Document:

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                                                                    EXHIBIT 10.3

                            IMARX THERAPEUTICS, INC.

                                 2000 STOCK PLAN

     1. Purposes of the Plan. The purposes of this Stock Plan are to attract and
retain the best available personnel for positions of substantial responsibility,
to provide additional incentive to Employees, Directors and Consultants and to
promote the success of the Company's business. Options granted under the Plan
may be Incentive Stock Options or Nonstatutory Stock Options, as determined by
the Administrator at the time of grant. Stock Purchase Rights may also be
granted under the Plan.

     2. Definitions. As used herein, the following definitions shall apply:

          (a) "Administrator" means the Board or any of its Committees as shall
be administering the Plan in accordance with Section 4 hereof.

          (b) "Applicable Laws" means the requirements relating to the
administration of stock option plans under U.S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws of
any other country or jurisdiction where Options or Stock Purchase Rights are
granted under the Plan.

          (c) "Board" means the Board of Directors of the Company.

          (d) "Code" means the Internal Revenue Code of 1986, as amended.

          (e) "Committee" means a committee of Directors appointed by the Board
in accordance with Section 4 hereof.

          (f) "Common Stock" means the Common Stock of the Company.

          (g) "Company" means ImaRx Therapeutics, Inc., an Arizona corporation.

          (h) "Consultant" means any person who is engaged by the Company or any
Parent or Subsidiary to render consulting or advisory services to such entity.

          (i) "Director" means a member of the Board of Directors of the
Company.

          (j) "Disability" means total and permanent disability as defined in
Section 22(e)(3) of the Code.

          (k) "Employee" means any person, including Officers and Directors,
employed by the Company or any Parent or Subsidiary of the Company. A Service
Provider shall not cease to be an Employee in the case of (i) any leave of
absence approved by the Company or (ii) transfers between locations of the
Company or between the Company, its Parent, any Subsidiary, or any

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successor. For purposes of Incentive Stock Options, no such leave may exceed
ninety days, unless reemployment upon expiration of such leave is guaranteed by
statute or contract. If reemployment upon expiration of a leave of absence
approved by the Company is not so guaranteed, on the 181st day of such leave any
Incentive Stock Option held by the Optionee shall cease to be treated as an
Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory
Stock Option. Neither service as a Director nor payment of a director's fee by
the Company shall be sufficient to constitute "employment" by the Company.

          (l) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

          (m) "Fair Market Value" means, as of any date, the value of Common
Stock determined as follows:

               (i) If the Common Stock is listed on any established stock
exchange or a national market system, including without limitation the Nasdaq
National Market or The Nasdaq Small Cap Market of The Nasdaq Stock Market, its
Fair Market Value shall be the closing sales price for such stock (or the
closing bid, if no sales were reported) as quoted on such exchange or system for
the last market trading day prior to the time of determination, as reported in
The Wall Street Journal or such other source as the Administrator deems
reliable;

               (ii) If the Common Stock is regularly quoted by a recognized
securities dealer but selling prices are not reported, its Fair Market Value
shall be the mean between the high bid and low asked prices for the Common Stock
on the last market trading day prior to the day of determination; or

               (iii) In the absence of an established market for the Common
Stock, the Fair Market Value thereof shall be determined in good faith by the
Administrator.

          (n) "Incentive Stock Option" means an Option intended to qualify as an
incentive stock option within the meaning of Section 422 of the Code.

          (o) "Nonstatutory Stock Option" means an Option not intended to
qualify as an Incentive Stock Option.

          (p) "Officer" means a person who is an officer of the Company within
the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

          (q) "Option" means a stock option granted pursuant to the Plan.

          (r) "Option Agreement" means a written or electronic agreement between
the Company and an Optionee evidencing the terms and conditions of an individual
Option grant. The Option Agreement is subject to the terms and conditions of the
Plan.

          (s) "Option Exchange Program" means a program whereby outstanding
Options are exchanged for Options with a lower exercise price.

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          (t) "Optioned Stock" means the Common Stock subject to an Option or a
Stock Purchase Right.

          (u) "Optionee" means the holder of an outstanding Option or Stock
Purchase Right granted under the Plan.

          (v) "Parent" means a "parent corporation," whether now or hereafter
existing, as defined in Section 424(e) of the Code.

          (w) "Plan" means this 2000 Stock Plan.

          (x) "Restricted Stock" means shares of Common Stock acquired pursuant
to a grant of a Stock Purchase Right under Section 11 below.

          (y) "Service Provider" means an Employee, Director or Consultant.

          (z) "Share" means a share of the Common Stock, as adjusted in
accordance with Section 12 below.

          (aa) "Stock Purchase Right" means a right to purchase Common Stock
pursuant to Section 11 below.

          (bb) "Subsidiary" means a "subsidiary corporation," whether now or
hereafter existing, as defined in Section 424(f) of the Code.

     3. Stock Subject to the Plan. Subject to the provisions of Section 12 of
the Plan, the maximum aggregate number of Shares that may be subject to option
and sold under the Plan is 3,000,000 Shares. The Shares may be authorized but
unissued, or reacquired Common Stock.

     If an Option or Stock Purchase Right expires or becomes unexercisable
without having been exercised in full, or is surrendered pursuant to an Option
Exchange Program, the unpurchased Shares which were subject thereto shall become
available for future grant or sale under the Plan (unless the Plan has
terminated). However, Shares that have actually been issued under the Plan, upon
exercise of either an Option or Stock Purchase Right, shall not be returned to
the Plan and shall not become available for future distribution under the Plan,
except that if Shares of Restricted Stock are repurchased by the Company at
their original purchase price, such Shares shall become available for future
grant under the Plan.

     4. Administration of the Plan.

          (a) Administrator. The Plan shall be administered by the Board or a
Committee appointed by the Board, which Committee shall be constituted to comply
with Applicable Laws.

          (b) Powers of the Administrator. Subject to the provisions of the Plan
and, in the case of a Committee, the specific duties delegated by the Board to
such Committee, and subject to the approval of any relevant authorities, the
Administrator shall have the authority in its discretion:

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               (i) to determine Fair Market Value;

               (ii) to select the Service Providers to whom Options and Stock
Purchase Rights may from time to time be granted hereunder;

               (iii) to determine the number of Shares to be covered by each
such award granted hereunder;

               (iv) to approve forms of agreement for use under the Plan;

               (v) to determine the terms and conditions, of any Option or Stock
Purchase Right granted hereunder. Such terms and conditions include, but are not
limited to, the exercise price, the time or times when Options or Stock Purchase
Rights may be exercised (which may be based on performance criteria), any
vesting acceleration or waiver of forfeiture restrictions, and any restriction
or limitation regarding any Option or Stock Purchase Right or the Common Stock
relating thereto, based in each case on such factors as the Administrator, in
its sole discretion, shall determine;

               (vi) to determine whether and under what circumstances an Option
may be settled in cash under subsection 9(e) instead of Common Stock;

               (vii) to reduce the exercise price of any Option to the then
current Fair Market Value if the Fair Market Value of the Common Stock covered
by such Option has declined since the date the Option was granted;

               (viii) to initiate an Option Exchange Program;

               (ix) to prescribe, amend and rescind rules and regulations
relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of qualifying for preferred tax treatment under
foreign tax laws;

               (x) to allow Optionees to satisfy withholding tax obligations by
electing to have the Company withhold from the Shares to be issued upon exercise
of an Option or Stock Purchase Right that number of Shares having a Fair Market
Value equal to the amount required to be withheld. The Fair Market Value of the
Shares to be withheld shall be determined on the date that the amount of tax to
be withheld is to be determined. All elections by Optionees to have Shares
withheld for this purpose shall be made in such form and under such conditions
as the Administrator may deem necessary or advisable; and

               (xi) to construe and interpret the terms of the Plan and awards
granted pursuant to the Plan.

          (c) Effect of Administrator's Decision. All decisions, determinations
and interpretations of the Administrator shall be final and binding on all
Optionees.

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     5. Eligibility.

          (a) Nonstatutory Stock Options and Stock Purchase Rights may be
granted to Service Providers. Incentive Stock Options may be granted only to
Employees.

          (b) Each Option shall be designated in the Option Agreement as either
an Incentive Stock Option or a Nonstatutory Stock Option. However,
notwithstanding such designation, to the extent that the aggregate Fair Market
Value of the Shares with respect to which Incentive Stock Options are
exercisable for the first time by the Optionee during any calendar year (under
all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such
Options shall be treated as Nonstatutory Stock Options. For purposes of this
Section 5(b), Incentive Stock Options shall be taken into account in the order
in which they were granted. The Fair Market Value of the Shares shall be
determined as of the time the Option with respect to such Shares is granted.

          (c) Neither the Plan nor any Option or Stock Purchase Right shall
confer upon any Optionee any right with respect to continuing the Optionee's
relationship as a Service Provider with the Company, nor shall it interfere in
any way with his or her right or the Company's right to terminate such
relationship at any time, with or without cause.

     6. Term of Plan. The Plan shall become effective upon its adoption by the
Board. It shall continue in effect for a term of ten (10) years unless sooner
terminated under Section 14 of the Plan.

     7. Term of Option. The term of each Option shall be stated in the Option
Agreement; provided, however, that the term shall be no more than ten (10) years
from the date of grant thereof. In the case of an Incentive Stock Option granted
to an Optionee who, at the time the Option is granted, owns stock representing
more than ten percent (10%) of the voting power of all classes of stock of the
Company or any Parent or Subsidiary, the term of the Option shall be five (5)
years from the date of grant or such shorter term as may be provided in the
Option Agreement.

     8. Option Exercise Price and Consideration.

          (a) The per share exercise price for the Shares to be issued upon
exercise of an Option shall be such price as is determined by the Administrator,
but shall be subject to the following:

               (i) In the case of an Incentive Stock Option

                    (A) granted to an Employee who, at the time of grant of such
Option, owns stock representing more than ten percent (10%) of the voting power
of all classes of stock of the Company or any Parent or Subsidiary, the exercise
price shall be no less than 110% of the Fair Market Value per Share on the date
of grant.

                    (B) granted to any other Employee, the per Share exercise
price shall be no less than 100% of the Fair Market Value per Share on the date
of grant.

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               (ii) In the case of a Nonstatutory Stock Option

                    (A) granted to a Service Provider who, at the time of grant
of such Option, owns stock representing more than ten percent (10%) of the
voting power of all classes of stock of the Company or any Parent or Subsidiary,
the exercise price shall be no less than 110% of the Fair Market Value per Share
on the date of grant.

                    (B) granted to any other Service Provider, the per Share
exercise price shall be no less than 85% of the Fair Market Value per Share on
the date of grant.

               (iii) Notwithstanding the foregoing, Options may be granted with
a per Share exercise price other than as required above pursuant to a merger or
other corporate transaction.

          (b) The consideration to be paid for the Shares to be issued upon
exercise of an Option, including the method of payment, shall be determined by
the Administrator (and, in the case of an Incentive Stock Option, shall be
determined at the time of grant). Such consideration may consist of (1) cash,
(2) check, (3) promissory note, (4) other Shares which (x) in the case of Shares
acquired upon exercise of an Option, have been owned by the Optionee for more
than six months on the date of surrender, and (y) have a Fair Market Value on
the date of surrender equal to the aggregate exercise price of the Shares as to
which such Option shall be exercised, (5) consideration received by the Company
under a cashless exercise program implemented by the Company in connection with
the Plan, or (6) any combination of the foregoing methods of payment. In making
its determination as to the type of consideration to accept, the Administrator
shall consider if acceptance of such consideration may be reasonably expected to
benefit the Company.

     9. Exercise of Option.

          (a) Procedure for Exercise; Rights as a Shareholder. Any Option
granted hereunder shall be exercisable according to the terms hereof at such
times and under such conditions as determined by the Administrator and set forth
in the Option Agreement. Except in the case of Options granted to Officers,
Directors and Consultants, Options shall become exercisable at a rate of no less
than 20% per year over five (5) years from the date the Options are granted.
Unless the Administrator provides otherwise, vesting of Options granted
hereunder to Officers and Directors shall be tolled during any unpaid leave of
absence. An Option may not be exercised for a fraction of a Share.

               An Option shall be deemed exercised when the Company receives:
(i) written or electronic notice of exercise (in accordance with the Option
Agreement) from the person entitled to exercise the Option, and (ii) full
payment for the Shares with respect to which the Option is exercised. Full
payment may consist of any consideration and method of payment authorized by the
Administrator and permitted by the Option Agreement and the Plan. Shares issued
upon exercise of an Option shall be issued in the name of the Optionee or, if
requested by the Optionee, in the name of the Optionee and his or her spouse.
Until the Shares are issued (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company), no right
to vote or receive dividends or any other rights as a shareholder shall exist
with respect to the Shares,

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notwithstanding the exercise of the Option. The Company shall issue (or cause to
be issued) such Shares promptly after the Option is exercised. No adjustment
will be made for a dividend or other right for which the record date is prior to
the date the Shares are issued, except as provided in Section 12 of the Plan.

               Exercise of an Option in any manner shall result in a decrease in
the number of Shares thereafter available, both for purposes of the Plan and for
sale under the Option, by the number of Shares as to which the Option is
exercised.

          (b) Termination of Relationship as a Service Provider. If an Optionee
ceases to be a Service Provider, such Optionee may exercise his or her Option
within such period of time as is specified in the Option Agreement (of at least
thirty (30) days) to the extent that the Option is vested on the date of
termination (but in no event later than the expiration of the term of the Option
as set forth in the Option Agreement). In the absence of a specified time in the
Option Agreement, the Option shall remain exercisable for three (3) months
following the Optionee's termination. If, on the date of termination, the
Optionee is not vested as to his or her entire Option, the Shares covered by the
unvested portion of the Option shall revert to the Plan. If, after termination,
the Optionee does not exercise his or her Option within the time specified by
the Administrator, the Option shall terminate, and the Shares covered by such
Option shall revert to the Plan.

          (c) Disability of Optionee. If an Optionee ceases to be a Service
Provider as a result of the Optionee's Disability, the Optionee may exercise his
or her Option within such period of time as is specified in the Option Agreement
(of at least six (6) months) to the extent the Option is vested on the date of
termination (but in no event later than the expiration of the term of such
Option as set forth in the Option Agreement). In the absence of a specified time
in the Option Agreement, the Option shall remain exercisable for twelve (12)
months following the Optionee's termination. If, on the date of termination, the
Optionee is not vested as to his or her entire Option, the Shares covered by the
unvested portion of the Option shall revert to the Plan. If, after termination,
the Optionee does not exercise his or her Option within the time specified
herein, the Option shall terminate, and the Shares covered by such Option shall
revert to the Plan.

          (d) Death of Optionee. If an Optionee dies while a Service Provider,
the Option may be exercised within such period of time as is specified in the
Option Agreement (of at least six (6) months) to the extent that the Option is
vested on the date of death (but in no event later than the expiration of the
term of such Option as set forth in the Option Agreement) by the Optionee's
estate or by a person who acquires the right to exercise the Option by bequest
or inheritance. In the absence of a specified time in the Option Agreement, the
Option shall remain exercisable for twelve (12) months following the Optionee's
termination. If, at the time of death, the Optionee is not vested as to the
entire Option, the Shares covered by the unvested portion of the Option shall
immediately revert to the Plan. If the Option is not so exercised within the
time specified herein, the Option shall terminate, and the Shares covered by
such Option shall revert to the Plan.

          (e) Buyout Provisions. The Administrator may at any time offer to buy
out for a payment in cash or Shares, an Option previously granted, based on such
terms and conditions as the Administrator shall establish and communicate to the
Optionee at the time that such offer is made.

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     10. Non-Transferability of Options and Stock Purchase Rights. The Options
and Stock Purchase Rights may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of
descent or distribution and may be exercised, during the lifetime of the
Optionee, only by the Optionee.

     11. Stock Purchase Rights.

          (a) Rights to Purchase. Stock Purchase Rights may be issued either
alone, in addition to, or in tandem with other awards granted under the Plan
and/or cash awards made outside of the Plan. After the Administrator determines
that it will offer Stock Purchase Rights under the Plan, it shall advise the
offeree in writing or electronically of the terms, conditions and restrictions
related to the offer, including the number of Shares that such person shall be
entitled to purchase, the price to be paid, and the time within which such
person must accept such offer. The terms of the offer shall comply in all
respects with A.L.. The offer shall be accepted by execution of a Restricted
Stock purchase agreement in the form determined by the Administrator.

          (b) Repurchase Option. Unless the Administrator determines otherwise,
the Restricted Stock purchase agreement shall grant the Company a repurchase
option exercisable upon the voluntary or involuntary termination of the
purchaser's service with the Company for any reason (including death or
disability). The purchase price for Shares repurchased pursuant to the
Restricted Stock purchase agreement shall be the original price paid by the
purchaser and may be paid by cancellation of any indebtedness of the purchaser
to the Company. The repurchase option shall lapse at such rate as the
Administrator may determine. Except with respect to Shares purchased by
Officers, Directors and Consultants, the repurchase option shall in no case
lapse at a rate of less than 20% per year over five (5) years from the date of
purchase.

          (c) Other Provisions. The Restricted Stock purchase agreement shall
contain such other terms, provisions and conditions not inconsistent with the
Plan as may be determined by the Administrator in its sole discretion.

          (d) Rights as a Shareholder. Once the Stock Purchase Right is
exercised, the purchaser shall have rights equivalent to those of a shareholder
and shall be a shareholder when his or her purchase is entered upon the records
of the duly authorized transfer agent of the Company. No adjustment shall be
made for a dividend or other right for which the record date is prior to the
date the Stock Purchase Right is exercised, except as provided in Section 12 of
the Plan.

     12. Adjustments Upon Changes in Capitalization, Merger or Asset Sale.

          (a) Changes in Capitalization. Subject to any required action by the
shareholders of the Company, the number of shares of Common Stock covered by
each outstanding Option or Stock Purchase Right, and the number of shares of
Common Stock which have been authorized for issuance under the Plan but as to
which no Options or Stock Purchase Rights have yet been granted or which have
been returned to the Plan upon cancellation or expiration of an Option or Stock
Purchase Right, as well as the price per share of Common Stock covered by each
such outstanding Option or Stock Purchase Right, shall be proportionately
adjusted for any increase or decrease in the

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number of issued shares of Common Stock resulting from a stock split, reverse
stock split, stock dividend, combination or reclassification of the Common
Stock, or any other increase or decrease in the number of issued shares of
Common Stock effected without receipt of consideration by the Company. The
conversion of any convertible securities of the Company shall not be deemed to
have been "effected without receipt of consideration." Such adjustment shall be
made by the Board, whose determination in that respect shall be final, binding
and conclusive. Except as expressly provided herein, no issuance by the Company
of shares of stock of any class, or securities convertible into shares of stock
of any class, shall affect, and no adjustment by reason thereof shall be made
with respect to, the number or price of shares of Common Stock subject to an
Option or Stock Purchase Right.

          (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Administrator shall notify each
Optionee as soon as practicable prior to the effective date of such proposed
transaction. The Administrator in its discretion may provide for an Optionee to
have the right to exercise his or her Option or Stock Purchase Right until
fifteen (15) days prior to such transaction as to all of the Optioned Stock
covered thereby, including Shares as to which the Option or Stock Purchase Right
would not otherwise be exercisable. In addition, the Administrator may provide
that any Company repurchase option applicable to any Shares purchased upon
exercise of an Option or Stock Purchase Right shall lapse as to all such Shares,
provided the proposed dissolution or liquidation takes place at the time and in
the manner contemplated. To the extent it has not been previously exercised, an
Option or Stock Purchase Right will terminate immediately prior to the
consummation of such proposed action.

          (c) Merger or Asset Sale. In the event of a merger of the Company with
or into another corporation, or the sale of substantially all of the assets of
the Company, each outstanding Option and Stock Purchase Right shall be assumed
or an equivalent option or right substituted by the successor corporation or a
Parent or Subsidiary of the successor corporation. In the event that the
successor corporation refuses to assume or substitute for the Option or Stock
Purchase Right, the Optionee shall fully vest in and have the right to exercise
the Option or Stock Purchase Right as to all of the Optioned Stock, including
Shares as to which it would not otherwise be vested or exercisable. If an Option
or Stock Purchase Right becomes fully vested and exercisable in lieu of
assumption or substitution in the event of a merger or sale of assets, the
Administrator shall notify the Optionee in writing or electronically that the
Option or Stock Purchase Right shall be fully exercisable for a period of
fifteen (15) days from the date of such notice, and the Option or Stock Purchase
Right shall terminate upon the expiration of such period. For the purposes of
this paragraph, the Option or Stock Purchase Right shall be considered assumed
if, following the merger or sale of assets, the option or right confers the
right to purchase or receive, for each Share of Optioned Stock subject to the
Option or Stock Purchase Right immediately prior to the merger or sale of
assets, the consideration (whether stock, cash, or other securities or property)
received in the merger or sale of assets by holders of Common Stock for each
Share held on the effective date of the transaction (and if holders were offered
a choice of consideration, the type of consideration chosen by the holders of a
majority of the outstanding Shares); provided, however, that if such
consideration received in the merger or sale of assets is not solely common
stock of the successor corporation or its Parent, the Administrator may, with
the consent of the successor corporation, provide for the consideration to be
received upon the exercise of the Option or Stock Purchase Right, for each Share

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of Optioned Stock subject to the Option or Stock Purchase Right, to be solely
common stock of the successor corporation or its Parent equal in fair market
value to the per share consideration received by holders of Common Stock in the
merger or sale of assets.

     13. Time of Granting Options and Stock Purchase Rights. The date of grant
of an Option or Stock Purchase Right shall, for all purposes, be the date on
which the Administrator makes the determination granting such Option or Stock
Purchase Right, or such other date as is determined by the Administrator. Notice
of the determination shall be given to each Service Provider to whom an Option
or Stock Purchase Right is so granted within a reasonable time after the date of
such grant.

     14. Amendment and Termination of the Plan.

          (a) Amendment and Termination. The Board may at any time amend, alter,
suspend or terminate the Plan.

          (b) Shareholder Approval. The Board shall obtain shareholder approval
of any Plan amendment to the extent necessary and desirable to comply with
Applicable Laws.

          (c) Effect of Amendment or Termination. No amendment, alteration,
suspension or termination of the Plan shall impair the rights of any Optionee,
unless mutually agreed otherwise between the Optionee and the Administrator,
which agreement must be in writing and signed by the Optionee and the Company.
Termination of the Plan shall not affect the Administrator's ability to exercise
the powers granted to it hereunder with respect to Options granted under the
Plan prior to the date of such termination.

     15. Conditions Upon Issuance of Shares.

          (a) Legal Compliance. Shares shall not be issued pursuant to the
exercise of an Option unless the exercise of such Option and the issuance and
delivery of such Shares shall comply with Applicable Laws and shall be further
subject to the approval of counsel for the Company with respect to such
compliance.

          (b) Investment Representations. As a condition to the exercise of an
Option, the Administrator may require the person exercising such Option to
represent and warrant at the time of any such exercise that the Shares are being
purchased only for investment and without any present intention to sell or
distribute such Shares if, in the opinion of counsel for the Company, such a
representation is required.

     16. Inability to Obtain Authority. The inability of the Company to obtain
authority from any regulatory body having jurisdiction, which authority is
deemed by the Company's counsel to be necessary to the lawful issuance and sale
of any Shares hereunder, shall relieve the Company of any liability in respect
of the failure to issue or sell such Shares as to which such requisite authority
shall not have been obtained.

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     17. Reservation of Shares. The Company, during the term of this Plan, shall
at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan.

     18. Shareholder Approval. The Plan shall be subject to approval by the
shareholders of the Company within twelve (12) months after the date the Plan is
adopted. Such shareholder approval shall be obtained in the degree and manner
required under Applicable Laws.

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                            IMARX THERAPEUTICS, INC.

                                 2000 STOCK PLAN

                             STOCK OPTION AGREEMENT

     Unless otherwise defined herein, the terms defined in the 2000 Stock Plan
shall have the same defined meanings in this Stock Option Agreement (the "Option
Agreement").

     I. NOTICE OF STOCK OPTION GRANT

          Optionee's Name:                       SS#:
                           ---------------------      --------------------------

          Optionee's Address:
                              --------------------------------------------------

     You have been granted an option to purchase Common Stock of the Company,
subject to the terms and conditions of the Plan and this Option Agreement, as
follows:

     Grant Number
                                        ----------------------------------------

     Date of Grant
                                        ----------------------------------------

     Vesting Commencement Date
                                        ----------------------------------------

     Exercise Price per Share           $.50

     Total Number of Shares Granted
                                        ----------------------------------------

     Total Exercise Price
                                        ----------------------------------------

     Type of Option:                      X   Incentive Stock Option
                                        -----
                                              Nonstatutory Stock Option
                                        -----
     Term/Expiration Date:
                                        ----------------------------------------

     Exercise and Vesting Schedule:

     This Option shall be exercisable in whole or in part, and shall vest
according to the following vesting schedule:

     25% of the Shares subject to the Option shall vest on the 1st anniversity
of Date of Grant, and 25% of the Shares subject to the Option shall vest on each
successive anniversary of the Vesting Commencement Date, subject to Optionee's
continuing to be a Service Provider on such dates.

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     Termination Period:

     This Option may be exercised, to the extent it is then vested, for three
months after Optionee ceases to be a Service Provider. Upon death or Disability
of the Optionee, this Option may be exercised, to the extent it is then vested,
for one year after Optionee ceases to be Service Provider. In no event shall
this Option be exercised later than the Term/Expiration Date as provided above.

     II. AGREEMENT

          (1.) Grant of Option. The Administrator of the Company hereby grants
to the Optionee named in the Notice of Grant (the "Optionee"), an option (the
"Option") to purchase the number of Shares set forth in the Notice of Grant, at
the exercise price per Share set forth in the Notice of Grant (the "Exercise
Price"), and subject to the terms and conditions of the Plan, which is
incorporated herein by reference. Subject to Section 14(c) of the Plan, in the
event of a conflict between the terms and conditions of the Plan and this Option
Agreement, the terms and conditions of the Plan shall prevail.

          If designated in the Notice of Grant as an Incentive Stock Option
("ISO"), this Option is intended to qualify as an Incentive Stock Option as
defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds
the $100,000 rule of Code Section 422(d), this Option shall be treated as a
Nonstatutory Stock Option ("NSO").

          (2.) Exercise of Option. This Option shall be exercisable during its
term in accordance with the provisions of Section 9 of the Plan as follows:

               (a) Right to Exercise.

                    (i) Subject to subsections 2(a)(ii) and 2(a)(iii) below,
this Option shall be exercisable cumulatively according to the vesting schedule
set forth in the Notice of Grant. Alternatively, at the election of the
Optionee, this Option may be exercised in whole or in part at any time as to
Shares that have not yet vested. Vested Shares shall not be subject to the
Company's repurchase right (as set forth in the Restricted Stock Purchase
Agreement, attached hereto as Exhibit C-1).

                    (ii) As a condition to exercising this Option for unvested
Shares, the Optionee shall execute the Restricted Stock Purchase Agreement.

                    (iii) This Option may not be exercised for a fraction of a
Share.

               (b) Method of Exercise. This Option shall be exercisable by
delivery of an exercise notice in the form attached as Exhibit A (the "Exercise
Notice") which shall state the election to exercise the Option, the number of
Shares with respect to which the Option is being exercised, and such other
representations and agreements as may be required by the Company. The Exercise
Notice shall be accompanied by payment of the aggregate Exercise Price as to all
Exercised Shares. This Option shall be deemed to be exercised upon receipt by
the Company of such fully executed Exercise Notice accompanied by the aggregate
Exercise Price.

                                                                              13

<PAGE>

               No Shares shall be issued pursuant to the exercise of an Option
unless such issuance and such exercise complies with Applicable Laws. Assuming
such compliance, for income tax purposes the Shares shall be considered
transferred to the Optionee on the date on which the Option is exercised with
respect to such Shares.

          3. Optionee's Representations. In the event the Shares have not been
registered under the Securities Act of 1933, as amended, at the time this Option
is exercised, the Optionee shall, if required by the Company, concurrently with
the exercise of all or any portion of this Option, deliver to the Company his or
her Investment Representation Statement in the form attached hereto as Exhibit
B.

          4. Lock-Up Period. Optionee hereby agrees that, if so requested by
the Company or any representative of the underwriters (the "Managing
Underwriter") in connection with any registration of the offering of any
securities of the Company under the Securities Act, Optionee shall not sell or
otherwise transfer any Shares or other securities of the Company during the
180-day period (or such other period as may be requested in writing by the
Managing Underwriter and agreed to in writing by the Company) (the "Market
Standoff Period") following the effective date of a registration statement of
the Company filed under the Securities Act. Such restriction shall apply only to
the first registration statement of the Company to become effective under the
Securities Act that includes securities to be sold on behalf of the Company to
the public in an underwritten public offering under the Securities Act. The
Company may impose stop-transfer instructions with respect to securities subject
to the foregoing restrictions until the end of such Market Standoff Period.

          5. Method of Payment. Payment of the aggregate Exercise Price shall
be by any of the following, or a combination thereof, at the election of the
Optionee:

               (a) cash;

               (b) check;

               (c) consideration received by the Company under a formal
cashless exercise program adopted by the Company in connection with the Plan; or

               (d) surrender of other Shares which, (i) in the case of Shares
acquired upon exercise of an option, have been owned by the Optionee for more
than six (6) months on the date of surrender, and (ii) have a Fair Market Value
on the date of surrender equal to the aggregate Exercise Price of the Exercised
Shares.

          6. Restrictions on Exercise. This Option may not be exercised until
such time as the Plan has been approved by the shareholders of the Company, or
if the issuance of such Shares upon such exercise or the method of payment of
consideration for such shares would constitute a violation of any Applicable
Law.

          7. Non-Transferability of Option. This Option may not be transferred
in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the

                                                                              14

<PAGE>

lifetime of Optionee only by Optionee. The terms of the Plan and this Option
Agreement shall be binding upon the executors, administrators, heirs, successors
and assigns of the Optionee.

           8. Term of Option. This Option may be exercised only within the term
set out in the Notice of Grant, and may be exercised during such term only in
accordance with the Plan and the terms of this Option.

           9. Tax Consequences. Set forth below is a brief summary as of the
date of this Option of some of the federal tax consequences of exercise of this
Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE,
AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE OPTIONEE SHOULD
CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

               (a) Exercise of NSO. There may be a regular federal income tax
liability upon the exercise of an NSO. The Optionee will be treated as having
received compensation income (taxable at ordinary income tax rates) equal to the
excess, if any, of the Fair Market Value of the Exercised Shares on the date of
exercise over the Exercise Price. If Optionee is an Employee or a former
Employee, the Company will be required to withhold from Optionee's compensation
or collect from Optionee and pay to the applicable taxing authorities an amount
in cash equal to a percentage of this compensation income at the time of
exercise, and may refuse to honor the exercise and refuse to deliver Shares if
such withholding amounts are not delivered at the time of exercise.

               (b) Exercise of ISO. If this Option qualifies as an ISO, there
will be no regular federal income tax liability upon the exercise of the Option,
although the excess, if any, of the Fair Market Value of the Exercised Shares on
the date of exercise over the Exercise Price will be treated as an adjustment to
the alternative minimum tax for federal tax purposes and may subject the
Optionee to the alternative minimum tax in the year of exercise.

               (c) Exercise of ISO Following Disability. If the Optionee
ceases to be an Employee as a result of a disability that is not a total and
permanent disability as defined in Section 22(e)(3) of the Code, to the extent
permitted on the date of termination, the Optionee must exercise an ISO within
three months of such termination for the ISO to be qualified as an ISO.

               (d) Disposition of Shares. In the case of an NSO, if Shares are
held for at least one year, any gain realized on disposition of the Shares will
be treated as long-term capital gain for federal income tax purposes. In the
case of an ISO, if Shares transferred pursuant to the Option are held for at
least one year after exercise and at least two years after the Date of Grant,
any gain realized on disposition of the Shares will also be treated as long-term
capital gain for federal income tax purposes. If Shares purchased under an ISO
are disposed of within one year after exercise or two years after the Date of
Grant, any gain realized on such disposition will be treated as compensation
income (taxable at ordinary income rates) to the extent of the difference
between the Exercise Price of the Exercised Shares and the lesser of (i) the
Fair Market Value of the Exercised Shares on the date of exercise, or (ii) the
sale price of the Exercised Shares. Different rules may apply if the Shares are
subject to a substantial risk of forfeiture (within the meaning of Section 83 of
the Code) at the

                                                                              15

<PAGE>

time of purchase. Any additional gain will be taxed as capital gain, short-term
depending on the period that the ISO Shares were held.

               (e) Notice of Disqualifying Disposition of ISO Shares. If the
Option granted to Optionee herein is an ISO, and if Optionee sells or otherwise
disposes of any of the Shares acquired pursuant to the ISO on or before the
later of (i) the date two years after the Date of Grant, or (ii) the date one
year after the date of exercise, the Optionee shall immediately notify the
Company in writing of such disposition. Optionee agrees that Optionee may be
subject to income tax withholding by the Company on the compensation income
recognized by the Optionee.

               (f) Section 83(b) Election for Unvested Shares Purchased
Pursuant to Options. With respect to the exercise of an Option for unvested
Shares, an election (the "Election") may be filed by the Optionee with the
Internal Revenue Service, within 30 days of the purchase of the Shares, electing
pursuant to Section 83(b) of the Code to be taxed currently on any difference
between the purchase price of the Shares and their Fair Market Value on the date
of purchase. In the case of an NSO, this will result in a recognition of taxable
income to the Optionee on the date of exercise, measured by the excess, if any,
of the Fair Market Value of the Exercised Shares, at the time the Option is
exercised over the purchase price for the Exercised Shares. Absent such an
election, taxable income will be measured and recognized by Optionee at the time
or times on which the Company's Repurchase Option lapses. In the case of an ISO,
such an election will result in a recognition of income to the Optionee for
alternative minimum tax purposes on the date of exercise, measured by the
excess, if any, of the Fair Market Value of the Exercised Shares, at the time
the Option is exercised, over the purchase price for the Exercised Shares.
Absent such an election, alternative minimum taxable income will be measured and
recognized by Optionee at the time or times on which the Company's Repurchase
Option lapses. Optionee is strongly encouraged to seek the advice of his or her
own tax consultants in connection with the purchase of the Shares and the
advisability of filing of the Election under Section 83(b) of the Code. A form
of Election under Section 83(b) is attached hereto as Exhibit C-5 for reference.

                    OPTIONEE ACKNOWLEDGES THAT IT IS OPTIONEE'S SOLE
RESPONSIBILITY AND NOT THE COMPANY'S TO FILE TIMELY THE ELECTION UNDER SECTION
83(b), EVEN IF OPTIONEE REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS
FILING ON OPTIONEE'S BEHALF.

           10. Entire Agreement; Governing Law. The Plan is incorporated herein
by reference. The Plan and this Option Agreement constitute the entire agreement
of the parties with respect to the subject matter hereof and supersede in their
entirety all prior undertakings and agreements of the Company and Optionee with
respect to the subject matter hereof, and may not be modified adversely to the
Optionee's interest except by means of a writing signed by the Company and
Optionee. This Option Agreement is governed by the internal substantive laws but
not the choice of law rules of the State of Arizona.

           11. No Guarantee of Continued Service. OPTIONEE ACKNOWLEDGES AND
AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS
EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL

                                                                              16

<PAGE>

OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR
ACQUIRING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED
ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT
ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH OPTIONEE'S RIGHT OR THE COMPANY'S
RIGHT TO TERMINATE OPTIONEE'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME,
WITH OR WITHOUT CAUSE.

                    Optionee acknowledges receipt of a copy of the Plan and
represents that he or she is familiar with the terms and provisions thereof, and
hereby accepts this Option subject to all of the terms and provisions thereof.
Optionee has reviewed the Plan and this Option in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Option and
fully understands all provisions of the Option. Optionee hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions arising under the Plan or this Option. Optionee
further agrees to notify the Company upon any change in the residence address
indicated below.

OPTIONEE                                IMARX THERAPEUTICS, INC.

-------------------------------------   ----------------------------------------
Signature                               By Evan C. Unger

-------------------------------------   President & CEO
Print Name                              Title

-------------------------------------
Spouse signature

-------------------------------------
Print Name

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

-------------------------------------
Residence Address

                                                                              17

<PAGE>

                                    EXHIBIT A

                                 2000 STOCK PLAN

                                 EXERCISE NOTICE

                            ImaRx Therapeutics, Inc.
                                 1635 East 18th
                              Tucson, Arizona 85719

     Attention: Stock Plan Administrator

     1. Exercise of Option. Effective as of today, ________________, ____, the
undersigned ("Optionee") hereby elects to exercise Optionee's option (the
"Option") to purchase ________________ shares of the Common Stock (the "Shares")
of ImaRx Therapeutics, Inc. (the "Company") under and pursuant to the 2000 Stock
Plan (the "Plan") and the Stock Option Agreement dated ______________, _____
(the "Option Agreement").

     2. Delivery of Payment. Purchaser herewith delivers to the Company the full
purchase price of the Shares, as set forth in the Option Agreement.

     3. Representations of Optionee. Optionee acknowledges that Optionee has
received, read and understood the Plan and the Option Agreement and agrees to
abide by and be bound by their terms and conditions.

     4. Rights as Shareholder. Until the issuance of the Shares (as evidenced
by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), no right to vote or receive dividends or any
other rights as a shareholder shall exist with respect to the optioned stock,
notwithstanding the exercise of the Option. The Shares shall be issued to the
Optionee as soon as practicable after the Option is exercised. No adjustment
shall be made for a dividend or other right for which the record date is prior
to the date of issuance except as provided in Section 12 of the Plan.

     5. Company's Right of First Refusal. Before any Shares held by Optionee or
any transferee (either being sometimes referred to herein as the "Holder") may
be sold or otherwise transferred (including transfer by gift or operation of
law), the Company or its assignee(s) shall have a right of first refusal to
purchase the Shares on the terms and conditions set forth in this Section (the
"Right of First Refusal").

               (a) Notice of Proposed Transfer. The Holder of the Shares shall
deliver to the Company a written notice (the "Notice") stating: (i) the Holder's
bona fide intention to sell or otherwise transfer such Shares; (ii) the name of
each proposed purchaser or other transferee ("Proposed Transferee"); (iii) the
number of Shares to be transferred to each Proposed Transferee;

                                                                               1

<PAGE>

and (iv) the bona fide cash price or other consideration for which the Holder
proposes to transfer the Shares (the "Offered Price"), and the Holder shall
offer the Shares at the Offered Price to the Company or its assignee(s).

               (b) Exercise of Right of First Refusal. At any time within
thirty (30) days after receipt of the Notice, the Company and/or its assignee(s)
may, by giving written notice to the Holder, elect to purchase all, but not less
than all, of the Shares proposed to be transferred to any one or more of the
Proposed Transferees, at the purchase price determined in accordance with
subsection (c) below.

               (c) Purchase Price. The purchase price ("Purchase Price") for
the Shares purchased by the Company or its assignee(s) under this Section shall
be the Offered Price. If the Offered Price includes consideration other than
cash, the cash equivalent value of the non-cash consideration shall be
determined by the Board of Directors of the Company in good faith.

               (d) Payment. Payment of the Purchase Price shall be made, at the
option of the Company or its assignee(s), in cash (by check), by cancellation of
all or a portion of any outstanding indebtedness of the Holder to the Company
(or, in the case of repurchase by an assignee, to the assignee), or by any
combination thereof within 30 days after receipt of the Notice or in the manner
and at the times set forth in the Notice.

               (e) Holder's Right to Transfer. If all of the Shares proposed in
the Notice to be transferred to a given Proposed Transferee are not purchased by
the Company and/or its assignee(s) as provided in this Section, then the Holder
may sell or otherwise transfer such Shares to that Proposed Transferee at the
Offered Price or at a higher price, provided that such sale or other transfer is
consummated within 120 days after the date of the Notice, that any such sale or
other transfer is effected in accordance with any applicable securities laws and
that the Proposed Transferee agrees in writing that the provisions of this
Section shall continue to apply to the Shares in the hands of such Proposed
Transferee. If the Shares described in the Notice are not transferred to the
Proposed Transferee within such period, a new Notice shall be given to the
Company, and the Company and/or its assignees shall again be offered the Right
of First Refusal before any Shares held by the Holder may be sold or otherwise
transferred.

               (f) Exception for Certain Family Transfers. Anything to the
contrary contained in this Section notwithstanding, the transfer of any or all
of the Shares during the Optionee's lifetime or on the Optionee's death by will
or intestacy to the Optionee's immediate family or a trust for the benefit of
the Optionee's immediate family shall be exempt from the provisions of this
Section. "Immediate Family" as used herein shall mean spouse, lineal descendant
or antecedent, father, mother, brother or sister. In such case, the transferee
or other recipient shall receive and hold the Shares so transferred subject to
the provisions of this Section, and there shall be no further transfer of such
Shares except in accordance with the terms of this Section.

                                                                               2

<PAGE>

               (g) Termination of Right of First Refusal. The Right of First
Refusal shall terminate as to any Shares upon the first sale of Common Stock of
the Company to the general public pursuant to a registration statement filed
with and declared effective by the Securities and Exchange Commission under the
Securities Act of 1933, as amended.

       6.      Tax Consultation. Optionee understands that Optionee may suffer
adverse tax consequences as a result of Optionee's purchase or disposition of
the Shares. Optionee represents that Optionee has consulted with any tax
consultants Optionee deems advisable in connection with the purchase or
disposition of the Shares and that Optionee is not relying on the Company for
any tax advice.

       7.      Restrictive Legends and Stop-Transfer Orders.

               (a) Legends. Optionee understands and agrees that the Company
shall cause the legends set forth below or legends substantially equivalent
thereto, to be placed upon any certificate(s) evidencing ownership of the Shares
together with any other legends that may be required by the Company or by state
or federal securities laws:

                    THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
                    UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE
                    OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR
                    HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR,
                    IN THE OPINION OF COMPANY COUNSEL SATISFACTORY TO THE ISSUER
                    OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR
                    HYPOTHECATION IS IN COMPLIANCE THEREWITH.

                    THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
                    CERTAIN RESTRICTIONS ON TRANSFER AND RIGHT OF FIRST REFUSAL
                    OPTIONS HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH
                    IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL
                    HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT
                    THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER
                    RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON
                    TRANSFEREES OF THESE SHARES.

                    THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN
                    AGREEMENT PROVIDING FOR A MARKET STANDOFF RESTRICTION
                    FOLLOWING THE INITIAL PUBLIC OFFERING OF THE COMPANY'S
                    SECURITIES, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL
                    OFFICE OF THE COMPANY.

               (b) Stop-Transfer Notices. Optionee agrees that, in order to
ensure compliance with the restrictions referred to herein, the Company may
issue appropriate "stop transfer"

                                                                               3

<PAGE>

instructions to its transfer agent, if any, and that, if the Company transfers
its own securities, it may make appropriate notations to the same effect in its
own records.

               (c) Refusal to Transfer. The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in
violation of any of the provisions of this Exercise Notice or (ii) to treat as
owner of such Shares or to accord the right to vote or pay dividends to any
purchaser or other transferee to whom such Shares shall have been so
transferred.

          8.  Successors and Assigns. The Company may assign any of its rights
under this Exercise Notice to single or multiple assignees, and the terms and
conditions of this Exercise Notice shall inure to the benefit of the successors
and assigns of the Company. Subject to the restrictions on transfer herein set
forth, the terms and conditions of this Exercise Notice shall be binding upon
Optionee and his or her heirs, executors, administrators, successors and
assigns.

          9.  Interpretation. Any dispute regarding the interpretation of this
Exercise Notice shall be submitted by Optionee or by the Company forthwith to
the Administrator which shall review such dispute at its next regular meeting.
The resolution of such a dispute by the Administrator shall be final and binding
on all parties.

          10. Governing Law. This Exercise Notice is governed by the laws of the
State of Arizona.

                                                                               4

<PAGE>

          11. Entire Agreement. The Plan and Option Agreement are incorporated
herein by reference. This Exercise Notice, the Plan, the Restricted Stock
Purchase Agreement, the Option Agreement and the Investment Representation
Statement constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Optionee with respect to the subject matter
hereof, and may not be modified adversely to the Optionee's interest except by
means of a writing signed by the Company and Optionee.

Submitted by:                           Accepted by:

OPTIONEE                                ImaRx Therapeutics, Inc.

-------------------------------------   ----------------------------------------
Signature                               By Evan C. Unger

-------------------------------------   President & CEO
Print Name                              Its

Address:                                Address:
                                        1635 East 18th Street
-------------------------------------   Tucson, Arizona 85719

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

-------------------------------------
Spouse Signature

-------------------------------------   ----------------------------------------
Signature                               Date received

                                                                               5<PAGE>
                                                                    EXHIBIT 10.5

================================================================================

                            ASSET PURCHASE AGREEMENT

                         dated as of September 30, 2005

                                 by and between

                               ABBOTT LABORATORIES

                                   ("Seller")

                                       and

                            IMARX THERAPEUTICS, INC.

                                    ("Buyer")

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
ARTICLE 1  DEFINITIONS...................................................     1
   1.1     Definitions...................................................     1

ARTICLE 2  PURCHASE AND SALE.............................................     5
   2.1     Agreements to Purchase and Sell...............................     5
   2.2     Excluded Assets...............................................     6
   2.3     Assumed Liabilities...........................................     7
   2.4     Excluded Liabilities..........................................     8
   2.5     Procedures for Purchased Assets not Transferable..............     9

ARTICLE 3  PURCHASE PRICE; CONSISTENT TREATMENT..........................     9
   3.1     Purchase Price................................................     9
   3.2     Payment of Purchase Price.....................................     9
   3.3     Purchase Price Allocation.....................................     9
   3.4     Prorations....................................................     9

ARTICLE 4  CLOSING.......................................................    10
   4.1     Closing Date..................................................    10
   4.2     Transactions at Closing.......................................    10

ARTICLE 5  REPRESENTATIONS AND WARRANTIES OF SELLER......................    10
   5.1     Organization..................................................    10
   5.2     Due Authorization.............................................    11
   5.3     Title.........................................................    11
   5.4     Intellectual Property.........................................    11
   5.5     Compliance with Laws..........................................    13
   5.6     Equipment.....................................................    13
   5.7     Litigation....................................................    13
   5.8     Consents......................................................    13
   5.9     Brokers, Etc..................................................    13
   5.10    Financial Information.........................................    13
   5.11    Absence of Undisclosed Liabilities............................    13
   5.12    Absence of Unusual Changes and Unusual Transactions...........    13
   5.13    Governmental Authorizations...................................    14
   5.14    Contracts.....................................................    14
   5.15    Tax Matters...................................................    14
   5.16    Full Disclosure...............................................    15
   5.17    Disclaimer....................................................    15
   5.18    Independent Investigation.....................................    15
   5.19    Investment by the Seller......................................    15
   5.20    Raw Material Viability........................................    15

ARTICLE 6  REPRESENTATIONS AND WARRANTIES OF BUYER.......................    15
   6.1     Organization..................................................    15
   6.2     Due Authorization.............................................    16
   6.3     Capital Stock.................................................    16
</TABLE>

                                       i

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   6.4     Subsidiaries..................................................    16
   6.5     Title.........................................................    16
   6.6     Buyer's Intellectual Property.................................    17
   6.7     Litigation....................................................    17
   6.8     Consents......................................................    17
   6.9     Brokers, Etc..................................................    17
   6.10    Financial Information.........................................    17
   6.11    Absence of Undisclosed Liabilities............................    17
   6.12    Absence of Unusual Changes and Unusual Transactions...........    17
   6.13    Tax Matters...................................................    18
   6.14    Full Disclosure...............................................    18
   6.15    Transactions with Affiliates..................................    18
   6.16    Compliance with Laws..........................................    18
   6.17    Independent Investigation.....................................    18

ARTICLE 7  PRE-CLOSING COVENANTS OF SELLER AND BUYER.....................    19
   7.1     Corporate and Other Actions...................................    19
   7.2     Consents and Approvals........................................    19
   7.3     Competition Law Filings.......................................    19
   7.4     Access to Information.........................................    19
   7.5     Ordinary Course of Business...................................    19
   7.6     Exclusivity...................................................    20

ARTICLE 8  CONDITIONS....................................................    20
   8.1     Conditions to Obligations of Seller...........................    20
   8.2     Conditions to Obligations of Buyer............................    21

ARTICLE 9  POST-CLOSING COVENANTS; OTHER AGREEMENTS......................    22
   9.1     Availability of Records.......................................    22
   9.2     Use of Trade or Service Marks.................................    23
   9.3     Tax Matters...................................................    23
   9.4     Non-competition by Seller.....................................    23
   9.5     Financial Statements..........................................    23
   9.6     Compliance with Laws..........................................    24
   9.7     Post-Closing Delivery.........................................    24

ARTICLE 10 INDEMNIFICATION AND SURVIVAL..................................    24
   10.1    Indemnification by Seller.....................................    24
   10.2    Indemnification by Buyer......................................    25
   10.3    Survival......................................................    26
   10.4    Exclusive Remedy..............................................    26
   10.5    Net Losses and Subrogation....................................    27
   10.6    Insurance.....................................................    27

ARTICLE 11 TERMINATION...................................................    27
   11.1    Termination of Agreement......................................    27
   11.2    Automatic Termination.........................................    27
</TABLE>

                                       ii

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
ARTICLE 12 MISCELLANEOUS.................................................    28
   12.1    Assignment....................................................    28
   12.2    No Press Release Without Consent..............................    28
   12.3    Confidentiality...............................................    28
   12.4    Expenses......................................................    29
   12.5    Severability..................................................    29
   12.6    Entire Agreement..............................................    29
   12.7    No Third Party Beneficiaries..................................    29
   12.8    Waiver........................................................    29
   12.9    Governing Law.................................................    29
   12.10   Headings......................................................    29
   12.11   Counterparts..................................................    29
   12.12   Further Documents.............................................    29
   12.13   Notices.......................................................    30
   12.14   Schedules.....................................................    30
   12.15   Construction..................................................    31
</TABLE>

                                      iii

<PAGE>

                             EXHIBITS AND SCHEDULES

EXHIBITS

Exhibit A - Assignment and Assumption Agreement
Exhibit B - Intellectual Property Transfer Agreement
Exhibit C - Patent License Agreement
Exhibit D - Promissory Note
Exhibit E - Certificate of Designation
Exhibit F - Inventory Testing Procedures
Exhibit G - Security Agreement
Exhibit H - Series E Preferred Stock Purchase Agreement

SCHEDULES

Schedule 1.1 - Knowledge Persons
Schedule 2.1(a)(i) - Inventory
Schedule 2.1(a)(ii) - Equipment
Schedule 2.1(b) - Transferred Intellectual Property
Schedule 2.1(c) - Contracts
Schedule 2.1(d) - Governmental Authorizations
Schedule 2.1(f) - Product Applications
Schedule 2.1(h) - Raw Materials
Schedule 2.3 - Assumed Liabilities
Schedule 5.3 - Title
Schedule 5.4 - Intellectual Property
Schedule 5.7 - Litigation
Schedule 5.8 - Seller Consents
Schedule 5.13 - Governmental Authorization
Schedule 6.4 - Subsidiaries
Schedule 6.5 - Title
Schedule 6.6 - Buyer's Intellectual Property
Schedule 6.8 - Consents
Schedule 6.15 - Transactions with Affiliates

                                       iv

<PAGE>

                            ASSET PURCHASE AGREEMENT

     THIS AGREEMENT, dated as of September 30, 2005, is entered into by and
between ABBOTT LABORATORIES, an Illinois corporation ("Seller"), and ImaRx
Therapeutics, Inc., a Delaware corporation ("Buyer").

     WHEREAS, Seller wishes to sell to Buyer the Purchased Assets and Assumed
Liabilities (each as defined below), and Buyer wishes to purchase such assets
from Seller and to assume such liabilities.

     NOW, THEREFORE, in consideration of the premises and mutual covenants,
agreements and provisions herein contained, the parties hereto agree as follows:

                                   ARTICLE 1

                                  Definitions.

     1.1 Definitions. The following terms have the following meanings when used
herein:

     "$" means United States dollars.

     "Affiliate" means, with respect to any Person, any other Person directly or
indirectly controlling or controlled by, or under direct or indirect common
control with, such Person. For purposes of this definition, a Person shall be
deemed to control another Person if it owns or controls more than fifty percent
(50%) of the voting equity of the other Person (or other comparable ownership if
the Person is not a corporation).

     "Agreement" means this Asset Purchase Agreement, including all Schedules
and Exhibits hereto, as it may be amended from time to time in accordance with
its terms.

     "Allocation Schedule" has the meaning set forth in Section 3.3.

     "Assignment and Assumption Agreement" means the Bill of Sale, Conveyance
and Assignment in substantially the form attached hereto as Exhibit A.

     "Assumed Liabilities" has the meaning set forth in Section 2.3.

     "Certificate of Designation" means the Certificate of Designation of
Rights, Preferences and Privileges of Series E Preferred Stock, in substantially
the form attached hereto as Exhibit E.

     "Closing" means the closing of the purchase and sale of the Purchased
Assets and assumption of the Assumed Liabilities contemplated by this Agreement.

     "Closing Date" means September 30, 2005, or such other date as may be
mutually agreed upon by the Buyer and Seller.

     "Code" means the United States Internal Revenue Code of 1986, as amended.

     "Confidentiality Agreement" has the meaning set forth in Section 12.3.

<PAGE>

     "Controlled Group" means all members of a controlled group of corporations
and all trades or businesses (whether or not incorporated) under common control
which, together with Buyer, are treated as a single employer under Section 414
of the Code.

     "Contracts" has the meaning set forth in Section 2.1(c).

     "Encumbrance" means any encumbrance, lien, charge, pledge, mortgage, title
retention agreement, security interest of any nature, adverse claim, exception,
reservation, easement, right of occupation, any matter capable of registration
against title, option, right of pre-emption or privilege or any agreement or
other commitment, whether written or oral, to create any of the foregoing.

     "Equipment" means that equipment designated as "Equipment" on Schedule
2.1(a)(ii).

     "Excluded Assets" has the meaning set forth in Section 2.2.

     "Excluded Liabilities" has the meaning set forth in Section 2.4.

     "Field" means the business of manufacturing, marketing and selling
thrombolytic pharmaceutical therapy products, which shall mean serine proteases
that converts plasminogen to plasmin to break down the fibrinogen and fibrin to
dissolve a thrombus in an artery, vein or in-dwelling catheter, or any proteases
or protease activators which catalyze proteolytic breakdown of fibrinogen or
fibrin for the same purpose.

     "GAAP" means United States generally accepted accounting principles
consistently applied from period to period and throughout any period in
accordance with the past practices of Seller or Buyer, as the case may be.

     "Governmental Authorizations" has the meaning set forth in Section 2.1(d).

     "HSR Act" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended.

     "Indebtedness" shall mean, with respect to any Person, any amount payable
by such Person pursuant to an agreement or instrument involving, relating to or
evidencing money borrowed or received, the advance of credit, a conditional sale
or a transfer with recourse or with an obligation to repurchase, or pursuant to
a capital lease to which such Person is a party as debtor, borrower or
guarantor, all obligations of such Person to purchase securities (or other
property) which arise out of or in connection with the sale of the same or
substantially similar securities or property, all non-contingent obligations of
such Person to reimburse any bank or other Person in respect of amounts paid
under a letter of credit or similar instrument, all obligations to advance funds
including keep wells, comfort letters and similar arrangements and all
liabilities under interest rate cap agreements, interest rate swap agreements,
foreign currency exchange agreements and other hedging agreements or
arrangements.

     "Indemnified Person" has the meaning set forth in Section 10.5(a).

     "Indemnifying Person" has the meaning set forth in Section 10.5(a).

                                       2

<PAGE>

     "Intellectual Property Rights" means all intellectual property, industrial
and other proprietary rights, protected or protectable, under the laws of the
United States or any other country, or any political subdivision thereof,
including, without limitation, (i) all trade names, trade dress, trademarks,
service marks, logos, brand names and other identifiers; (ii) copyrights, moral
rights (including rights of attribution and rights of integrity); (iii) all
trade secrets, inventions, discoveries, devices, processes, designs, techniques,
trade secrets, ideas, know-how and other confidential or proprietary
information, whether or not reduced to practice; (iv) all domestic and foreign
patents and the registrations, applications, renewals, divisionals, reissues,
reexaminations, supplemental patent certificates, extensions and continuations
(in whole or in part) thereof; and (v) all goodwill associated therewith and all
rights and causes of action for infringement, misappropriation, misuse, dilution
or unfair trade practices associated with (i) through (iv) above.

     "Intellectual Property Transfer Agreement" means the Intellectual Property
Transfer Agreement attached hereto as Exhibit B.

     "Inventory" means clinical trial finished drug product and bulk drug
substance and existing intermediates related to the Products as set forth on
Schedule 2.1(a)(i).

     "Inventory Testing Procedures" means the procedures set forth on Exhibit F
hereto.

     "Investment Assets" means all debentures, notes and other evidences of
indebtedness, stocks, securities (including rights to purchase and securities
convertible into or exchangeable for other securities), interests in joint
ventures and general and limited partnerships, mortgage loans and other
investment or portfolio assets owned of record or beneficially by the Buyer.

     "Investment Documents" means the Promissory Note, the Security Agreement,
the Series E Preferred Stock Purchase Agreement and the Certificate of
Designation.

     "Knowledge" means, with respect to either Buyer or Seller, the actual
knowledge of the persons listed on Schedule 1.1 after reasonable inquiry.

     "Losses" has the meaning set forth in Section 10.1(a).

     "Multiemployer Plan" means a multiemployer plan as described in Section
4064(a) of ERISA.

     "Option" with respect to any Person means any security, right,
subscription, warrant, option, "phantom" stock right or other contract or
agreement that gives the right to (i) purchase or otherwise receive or be issued
any shares of capital stock of such Person or other equity interests of such
Person or any security of any kind convertible into or exchangeable or
exercisable for any shares of capital stock or other equity interests of such
Person or (ii) receive any benefits or rights similar to any rights enjoyed by
or accruing to the holder of shares of capital stock or other equity interests
of such Person, including without limitation, any rights to participate in the
equity, income or election of directors or officers of such Person.

                                       3

<PAGE>

     "Other Agreements" means, collectively, the Assignment and Assumption
Agreement, the Intellectual Property Transfer Agreement, the Patent License
Agreement, and the Investment Documents.

     "Patent License Agreement" means a Patent License Agreement in
substantially the form attached hereto as Exhibit C.

     "Permitted Encumbrances" shall mean Repligen's rights to license US Patent
No. 5,665,578 and US Patent No. 5,741,682.

     "Person" means any individual, corporation, partnership, limited
partnership, joint venture, limited liability company, trust or unincorporated
organization or government or any agency or political subdivision thereof.

     "Plan" means any employee pension benefit plan covered by Title IV of ERISA
or subject to the minimum funding standards under Section 412 of the Code that
either (a) is maintained by a member of the Controlled Group for employees or a
member of the Controlled Group or (b) is maintained pursuant to a collective
bargaining agreement or any other arrangement under which more than one employer
makes contributions and to which a member of the Controlled Group is then making
or accruing an obligation to make contributions or has within the preceding five
plan years made contributions, and includes any Pension Plan.

     "Preferred Stock" means 1,000,000 shares of the Series E Preferred Stock of
the Buyer having the terms set forth in the Certificate of Designation,
substantially in the form of Exhibit E attached hereto.

     "Product" or "Products" means all of Seller's rights in its proprietary
recombinant urokinase, rUK, as well as its development stage next generation
lytic, recombinant pro-urokinase, proUK.

     "Promissory Note" means the promissory note in the principal amount of $15
million from Buyer to Seller, substantially in the form attached hereto as
Exhibit D.

     "Purchase Price" has the meaning set forth in Section 3.1.

     "Purchased Assets" has the meaning set forth in Section 2.1.

     "Raw Materials" means those raw materials set forth on Schedule 2.1(h).

     "Security Agreement" means the Security Agreement relating to the
Promissory Note, substantially in the form of Exhibit G hereto.

     "Series E Preferred Stock Purchase Agreement" means the Series E Preferred
Stock Purchase Agreement, substantially in the form of Exhibit H hereto.

     "Seller" has the meaning set forth in the recitals hereof.

                                       4

<PAGE>

     "Subsidiary" means any Person in which the Buyer, directly or indirectly,
beneficially owns at least fifty percent (50%) of either the equity interest in,
or the voting control of, such Person, whether or not existing on the date
hereof.

     "Taxes" shall mean all taxes, charges, fees, duties, levies or other
assessments, including, without limitation, income, gross receipts, net
proceeds, ad valorem, turnover, real and personal property (tangible and
intangible), sales, use, franchise, excise, value added, goods and services,
license, payroll, unemployment, environmental, customs duties, capital stock,
disability, stamp, leasing, lease, user, transfer, fuel, excess profits,
occupational and interest equalization, windfall profits, severance and
employees' income withholding and social security and similar employment taxes
imposed by the United States or any foreign country or by any state,
municipality, subdivision or instrumentality of the United States or of any
other foreign country or by any other tax authority, including all applicable
penalties and interest, and such term shall include any interest, penalties or
additions to tax attributable to such taxes.

     "Tax Indemnification" has the meaning set forth in Section 10.3.

     "Thrombolytic Therapy Product" means serine proteases that converts
plasminogen to plasmin to break down the fibrinogen and fibrin to dissolve a
thrombus in an artery, vein or in-dwelling catheter, or any proteases or
protease activators which catalyze proteolytic breakdown of fibrinogen or fibrin
for the same purpose.

     "Transferred Intellectual Property" has the meaning set forth in Section
2.1(b).

     "United States" means the United States of America.

                                   ARTICLE 2

                               Purchase and Sale.

     2.1 Agreements to Purchase and Sell. Subject to the terms and conditions
contained herein, at the Closing Seller shall sell, transfer, convey, assign and
deliver to Buyer, and Buyer shall purchase and accept from Seller, all right,
title, and interest of Seller in and to the following assets of Seller
(collectively, the "Purchased Assets"):

          (a) all of the rights to fixed and other tangible personal property,
whether owned or leased, to the extent primarily used by Seller to manufacture
and assemble the Products as set forth on Schedules 2.1(a)(i) and 2.1(a)(ii),
including the Inventory designated on Schedule 2.1(a)(i) and certain equipment
designated on Schedule 2.1(a)(ii) (the "Equipment");

          (b) the following Intellectual Property Rights owned by Seller to the
extent they primarily relate to the Products: (i) the trademarks, patents and
patent applications set forth on Schedule 2.1(b), (ii) the package designs,
labels, logos and associated artwork exclusively related to the Products, (iii)
master and working cell banks, references and standards, methodologies,
processes, protocols, specifications, techniques, trade secrets and know how,
databases and formulas and (iv) studies and other work in progress,
manufacturing processes and technical information, to the extent they primarily
relate to the Products (collectively, the

                                       5

<PAGE>

"Transferred Intellectual Property"); provided, however that Transferred
Intellectual Property does not include any Intellectual Property Rights licensed
to Seller;

          (c) all rights and interest of Seller to active contracts to the
extent they primarily relate to the Products, including supply, licenses,
clinical trial, research and development agreements, which are set forth on
Schedule 2.1(c) (the "Contracts");

          (d) all regulatory applications, licenses, approvals, certificates,
permits, franchises, or other evidence of authority submitted by or on behalf
of, or issued to, Seller or Seller's Affiliates by a federal, state, local or
foreign governmental agency or authority, regardless of jurisdiction, to the
extent they primarily relate to the Products, in each case to the extent
assignable, including without limitation the matters set forth on Schedule
2.1(d), (the "Governmental Authorizations");

          (e) all records, reports, research materials, Product information
files (including Product development and regulatory history files), marketing
information files and inactive contracts of Seller and Seller's Affiliates, in
each case to the extent they primarily relate to the Products;

          (f) all current and pending investigational new drug applications for
the Products as set forth on Schedule 2.1(f);

          (g) all goodwill relating primarily to the trademarks that are part of
the Transferred Intellectual Property; and

          (h) all raw materials listed on Schedule 2.1(h) (the "Raw Materials").

     2.2 Excluded Assets. Notwithstanding anything to the contrary in this
Agreement, Seller shall not sell, transfer or assign, and Buyer shall not
purchase or otherwise acquire, the following assets of Seller (such assets being
collectively referred to hereinafter as the "Excluded Assets"):

          (a) all rights of Seller and Seller's Affiliates arising under this
Agreement, the Other Agreements or from the consummation of the transactions
contemplated hereby or thereby;

          (b) all of Seller's rights in assets to the extent related primarily
to Seller's tissue culture based urokinase product currently marketed under the
brand Abbokinase(R);

          (c) all accounts receivable, notes receivable, cash, bank deposits,
marketable securities and intercompany receivable balances owed to Seller or
Seller's Affiliates with respect to the Products existing at the Closing Date;

          (d) all rights of Seller and Seller's Affiliates arising under any
active contract or agreement not set forth in Schedule 2.1(c);

          (e) all corporate minute books, stock records and Tax returns
(including all workpapers relating to such Tax returns) of Seller and Seller's
Affiliates and such other similar

                                       6

<PAGE>

corporate and financial books and records of Seller and Seller's Affiliates as
may exist on the Closing Date;

          (f) all real property, buildings, structures and improvements thereon,
whether owned or leased by Seller or Seller's Affiliates, and all fixtures and
fittings attached thereto, including those in the buildings designated by Seller
as the M3, M3B, M6 and M10 buildings in its North Chicago, Illinois location;

          (g) all Intellectual Property of Seller or Seller's Affiliates of any
kind not listed on Schedule 2.1(b) or referred to in clause (ii) of Section
2.1(b), specifically including the trademarks or trade names "Abbott," "Abbott
Laboratories" and any variants thereof, the stylized symbol "A," the
ABBOKINASE(R) trademark, and any Intellectual Property to the extent related
primarily to Seller's tissue culture based urokinase product currently marketed
under the brand Abbokinase(R); and US Patent No. 5,665,578 and US Patent No.
5,741,682 (which will be licensed to Buyer pursuant to the Patent License
Agreement).

          (h) all rights to refunds of Taxes paid by or on behalf of Seller or
Seller's Affiliates;

          (i) all insurance policies and claims thereunder existing at the
Closing Date;

          (j) all Seller and Seller Affiliate intercompany payable balances
owing with respect to the Products;

          (k) all equipment related to manufacturing and assembling Products not
set forth on Schedule 2.1(a)(ii);

          (l) all raw materials (including supplies inventory), whether or not
relating to the Products, not set forth on Schedule 2.1(h);

          (m) the services of any employee of Seller or Seller's Affiliates;

          (n) all assets of any employee benefit plan, arrangement, or program
maintained or contributed to by Seller or any of its Affiliates;

          (o) all assets, tangible or intangible, wherever situated, not
expressly included in the Purchased Assets;

          (p) all computer software and licenses thereto; and

          (q) with respect to assets described in Section 2.1(e) above that
relate both to the Products and to other products or projects of Seller, all
such assets to the extent they relate to such other products or projects of
Seller.

     2.3 Assumed Liabilities.

          (a) On the Closing Date subject to the provisions of Section 2.4,
Buyer shall assume, or shall cause Buyer's Affiliates to assume, all of the
liabilities of Seller and Seller's

                                       7

<PAGE>

Affiliates relating exclusively to the Purchased Assets existing on the Closing
Date and listed on Schedule 2.3 except for the Excluded Liabilities
(collectively, together with all other obligations and liabilities of Seller and
Seller's Affiliates assumed by Buyer or Buyer's Affiliates pursuant to this
Agreement and the Schedules hereto, the "Assumed Liabilities").

          (b) From and after the Closing Date, Buyer shall assume, or cause
Buyer's Affiliates to assume, the following post-Closing liabilities, including
without limitation:

               i. all liabilities and obligations arising after Closing under
the Contracts, Transferred Intellectual Property and Governmental Authorizations
being transferred from Seller to Buyer hereunder;

               ii. Taxes that are the responsibility of Buyer pursuant to
Section 3.4, Section 9.3(a) and Section 12.4 of this Agreement and all Taxes
related to the Products and Purchased Assets attributable to any period or
partial period ending after the Closing; and

               iii. all liabilities related to the research, development,
marketing, manufacture, distribution, testing, sale or trials of the Products
following Closing.

     2.4 Excluded Liabilities. Neither Buyer nor Buyer's Affiliates assume nor
will they become responsible for any of the following liabilities and
obligations of Seller or Seller's Affiliates (collectively, the "Excluded
Liabilities"):

          (a) all liabilities related to the research, development, marketing,
manufacture, distribution, testing or trials of the Products prior to the
Closing;

          (b) all liabilities and obligations of Seller and Seller's Affiliates
arising under this Agreement, the Other Agreements or from the consummation of
the transactions contemplated hereby or thereby;

          (c) all intercompany payable balances owing by Seller or Seller's
Affiliates;

          (d) all liabilities and obligations of Seller and Seller's Affiliates
arising under any contract or agreement not set forth on Schedule 2.1(c);

          (e) all liabilities and obligations arising under any of the Contracts
which relate to any act or failure to act of Seller or Seller's Affiliates prior
to the Closing;

          (f) all obligations related to employees of Seller or Seller's
Affiliates;

          (g) any and all claims, causes of action or litigation to the extent
relating to the development, production, distribution, trial, testing, sale or
use of Products prior to the Closing, including such matters as set forth on
Schedule 5.7; and

          (h) other current liabilities (except Assumed Liabilities) of Seller
or Seller's Affiliates incurred in the ordinary course of business and existing
at the Closing Date.

                                       8

<PAGE>

     2.5 Procedures for Purchased Assets not Transferable. If any of the
Contracts or any other property or rights included in the Purchased Assets are
not assignable or transferable either by virtue of the provisions thereof or
under applicable law without the consent of some party or parties, Seller shall
use its reasonable best efforts to obtain such consents after the execution of
this Agreement, but prior to the Closing, and Buyer shall use its commercially
reasonable efforts to assist in that endeavor. If any such consent cannot be
obtained prior to the Closing and the Closing occurs, this Agreement and the
related instruments of transfer shall not constitute an assignment or transfer
thereof and Buyer shall not assume Seller's obligations with respect thereto,
but Seller shall use its commercially reasonable efforts to obtain such consent
as soon as reasonably possible after the Closing or otherwise obtain for Buyer
the practical benefit of such property or rights and Buyer shall use its
commercially reasonable efforts to assist in that endeavor. For purposes of this
Section 2.5, commercially reasonable efforts shall not include any requirement
of either party to expend money, commence any litigation or offer or grant any
accommodation (financial or otherwise) to any third party. In the case of any
Contracts for which a necessary consent has not been obtained, Buyer shall
provide all goods and services and bear all costs necessary to complete such
Contracts at no cost to Seller, and Seller shall hold for Buyer's account and
promptly remit to Buyer all amounts received with respect to such Contracts.

                                   ARTICLE 3

                      Purchase Price; Consistent Treatment.

     3.1 Purchase Price. The total purchase price for the Purchased Assets shall
be: (i) $5 million in cash, plus (ii) the Promissory Note, plus (iii) the
Preferred Stock, plus (iv) the assumption of the Assumed Liabilities (the
"Purchase Price").

     3.2 Payment of Purchase Price. The Purchase Price shall be paid in
accordance with Section 4.2(b).

     3.3 Purchase Price Allocation. The Purchase Price shall be allocated among
the Purchased Assets as set forth in a Schedule (the "Allocation Schedule") that
Buyer will prepare and deliver to Seller on or before the Closing Date, which
allocation shall be subject to the reasonable approval of Seller prior to
Closing. Each of Seller and Buyer shall sign and submit all necessary forms to
report this transaction for federal, state and foreign income tax purposes in
accordance with the Allocation Schedule, and shall not take a position for Tax
purposes inconsistent therewith. Any adjustment to the Purchase Price shall be
allocated as provided by Treasury Regulation Section 1.1060-1.

     3.4 Prorations. Seller and Buyer agree that all of the items listed below
relating to the Purchased Assets will be prorated as of the Closing Date, with
Seller liable to the extent such items relate to any time period up to and
including the Closing Date and Buyer liable to the extent such items relate to
periods subsequent to the Closing Date: (a) personal property Taxes, if any,
attributable to the Purchased Assets; (b) Taxes payable by Seller under any
contract to be assigned to or assumed by Buyer hereunder or for which Buyer is
entitled to enjoy the practical benefits pursuant to Section 2.5; (c) the amount
of any license or registration fees with respect to any licenses or
registrations which are being assigned or transferred hereunder; and (d) all
other

                                       9

<PAGE>

items which are normally prorated in connection with similar transactions.
Seller agrees to furnish Buyer with such documents and other records as Buyer
reasonably requests in order to confirm all adjustment and proration
calculations made pursuant to this Section 3.4.

                                   ARTICLE 4

                                    Closing.

     4.1 Closing Date. The Closing shall take place at the office of Kirkland &
Ellis LLP, 200 East Randolph Drive, Chicago, Illinois 60601, at 10:00 a.m.
Chicago time, on the Closing Date subject to the satisfaction or waiver of each
of the conditions set forth in Article 8 or at such other place, time or date as
Seller and Buyer may agree.

     4.2 Transactions at Closing. At the Closing, subject to the terms and
conditions hereof:

          (a) Transfer of Purchased Assets and Seller Closing Deliveries. Seller
shall transfer and convey or cause to be transferred and conveyed to Buyer all
of the Purchased Assets and Seller shall execute and deliver to Buyer the
Assignment and Assumption Agreement, each of the Other Agreements and such other
good and sufficient instruments of transfer and conveyance as shall be necessary
to vest in Buyer title to all of the Purchased Assets. In addition, Seller shall
deliver to Buyer the certificate required by Section 8.2(b) and all other
documents required to be delivered by Seller at Closing pursuant hereto.

          (b) Payment of Purchase Price, Assumption of Assumed Liabilities and
Buyer's Closing Deliveries. In consideration for the transfer of the Purchased
Assets, Buyer shall: (i) pay to Seller on the Closing Date five million dollars
($5,000,000) of the Purchase Price in United States dollars by electronic bank
transfer in immediately available funds directly to Seller's Account No.
00001329 at Citibank, N.A. of New York, 399 Park Avenue, New York, NY, ABA
#021000089; (ii) execute and deliver to Seller the Promissory Note; (iii) issue
and deliver to Seller a stock certificate evidencing the Preferred Stock
registered in the Seller's name; (iv) execute and deliver to Seller the
Assignment and Assumption Agreement, whereby Buyer assumes the Assumed
Liabilities; and (v) execute and deliver to Seller each of the Other Agreements.
In addition, Buyer shall deliver to Seller the certificate required by Section
8.1(b) and all other documents required to be delivered by Buyer at Closing
pursuant hereto.

                                   ARTICLE 5

                    Representations and Warranties of Seller.

     Except as set forth in the Disclosure Schedules, Seller represents and
warrants to Buyer as of the date of this Agreement as follows:

     5.1 Organization. Seller is a corporation duly incorporated and validly
existing in good standing under the laws of the State of Illinois, duly
qualified to transact business as a foreign corporation in such jurisdictions
where the nature of the Purchased Assets makes such qualification necessary,
except as to jurisdictions where the failure to qualify would not reasonably be
expected to have a material adverse effect on the Purchased Assets, and with all

                                       10

<PAGE>

requisite corporate power and authority to own, lease and operate its properties
and to carry on its business as now being conducted.

     5.2 Due Authorization. Seller has full corporate power and authority to
execute, deliver and perform its obligations under this Agreement and the Other
Agreements, and the execution and delivery of this Agreement and the Other
Agreements and the performance of all of its obligations hereunder and
thereunder have been duly authorized by Seller. The signing, delivery and
performance of this Agreement and the Other Agreements by Seller are not
prohibited or limited by, and will not result in the breach of or a default
under, or conflict with any obligation of Seller with respect to the Purchased
Assets under (i) any provision of the Articles of Incorporation or By-Laws of
Seller, (ii) any material agreement or instrument to which Seller is a party or
by which it or its properties are bound, (iii) any judgment, order, award, writ,
injunction or decree of any court, governmental body or instrumentality, or
arbitrator, (iv) any Governmental Authorizations, or (v) any applicable law,
statute, ordinance, regulation or rule, and, to Seller's Knowledge, will not
result in the creation or imposition of any Encumbrance on any of the Purchased
Assets, except to the extent that any such prohibition, limitation, breach,
default or conflict would not reasonably be expected to have a material adverse
effect on Seller. This Agreement has been, and on the Closing Date the Other
Agreements will have been, duly executed and delivered by Seller and
constitutes, or, in the case of the Other Agreements, will constitute, the
legal, valid and binding obligation of Seller, enforceable against Seller in
accordance with their respective terms, except as enforceability may be limited
or affected by applicable bankruptcy, insolvency, moratorium, reorganization or
other laws of general application relating to or affecting creditors' rights
generally.

     5.3 Title. Except as provided on Schedule 5.3, the Purchased Assets are
owned beneficially by Seller with good and marketable title thereto, free and
clear of all Encumbrances (except for Permitted Encumbrances). At the Closing,
Buyer will receive legal and beneficial title to all of the Purchased Assets
(except for Contracts or any other property or rights included in the Purchased
Assets for which a necessary consent has not been obtained and for the
Transferred Intellectual Property, the title of which is addressed exclusively
in Section 5.4 hereof), free and clear of all Encumbrances (except for liens for
Taxes not yet due and payable), except the Assumed Liabilities and except as set
forth on Schedule 5.3 and subject to obtaining any consents of Persons listed on
Schedule 5.6.

     5.4 Intellectual Property

          (a) Schedule 5.4 lists all trademarks that directly relate to the
Products, and all patents and patent applications owned by Seller to the extent
that they directly relate to the Products or that include any claims which the
production, manufacture, sale or use of the Products would infringe as of the
Closing. Seller owns and has good title to the Transferred Intellectual
Property. Except as set forth on Schedule 5.4, no Person other than Seller has
any right, claim or interest in or with respect to any Transferred Intellectual
Property. Except as set forth on Schedule 5.4, there is no unauthorized use,
unauthorized disclosure, or misappropriation of any Transferred Intellectual
Property by an employee of Seller, former employee of Seller or by any other
third party.

                                       11

<PAGE>

          (b) Seller has at all times taken commercially reasonably efforts to
maintain the trade secrets related primarily to the Products (the "Trade
Secrets") in confidence and has not disclosed or otherwise dealt with the Trade
Secrets in such a manner as to cause the loss of such Trade Secrets by release
into the public domain, including without limitation, the use of confidentiality
agreements with all of its employees and consultants having access to the Trade
Secrets and the use of licenses with all individuals or entities provided access
to the Trade Secrets containing provisions restricting unauthorized use and
copying and prohibiting decompiling or disassembly of the Trade Secrets.

          (c) Schedule 5.4 contains an accurate list, as of the Closing Date, of
all licenses, sublicenses and other agreements (to the extent they relate
directly to the Products or that include any Intellectual Property Rights which
the production, manufacture, sale or use of the Products would infringe as of
the Closing) to which Seller is a party and that authorize Seller to use any
Intellectual Property Rights owned by a third party in connection with the
Products.

          (d) Except as set forth on Schedule 5.4, Seller has not entered into
any agreement to indemnify any other person or entity against charges of
infringement of any of the Transferred Intellectual Property. There are no
royalties, fees or other payments payable by Seller to any Person by reason of
the ownership, use, sale or disposition of the Transferred Intellectual
Property, except as set forth on Schedule 5.4. To Seller's Knowledge, except as
set forth on Schedule 5.4, the Transferred Intellectual Property does not
materially infringe on any Intellectual Property Rights of any third party.

          (e) Seller is not in material breach of any license, sublicense or
other agreement relating to the Transferred Intellectual Property. Except as set
forth on Schedule 5.4, neither the execution, delivery nor performance of this
Agreement nor the consummation of the Transaction contravenes or conflicts with
Buyer's right to own or use any Transferred Intellectual Property.

          (f) All patents and registered trademarks owned by Seller and included
in the Transferred Intellectual Property are valid and subsisting, except as set
forth on Schedule 5.4. All maintenance and annual fees have been fully paid and
all fees paid during prosecution and after issuance of any patent comprising or
relating to such patents have been paid in the correct entity status amounts. To
Seller's Knowledge, (1) the use of the Products has not infringed,
misappropriated or made unlawful use of, or (2) the manufacture, sale, or use of
the Products following Closing, as currently proposed by Buyer and disclosed to
Seller prior to Closing, will not infringe, misappropriate, or make unlawful use
of, the Intellectual Property Rights of any third party. Seller has not brought
a proceeding alleging infringement of the Transferred Intellectual Property
Rights or breach of any license or agreement involving the Transferred
Intellectual Property against any third party.

          (g) Except as set forth on Schedule 5.4, Seller is not subject to any
proceeding or outstanding decree, order, judgment, or stipulation restricting in
any manner the use, transfer, or licensing of the Transferred Intellectual
Property by Seller, or which may affect the validity, use or enforceability of
such Transferred Intellectual Property by Buyer. Except as set forth on Schedule
5.4, Seller is not subject to any agreement that restricts in any material
respect the use, transfer, or licensing by Seller of the Transferred
Intellectual Property.

                                       12

<PAGE>

     5.5 Compliance with Laws. Seller is in material compliance with the
requirements of all federal, state and local laws, rules and regulations
applicable to or pertaining to the Products or the Purchased Assets (including,
without limitation, the Occupational Safety and Health Act of 1970, the
Americans with Disabilities Act of 1990, and laws and regulations establishing
quality criteria standards for air, water, land and toxic or hazardous wastes
and substances, as well as all laws, rules, and regulations governing the sale,
manufacture and distribution of pharmaceutical, healthcare or therapeutic
products, and the conduct of businesses engaged in the sale, manufacture and
distribution of pharmaceutical, healthcare or therapeutic products), where any
such non-compliance, individually or in the aggregate, could reasonably be
expected to have a material adverse effect on the Purchased Assets.

     5.6 Equipment. The equipment included in the Purchased Assets is in good
condition and has been used, stored and maintained in accordance with good
industry practices.

     5.7 Litigation. Except as set forth on Schedule 5.7, there is no
litigation, proceeding, claim or governmental investigation pending or, to
Seller's Knowledge, threatened with respect to the Products, the Purchased
Assets.

     5.8 Consents

          (a) Except as set forth on Schedule 5.8, no notice to, filing with,
authorization of, exemption by, or consent of any Person is required for Seller
to consummate the transactions contemplated hereby.

          (b) Seller is transferring substantially all of its assets in
accordance with Section 15 of the Settlement Agreement between Genentech, Inc.
and Abbott Laboratories, dated August 10, 1990. Therefore, such agreement is
assignable to Buyer without the consent of Genentech, Inc.

     5.9 Brokers, Etc. No broker or investment banker acting on behalf of Seller
or under the authority of Seller is or will be entitled to any broker's or
finder's fee or any other commission or similar fee directly or indirectly from
Seller or Buyer in connection with any of the transactions contemplated herein,
other than any fee that is the sole responsibility of Seller.

     5.10 Financial Information. The estimate of the costed bill of materials
for the Products for 2004 was (i) prepared in a manner consistent with Seller's
financial policies and (ii) fairly reflects the cost to manufacture the Products
in Seller's facilities according to the volume and budget in place at the time
the costs were established.

     5.11 Absence of Undisclosed Liabilities. To Seller's Knowledge, Seller has
not incurred any material liabilities or obligations (whether accrued, absolute,
contingent or otherwise) with respect to the Purchased Assets, which continue to
be outstanding, except as incurred in the ordinary course of business or as
reflected in the financial information described in Section 5.10.

     5.12 Absence of Unusual Changes and Unusual Transactions. To Seller's
Knowledge, since June 20, 2003, except as would not reasonably be expected to
have a material adverse

                                       13

<PAGE>

effect on the Purchased Assets, there has not been any material damage,
destruction, or loss with respect to the Inventory.

     5.13 Governmental Authorizations. Schedule 5.13 sets forth a complete list
of the material Governmental Authorizations. The Governmental Authorizations
listed in Schedule 5.13 are all the authorizations required to be in material
compliance with all laws applicable to the Purchased Assets. The Governmental
Authorizations are in full force and effect in accordance with their terms, and
there have been no material violations of such Governmental Authorizations, no
proceedings are pending or, to the knowledge of the Seller, threatened, which
could result in their revocation or limitation and all steps have been taken and
filings made on a timely basis with respect to each Governmental Authorization
and its renewal; in each case, except as would not reasonably be expected to
have a material adverse effect on the Purchased Assets.

     5.14 Contracts. All current and complete copies of all Contracts have been
delivered to or made available to the Buyer. There are no material agreements
relating primarily to the Products, or primarily to both the Products and
Seller's tissue culture based urokinase product currently marketed under the
brand Abbokinase(R), to which Seller is a party which are not included in the
Contracts. The Contracts are all in full force and effect, and, to Seller's
Knowledge, there are no outstanding defaults or violations under such Contracts
on the part of the Seller or, to the Knowledge of the Seller, on the part of any
other party to such Contracts and there are no current or pending negotiations
with respect to the renewal, repudiation or amendment of any Contract.

     5.15 Tax Matters. In each case except as would not reasonably be expected
to have a material adverse effect on the Purchased Assets:

          (a) To Seller's Knowledge, no failure, if any, of the Seller to duly
and timely pay all Taxes, including all installments on account of Taxes for the
current year, that are due and payable by it will result in an Encumbrance on
the Purchased Assets;

          (b) To Seller's Knowledge, there are no proceedings, investigations,
audits or claims now pending or threatened against the Seller in respect of any
Taxes, and there are no matters under discussion, audit or appeal with any
governmental authority relating to Taxes, which will result in an Encumbrance on
the Purchased Assets;

          (c) To Seller's Knowledge, the Seller has duly and timely withheld all
Taxes and other amounts required by law to be withheld by it relating to the
Purchased Assets (including Taxes and other amounts relating to the Purchased
Assets required to be withheld by it in respect of any amount paid or credited
or deemed to be paid or credited by it to or for the account or benefit of any
Person, including any employees, officers or directors and any non-resident
Person), and has duly and timely remitted to the appropriate Governmental
Authority such Taxes and other amounts required by law to be remitted by it; and

          (d) To Seller's Knowledge, the Seller or Seller's Affiliates has duly
and timely collected all amounts on account of any sales or transfer taxes,
including goods and services, harmonized sales and provincial or territorial
sales taxes with respect to the Purchased Assets,

                                       14

<PAGE>

required by law to be collected by it and has duly and timely remitted to the
appropriate Governmental Authority any such amounts required by law to be
remitted by it.

     5.16 Full Disclosure. The statements and information furnished by or on
behalf of Seller to Buyer in connection with the negotiation of this Agreement
and the Other Agreements do not contain any untrue statement of a material fact
or omit a material fact necessary to make the material statements contained
herein or therein not misleading.

     5.17 Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS ARTICLE 5,
SELLER IS MAKING NO REPRESENTATION OR WARRANTY AS TO THE PURCHASED ASSETS AND
BUYER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS OTHERWISE PROVIDED HEREIN, SELLER
IS SELLING AND CONVEYING THE PURCHASED ASSETS ON AN "AS IS, WHERE IS" BASIS.
EXCEPT TO THE EXTENT OF THE EXPRESS REPRESENTATIONS, WARRANTIES, AGREEMENTS AND
COVENANTS CONTAINED IN THIS AGREEMENT, BUYER IS ACQUIRING THE PURCHASED ASSETS
IN RELIANCE ON ITS OWN INVESTIGATION AND ON AN "AS IS, WHERE IS" BASIS AND
WITHOUT RECOURSE AND WITHOUT ANY REPRESENTATION OR WARRANTY OF MERCHANTABILITY,
FITNESS FOR ANY PARTICULAR PURPOSE, NON INFRINGEMENT OR ANY OTHER IMPLIED OR
EXPRESS WARRANTIES WHATSOEVER. For greater certainty, nothing in this Section
5.17 shall in any way limit Seller's indemnification obligations as set forth in
Article 10.

     5.18 Independent Investigation. In making the decision to enter into this
Agreement and the Other Agreements and to consummate the transactions
contemplated hereby and thereby, other than reliance on the representations,
warranties, covenants and obligations of Buyer set forth in this Agreement and
in the Other Agreements, Seller has relied solely on its own independent
investigation, analysis and evaluation of the Buyer. Seller confirms to Buyer
that Seller is sophisticated and knowledgeable with respect to the business of
Buyer and is capable of evaluating the matters set forth above. However, nothing
in this Section 5.18 shall limit in any way the ability of Seller to rely upon
the representations and warranties of Buyer set forth in this Agreement.

     5.19 Investment by the Seller. The Seller hereby represents that the
Preferred Stock will be acquired for investment for Seller's own account, not
with a view to the sale or distribution of any part thereof. The Seller has no
present intention of selling, granting any participation in, or otherwise
distributing the Preferred Stock.

     5.20 Raw Material Viability. The genetic material included in the Inventory
shall be in viable condition as of the Closing.

                                   ARTICLE 6

                    Representations and Warranties of Buyer.

     Buyer represents and warrants to Seller as follows:

     6.1 Organization. Buyer is a corporation duly incorporated and validly
existing in good standing under the laws of Delaware, duly qualified to transact
business as a foreign

                                       15

<PAGE>

corporation in all jurisdictions except where the failure to be so qualified
would not reasonably be expected to have a material adverse effect on Buyer, and
with all requisite corporate power and authority to own, lease and operate its
properties and to carry on its business as now being conducted.

     6.2 Due Authorization. Buyer has full corporate power and authority to
execute, deliver and perform its obligations under this Agreement (including the
issuance of the Preferred Stock) and the Other Agreements and the execution and
delivery of this Agreement and the Other Agreements and the performance of all
of its obligations hereunder and thereunder have been duly authorized by Buyer.
The signing, delivery and performance of this Agreement and the Other Agreements
by Buyer are not prohibited or limited by, and will not result in the breach of
or a default under, any provision of the Certificate of Incorporation or By-Laws
of Buyer or of any order, writ, injunction or decree of any court or
governmental instrumentality. This Agreement has been, and on the Closing Date
the Other Agreements will have been, duly executed and delivered by Buyer and
constitutes, or, in the case of the Other Agreements will constitute, the legal,
valid and binding obligations of Buyer, enforceable against Buyer in accordance
with their respective terms, except as enforceability may be limited or affected
by applicable bankruptcy, insolvency, moratorium, reorganization or other laws
of general application relating to or affecting creditors' rights generally.

     6.3 Capital Stock. As of the date of this Agreement and as of immediately
prior to the Closing, the capitalization of the Buyer shall be as set forth in
Section 3.3 of the Series E Preferred Stock Purchase Agreement.

     6.4 Subsidiaries. Except as set forth on Schedule 6.4, the Buyer has no
Subsidiaries. Each Subsidiary is a corporation or limited liability company duly
organized, validly existing and in good standing under the laws of its
jurisdiction of incorporation and has full power and authority to conduct its
business. Each Subsidiary is duly qualified, licensed or admitted to do business
as a foreign corporation and is in good standing in each jurisdiction where the
failure to be so qualified and in good standing would reasonably be expected to
have a material adverse effect on the condition (financial or otherwise) or
business prospects of Buyer or such Subsidiary. Schedule 6.4 lists for each
Subsidiary the amount of its authorized and outstanding equity interests. Except
as disclosed in Schedule 6.4, all of the outstanding equity interests of each
Subsidiary have been duly authorized and validly issued, are fully paid and
nonassessable, and are owned, beneficially and of record, by the Buyer or
Subsidiaries wholly owned, directly or indirectly, by the Buyer free and clear
of all Encumbrances. There are no outstanding Options with respect to any
Subsidiary or agreements, arrangements or understandings to issue Options with
respect to any Subsidiary and there are no preemptive rights or agreements,
arrangements or understandings to issue preemptive rights with respect to the
issuance or sale of any Subsidiary's equity interests. Except for the
Subsidiaries listed on Schedule 6.4, neither the Buyer nor any Subsidiary holds
any equity, partnership, joint venture or other interest in any Person.

     6.5 Title. Except as set forth on Schedule 6.5, Buyer has good and
defensible title to (or valid leasehold interests in or other rights to use) its
assets as reflected on the most recent consolidated balance sheet which Buyer
has furnished to Seller free and clear of any Encumbrance (except for tax liens
for Taxes not yet due and payable) and, except as set forth on

                                       16

<PAGE>

Schedule 6.5, no effective financing statement or other document similar in
effect covering all or any part of the assets of Buyer is on file in any
recording office.

     6.6 Buyer's Intellectual Property. Except as set forth on Schedule 6.6, to
Buyer's Knowledge, Buyer's material Intellectual Property Rights as currently
used in the operation of its business ("Buyer's Intellectual Property") are
owned free and clear of all Encumbrances or have been duly licensed for use by
Buyer. Except as set forth on Schedule 6.6, to Buyer's Knowledge, Buyer's
Intellectual Property has not been and is not the subject of any pending adverse
claim or any threatened litigation or claim of infringement. To Buyer's
Knowledge, except as set forth on Schedule 6.6, Buyer's Intellectual Property
does not materially infringe on any Intellectual Property Rights of any third
party.

     6.7 Litigation. There is no litigation or governmental or arbitration
proceeding or labor controversy pending, nor to the Knowledge of Buyer
threatened, against Buyer or any of its property that, if adversely determined,
individually or in the aggregate, could reasonably be expected to have a
material adverse effect on the condition (financial or otherwise) or business
prospects of Buyer.

     6.8 Consents. Except as set forth on Schedule 6.8, no notice to, filing
with, authorization of, exemption by, or consent of, any Person is required for
Buyer to consummate the transactions contemplated by this Agreement or the Other
Agreements.

     6.9 Brokers, Etc. No broker or investment banker acting on behalf of Buyer
or Buyer's Affiliates is or will be entitled to any broker's or finder's fee or
any other commission or similar fee directly or indirectly in connection with
any of the transactions contemplated hereby.

     6.10 Financial Information. The audited balance sheets and statements of
net income and cash flows for the Buyer for the years ended December 31, 2003
and December 31, 2004 and unaudited balance sheet and statements of net income
and cash flows for the Buyer for the six-month period ended June 30, 2005 (the
"Buyer Financial Statements") were (i) prepared in accordance with GAAP (with
respect to year-end information) or in accordance with past practices (with
respect to June 30, 2005 information) and (ii) present fairly in all material
respects the financial condition of Buyer.

     6.11 Absence of Undisclosed Liabilities. Except for liabilities incurred in
connection with the transactions contemplated by this Agreement and as provided
on Schedule 6.11, to Buyer's Knowledge, Buyer has not incurred any material
liabilities or obligations (whether accrued, absolute, contingent or otherwise),
which continue to be outstanding, except as disclosed in the Buyer Financial
Statements, or except as incurred in the ordinary course of business.

     6.12 Absence of Unusual Changes and Unusual Transactions. Since June 30,
2005, except as would not reasonably be expected to have a material adverse
effect on the condition (financial or otherwise) or business prospects of Buyer:

          (a) there has not been any material change in the financial condition,
methods of operation, working capital, assets, employment policies or practices
or prospects of Buyer other than changes in the ordinary course of business; and

                                       17

<PAGE>

          (b) there has not been any material damage, destruction, loss, labor
dispute, organizing drive, application for certification or other event,
development or condition of any character (whether or not covered by insurance).

     6.13 Tax Matters. All federal and other material tax returns required to be
filed by Buyer in any jurisdiction have, in fact, been filed, and all material
Taxes, assessments, fees, and other governmental charges upon Buyer or upon any
of its property, income or franchises, which are shown to be due and payable in
such returns, have been paid, except such Taxes, assessments, fees and
governmental charges, if any, as are being contested in good faith and by
appropriate proceedings which prevent enforcement of the matter under contest
and as to which adequate reserves have been established in accordance with GAAP
and reflected on the most recent consolidated balance sheet which Buyer has
furnished to Seller. To Buyer's Knowledge, there are no proposed additional
material Tax assessments against it for which adequate provisions in accordance
with GAAP have not been made and which are not reflected on the most recent
consolidated balance sheet which Buyer has furnished to Seller. Buyer has made
adequate provisions for Taxes in accordance with GAAP on its books for all open
years, and for its current fiscal period.

     6.14 Full Disclosure. The statements and information furnished by or on
behalf of Buyer to Seller in connection with the negotiation of this Agreement
and the Other Agreements do not contain any untrue statement of a material fact
or omit a material fact necessary to make the material statements contained
herein or therein not misleading.

     6.15 Transactions with Affiliates. Except as set forth on Schedule 6.15,
(i) there are no liabilities between the Buyer on the one hand, and any
Subsidiary, shareholder or current or former officer, director, shareholder or
Affiliate of the Buyer on the other, (ii) the Buyer does not provide or cause to
be provided any assets, services or facilities to any such Subsidiary, current
or former shareholder, officer, director, shareholder or Affiliate, (iii) no
Person described in clause (i) provides or causes to be provided any assets,
services or facilities to the Buyer and (iv) the Buyer does not beneficially
own, directly or indirectly, any Investment Assets of any Person.

     6.16 Compliance with Laws. Buyer is in material compliance with the
requirements of all federal, state and local laws, rules and regulations
applicable to or pertaining to its property or business operations (including,
without limitation, the Occupational Safety and Health Act of 1970, the
Americans with Disabilities Act of 1990, and laws and regulations establishing
quality criteria standards for air, water, land and toxic or hazardous wastes
and substances, as well as all laws, rules, and regulations governing the sale,
manufacture and distribution of pharmaceutical, healthcare or therapeutic
products, and the conduct of businesses engaged in the sale, manufacture and
distribution of pharmaceutical, healthcare or therapeutic products), where any
such non-compliance, individually or in the aggregate, could reasonably be
expected to have a material adverse effect on the condition (financial or
otherwise) or business prospects of Buyer.

     6.17 Independent Investigation. In making the decision to enter into this
Agreement and the Other Agreements and to consummate the transactions
contemplated hereby and thereby, other than reliance on the representations,
warranties, covenants and obligations of Seller set forth in this Agreement and
in the Other Agreements, Buyer has relied solely on its own

                                       18

<PAGE>

independent investigation, analysis and evaluation of the Purchased Assets and
Assumed Liabilities (including Buyer's own estimate and appraisal of the value
of the financial condition, assets, operations and prospects thereof). Buyer
confirms to Seller that Buyer is sophisticated and knowledgeable in the business
in which Buyer intends to use the Purchased Assets and is capable of evaluating
the matters set forth above. However, nothing in this Section 6.17 shall limit
in any way the ability of Buyer to rely upon the representations and warranties
of Seller set forth in this Agreement.

                                   ARTICLE 7

                   Pre-Closing Covenants of Seller and Buyer.

     7.1 Corporate and Other Actions. Each of Seller and Buyer shall take, or
shall cause its respective Affiliates to take, all necessary corporate action
required to fulfill its obligations under this Agreement and the Other
Agreements and the transactions contemplated hereby and thereby.

     7.2 Consents and Approvals. Each of Seller and Buyer shall use its
reasonable best efforts to obtain all necessary consents and approvals to the
performance of its obligations under this Agreement and the Other Agreements and
the transactions contemplated hereby and thereby. Each of Seller and Buyer shall
make all filings, applications, statements, notices and reports to all federal,
state, local or foreign government agencies or entities which are required to be
made or given prior to the Closing Date by or on behalf of Seller or Buyer
pursuant to any applicable law, statute, ordinance, regulation or rule in
connection with this Agreement and the Other Agreements and the transactions
contemplated hereby and thereby.

     7.3 Competition Law Filings. Each of Buyer and Seller shall promptly
prepare and file any notification and report form required under the HSR Act and
any notification or other form required to be filed under any law or regulation
of any foreign national or supra-national competition authority, and regulations
promulgated thereunder, if applicable, and any further filing pursuant thereto
as may be necessary.

     7.4 Access to Information. (a) Seller will permit representatives of Buyer
from and after the date hereof up to the Closing Date to have access at all
reasonable times to the books, accounts, records, properties, operations and
facilities of every kind to the extent pertaining to the Purchased Assets, and
will furnish Buyer with such financial and operating data concerning the
Purchased Assets as Buyer shall from time to time reasonably request, subject to
any confidentiality agreements entered into by Seller; provided that under no
circumstances will Seller permit Buyer or any of its representatives to have
access to Tax returns, including related workpapers, filed by Seller or Seller's
Affiliates. Notwithstanding the foregoing, Seller does not have any obligation
hereunder to permit Buyer or any of its representatives to access any of
Seller's Tax returns, including any related workpapers, filed by Seller or its
Affiliates.

     7.5 Ordinary Course of Business. Subsequent to the date hereof and prior to
the Closing Date, Seller will use reasonable efforts to continue to operate
and/or use the Purchased Assets in the usual and normal course and to maintain
the Purchased Assets in substantially the same manner as heretofore maintained.
Notwithstanding the foregoing, nothing in this

                                       19

<PAGE>

Agreement shall be construed as placing any limitation on the Seller's ability
to sell its tissue culture based urokinase product marketed under the brand
Abbokinase(R).

     7.6 Exclusivity. The Seller agrees that, from the date hereof through the
earlier of (i) the Closing Date and (ii) September 30, 2005, neither the Seller
nor any of its representatives, directors, officers, employees or Affiliates
will (i) pursue, solicit, initiate or encourage the submission of any proposal
or offer from any Person relating to the sale, license or assignment of any of
the Purchased Assets or the Product with any Person (other than the Buyer) or
provide any information to any such other Person in connection therewith, or
(ii) participate in any discussions or negotiations regarding, furnish any
information with respect to, assist or participate in, or facilitate in any
other manner any effort or attempt by any Person (other than the Buyer) to do or
seek the sale, license or assignment of the Product. The Seller will notify the
Buyer immediately if any Person makes any proposal, offer, inquiry, or contact
with respect to any sale, license or assignment of the Product. Notwithstanding
the foregoing, nothing in this Agreement shall be construed as placing any
limitations on the Seller's ability to sell assets related primarily to its
tissue culture based urokinase product marketed under the brand Abbokinase(R).

                                    ARTICLE 8

                                   Conditions.

     8.1 Conditions to Obligations of Seller. The obligations of Seller to
consummate the transactions contemplated by this Agreement shall be subject to
fulfillment at or prior to the Closing of the following conditions (any one or
more of which may be waived in whole or in part by Seller):

          (a) Performance of Agreements and Conditions. All agreements and
conditions to be performed and satisfied by Buyer hereunder on or prior to the
Closing Date shall have been duly performed and satisfied by Buyer in all
material respects.

          (b) Representations and Warranties True. The representations and
warranties of Buyer contained in this Agreement that are qualified as to
materiality shall be true and correct, and all other representations and
warranties of Buyer contained in this Agreement shall be true and correct except
for breaches of, or inaccuracies in, such representations and warranties that,
in the aggregate, would not have a material adverse effect on the expected
benefits to Seller of the transactions contemplated by this Agreement taken as a
whole, in each such case on and as of the Closing Date, with the same effect as
though made on and as of the Closing Date, and there shall be delivered to
Seller on the Closing Date a certificate, in form and substance reasonably
satisfactory to Seller and its counsel duly signed by the President or Vice
President of Buyer, to that effect.

          (c) Payment of Purchase Price. Buyer shall have paid the Purchase
Price as provided in Section 4.2(b).

                                       20

<PAGE>

          (d) HSR Waiting Period. Any applicable waiting period under the HSR
Act shall have expired without action by the Justice Department or the Federal
Trade Commission to prevent consummation of this Agreement or shall have been
terminated earlier.

          (e) Foreign Competition Laws. Any necessary approvals shall have been
received or any applicable period for action shall have expired under the
applicable laws or regulations of the foreign national or supra-national
competition authorities.

          (f) No Action or Proceeding. No legal or regulatory action or
proceeding shall be pending or threatened by any Person to enjoin, restrict or
prohibit the purchase and sale of the Purchased Assets or the transactions
contemplated hereby. No order, judgment or decree by any court or regulatory
body shall have been entered in any action or proceeding instituted by any party
that enjoins, restricts, or prohibits this Agreement or the complete
consummation of the transactions as contemplated by this Agreement.

          (g) Other Agreements. Buyer shall have delivered to Seller a duly
executed copy of each of the Other Agreements.

          (h) Good Standing Certificates. The Buyer shall have delivered to
Seller, (a) a copy of the Certificate of Designation certified by the Secretary
of State of Delaware, (b) a certificate from the Secretary of State of Delaware
to the effect that the Buyer is in good standing in Delaware, and (c)
certificates from the secretary of state or other appropriate government
official in each jurisdiction in which the Buyer is qualified or admitted to do
business to the effect that the Company is duly qualified or admitted and in
good standing in such jurisdiction.

          (i) Securities Law Compliance. The Buyer shall have made all filings
under all applicable federal and state securities laws necessary to consummate
the transactions contemplated hereby (including the issuance of the Preferred
Stock and Promissory Note) in compliance with such laws.

     8.2 Conditions to Obligations of Buyer. The obligations of Buyer to
consummate the transactions contemplated by this Agreement shall be subject to
fulfillment at or prior to the Closing of the following conditions (any one or
more of which may be waived in whole or in part by Buyer):

          (a) Performance of Agreements and Covenants. All agreements and
conditions to be performed and satisfied by Seller hereunder on or prior to the
Closing Date shall have been duly performed and satisfied by Seller in all
material respects.

          (b) Representations and Warranties True. The representations and
warranties of Seller contained in this Agreement that are qualified as to
materiality shall be true and correct, and all other representations and
warranties of Seller contained in this Agreement shall be true and correct
except for breaches of, or inaccuracies in, such representations and warranties
that, in the aggregate, would not have a material adverse effect on the
Purchased Assets taken as a whole, in each such case on and as of the Closing
Date with the same effect as though made on and as of the Closing Date, and
there shall be delivered by Seller on the Closing Date a certificate, in form
and substance reasonably satisfactory to Buyer and its counsel, duly signed by
an officer of Seller, to that effect.

                                       21

<PAGE>

          (c) Raw Material Viability. The genetic material included in the
Inventory shall have been certified as being in viable condition in accordance
with the procedures set forth in the Inventory Testing Procedures.

          (d) HSR Waiting Period. Any applicable waiting period under the HSR
Act shall have expired without action by the Justice Department or the Federal
Trade Commission to prevent consummation of this Agreement or shall have been
terminated earlier.

          (e) Foreign Competition Laws. Any necessary approvals shall have been
received or any applicable period for action shall have expired under the
applicable laws or regulations of the foreign national or supra-national
competition authorities set forth on Schedule 6.24.

          (f) No Action or Proceeding. No legal or regulatory action or
proceeding shall be pending or threatened by any Person to enjoin, restrict or
prohibit the purchase and sale of the Purchased Assets contemplated hereby. No
order, judgment or decree by any court or regulatory body shall have been
entered in any action or proceeding instituted by any party that enjoins,
restricts, or prohibits this Agreement or the complete consummation of the
transactions as contemplated by this Agreement.

          (g) Other Agreements. Seller shall have delivered to Buyer a duly
executed copy of each of the Other Agreements.

          (h) Board Approval. The Buyer shall have obtained the approval of its
board of directors and its preferred stockholders.

                                    ARTICLE 9

                    Post-Closing Covenants; Other Agreements.

     9.1 Availability of Records. After the Closing, Buyer shall make available
to Seller as reasonably requested by Seller, its agents and representatives, or
as requested by any taxing authority or any governmental authority, all
information, records and documents relating to the Purchased Assets for all
periods prior to Closing and shall preserve all such information, records and
documents until the later of: (a) six (6) years after the Closing; (b) the
expiration of all statutes of limitations for Taxes for periods prior to the
Closing, or extensions thereof applicable to Seller for Tax information, records
or documents; or (c) the required retention period for all government contract
information, records or documents. Buyer shall also make available to Seller, as
reasonably requested by Seller, personnel responsible for preparing or
maintaining information, records and documents, in connection with tax matters,
governmental contracts, litigation or potential litigation, including without
limitation, product liability, general insurance liability and automobile
insurance liability. Prior to destroying any records related to Seller for the
period prior to the Closing, Buyer shall notify Seller ninety (90) days in
advance of any such proposed destruction of its intent to destroy such records,
and Buyer will permit Seller to retain any such records. With respect to any
litigation and claims that are Excluded Liabilities, Buyer shall render all
reasonable assistance that Seller may request in defending such litigation or

                                       22

<PAGE>

claim and shall make available to Seller personnel who are most knowledgeable
about the matter in question.

     9.2 Use of Trade or Service Marks. Neither Buyer nor any of Buyer's
Affiliates shall use or permit its distributors to use the name "Abbott
Laboratories" or any other corporate, trade or service marks or names owned or
used by Seller or Seller's Affiliates, unless such marks or names are
specifically included in the Purchased Assets.

     9.3 Tax Matters.

          (a) Bifurcation of Taxes. Subject to Section 3.4, Seller and its
Affiliates shall be solely liable for all Taxes imposed upon Seller attributable
to the Purchased Assets for all taxable periods ending on or before the Closing
Date. Buyer and its Affiliates shall be solely liable for any Taxes imposed upon
Buyer attributable to the Purchased Assets for any taxable year or taxable
period commencing after the Closing Date.

          (b) Transfer Taxes. Buyer shall be liable for all sales, use, transfer
and documentary taxes and recording and filing fees applicable to the transfer
of the Purchased Assets. If the Purchased Assets are exempt from taxation,
Seller agrees not to collect sales tax with respect to such Purchased Assets.

          (c) Cooperation and Records. After the Closing Date, Buyer and Seller
shall cooperate in the filing of any Tax returns or other Tax-related forms or
reports, to the extent any such filing requires providing each other with
necessary relevant records and documents relating to the Purchased Assets.
Seller and Buyer shall cooperate in the same manner in defending or resolving
any tax audit, examination or tax-related litigation. Buyer and Seller shall
cooperate in the same manner to minimize any transfer, sales and use Taxes.
Nothing in this Section shall give Buyer or Seller any right to review the
other's Tax returns or Tax related forms or reports.

          (d) Bulk Sales Laws. Seller and Buyer waive compliance with bulk sales
laws for tax purposes.

          9.4 Non-competition by Seller. Seller covenants and agrees that
neither it nor any of its Affiliates or related parties will, directly or
indirectly, on behalf of itself or any other party, sell, market, promote or
distribute, license, research or develop any Thrombolytic Therapy Product for a
period of three (3) years commencing on the Closing Date, or invest in,
participate in or assist any other entity with respect to any of the foregoing.
Notwithstanding the foregoing, nothing in this Section 9.6 shall prevent Seller
from (i) engaging in or consummating any transaction relating to Seller's tissue
culture based urokinase product marketed under the brand name Abbokinase(R);
(ii) acquiring a third party that derives 10% or less of its annual net sales
from the development, sale, marketing, promotion or distribution of any
Thrombolytic Therapy Product; or (iii) engaging in research, developing,
selling, marketing, promoting and/or distributing any product that may be used
on an off-label basis as a Thrombolytic Therapy Product, provided that any such
research, development, promoting and marketing is not intended for use of the
product as a Thrombolytic Therapy Product.

     9.5 Financial Statements. For so long as Seller holds the Preferred Stock
and until the closing of a public offering of the Buyer's equity securities
pursuant to an effective registration

                                       23

<PAGE>

statement under the Securities Act of 1933, the Buyer shall deliver within 30
days after the end of each quarterly accounting period in each fiscal year,
unaudited statements of income and cash flows of the Buyer and its Subsidiaries
for such quarterly period, and balance sheets of the Buyer and its Subsidiaries
as of the end of such quarterly period. All such statements shall be prepared in
accordance with GAAP, consistently applied, and shall be certified by the chief
financial officer of the Buyer.

     9.6 Compliance with Laws. Buyer shall comply in all respects with the
requirements of all federal, state, and local laws, rules, regulations,
ordinances and orders applicable to or pertaining to its property or business
operations, where any such non-compliance, individually or in the aggregate
could reasonably be expected to have a material adverse effect on the condition
(financial or otherwise) or business prospects of Buyer or result in an
Encumbrance upon any of its property.

     9.7 Post-Closing Delivery. Seller agrees to store the tangible Purchased
Assets in its facilities for the benefit of Buyer for 60 days after Closing.
Buyer agrees to arrange for physical delivery to Buyer of the tangible Purchased
Assets in Seller's possession within such 60 day period. Buyer and Seller
acknowledge that title and risk of loss with respect to all Purchased Assets
shall pass to Buyer at Closing. Seller agrees to use commercially reasonable
efforts to preserve and maintain the tangible Purchased Assets in good working
condition and to protect such Purchased Assets against spoilage, deterioration
and other wasting.

                                   ARTICLE 10

                          Indemnification and Survival.

     10.1 Indemnification by Seller.

          (a) Seller's Indemnity. To the extent set forth in this Section 10.1,
Seller agrees to indemnify and hold harmless Buyer and its Affiliates at all
times against and in respect of all losses, liabilities, costs and expenses
(including, without limitation, reasonable attorneys' fees) (collectively,
"Losses") which Buyer or its Affiliates may suffer or incur to the extent
arising out of or based upon (i) any breach of any of the representations and
warranties of Seller set forth in this Agreement, (ii) any breach of any of the
covenants and agreements of Seller set forth in this Agreement, (iii) the
production, development, trial, research, marketing use, or distribution of the
Products prior to the Closing Date, or (iv) any Excluded Liability.

          (b) Limitations on Seller's Indemnity.

               (i) Seller shall not be liable for any Loss described in Section
          10.1(a)(i) until the aggregate of all such Losses for which Seller is
          liable are in excess of $250,000. Notwithstanding the foregoing,
          Seller shall not indemnify or hold Buyer or its Affiliates harmless
          against any such individual Loss unless such Loss exceeds Fifty
          Thousand Dollars ($50,000) and no such individual Loss of less than
          Fifty Thousand Dollars ($50,000) (exclusive of attorneys' fees) shall
          be considered in determining whether the aggregate Losses exceed the
          deductible set forth in the preceding sentence.

                                       24

<PAGE>

               (ii) Seller's aggregate liability for the Losses described in
          Section 10.1(a)(i) shall not exceed Five Million Dollars ($5,000,000);
          provided, however, that upon Buyer's satisfaction of all of its
          Obligations (as defined in the Promissory Note) under the Promissory
          Note, Seller's liability for the Losses described in Section
          10.1(a)(i) shall not exceed an aggregate of Twenty Million Dollars
          ($20,000,000).

               (iii) Neither Seller nor Seller's Affiliates shall have liability
          to Buyer or Buyer's Affiliates for any consequential, incidental or
          punitive damages, and Losses indemnifiable hereunder shall not include
          such damages.

          (c) Notice of Claims. Buyer shall promptly notify Seller in writing of
all matters which may give rise to the right to indemnification hereunder, it
being understood that if Seller does not receive notice of any matter known to
Buyer and as to which Buyer or its Affiliates are entitled to indemnification
hereunder in time to contest the determination of any such liability which is
susceptible to being successfully contested, Seller shall not be obligated to
indemnify Buyer or its Affiliates with respect thereto. Buyer shall not admit
any liability with respect to, or settle, compromise or discharge, any such
matter covered by this Section 10.1 without Seller's prior written consent
(which shall not be unreasonably withheld or delayed). Seller shall have the
right, with the consent of Buyer (which shall not be unreasonably withheld or
delayed), to settle all indemnifiable matters related to claims by third parties
which are susceptible to being settled, and to defend (without the consent of
Buyer) through counsel of its own choosing, at its own expense, any action which
may be brought by a third party in connection therewith; provided, however, that
Buyer shall have the right to have its counsel participate fully in such defense
at its own expense. Buyer and Seller shall keep each other informed of all
settlement negotiations with third parties and of the progress of any litigation
with third parties. Buyer and Seller shall permit each other reasonable access
to books and records and otherwise cooperate with all reasonable requests of
each other in connection with any indemnifiable matter resulting from a claim by
a third party.

     10.2 Indemnification by Buyer.

          (a) Buyer agrees to indemnify and hold harmless Seller and Seller's
Affiliates at all times against and in respect of Losses which Seller or its
Affiliates may suffer or incur to the extent arising out of or based upon: (i)
any breach of any of the representations, warranties, covenants and agreements
of Buyer set forth in this Agreement or any of the Other Agreements; (ii) any
Assumed Liability; or (iii) the manufacture, sale or use of Products or
Purchased Assets after the Closing Date.

          (b) Limitations on Buyer's Indemnity.

               (i) Buyer shall not be liable for any Loss described in Section
          10.2(a)(i) until the aggregate of all such Losses for which Buyer is
          liable are in excess of $250,000. Notwithstanding the foregoing, Buyer
          shall not indemnify or hold Seller or its Affiliates harmless against
          any such individual Loss unless such Loss exceeds Fifty Thousand
          Dollars ($50,000) and no such individual Loss of less than Fifty
          Thousand Dollars ($50,000) (exclusive of

                                       25

<PAGE>

          attorneys' fees) shall be considered in determining whether the
          aggregate Losses exceed the deductible set forth in the preceding
          sentence.

               (ii) Buyer's aggregate liability for the Losses described in
          Section 10.1(a)(i) shall not exceed Five Million Dollars ($5,000,000);
          provided, however, that upon Buyer's satisfaction of all of its
          Obligations (as defined in the Promissory Note) under the Promissory
          Note, Buyer's liability for the Losses described in Section 10.2(a)(i)
          shall not exceed an aggregate of Twenty Million Dollars ($20,000,000)

               (iii) Neither Buyer nor Buyer's Affiliates shall have liability
          to Seller or Seller's Affiliates for any consequential, incidental or
          punitive damages, and Losses indemnifiable hereunder shall not include
          such damages.

          (c) Notice of Claims. Seller shall promptly notify Buyer in writing of
all matters which may give rise to the right to indemnification hereunder, it
being understood that if Buyer does not receive notice of any matter known to
Seller and as to which Seller or its Affiliates are entitled to indemnification
hereunder in time to contest the determination of any such liability which is
susceptible to being successfully contested, Buyer shall not be obligated to
indemnify Seller or its Affiliates with respect thereto. Seller shall not admit
any liability with respect to, or settle, compromise or discharge any such
matter covered by this Section 10.2 without Buyer's prior written consent (which
shall not be unreasonably withheld or delayed). Buyer shall have the right, with
the consent of Seller (which shall not be unreasonably withheld or delayed), to
settle all indemnifiable matters related to claims by third parties which are
susceptible to being settled, and to defend (without the consent of Seller)
through counsel of its own choosing, at its own expense, any action which may be
brought by a third party in connection therewith; provided, however, that Seller
shall have the right to have its counsel participate fully in such defense at
its own expense. Buyer and Seller shall keep each other informed of all
settlement negotiations with third parties and of the progress of any litigation
with third parties. Buyer and Seller shall permit each other reasonable access
to books and records and otherwise cooperate with all reasonable requests of
each other in connection with any indemnifiable matter resulting from a claim by
a third party.

     10.3 Survival. Except as otherwise expressly provided for herein, the
representations and warranties of the parties contained herein shall survive the
Closing for a period of two (2) years at which time they shall expire; provided,
however, that claims previously made in writing with respect to breaches of such
representations and warranties shall be indemnifiable in accordance with this
Article 10. No claim may be made based upon an alleged breach of any of such
representations or warranties whether for indemnification in respect thereof or
otherwise, unless written notice of such claim, in reasonable detail, is given
to Buyer or to Seller, as the case may be, within said two year period following
the Closing. The indemnification obligations of Seller for Excluded Liabilities
shall survive the Closing indefinitely.

     10.4 Exclusive Remedy. From and after the Closing, the rights and remedies
set forth in this Article 10 shall constitute the sole and exclusive rights and
remedies of Buyer and its Affiliates and Seller and its Affiliates with respect
to this Agreement, the events giving rise to this Agreement and the transactions
contemplated hereby.

                                       26

<PAGE>

     10.5 Net Losses and Subrogation.

          (a) Notwithstanding anything contained herein to the contrary, the
amount of any Losses incurred or suffered by a Person entitled to
indemnification hereunder (an "Indemnified Person") shall be calculated after
giving effect to: (i) any insurance proceeds received by the Indemnified Person
(or any of its Affiliates) with respect to such Losses; (ii) any Tax benefit
actually realized by the Indemnified Person (or any of its Affiliates) arising
from the facts or circumstances giving rise to such Losses; and (iii) any
recoveries obtained by the Indemnified Person (or any of its Affiliates) from
any other third party. Each Indemnified Person shall exercise its reasonable
best efforts to obtain such proceeds, benefits and recoveries. If any such
proceeds, benefits or recoveries are received by an Indemnified Person (or any
of its Affiliates) with respect to any Losses after the Indemnified Person (or
any Affiliate) has received the benefit of any indemnification hereunder with
respect thereto, the Indemnified Person (or such Affiliate) shall pay to the
Person providing the indemnification (the "Indemnifying Person") the amount of
such proceeds, benefits or recoveries (up to the amount of the Indemnifying
Person's payment).

          (b) Upon making any payment to an Indemnified Person in respect of any
Losses, the Indemnifying Person will, to the extent of such payment, be
subrogated to all rights of the Indemnified Person (and its Affiliates) against
any third party in respect of the Losses to which such payment relates. Such
Indemnified Person (and its Affiliates) and Indemnifying Person will execute
upon request all instruments reasonably necessary to evidence or further perfect
such subrogation rights.

     10.6 Insurance. Buyer shall obtain and keep in force during the term of its
indemnity obligations to Seller under this Agreement and the Other Agreements
insurance policies from an insurance company with an A.M. Best rating of A++ or
A+ (superior) providing the following minimum levels of coverage: general
comprehensive liability, including product liability, insurance covering each
occurrence of bodily injury and property damage in an amount of not less than
Five Million Dollars ($5,000,000) per occurrence and not less than Ten Million
Dollars ($10,000,000) in the aggregate. Buyer shall (a) cause the insurer to
endorse the insurance policy to provide for written notification to Seller by
the insurer not less than thirty (30) days prior to cancellation, expiration or
modification and (b) name Seller as an additional insured on the insurance
policy. Buyer shall furnish Seller with a certificate of insurance evidencing
compliance with this Section 10.6 and referencing this Agreement within ten (10)
days of the Closing Date or, in the event of insurance renewal, within ten (10)
days of such renewal.

                                   ARTICLE 11

                                  Termination.

     11.1 Termination of Agreement. This Agreement may be terminated at any time
prior to the Closing Date with the mutual written consent of Buyer and Seller.

     11.2 Automatic Termination. This Agreement shall terminate automatically if
the Closing Date shall not have occurred on or before the 30th day after the
date of this Agreement, or such later date as shall have been agreed to by the
parties hereto.

                                       27

<PAGE>

                                   ARTICLE 12

                                 Miscellaneous.

     12.1 Assignment. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns;
provided, however, that no assignment shall be made by either party without the
prior express written consent of the other party. Notwithstanding the foregoing,
either party may assign its rights and obligations under this Agreement without
such consent to an Affiliate or in connection with a sale, merger or other
transaction involving substantially all of its assets of the business relating
to the Purchased Assets.

     12.2 No Press Release Without Consent. No press release related to this
Agreement or the transactions contemplated herein, or other announcement to the
customers or suppliers of Seller will be issued without the joint approval of
Seller and Buyer, except: (a) any public disclosure which Seller or Buyer in its
good faith judgment believes is required by law or by any stock exchange or
interdealer quotation system on which its securities are listed or quoted (in
which case the party making the disclosure will use its reasonable best efforts
to consult with the other party prior to making any such disclosure) and (b)
that Seller may make an announcement related to this Agreement and the
transactions contemplated hereby to its employees.

     12.3 Confidentiality. Except as required by applicable law, all information
related to the Products supplied to Buyer by Seller shall be maintained in
strict confidence by Buyer and its employees, advisors, directors, officers and
agents, and all information supplied to Seller by Buyer in connection with this
Agreement shall be maintained in strict confidence by Seller and its employees,
advisors, directors, officers and agents, in each case in accordance with the
Confidentiality Agreement dated as of May 6, 2005 between Buyer and Seller (the
"Confidentiality Agreement"), and in the event that this Agreement is
terminated, all written materials relating thereto shall be returned to Seller
or Buyer, as the case may be, or destroyed as provided in the Confidentiality
Agreement and Buyer and Seller shall each deliver an officer's certificate to
the other certifying as to such return or destruction. In such event, Buyer and
Seller and their employees, advisors and agents shall make no further use of
such information whatsoever. Notwithstanding the foregoing, as necessary, Buyer
may disclose any information regarding the Products to its existing and
prospective lenders, investors, partners and agents; provided, however, that
upon completion of the Transfer of Manufacturing Technology, the only disclosure
that Buyer may provide regarding Seller is that it has acquired the Products
from Seller (except as additional disclosure may be required by applicable law).
Notwithstanding anything to the contrary in this Agreement, the Other Agreements
or the Confidentiality Agreement, Buyer agrees that Seller shall be permitted to
disclose information regarding Buyer and the transactions contemplated hereby to
the extent necessary to assign an undivided one-half interest in US Patent No.
5,260,872 to a third party, in connection with any sale of Seller's tissue
culture based urokinase product marketed under the brand name Abbokinase(R).
After the Closing, Seller will treat all confidential information relating to
the Purchased Assets as confidential information of Buyer subject to the
restrictions contained in the Confidentiality Agreement.

                                       28

<PAGE>

     12.4 Expenses. Subject to Section 9.3(b), each party shall bear its own
expenses with respect to the transactions contemplated by this Agreement.

     12.5 Severability. Each of the provisions contained in this Agreement shall
be severable, and the unenforceability of one shall not affect the
enforceability of any others or of the remainder of this Agreement.

     12.6 Entire Agreement. This Agreement may not be amended, supplemented or
otherwise modified except by an instrument in writing signed by all of the
parties hereto. This Agreement, the Other Agreements and the Confidentiality
Agreement contain the entire agreement of the parties hereto with respect to the
transactions covered hereby, superseding all negotiations, prior discussions and
preliminary agreements made prior to the date hereof.

     12.7 No Third Party Beneficiaries. This Agreement is for the sole benefit
of the parties hereto and their permitted assigns and nothing herein, express or
implied (including Article 10), shall give or be construed to give to any
Person, other than the parties hereto and such permitted assigns, any legal or
equitable rights hereunder.

     12.8 Waiver. The failure of any party to enforce any condition or part of
this Agreement at any time shall not be construed as a waiver of that condition
or part, nor shall it forfeit any rights to future enforcement thereof. The
provisions hereof may be waived by either party only by express written consent
of such party.

     12.9 Governing Law. This Agreement shall be construed and enforced in
accordance with and governed by the laws of the State of Delaware without regard
to the conflicts of laws provisions thereof.

     12.10 Headings. The headings of the sections and subsections of this
Agreement are inserted for convenience only and shall not be deemed to
constitute a part hereof.

     12.11 Counterparts. The parties may execute this Agreement in one or more
counterparts, and each fully executed counterpart shall be deemed an original.

     12.12 Further Documents. Each of Buyer and Seller will, and will cause its
respective Affiliates to, at the request of another party, execute and deliver
to such other party all such further instruments, assignments, assurances and
other documents as such other party may reasonably request in connection with
the carrying out of this Agreement and the transactions contemplated hereby.

     12.13 Notices. All communications, notices and consents provided for herein
shall be in writing and be given in person or by means of telex, facsimile or
other means of wire transmission (with request for assurance of receipt in a
manner typical with respect to communications of that type), by overnight
courier or by mail, and shall become effective: (a) on delivery if given in
person; (b) on the date of transmission if sent by telex, facsimile or other
means of wire transmission; (c) one (1) business day after delivery to the
overnight service; or (d) four (4) business days after being mailed, with proper
postage and documentation, for first-class registered or certified mail,
prepaid.

                                       29

<PAGE>

     Notices shall be addressed as follows:

     If to Buyer, to:  ImaRx Therapeutics
                       1635 East 18th Street
                       Tucson, AZ 85719
                       Attn: Greg Cobb
                       Facsimile Number: 520-791-2437

     with copies to:   DLA Piper Rudnick Gray Cary LLP
                       701 Fifth Avenue
                       Suite 7000
                       Seattle, WA 98104
                       Attn: Jeffrey E. Harmes
                       John M. Steel
                       Facsimile Number: 206-839-4801

     If to Seller, to: Abbott Laboratories
                       100 Abbott Park Road
                       Building AP6D, Department 364
                       Abbott Park, Illinois 60064-6020
                       Attn: General Counsel
                       Facsimile Number: (847) 938-6277

     with copies to:   Kirkland & Ellis LLP
                       200 East Randolph Drive
                       Chicago, Illinois 60601
                       Attn: R. Scott Falk, P.C.
                             Stacey Tobin Kern
                       Facsimile Number: (312) 861-2200

provided, however, at the time of mailing or within three business days
thereafter there is or occurs a labor dispute or other event that might
reasonably be expected to disrupt the delivery of documents by mail, any
communication, notice or consent provided for herein shall be given in person or
by means of telex, facsimile or other means of wire transmission or by overnight
courier, and further provided that if any party shall have designated a
different address by notice to the others, then to the last address so
designated.

     12.14 Schedules. Buyer and Seller agree that any disclosure in any Schedule
attached hereto shall (a) constitute a disclosure under each other applicable
Schedule referred to herein for all purposes of this Agreement, whether or not
such disclosure is specifically referenced within such other Schedule, if it is
reasonably apparent on the face of the disclosure that it is applicable to any
particular Schedule, and (b) not establish any threshold of materiality. Seller
or Buyer may, from time to time prior to or at the Closing, by notice in
accordance with the terms of this Agreement, supplement or amend any Schedule,
including one or more supplements or amendments to correct any matter which
would constitute a breach of any representation, warranty, covenant or
obligation contained herein. No such supplemental or amended Schedule shall be
deemed to cure any breach for purposes of Section 8.1(b) or

                                       30

<PAGE>

Section 8.2(b). If, however, the Closing occurs, any such supplement and
amendment will be effective to cure and correct for all other purposes any
breach of any representation, warranty, covenant or obligation which would have
existed if Seller or Buyer had not made such supplement or amendment, and all
references to any Schedule hereto which is supplemented or amended as provided
in this Section 12.14 shall for all purposes at and after the Closing be deemed
to be a reference to such Schedule as so supplemented or amended.

     12.15 Construction. The language in all parts of this Agreement shall be
construed, in all cases, according to its fair meaning. The parties acknowledge
that each party and its counsel have reviewed and revised this Agreement and
that any rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation
of this Agreement. Words in the singular shall be deemed to include the plural
and vice versa and words of one gender shall be deemed to include the other
gender as the context requires. The terms "hereof," "herein," and "herewith" and
words of similar import shall, unless otherwise stated, be construed to refer to
this Agreement as a whole (including all of the Schedules and Exhibits hereto)
and not to any particular provision of this Agreement. Article, Section, Exhibit
and Schedule references are to the Articles, Sections, Exhibits, and Schedules
to this Agreement unless otherwise specified. Unless otherwise stated, all
references to any agreement shall be deemed to include the exhibits, schedules
and annexes to such agreement. The word "including" and words of similar import
when used in this Agreement shall mean "including, without limitation," unless
the context otherwise requires or unless otherwise specified. The word "or"
shall not be exclusive. Unless otherwise specified in a particular case, the
word "days" refers to calendar days. References herein to this Agreement or any
Other Agreement shall be deemed to refer to this Agreement or such Other
Agreement as of the date of such agreement and as it may be amended thereafter,
unless otherwise specified.

                              * * * * * * * * * * *

                                       31

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective duly authorized officers as of the date first above
written.

                                        IMARX THERAPEUTICS, INC.

                                        By: /s/ Evan Unger
                                            ------------------------------------
                                        Name: Evan Unger
                                        Title: President and CEO

                                        ABBOTT LABORATORIES

                                        By: /s/ Sean E. Murphy
                                            ------------------------------------
                                        Name: Sean E. Murphy
                                        Title: Vice President, Global Licensing/
                                        New Business Development

<PAGE>

                        Schedule 1.1 - Knowledge Persons

SELLER

1.   Jon Ryan
2.   Mike Morrison
3.   Greg Schulz
4.   Michael Rausch
5.   Jitendra Patel
6.   Don Eisenhauer
7.   Cheryl Becker
8.   John Heden
9.   Rollie Carlson

BUYER

1.   Evan Unger
2.   Randy Miller
3.   Brad Zakes
4.   Terry Matsunaga
5.   Reena Zutshi
6.   Greg Cobb

<PAGE>

                         SCHEDULE 2.1(a)(i) - INVENTORY

1. Recombinant Prourokinase and Recombinant Urokinase drug substance and drug
product inventory. Note: All inventory is beyond established expiration dating.

CODE            DESCRIPTION     NO. OF LOTS          AMOUNT
----          ---------------   -----------   -------------------
36718           Recombinant          25           163 Liters @
                Prourokinase                    ~ 932,000 IU/mL
                                              Bulk Drug Substance

RU 10         Finished rproUK         1       2,367 vials (1.65 x
Lot#442753A                                      10(6) IU/vial)

30493           Recombinant           4         716.5 x 10(6) IU
                 Urokinase                    Bulk Drug Substance

RU 18           Recombinant           1         12,500 IU/vial,
                 Urokinase                       ~ 11,000 vials
                                                Formulated Drug
                                                    Product

<PAGE>

                         Schedule 2.1(a)(ii) - Equipment

1. Clot Lysis Timer - Analytical Potency Instrument
<PAGE>

               Schedule 2.1(b) - Transferred Intellectual Property

PATENTS

U.S. PATENT NO. 5,260,872
Inventors: Copeland et al.
Title: Automated Testing System
Issue Date: November 9, 1993
Expiration Date: November 9, 2010

No foreign corresponding patent(s) have been filed.

Seller will assign an undivided one-half interest in this patent to Buyer.

TRADEMARKS

Trademark        Country
---------        -------
Open-Cath-R(R)     USA
PROLYSE(R)*        USA

*    Seller will transfer any rights that it may have in this trademark, but
     makes no representation as to its ownership of or rights to this trademark.

<PAGE>

                          Schedule 2.1(c) - Contracts

1.   Settlement Agreement between Genentech, Inc. and Abbott Laboratories, dated
     August 10, 1990.

2.   License Agreement among Celltech Limited, Abbott Laboratories and Abbott
     International, Ltd., dated August 12, 1994.

3.   Agreement between Repligen and Abbott Laboratories dated May 14, 1992.

<PAGE>

                       2.1(d) Governmental Authorizations

None.

<PAGE>

                     Schedule 2.1(F) - Product Applications

1.   Investigational New Drug Application 4024.

2.   Investigational New Drug Application 4345.

3.   Investigational New Drug Application 5344.

  IND
NUMBER     DATE IND FILED        SUPPLEMENT DESCRIPTION
------   -----------------   -----------------------------
4024     June 12, 1991       Recombinant Urokinase for
                             Peripheral Arterial Occlusion

4345     December 27, 1991   Recombinant Urokinase Open-
                             Cath for Catheter Clearance

5344     November 29, 1993   Recombinant Pro-Urokinase for
                             Stroke

4.   The following supplements to IND 4024 have been submitted to the Food and
     Drug Administration (the "FDA").

                  DATE
SUPPLEMENT     SUPPLEMENT       TYPE OF           SUPPLEMENT
  NUMBER        SUBMITTED      SUPPLEMENT         DESCRIPTION
----------   -------------   -------------   --------------------
    78       September 8,    Annual Report   Clinical Report
             2000

    81       June 19, 2002   Annual Report   Manufacturing Report

    83       June 20, 2003   Letter          IND Inactivation

5.   The following supplements to IND 4345 have been submitted to the Food and
     Drug Administration (the "FDA").

                  DATE
SUPPLEMENT     SUPPLEMENT       TYPE OF            SUPPLEMENT
  NUMBER        SUBMITTED      SUPPLEMENT          DESCRIPTION
----------   --------------   -------------   ---------------------
    38       April 25, 2001   Annual Report   2 Volume - Clinical &
                                              Manufacturing Report

    54       April 26, 2002   Annual Report   Clinical Report M99-
                                              134
<PAGE>

                 Schedule 2.1(F) - Product Applications (Cont.)

6. The following supplements to IND 5344 have been submitted to the Food and
Drug Administration (the "FDA").

                  DATE
SUPPLEMENT     SUPPLEMENT       TYPE OF            SUPPLEMENT
  NUMBER       SUBMITTED       SUPPLEMENT         DESCRIPTION
----------   -------------   -------------   ---------------------
    63       February 18,    Annual Report   Clinical Report
             2000

    70       January 30,     Annual Report   Clinical Investigator
             2001                            Brochure

    75       June 20, 2003   Letter          IND Inactivation

<PAGE>

                        Schedule 2.1(h) - Raw Materials

1. SDU 4.1-9 Master Cell Bank & Working Cell Banks

 CODE      DESCRIPTION     NO. OF LOTS     AMOUNT
-----   ----------------   -----------   ----------
22453      Recombinant          1        183 vials
        Urokinase Master
            Cell Bank

21320      Recombinant          1        38 vials
            Urokinase
          Working Cell
            Bank - A

24921      Recombinant          1        94 ampules
            Urokinase
          Working Cell
            Bank - B

2. WHO urokinase reference standards

 CODE      DESCRIPTION     INVENTORY
-----   ----------------   ---------
87594    High Molecular     9 vials
        Weight Urokinase

90642     Low Molecular     9 vials
        Weight Urokinase

3. Plasminogen used for analytical assay and rUK conversion

    CODE          DESCRIPTION      INVENTORY
------------   ----------------   ----------
 96-361KH00    Assay Conversion   1200 vials
    29901           RproUK        527 grams
Lot# 04-216-      Conversion
     MI

<PAGE>

                       Schedule 2.3-- Assumed Liabilities

Those liabilities related to the Contracts on Schedule 2.1(c)

<PAGE>

                              Schedule 5.3 - Title

None.
<PAGE>

                      Schedule 5.4 - Intellectual Property

(a)

TRADEMARKS

Trademark        Country
---------        -------
Open-Cath-R(R)     USA
PROLYSE(R)*        USA

*    Seller is providing no representations or warranties to this trademark.

PATENTS

Patent            Inventors        Title
------            ---------        -----
U.S. Patent No.   Gillies et al.   Vector and Method for Achieving High
5,665,578                          Level of Expression in Eukaryotic Cells

U.S. Patent No.   Lo et al.        Expression Induction Method
5,741,682

U.S. Patent No.   Copeland et      Automated Testing System
5,260,872**       al.

**   Seller assigns an undivided one-half interest in this patent to Buyer

     Seller has or will be transferring the remaining one-half interest in U.S.
     Patent No. 5,260,872 to a third party.

(c)  See Settlement Agreement between Genentech, Inc. and Abbott Laboratories,
     dated August 10, 1990.

     See License Agreement among Celltech Limited, Abbott Laboratories and Abbot
     International, Ltd., dated August 12, 1994.

(d)  None.

(e)  None.

(f)  None.

(g)  Seller has or will be transferring the remaining one-half interest in U.S.
     Patent No. 5,260,872 to a third party.

<PAGE>

                            Schedule 5.7 - Litigation

None.

<PAGE>

                         Schedule 5.8 - Seller Consents

1.   License Agreement among Celltech Limited, Seller and Abbott International,
     Ltd., dated August 12, 1994.

<PAGE>

                   Schedule 5.13 - Governmental Authorizations

None.

<PAGE>

                           Schedule 6.4 - Subsidiaries

ImaRx Oncology, Ltd.

ImaRx Europe Limited
<PAGE>

                              Schedule 6.5 - Title

Buyer will file a UCC-1 Financing Statement encompassing substantially all of
the assets of the Buyer in connection with the $4 million Secured Promissory
Notes issued on September 29, 2005.

<PAGE>

                  Schedule 6.6 - Buyer's Intellectual Property

None.

<PAGE>

                             Schedule 6.8 - Consent

Approval by the Buyer's Board of Directors of the Asset Purchase Agreement,
Issuance of 1 million shares of Series E Preferred Stock, and Issuance of the
$15 million Secured Promissory Note.

Consent and Waiver of various rights by holders of 50% of the Series B Preferred
Stock, holders of 50% of the Series C Preferred Stock, and holders of 75% of the
Series A Preferred Stock and Series D Preferred Stock voting together as a
single class.

<PAGE>

                   SCHEDULE 6.15 - TRANSACTIONS WITH AFFILIATE

The Company leases a 6,200 square feet facility located at 1635 E. 18th St.,
Tucson, Arizona 85719, as the headquarters and lab facility that is subject to a
six-year lease at approximately $58,000 per year. This facility is owned by a
partnership which includes certain employees and stockholders, including Evan
Unger, President and CEO; Dean Unger, Director; Rajan Ramaswami, Vice President
Development; and Terry Matsunaga, Vice President Research. The Company believes
the terms of this lease which provide for a rental rate of $9.43 per square foot
per year, triple-net, are fair and equivalent to those that might be obtained
from a disinterested third party on an arm's length basis. The lease has a six
year term which expires in October 2008.

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