in addition to all
other remedies or damages which may be available to the Company, the Company
shall be entitled to seek and obtain both temporary and permanent restraining
orders or injunctions or similar equitable relief issued by a court to prevent
the violation of any of the covenants made by the Employee pursuant to this
Agreement, without any necessity to prove actual damages.

            (c) The Employee expressly acknowledges and agrees that the
provisions of Section 7 shall survive the termination of this Agreement.

         9. Severability: Governing Law; Jurisdiction.

            (a) Any term or provision of this Agreement that is invalid or
unenforceable in any situation in any jurisdiction shall not affect the validity
or enforceability of the remaining terms and provisions hereof or the validity
or enforceability of the offending term or provision in any other situation or
in any other jurisdiction. If the final judgment of a court of competent
jurisdiction declares that any term or provision of Section 7 hereof is invalid
or unenforceable, the parties agree that the court making the determination of
invalidity or unenforceability shall have the power to reduce the scope of the
term or provision, to delete specific words or phrases, or to replace any
invalid or unenforceable term or provision with a term or provision that is
valid and enforceable and that comes closest to expressing the intention of the
invalid or unenforceable term or provision, and this Agreement shall be
enforceable as so modified after the expiration of the time within which the
judgment may be appealed.

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            (b) This Agreement shall be governed by and construed in accordance
with the internal laws of the Commonwealth of Pennsylvania without giving effect
to any choice or conflict of law provision or rule (whether of the Commonwealth
of Pennsylvania or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the internal laws of the Commonwealth of
Pennsylvania.

            (c) Each of the parties hereto submits to the exclusive jurisdiction
and venue of the appropriate state court in Montgomery County, Pennsylvania or
the federal courts of the Eastern District of Pennsylvania, in any action or
proceeding arising out of or relating to this Agreement, agrees that all claims
in respect of the action or proceeding shall be heard and determined exclusively
in such court, and agrees not to bring any action or proceeding arising out of
or relating to this Agreement in any other court.

         10. Notices. All notices, requests, demands, claims, and other
communications hereunder (each, a "Notice") will be in writing, and sent by
registered or certified mail, return receipt requested, postage prepaid, by
overnight courier service, or by any other means reasonably calculated to
provide notice (including personal delivery, expedited courier, messenger
service, telecopy, telex, or ordinary mail) and addressed to the intended
recipient as set forth below:

         If to the Employee:

         Barry Vesotsky
         The Willings-Monroe Manor
         225 South Fourth Street
         Philadelphia, PA  19106

         If to the Company:                 Copy to:
         Marvin Rounick, President          Barry H. Frank, Esquire
         Deb Shops, Inc.                    Schnader Harrison Segal & Lewis LLP
         1735 Market Street                 9401 Blue Grass Road
         Philadelphia, PA 19114             Philadelphia, PA 19103
         Fax: (215) 698-8664                Fax: (215) 994-1111

A Notice shall be deemed to have been duly given when it actually is received or
when receipt is refused by the intended recipient. Any party may change the
address to which Notices hereunder are to be delivered by giving the other party
notice in the manner herein set forth.

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         11. Miscellaneous.

            (a) This Agreement constitutes the entire agreement between the
parties hereto relating to the subject matter hereof and supersedes any prior or
contemporaneous understandings, agreements, or representations by or between the
parties hereto, written or oral, to the extent they relate in any way to the
subject matter hereof.

            (b) This Agreement shall be binding upon and inure to the benefit of
the parties named herein and their successors and permitted assigns. The
services provided by the Employee under this Agreement are of a personal nature,
and the Employee shall not assign, convey or transfer this Agreement or any part
of his rights under this Agreement without the prior written consent of the
Company. The Company may directly or indirectly assign any or all of its rights
hereunder to any affiliate, or to any successor to substantially all of the
assets or business of the Company. In the event that Company assigns any of its
rights or obligations hereunder to any of its affiliates, the Company will
remain liable for the obligations hereunder. In the event that the Company
assigns this Agreement to a purchaser of all or substantially all of the assets
and business of the Company, the Company's obligations hereunder will cease,
provided the purchaser assumes such obligations, including the obligation to
continued medical coverage as provided above, in writing, and further provided
that such purchaser is not an affiliate of the Company. As used in this
Agreement the term "Company" shall mean both the Company as defined above and
any such successor that assumes this Agreement by operation of law or otherwise.

            (c) No amendment of any provision of this Agreement shall be valid
unless the same shall be in writing and signed by the parties hereto. No waiver
by any party of any provision hereof shall be deemed to extend to any prior or
subsequent breach of any such provision or constitute a waiver of any other
provision hereof or affect in any way any rights arising by virtue of any prior
or subsequent such occurrence.

            (d) The headings contained herein are inserted for convenience only
and shall not be deemed to have any substantive meaning.

            (e) The Company shall maintain officers liability insurance on
behalf of the Employee during the Term and any extended term of this Agreement.
Following the termination of the Employee's employment, the Employee shall
retain all rights to indemnification under applicable law or under the Company's
Certificate of Incorporation or By-Laws, as they may be amended or restated from
time to time.

                                        9
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         IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on
the date first above written.

                                                DEB SHOPS, INC.

                                                By: /s/ Marvin Rounick
                                                   ----------------------------
                                                         MARVIN ROUNICK,
                                                         PRESIDENT

                                                By: /s/ Barry Vesotsky
                                                   ----------------------------
                                                         BARRY VESOTSKY

                                       10
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                                  SCHEDULE 4(c)

The Employee's entitlement to exercise the options described in Section 4(c) of
the Employment Agreement effective February 1, 2002, between Deb Shops, Inc. and
the Employee shall vest in accordance with the following schedule:

                                     Number of Shares which may be
  Vesting Date                   Acquired pursuant to Option Exercise
  ------------                   ------------------------------------

  One year after Grant                        25,000
  Two years after Grant                       25,000
  Three years after Grant                     25,000
  Four years after Grant                      25,000
  Five years after Grant                      25,000
                                              ------

  TOTAL                                      125,000

                                       11<PAGE>
                                                                     Exhibit 4.2

                    BIODELIVERY SCIENCES INTERNATIONAL, INC.

                                       AND

                          ROAN-MEYERS ASSOCIATES, L.P.

                                     FORM OF

                    UNDERWRITER'S OPTION AGREEMENT FOR UNITS

                          DATED AS OF ___________, 2002

<PAGE>

        UNDERWRITER'S OPTION AGREEMENT FOR UNITS dated as of __, 2001 among
BIODELIVERY SCIENCES INTERNATIONAL, INC., a Delaware corporation (the "Company")
and ROAN-MEYERS ASSOCIATES, L.P., the underwriter, a Delaware corporation
(hereinafter referred to variously as the "Holder" or the "Underwriter").

                              W I T N E S S E T H :

        WHEREAS, the Underwriter has agreed pursuant to the underwriting
agreement (the "Underwriting Agreement") dated as of the date hereof between the
Underwriter and the Company, to underwrite, on a firm commitment basis, the
Company's proposed public offering ("Public Offering") of up to [2,300,000]
units (inclusive of 300,000 over allotment units) ("Units") at a public offering
price of $[___] per Unit, each Unit consisting of one (1) share of the Company's
common stock par value $___ per share ("Common Stock") and one (1) Class A
Redeemable Common Stock Purchase Warrant ("Class A Warrant"); and

        WHEREAS, the Company proposes to issue to the Underwriter warrants
("Underwriter's Unit Option Warrant") to purchase up to an aggregate of
[230,000] Units (the "UW Units") of the Company at a purchase price of $.001 per
Unit Option Warrant, (exercisable at 150% of the public offering price of the
Units); and

        WHEREAS, the UW Units shall be the same as the Public Units and shall
entitle the Underwriter to purchase (i) one share of Common Stock ("Unit Share")
and (ii) one Class A Warrant ("Unit Warrants"); and

        WHEREAS, the Underwriter's Unit Option Warrant to be issued pursuant to
this Agreement will be issued on the Closing Date (as such term is defined in
the Underwriting Agreement) by the Company to the Underwriter in consideration
for, and as part of the compensation in connection with the Public Offering;

        NOW, THEREFORE, in consideration of the premises, the payment by the
Underwriter to the Company of an aggregate of Two Hundred Dollars

<PAGE>

($200.00), the agreements herein set forth and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

        l. Grant. The Holder is hereby granted the right to purchase, at any
time from 2003 [one year from the Effective Date] until 5:30 P.M., New York
time, on , 2007, up to an aggregate of ______ UW Units at an initial exercise
price (subject to adjustment as provided in Section 8 hereof) of 150% of the
Public Offering Price (the "Exercise Price").

        2. Underwriter's Unit Option Warrant Certificates. The Underwriter's
warrant certificates (the "Underwriter's Unit Option Warrant Certificates")
delivered and to be delivered pursuant to this Agreement shall be in the form
set forth in Exhibit A, attached hereto and made a part hereof, with such
appropriate insertions, omissions, substitutions, and other variations as
required or permitted by this Agreement.

        3. Exercise of Underwriter's Unit Option Warrants. The Underwriter's
Unit Option Warrants initially are exercisable at an aggregate initial exercise
price (subject to adjustment as provided in Section 8 hereof) per Unit, as set
forth in Section 6 hereof payable by certified or official bank check in New
York Clearing House funds, subject to adjustment as provided in Section 8
hereof. Upon surrender at the Company's principal offices in New Jersey
(presently located at ____________ _________________), of an Underwriter's Unit
Option Warrant with the annexed Form of Election to Purchase duly executed,
together with payment of the Purchase Price (as hereinafter defined) for the UW
Units purchased, the registered holder of an Underwriter's Unit Option Warrant
("Holder" or "Holders") shall be entitled to receive a certificate or
certificates for the UW Units so purchased. The UW Units shall be comprised of
the same share of Common Stock and Class A warrant as being sold to the public
on the Public Offering. The purchase rights represented by each Underwriter's
Unit Option Warrant are exercisable at the option of the Holder thereof, in
whole or in part (but not as to fractional shares of Common Stock underlying the
Underwriter's UW Units). In the case of the purchase of less than all the UW
Units purchasable under

<PAGE>

any Underwriter's Unit Option Warrant, the Company shall cancel the
Underwriter's Unit Option Warrant upon the surrender thereof and shall execute
and deliver a new Underwriter's Unit Option Warrant of like tenor for the
balance of the UW Units purchasable thereunder.

        4.      Issuance of Certificates. Upon the exercise of the Underwriter's
Unit Option Warrant, the issuance of certificates for the Unit Warrants and Unit
Shares or other securities, properties or rights underlying such Underwriter's
Unit Option Warrant, shall be made forthwith (and in any event within five (5)
business days thereafter) without charge to the Holder thereof including,
without limitation, any tax which may be payable in respect of the issuance
thereof, and such certificates shall (subject to the provisions of Sections 5
and 7 hereof) be issued in the name of, or in such names as may be directed by,
the Holder thereof; provided, however, that the Company shall not be required to
pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of any such certificates in a name other than that of the
Underwriter and the Company shall not be required to issue or deliver such
certificates unless or until the person or persons requesting the issuance
thereof shall have paid to the Company the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid.

        The Underwriter's Unit Option Warrants and the certificates representing
the Unit Warrants and Unit Shares issuable upon exercise of the Underwriter's
Unit Option Warrant shall be executed on behalf of the Company by the manual or
facsimile signature of the Chairman or Vice Chairman of the Board of Directors
or President or Vice President of the Company under its corporate seal
reproduced thereon, attested to by the manual or facsimile signature of the then
present Secretary or Assistant Secretary of the Company. The Underwriter's Unit
Option Warrants shall be dated the date of the execution by the Company upon
initial issuance, division, exchange, substitution or transfer. The certificates
representing the Unit Warrants and Unit Shares issuable upon exercise of the
Underwriter's Unit Option Warrants shall be identical in form and substance

                                        3

<PAGE>

to those issued and sold to the public in connection with the Public Offering,
including the terms of redemption for the Class A Warrants.

        5.      Restriction On Transfer of Underwriter's Unit Option Warrant.
The Holder of a Underwriter's Unit Option Warrant, by its acceptance thereof,
covenants and agrees that the Underwriter's Unit Option Warrant are being
acquired as an investment and not with a view to the distribution thereof; and
that the Underwriter's Unit Option Warrant may not be sold, transferred,
assigned, hypothecated or otherwise disposed of, in whole or in part, for a
period of one year from the effective date of the offering except to officers or
partners (not directors) of the Underwriter and members of the selling group in
the Public Offering and/or their officers or partners as required in compliance
with NASD Rule 2710(c)(7)(A).

        6.     Exercise Price.

        Section 6.1 Initial and Adjusted Exercise Price. Except as otherwise
provided in Section 8 hereof, the initial exercise price of each Underwriter's
Warrant shall be $[150% of Unit Offering Price] per Unit. The exercise price
shall be adjusted from time to time in accordance with the provisions of Section
8 hereof.

        Section 6.2 Exercise Price. The term "Exercise Price" herein shall mean
the initial exercise prices or the adjusted exercise price, depending upon the
context of the Underwriter's Unit Option Warrant.

        7.      Registration Rights.

        Section 7.1 Demand Registration Under the Securities Act of 1933.

                At any time commencing after , 2003 [one (1) year from the
Effective Date] through and including , 2007 (five (5) years from the Effective
Date), the Holders of the Underwriter's Unit Option Warrant, Unit Warrants and
Unit Shares, representing a "Majority" of the shares of Common Stock issuable
upon the exercise of the Underwriter's UW Units (assuming the exercise of all of
the Underwriter's Unit Option Warrant) shall have the right (which right is in
addition to the registration rights under Section 7.2 hereof), exercisable by
written notice to the Company, to have the Company prepare and file with the
Commission, on one occasion, a

                                        4

<PAGE>

registration statement and such other documents, including a prospectus, as may
be necessary in the opinion of both counsel for the Company and counsel for the
Underwriter and Holders, in order to comply with the provisions of the Act, so
as to permit a public offering and sale of their respective Unit Warrants and
Unit Shares during a period equal to the longer of: (i) nine (9) months or (ii)
the unexpired term of the Unit Warrants by such Holders and any other Holders of
the Underwriter's Unit Option Warrant, UW Units and the Units who shall notify
the Company within ten (10) days after receiving notice from the Company of such
request.

        Section 7.2 Piggyback Registration. If, at any time commencing after ,
2002, through and including , 2007 (five (5) years from the Effective Date), the
Company proposes to register any of its securities under the Act (other than in
connection with a merger or pursuant to Form S-8 or similar form) it will give
written notice by registered or certified mail, at least thirty (30) days prior
to the filing of each such registration statement, to the Underwriter and to all
other Holders of the Underwriter's Unit Option Warrant, UW Units, Unit Warrants
or Unit Shares underlying the Underwriter's UW Units, of its intention to do so.
If any of the Underwriters or other Holders of the Underwriter's Unit Option
Warrant, Unit Warrants or Unit Shares underlying the Underwriter's Unit Option
Warrant, notify the Company within twenty (20) days after receipt of any such
notice of its or their desire to include any such securities in such proposed
registration statement, the Company shall afford each of the Underwriter and
such Holders of the Underwriter's Unit Option Warrant, UW Units and/or Units
underlying the Underwriter's Unit Option Warrant, the opportunity to have any of
such securities registered under such registration statement.

        Notwithstanding the provisions of this Section 7.2, the Company shall
have the right at any time after it shall have given written notice pursuant to
this Section 7.2 (irrespective of whether a written request for inclusion of any
such securities shall have been made) to elect not to file any such proposed
registration statement, or to withdraw the same after the filing but prior to
the Effective Date thereof.

                                        5

<PAGE>

        (b)     The Company covenants and agrees to give written notice of any
registration request under this Section 7.3 by any Holder or Holders to all
other registered Holders of the Underwriter's Unit Option Warrant, UW Units Unit
Shares and Unit Warrants within ten (10) days from the date of the receipt of
any such registration request.

        Section 7.4 Covenants of the Company With Respect to Registration. In
connection with any registration under Section 7.2 or 7.3 hereof, the Company
covenants and agrees as follows:

        (a)     The Company shall use its best efforts to file a registration
statement within forty-five (45) days of receipt of any demand therefor in
accordance with Section 7.1, shall use its best efforts to have any registration
statement declared effective at the earliest possible time, and shall furnish
each Holder desiring to sell the Units underlying the Underwriter's Unit Option
Warrant and UW Units such number of prospectuses as shall reasonably be
requested. Notwithstanding the foregoing sentence, the Company shall be entitled
to postpone the filing of any registration statement otherwise required to be
prepared and filed by it pursuant to this Section 7.4(a) if (i) the Company is
under contract or other binding legal obligation for a material acquisition,
reorganization or divestiture, or (ii) the Company is publically committed to a
self-tender or exchange offer and the filing of a registration statement would
cause a violation of Rule 10b-6 under the Securities Exchange Act of 1934. In
the event of such postponement, the Company shall be required to file the
registration statement pursuant to this Section 7.4(a) upon the earlier of (i)
the consummation or termination, as applicable, of the event requiring such
postponement or (ii) 90 days after the receipt of the initial demand for such
registration.

        (b)     The Company shall pay all costs (excluding fees and expenses of
Holder(s) counsel and any underwriting or selling commissions), fees and
expenses in connection with all registration statements filed pursuant to
Sections 7.2 and 7.3(a) hereof including, without limitation, the Company's
legal and accounting fees, printing expenses, and blue sky fees and expenses.

                                        6

<PAGE>

The Holder(s) will pay all costs, fees and expenses in connection with any
registration statement filed pursuant to Section 7.3(c). If the Company shall
fail to comply with the provisions of Section 7.4(a), the Company shall, in
addition to any other equitable or other relief available to the Holder(s), be
liable for any or all incidental, special and consequential damages and damages
due to loss of profit sustained by the Holder(s) requesting registration of
their Underwriter's Unit Option Warrant, UW Units Unit Shares and Unit Warrants
underlying the Underwriter's Unit Option Warrant.

        (c)     The Company will take all necessary action which may be required
in qualifying or registering the Underwriter's Unit Option Warrant, UW Units,
Unit Shares and Unit Warrants and underlying the Underwriter's Unit Option
Warrant included in a registration statement for offering and sale under the
securities or blue sky laws of such states as reasonably are requested by the
Holder(s), provided that the Company shall not be obligated to execute or file
any general consent to service of process or to qualify as a foreign corporation
to do business under the laws of any such jurisdiction.

        (d)     The Company shall indemnify the Holder(s) of the Underwriter's
Unit Option Warrant, UW Units Unit Shares and Unit Warrants to be sold pursuant
to any registration statement and each person, if any, who controls such Holders
within the meaning of Section 15 of the Act or Section 20(a) of the Securities
Exchange Act of 1934, as amended ("Exchange Act"), against all loss, claim,
damage, expense or liability (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which any
of them may become subject under the Act, the Exchange Act or otherwise, arising
from such registration statement but only to the same extent and with the same
effect as the provisions pursuant to which the Company has agreed to indemnify
the Underwriter contained in Section 7 of the Underwriting Agreement.

        (e)     The Holder(s) of the Underwriter's Unit Option Warrant, UW Units
Unit Shares and Unit Warrants underlying the Underwriter's Unit Option Warrant
to be sold pursuant to a registration statement, and their successors and
assigns, shall severally, and not jointly, indemnify the Company, its

                                        7

<PAGE>

officers and directors and each person, if any, who controls the Company within
the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act,
against all loss, claim, damage or expense or liability (including all expenses
reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which they may become subject under the Act, the Exchange Act or
otherwise, arising from information furnished by or on behalf of such Holders,
or their successors or assigns, for specific inclusion in such registration
statement to the same extent and with the same effect as the provisions
contained in Section 7 of the Underwriting Agreement pursuant to which the
Underwriter has agreed to indemnify the Company.

        (f)     Nothing contained in this Agreement shall be construed as
requiring the Holder(s) to exercise their Underwriter's Unit Option Warrant or
the UW Units prior to the initial filing of any registration statement or the
effectiveness thereof.

        (g)     If the Underwriters' Warrants, UW Units Unit Shares and Unit
Warrants underlying the UW Units are to be sold in an underwritten public
offering, the Company shall use its best efforts to furnish to each Holder
participating in the offering and to each such underwriter, a signed
counterpart, addressed to such underwriter, of (i) an opinion of counsel to the
Company dated the date of the closing under the underwriting agreement, and (ii)
a "cold comfort" letter dated the date of the closing under the underwriting
agreement signed by the independent public accountants who have issued a report
on the Company's financial statements included in such registration statement,
in each case covering substantially the same matters with respect to such
registration statement (and the prospectus included therein) and, in the case of
such accountants' letter, with respect to events subsequent to the date of such
financial statements, as are customarily covered in opinions of issuer's counsel
and in accountants' letters delivered to underwriters in underwritten public
offerings of securities.

                                        8

<PAGE>

        (h)     The Company shall as soon as practicable after the Effective
Date of the registration statement, and in any event within 15 months
thereafter, have made "generally available to its security holders" (within the
meaning of Rule 158 under the Act) an earnings statement (which need not be
audited) complying with Section 11(a) of the Act and covering a period of at
least 12 consecutive months beginning after the Effective Date of the
registration statement.

        (i)     The Company shall deliver promptly to each Holder participating
in the offering requesting the correspondence and memoranda described below, and
the managing underwriters, copies of all correspondence between the Commission
and the Company, its counsel or auditors and all memoranda relating to
discussions with the Commission or its staff with respect to the registration
statement and permit each Holder and underwriter to do such investigation, upon
reasonable advance notice, with respect to information contained in or omitted
from the registration statement as it deems reasonably necessary to comply with
applicable securities laws or rules of the National Association of Securities
Dealers, Inc. ("NASD"). Such investigation shall include access to books,
records and properties and opportunities to discuss the business of the Company
with its officers and independent auditors, all to such reasonable extent and at
such reasonable times and as often as any such Holder shall reasonably request.

        (j)     The Company shall enter into an underwriting agreement with the
managing underwriter(s) selected for such underwriting, if any, by Holders
holding a Majority of the Underwriter's Unit Option Warrant, UW Units Unit
Shares and Unit Warrants underlying the Underwriter's Unit Option Warrant
requested to be included in such underwriting. Such underwriting agreement shall
be satisfactory in form and substance to the Company, each Holder and such
managing underwriters, and shall contain such representations, warranties and
covenants by the Company and such other terms as are customarily contained in
agreements of that type used by the managing underwriter(s).

                                        9

<PAGE>

        The Holders shall be parties to any underwriting agreement relating to
an underwritten sale of their Underwriter's Unit Option Warrant, UW Units and
the Units underlying the Underwriter's Unit Option Warrant and may, at their
option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriter(s) shall also be made to
and for the benefit of such Holders. Such Holders shall not be required to make
any representations or warranties to or agreements with the Company or the
underwriter(s) except as they may relate to such Holders, their intended methods
of distribution, and except for matters related to disclosures with respect to
such Holders, contained or required to be contained, in such registration
statement under the Act and the rules and regulations thereunder.

        (k)     For purposes of this Agreement, the term "Majority" in reference
to the Holders of Underwriter's Unit Option Warrant, UW Units Unit Shares and
Unit Warrants, shall mean in excess of fifty percent (50%) of the then
outstanding Units, assuming the full exercise of all Underwriter's Unit Option
Warrant and UW Units that (i) are not held by the Company, an affiliate,
officer, creditor, employee or agent thereof or any of their respective
affiliates, members of their families, persons acting as nominees or in
conjunction therewith or (ii) have not been resold to the public pursuant to
Rule 144 under the Act or a registration statement filed with the Commission
under the Act.

        8.      Adjustments to Exercise Price and Number of Securities.

                The Exercise Price and number of securities issuable with
respect to the Unit Warrants shall be adjusted on the same terms and conditions,
and at the same time, as any adjustments in the Exercise Price and number of
shares issuable with respect to the Public Warrants required by the terms of the
Public Warrants.

        9.      Exchange and Replacement of Underwriter's Unit Option Warrants.
Each Underwriter's Unit Option Warrant is exchangeable without expense, upon the
surrender thereof by the registered Holder at the principal executive office of
the Company, for a new Underwriter's Unit Option

                                       10

<PAGE>

Warrant of like tenor and date representing in the aggregate the right to
purchase the same number of Units as provided in the original Underwriter's Unit
Option Warrant in such denominations as shall be designated by the Holder
thereof at the time of such surrender.

        Upon receipt by the Company of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of any Underwriter's Unit Option
Warrant, and, in case of loss, theft or destruction, of indemnity or security
reasonably satisfactory to it, and reimbursement to the Company of all
reasonable expenses incidental thereto, and upon surrender and cancellation of
the Underwriter's Unit Option Warrant, if mutilated, the Company will make and
deliver a new Underwriter's Unit Option Warrant of like tenor, in lieu thereof.

        10.     Elimination of Fractional Interests. The Company shall not be
required to issue certificates representing fractions of shares of Common Stock
upon the exercise of the Underwriter's Unit Option Warrant, nor shall it be
required to issue scrip or pay cash in lieu of fractional interests, it being
the intent of the parties that all fractional interests shall be eliminated by
rounding any fraction up to the nearest whole number of shares of Common Stock
or other securities, properties or rights.

        11.     Reservation and Listing of Securities. The Company shall at all
times reserve and keep available out of its authorized shares of Common Stock,
solely for the purpose of issuance upon the exercise of the Underwriter's Unit
Option Warrant and the UW Units, such number of shares of Common Stock or other
securities, properties or rights as shall be issuable upon the exercise thereof.
The Company covenants and agrees that, upon exercise of the Underwriter's Unit
Option Warrant and/or the UW Units and payment of the Exercise Price therefor,
all UW Units and/or Unit Shares or Unit Warrants and other securities issuable
upon such exercise shall be duly and validly issued, fully paid, non-assessable
and not subject to the preemptive rights of any stockholder. As long as the
Underwriter's Unit Option Warrant and/or UW Units shall be outstanding, the
Company shall use its best efforts to cause all Unit Shares and Unit Warrants
issuable upon the

                                       11

<PAGE>

exercise of the Underwriter's Unit Option Warrant and UW Units to be listed
(subject to official notice of issuance) on all securities exchanges on which
the Common Stock issued to the public in connection herewith may then be listed
and/or quoted on NASDAQ.

        12.     Notices to Underwriter's Warrant Holders. Nothing contained in
this Agreement shall be construed as conferring upon the Holders the right to
vote or to consent or to receive notice as a stockholder in respect of any
meetings of stockholders for the election of directors or any other matter, or
as having any rights whatsoever as a stockholder of the Company. If, however, at
any time prior to the expiration of the Underwriter's Unit Option Warrant or UW
Units and their exercise, any of the following events shall occur:

                (a)     the Company shall take a record of the holders of its
        shares of Common Stock for the purpose of entitling them to receive a
        dividend or distribution payable otherwise than in cash, or a cash
        dividend or distribution payable otherwise than out of current or
        retained earnings, as indicated by the accounting treatment of such
        dividend or distribution on the books of the Company; or

                (b)     the Company shall offer to all the holders of its Common
        Stock any additional shares of capital stock of the Company or
        securities convertible into or exchangeable for shares of capital stock
        of the Company, or any option, right or warrant to subscribe therefor;
        or

                (c)     a dissolution, liquidation or winding up of the Company
        (other than in connection with a consolidation or merger) or a sale of
        all or substantially all of its property assets and business as an
        entirety shall be proposed; then, in any one or more of such events the
        Company shall give written notice of such event at least fifteen (15)
        days prior to the date fixed as a record date or the date of closing the
        transfer books for the determination of the stockholders entitled to
        such dividend, distribution, convertible or exchangeable securities or
        subscription rights, or entitled to vote on such proposed dissolution,

                                       12

<PAGE>

        liquidation, winding up or sale. Such notice shall specify such record
        date or the date of closing the transfer books, as the case may be.
        Failure to give such notice or any defect therein shall not affect the
        validity of any action taken in connection with the declaration or
        payment of any such dividend, or the issuance of any convertible or
        exchangeable securities, or subscription rights, options or warrants, or
        any proposed dissolution, liquidation, winding up or sale.

        13.     Notices

                All notices requests, consents and other communications
hereunder shall be in writing and shall be deemed to have been duly made when
delivered, or mailed by registered or certified mail, return receipt requested:

                (a)     If to the registered Holder of the Underwriter's Unit
        Option Warrant, to the address of such Holder as shown on the books of
        the Company; or

                (b)     If to the Company, to the address set forth in Section 3
        hereof or to such other address as the Company may designate by notice
        to the Holders.

        14.     Supplements and Amendments. The Company and the Underwriter may
from time to time supplement or amend this Agreement without the approval of any
holders of Underwriter's Unit Option Warrants (other than the Underwriter) in
order to cure any ambiguity, to correct or supplement any provision contained
herein which may be defective or inconsistent with any provisions herein or to
make any other provisions in regard to matters or questions arising hereunder
which the Company and the Underwriter may deem necessary or desirable and which
the Company and the Underwriter deem shall not adversely affect the interests of
the Holders of Underwriter's Unit Option Warrants.

        15.     Successors. All the covenants and provisions of this Agreement
shall be binding upon and inure to the benefit of the Company, the Holders and
their respective successors and assigns hereunder.

                                       13

<PAGE>

        16.     Termination. This Agreement shall terminate at the close of
business on ___ _______, 2007. Notwithstanding the foregoing, the
indemnification provisions of Section 7 shall survive such termination until the
close of business on , 2010.

        17.     Governing Law: Submission to Jurisdiction.

                (a)     This Agreement and each Underwriter's Unit Option
Warrant issued hereunder shall be deemed to be a contract made under the laws of
the State of New York and for all purposes shall be construed in accordance with
the laws of such State without giving effect to the rules of said State
governing the conflicts of laws.

                (b)     The Company, the Underwriter and the Holders hereby
agree that any action, proceeding or claim against it arising out of, or
relating in any way to, this Agreement shall be brought and enforced in the
courts of the State of New York or of the United States of America for the
Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company, the Underwriter and the
Holders hereby irrevocably waive any objection to such exclusive jurisdiction or
inconvenient forum. Any such process or summons to be served upon any of the
Company, the Underwriter and the Holders (at the option of the party bringing
such action, proceeding or claim) may be served by transmitting a copy thereof,
by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 13 hereof. Such mailing
shall be deemed personal service and shall be legal and binding upon the party
so served in any action, proceeding or claim. The Company, the Underwriter and
the Holders agree that the prevailing party(ies) in any such action or
proceeding shall be entitled to recover from the other party(ies) all of
its/their reasonable legal costs and expenses relating to such action or
proceeding and/or incurred in connection with the preparation therefor.

        18.     Entire Agreement: Modification. This Agreement (including the
Underwriting Agreement to the extent portions thereof are referred to herein)
contains the entire understanding between the parties hereto with

                                       14

<PAGE>

respect to the subject matter hereof and, except as provided in Section 14
hereof, 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.

        19.     Severability. If any provision of this Agreement shall be held
to be invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provision of this Agreement.

        20.     Captions. The caption headings of the Sections of this Agreement
are for convenience of reference only and are not intended, nor should they be
construed as, a part of this Agreement and shall be given no substantive effect.

        21.     Benefits or this Agreement. Nothing in this Agreement shall be
construed to give to any person or corporation other than the Company and the
Underwriter and any other registered Holder(s) of the Underwriter's Unit Option
Warrants or Shares underlying the Underwriter's Unit Option Warrant any legal or
equitable right, remedy or claim under this Agreement; and this Agreement shall
be for the sole and exclusive benefit of the Company and the Underwriter and any
other Holder(s) of the Underwriter's Unit Option Warrants or Units.

        22.     Counterparts. This Agreement may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and such counterparts shall together constitute but one and the
same instrument.

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

 [SEAL]                             BIODELIVERY SCIENCES INTERNATIONAL, INC.

                                    By:

                                        Name:
                                        Title:

                                       15

<PAGE>

Attest:

Secretary

                                    ROAN/MEYERS ASSOCIATES, L.P.
                                    BY: MEYERS/JANSSEN SECURITIES CORP.
                                         General Partner

                                    By

                                        Bruce Meyers
                                        President

                                       16

<PAGE>

                                    EXHIBIT A

             [FORM OF UNDERWRITER'S UNIT OPTION WARRANT CERTIFICATE]

THE UNDERWRITER'S UNIT OPTION WARRANT REPRESENTED BY THIS CERTIFICATE AND THE
OTHER SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE OFFERED OR SOLD
EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933, (ii) TO THE EXTENT APPLICABLE, RULE 144 UNDER SUCH ACT (OR ANY
SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (iii)
AN OPINION OF COUNSEL, IF SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO
COUNSEL FOR THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS
AVAILABLE.

THE TRANSFER OR EXCHANGE OF THE UNDERWRITER'S UNIT OPTION WARRANT REPRESENTED BY
THIS CERTIFICATE IS RESTRICTED IN ACCORDANCE WITH THE UNDERWRITER'S WARRANT
AGREEMENT FOR UNITS REFERRED TO HEREIN.

                            EXERCISABLE ON OR BEFORE
                   5:30 P.M., NEW YORK TIME, ___________, 2007

No. W-                       ______ Underwriter's Unit Option Warrant

                        Underwriter's Unit Option Warrant

        This Underwriter's Unit Option Warrant certifies that Roan/Meyers
Associates, LP, or registered assigns, is the registered holder of _____
[230,000] Underwriter's Unit Option Warrants to purchase initially, at any time
from ___________, 1998 until 5:30 p.m. New York time on ______________, 2003
("Expiration Date"), up to _______ [230,000] Class UW Units (the "Warrants") of
BioDelivery Sciences International, Inc,. a Delaware corporation (the
"Company"), at an initial exercise price, subject to adjustment in certain
events (the "Exercise Price"), of $____ [150% of the public offering price of
the Units] upon surrender of this Underwriter's Unit Option Warrant and payment
of the Exercise Price at an office or agency of the Company, but subject to the
conditions set forth herein and in the Underwriter's Warrant Agreement for Units
dated as of __________, 2002 between the Company and Roan/Meyers Associates, LP
(the "Underwriter's Warrant Agreement"). Payment of the Exercise Price shall be
made by certified or official bank check in New York Clearing House funds
payable to the order of the Company.

<PAGE>

        No Underwriter's Unit Option Warrant may be exercised after 5:30 p.m.,
New York time, on the Expiration Date, at which time all Underwriter's Unit
Option Warrant evidenced hereby, unless exercised prior thereto, shall
thereafter be void.

        The Underwriter's Unit Option Warrant evidenced by this Underwriter's
Unit Option Warrant Certificate are part of a duly authorized issue of Units
pursuant to the Underwriter's Warrant Agreement, which Underwriter's Warrant
Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a description of the rights, limitation
of rights, obligations, duties and immunities thereunder of the Company and the
holders (the words "holders" or "holder" meaning the registered holders or
registered holder) of the Underwriter's Unit Option Warrant.

        The Underwriter's Warrant Agreement provides that upon the occurrence of
certain events the exercise prices and/or number of the Company's securities
issuable thereupon may, subject to certain conditions, be adjusted. In such
event, the Company will, at the request of the holder, issue a new Underwriter's
Unit Option Warrant Certificate evidencing the adjustment in the exercise price
and the number and/or type of securities issuable upon the exercise of the
Underwriter's Unit Option Warrant; provided, however, that the failure of the
Company to issue such new Underwriter's Unit Option Warrants shall not in any
way change, alter or otherwise impair, the rights of the holder as set forth in
the Underwriter's Warrant Agreement.

        Upon due presentment for registration of transfer of this Underwriter's
Unit Option Warrant at an office or agency of the Company, a new Underwriter's
Unit Option Warrant or Underwriter's Unit Option Warrants of like tenor and
evidencing in the aggregate a like number of Underwriter's Unit Option Warrants
shall be issued to the transferee(s) in exchange for this Underwriter's Unit
Option Warrant, subject to the limitations provided herein and in the
Underwriter's Warrant Agreement, without any charge except for any tax or other
governmental charge imposed in connection with such transfer.

        Upon the exercise of less than all of the Underwriter's Unit Option
Warrants evidenced by this Certificate, the Company shall forthwith issue to the
holder hereof a new Underwriter's Unit Option Warrant Certificate representing
such number of unexercised Underwriter's Unit Option Warrants.

<PAGE>

        The Company may deem and treat the registered holder(s) hereof as the
absolute owner(s) of this Underwriter's Unit Option Warrant (notwithstanding any
notation of ownership or other writing hereon made by anyone), for the purpose
of any exercise hereof, and of any distribution to the holder(s) hereof, and for
all other purposes, and the Company shall not be affected by any notice to the
contrary.

        All terms used in this Underwriter's Unit Option Warrant which are
defined in the Underwriter's Warrant Agreement shall have the meanings assigned
to them in the Underwriter's Warrant Agreement.

                                        3

<PAGE>

        IN WITNESS WHEREOF, the Company has caused this Underwriter's Unit
Option Warrant to be duly executed under its corporate seal.

Dated as of _______________________, 2002

                                    BIODELIVERY SCIENCES INTERNATIONAL, INC.

[SEAL]                              By

                                      Name:
                                      Title:

Attest:

Secretary

                                        4

<PAGE>

                                [FORM OF ELECTION TO PURCHASE]

        The undersigned hereby irrevocably elects to exercise the right,
represented by this Underwriter's Unit Option Warrant, to purchase __________
Class UW Units and herewith tenders in payment for such securities a certified
or official bank check payable in New York Clearing House Funds to the order of
BioDelivery Sciences International, Inc. in the amount of $__________, all in
accordance with the terms hereof. 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 Underwriter's Unit Option Warrant.)

                                    Insert Social Security or Other
                                    Identifying Number of Holder)

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