Document:

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                                                                    Exhibit 10.1

                          SECURITIES PURCHASE AGREEMENT

      This Securities Purchase Agreement (this "Agreement") is dated as of
November 12, 2003, among Keryx Biopharmaceuticals, Inc., a Delaware corporation
(the "Company"), and the purchasers identified on the signature pages hereto
(each a "Purchaser" and collectively the "Purchasers"); and

      WHEREAS, subject to the terms and conditions set forth in this Agreement
and pursuant to Section 4(2) of the Securities Act (as defined below), and Rule
506 promulgated thereunder, the Company desires to issue and sell to the
Purchasers, and the Purchasers, severally and not jointly, desire to purchase
from the Company (the "Offering") in the aggregate, up to 3,600,000 shares of
Common Stock and Warrants (each as defined below) to purchase up to an
additional 720,000 shares of Common Stock (the "Maximum Offering Amount").

      NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this
Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and each Purchaser agrees
as follows:

                                   ARTICLE I.

                                   DEFINITIONS

      1.1 Definitions. In addition to the terms defined elsewhere in this
Agreement, for all purposes of this Agreement, the following terms have the
meanings indicated in this Section 1.1:

            "Affiliate" means any Person that, directly or indirectly through
      one or more intermediaries, controls or is controlled by or is under
      common control with a Person as such terms are used in and construed under
      Rule 144. With respect to a Purchaser, any investment fund or managed
      account that is managed on a discretionary basis by the same investment
      manager as such Purchaser will be deemed to be an Affiliate of such
      Purchaser.

            "Business Day" means any day except Saturday, Sunday and any day
      which shall be a federal legal holiday or a day on which banking
      institutions in the State of New York are authorized or required by law or
      other governmental action to close.

            "Closing" means the closing of the purchase and sale of the Common
      Stock and Warrants pursuant to Section 2.1.

            "Closing Date" means November 12, 2003.

            "Commission" means the Securities and Exchange Commission.

            "Common Stock" means the common stock of the Company, $0.001 par
      value per share, and any securities into which such common stock may
      hereafter be reclassified.

            "Company Counsel" means Alston & Bird LLP.

            "Effective Date" means the date that the Registration Statement is
      first declared effective by the Commission.

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

            "Expiration Date" shall mean November 13, 2003, or such other date
      as may be selected by the Company in its sole discretion without notice to
      investors within 30 days thereafter.

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            "Liens" means a lien, charge, security interest, encumbrance, right
      of first refusal or other restriction.

            "Material Adverse Effect" shall have the meaning ascribed to such
      term in Section 3.1(a).

            "Per Share Purchase Price" equals $4.25 per share.

            "Person" means an individual or corporation, partnership, trust,
      incorporated or unincorporated association, joint venture, limited
      liability company, joint stock company, government (or an agency or
      subdivision thereof) or other entity of any kind.

            "Registration Statement" means a registration statement meeting the
      requirements set forth in the Registration Rights Agreement and covering
      the resale by the Purchasers of the Shares and the Warrant Shares.

            "Registration Rights Agreement" means the Registration Rights
      Agreement, dated as of the date of this Agreement, among the Company and
      each Purchaser, in the form of Exhibit B hereto.

            "Rule 144" means Rule 144 promulgated by the Commission pursuant to
      the Securities Act, as such Rule may be amended from time to time, or any
      similar rule or regulation hereafter adopted by the Commission having
      substantially the same effect as such Rule.

            "Securities" means the Shares, the Warrants and the Warrant Shares.

            "Securities Act" means the Securities Act of 1933, as amended.

            "Shares" means the shares of Common Stock issued or issuable to each
      Purchaser pursuant to this Agreement.

            "Subscription Amount" means, as to each Purchaser and the Closing,
      the amounts set forth below such Purchaser's signature block on the
      signature page hereto, in United States dollars and in immediately
      available funds.

            "Trading Day" means (i) a day on which the Common Stock is traded on
      a Trading Market, or (ii) if the Common Stock is not listed on a Trading
      Market, a day on which the Common Stock is traded on the over-the-counter
      market, as reported by the OTC Bulletin Board, or (iii) if the Common
      Stock is not quoted on the OTC Bulletin Board, a day on which the Common
      Stock is quoted in the over-the-counter market as reported by the National
      Quotation Bureau Incorporated (or any similar organization or agency
      succeeding to its functions of reporting prices); provided, that in the
      event that the Common Stock is not listed or quoted as set forth in (i),
      (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

            "Trading Market" means the following markets or exchanges on which
      the Common Stock is listed or quoted for trading on the date in question:
      the American Stock Exchange, the New York Stock Exchange, the Nasdaq
      National Market or the Nasdaq SmallCap Market.

            "Transaction Documents" means this Agreement, the Registration
      Rights Agreement, the Warrant and any other documents or agreements
      executed in connection with the transactions contemplated hereunder.

            "Warrants" means the Common Stock Purchase Warrants, in the form of
      Exhibit C, issuable to the Purchasers at Closing, which warrants shall be
      exercisable immediately and have an exercise price equal to $6.00 per
      share and a term of exercise of five (5) years.

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            "Warrant Shares" means the shares of Common Stock issuable upon
      exercise of the Warrants.

                                   ARTICLE II.

                                PURCHASE AND SALE

      2.1 Closing. Each Purchaser shall purchase from the Company, and the
Company shall issue and sell to each Purchaser, a number of Shares equal to such
Purchaser's Subscription Amount divided by the Per Share Purchase Price, and a
number of Warrants equal to twenty percent (20%) of the Shares to be issued to
such Purchaser. Upon satisfaction of the conditions set forth in Section 2.2,
the Closing shall occur at the offices of the Company, or such other location as
the parties shall mutually agree. The Company may continue the Offering, in one
or more Closings, until the earlier of the sale of the Maximum Offering Amount
or until the Expiration Date. Purchasers will be required to deliver executed,
binding Securities Purchase Agreements by the Expiration Date (as defined in the
Term Sheet), the Closing of which will only be subject to the satisfaction of
the Closing Conditions in Section 2.2.

      2.2 Closing Conditions.

            (a) As a condition to the Purchasers' obligation to close, at the
      Closing (unless otherwise specified below) the Company shall have
      satisfied each of the conditions set forth below or shall deliver or cause
      to be delivered to each Purchaser the items set forth below, as
      appropriate:

                  (i) this Agreement duly executed by the Company;

                  (ii) within five (5) Business Days of the Closing Date, a
            certificate evidencing a number of Shares equal to such Purchaser's
            Subscription Amount divided by the Per Share Purchase Price,
            registered in the name of such Purchaser;

                  (iii) within five (5) Business Days of the Closing Date, a
            Warrant, registered in the name of such Purchaser, pursuant to which
            such Purchaser shall have the right to acquire up to the number of
            shares of Common Stock equal to twenty percent (20%) of the Shares
            to be issued to such Purchaser at such Closing;

                  (iv) the Registration Rights Agreement duly executed by the
            Company;

                  (v) a legal opinion of Company Counsel, in the form of
            Appendix A attached hereto;

                  (vi) the representations and warranties made by the Company
            herein shall be true and correct in all material respects on the
            dates made and on the date of Closing;

                  (vii) all covenants, agreements and conditions contained in
            this Agreement to be performed by the Company on or prior to the
            Closing shall have been performed or complied with in all material
            respects;

                  (viii) no statute, rule, regulation, order, decree, ruling or
            injunction shall have been enacted, entered, promulgated, endorsed
            or threatened or is pending by or before any governmental authority
            of competent jurisdiction which in any material respect restricts,
            prohibits or threatens to restrict or prohibit the consummation of
            any of the transactions contemplated by the Transaction Documents;
            and

                  (ix) a minimum, in the aggregate, of 1,800,000 Shares sold to
            the Purchasers.

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            (b) As a condition to the Company's obligation to close, at the
      Closing, each Purchaser shall have satisfied each of the conditions set
      forth below or shall deliver or cause to be delivered to the Company the
      items set forth below, as appropriate:

                  (i) this Agreement duly executed by such Purchaser;

                  (ii) such Purchaser's Subscription Amount as to such Closing
            by wire transfer to the account of the Company as provided to the
            Purchasers in writing prior to the Closing Date;

                  (iii) the Registration Rights Agreement duly executed by such
            Purchaser;

                  (iv) the representations and warranties made by the Purchasers
            herein shall be true and correct in all material respects on the
            dates made and on the date of Closing;

                  (v) each Purchaser shall have performed, satisfied and
            complied in all material respects with all covenants, agreements and
            conditions required by the Transaction Documents to be performed,
            satisfied or complied with by such Purchaser at or before the
            Closing; and

                  (vi) no statute, rule, regulation, executive order, decree,
            ruling or injunction shall have been enacted, entered, promulgated,
            endorsed or threatened or is pending by or before any governmental
            authority of competent jurisdiction which prohibits or threatens to
            prohibit the consummation of any of the transactions contemplated by
            the Transaction Documents.

            (c) As of the Closing Date, there shall have been no Material
      Adverse Effect with respect to the Company since the date hereof.

                                  ARTICLE III.

                         REPRESENTATIONS AND WARRANTIES

      3.1 Representations and Warranties of the Company. Except as set forth in
the Company's public filings under the Exchange Act, the Company, including its
subsidiaries for the purposes of this Article 3, hereby makes the following
representations and warranties as of the date hereof and as of the Closing Date
to each Purchaser:

            (a) Organization and Qualification. The Company is an entity duly
      incorporated or otherwise organized, validly existing and in good standing
      under the laws of the jurisdiction of its incorporation or organization
      (as applicable), with the requisite corporate power and authority to own
      and use its properties and assets and to carry on its business as
      currently conducted. The Company is not in violation of any of the
      provisions of its certificate of incorporation, bylaws or other
      organizational or charter documents. The Company is duly qualified to
      conduct business and is in good standing as a foreign corporation or other
      entity in each jurisdiction in which the nature of the business conducted
      or property owned by it makes such qualification necessary, except where
      the failure to be so qualified or in good standing, as the case may be,
      would not have or reasonably be expected to result in (i) a material
      adverse effect on the legality, validity or enforceability of any
      Transaction Document, (ii) a material adverse effect on the results of
      operations, assets, business or financial condition of the Company, or
      (iii) a material adverse effect on the Company's ability to perform in any
      material respect on a timely basis its obligations under any Transaction
      Document (any of (i), (ii) or (iii), a "Material Adverse Effect").

            (b) Authorization; Enforcement. The Company has the requisite
      corporate power and authority to enter into and to consummate the
      transactions contemplated by each of the

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      Transaction Documents and otherwise to carry out its obligations
      thereunder. The execution and delivery of each of the Transaction
      Documents by the Company and the consummation by it of the transactions
      contemplated thereby have been duly authorized by all necessary action on
      the part of the Company and no further action is required by the Company
      in connection therewith. Each Transaction Document has been (or upon
      delivery will have been) duly executed by the Company and, when delivered
      in accordance with the terms hereof, will constitute the valid and binding
      obligation of the Company enforceable against the Company in accordance
      with its terms except (i) as limited by applicable bankruptcy, insolvency,
      reorganization, moratorium and other laws of general application affecting
      enforcement of creditors' rights generally and (ii) as limited by laws
      relating to the availability of specific performance, injunctive relief or
      other equitable remedies, and (iii) with respect to the indemnification
      provisions set forth in the Registration Rights Agreement, as limited by
      public policy.

            (c) No Conflicts. The execution, delivery and performance of the
      Transaction Documents by the Company and the consummation by the Company
      of the transactions contemplated thereby do not and will not (i) conflict
      with or violate any provision of the Company's certificate of
      incorporation, bylaws or other organizational or charter documents, or
      (ii) conflict with, or constitute a default (or an event that with notice
      or lapse of time or both would become a default) under, or give to others
      any rights of termination, amendment, acceleration or cancellation (with
      or without notice, lapse of time or both) of, any agreement, credit
      facility, debt or other instrument (evidencing a Company debt or
      otherwise) or other understanding to which the Company is a party or by
      which any property or asset of the Company is bound or affected, or (iii)
      result in a violation of any law, rule, regulation, order, judgment,
      injunction, decree or other restriction of any court or governmental
      authority to which the Company is subject (including federal and state
      securities laws and regulations), or by which any property or asset of the
      Company is bound or affected; except in the case of each of clauses (ii)
      and (iii), such as would not have or reasonably be expected to result in a
      Material Adverse Effect.

            (d) Filings, Consents and Approvals. The Company is not required to
      obtain any consent, waiver, authorization or order of, give any notice to,
      or make any filing or registration with, any court or other federal,
      state, local or other governmental authority or other Person in connection
      with the execution, delivery and performance by the Company of the
      Transaction Documents, other than (i) the filing with the Commission of
      the Registration Statement, and one or more Forms D with respect to the
      Shares as may be required under Regulation D of the Securities Act, the
      application(s) to each Trading Market for the listing of the Shares and
      Warrant Shares for trading thereon in the time and manner required
      thereby, and applicable Blue Sky filings and (ii) such as have already
      been obtained or such exemptive filings as are required to be made under
      applicable state and federal securities laws.

            (e) Capitalization. All of the outstanding shares of Common Stock
      are, and all of the Shares and Warrant Shares, when issued, will be, duly
      authorized, validly issued, fully paid and nonassessable, and free and
      clear of all liens created by the Company, and all such shares were, and
      the Shares and any Warrant Shares, will be, issued in material compliance
      with all applicable federal and state securities laws, including available
      exemptions therefrom, and none of such issuances were, and the issuance of
      the Shares and any Warrant Shares will not be, made in violation of any
      pre-emptive or other rights. The Company has reserved from its duly
      authorized capital stock the maximum number of shares of Common Stock
      issuable pursuant to this Agreement and the Warrants. The issuance of the
      Shares and Warrant Shares will not trigger any anti-dilution rights of any
      existing securities of the Company.

            (f) Reports and Financial Statements. The Company has made available
      to the Purchasers, prior to the execution of this Agreement, a copy of the
      Company's Annual Report on Form 10-K for the year ended December 31, 2002,
      the Company's Quarterly Reports on Form 10-Q that have been filed for all
      quarters ended since December 31, 2002, the definitive proxy statement for
      the Company's 2003 annual meeting of stockholders, and will make available
      any Current Reports on

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      Form 8-K filed since December 31, 2002 (as such documents have since the
      time of their filing been amended or supplemented, and together with all
      reports, documents and information filed on or after the date first
      written above through the date of Closing with the SEC, including all
      information incorporated therein by reference, collectively, the "SEC
      Reports"). The SEC Reports (a) complied and will comply as to form in all
      material respects with the requirements of the Securities Act and the
      Securities Exchange Act of 1934, as amended (the "Exchange Act"), and (b)
      did not, at the time of their filing, contain any untrue statement of a
      material fact or omit to state a material fact required to be stated
      therein or necessary in order to make the statements therein, in light of
      the circumstances under which they were made, not misleading.

            (g) Conformity of Descriptions. The Shares conform, and the Warrant
      Shares, when issued, will conform in all material respects to the
      descriptions of the Company's Common Stock contained in the Company's SEC
      Reports and other filings with the SEC.

            (h) Statements True and Correct. No representation, warranty,
      statement, certificate, instrument, or other writing furnished or to be
      furnished by the Company to Purchaser or its representatives pursuant to
      this Agreement or any other document, agreement, or instrument referred to
      herein contains or will contain any untrue statement of material fact or
      will omit to state a material fact necessary to make the statements
      therein not misleading.

            (i) Certain Fees. Any brokerage, finder's fees or commissions that
      are or will be payable by the Company to any broker, financial advisor or
      consultant, finder, placement agent, investment banker, bank or other
      Person with respect to the transactions contemplated by this Agreement
      will be paid solely by the Company.

            (j) Private Placement. Assuming the accuracy of the Purchasers
      representations and warranties set forth in Section 3.2, no registration
      under the Securities Act is required for the offer and sale of the
      Securities by the Company to the Purchasers as contemplated hereby. The
      issuance and sale of the Securities hereunder does not contravene the
      rules and regulations of the Trading Market.

            (k) Investment Company. The Company is not, and is not an Affiliate
      of, an "investment company" within the meaning of the Investment Company
      Act of 1940, as amended.

            (l) Form S-3 Eligibility. The Company is eligible to register the
      resale of its Common Stock by the Purchasers under Form S-3 or other
      comparable form promulgated under the Securities Act.

            (m) Application of Takeover Protections. Assuming the Purchasers
      beneficially own any shares of Common Stock prior to the date hereof, the
      Company and its Board of Directors have taken all necessary action, if
      any, in order to render inapplicable any control share acquisition,
      business combination, poison pill (including any distribution under a
      rights agreement) or other similar anti-takeover provision under the
      Company's Certificate of Incorporation (or similar charter documents) or
      the laws of its state of incorporation that is or could become applicable
      to the Purchasers as a result of the Purchasers and the Company fulfilling
      their obligations or exercising their rights under the Transaction
      Documents, including without limitation the Company's issuance of the
      Securities and the Purchasers' ownership of the Securities.

            (n) No Integrated Offering. Neither the Company, nor any of its
      Affiliates, nor any Person acting on its or their behalf has, directly or
      indirectly, made any offers or sales of any security or solicited any
      offers to buy any security, under circumstances that would cause this
      offering of the Securities to be integrated with prior offerings by the
      Company for purposes of the Securities Act or any applicable stockholder
      approval provisions, including, without limitation, under the rules

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      and regulations of any exchange or automated quotation system on which any
      of the securities of the Company are listed or designated.

            (o) Listing and Maintenance Requirements. The Company has not, in
      the 12 months preceding the date hereof, received notice from any Trading
      Market on which the Common Stock is or has been listed or quoted to the
      effect that the Company is not in compliance with the listing or
      maintenance requirements of such Trading Market. The Company is, and has
      no reason to believe that it will not in the foreseeable future continue
      to be, in compliance with all such listing and maintenance requirements.

            (p) Sarbanes-Oxley; Internal Accounting Controls. The Company is in
      material compliance with all provisions of the Sarbanes-Oxley Act of 2002
      which are applicable to it as of the Closing Date. The Company maintains a
      system of internal accounting controls sufficient to provide reasonable
      assurance that (i) transactions are executed in accordance with
      management's general or specific authorizations, (ii) transactions are
      recorded as necessary to permit preparation of financial statements in
      conformity with GAAP, (iii) access to assets is permitted only in
      accordance with management's general or specific authorization, and (iv)
      the recorded accountability for assets is compared with the existing
      assets at reasonable intervals and appropriate action is taken with
      respect to any differences. The Company has established disclosure
      controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
      15d-15(e)) for the Company and designed such disclosures controls and
      procedures to ensure that material information relating to the Company,
      including its subsidiaries, is made known to the certifying officers
      during the period in which the Company's most recently filed period report
      under the Exchange Act, as the case may be, is being prepared. The
      Company's certifying officers have evaluated the effectiveness of the
      Company's controls and procedures as of a date within 90 days prior to the
      filing date of the most recently filed period report under the Exchange
      Act (such date, the "Evaluation Date"). The Company presented in its most
      recently filed period report under the Exchange Act the conclusions of the
      certifying officers about the effectiveness of the disclosure controls and
      procedures based on their evaluations as of the Evaluation Date. Since the
      Evaluation Date, there have been no significant changes in the Company's
      internal controls (as such term is defined in Item 307(b) of Regulation
      S-K under the Exchange Act) or, the Company's knowledge, in other factors
      that could significantly affect the Company's internal controls.

            (q) Disclosure. The Company confirms that, neither the Company nor
      any other Person acting on its behalf has provided any of the Purchasers
      or their agents or counsel with any information, other than information
      relating to the Offering, that constitutes or might constitute material,
      non-public information. The Company understands and confirms that the
      Purchasers will rely on the foregoing representations and covenants in
      effecting transactions in securities of the Company. All disclosure
      provided to the Purchasers regarding the Company, its business and the
      transactions contemplated hereby, including the Schedules to this
      Agreement, furnished by or on behalf of the Company with respect to the
      representations and warranties made herein are true and correct with
      respect to such representations and warranties and do not contain any
      untrue statement of a material fact or omit to state any material fact
      necessary in order to make the statements made therein, in light of the
      circumstances under which they were made, not misleading. The Company
      acknowledges and agrees that no Purchaser makes or has made any
      representations or warranties with respect to the transaction contemplated
      hereby other than those specifically set forth in Section 3.2 hereof.

      3.2 Representations and Warranties of the Purchasers. Each Purchaser
hereby, for itself and for no other Purchaser, represents and warrants as of the
date hereof and as of the Closing Date to the Company as follows:

            (a) Organization; Authority. Such Purchaser is an entity duly
      organized, validly existing and in good standing under the laws of the
      jurisdiction of its organization with full right, corporate, limited
      liability or partnership power and authority to enter into and to
      consummate the

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      transactions contemplated by the Transaction Documents and otherwise to
      carry out its obligations thereunder. The execution, delivery and
      performance by such Purchaser of the transactions contemplated by this
      Agreement has been duly authorized by all necessary corporate or similar
      action on the part of such Purchaser. Each Transaction Document to which
      it is a party has been duly executed by such Purchaser, and when delivered
      by such Purchaser in accordance with the terms hereof, will constitute the
      valid and legally binding obligation of such Purchaser, enforceable
      against it in accordance with its terms except (i) as limited by
      applicable bankruptcy, insolvency, reorganization, moratorium and other
      laws of general application affecting enforcement of creditors' rights
      generally and (ii) as limited by laws relating to the availability of
      specific performance, injunctive relief or other equitable remedies, and
      (iii) with respect to the indemnification provisions set forth in the
      Registration Rights Agreement, as limited by public policy.

            (b) General Solicitation. Such Purchaser is not purchasing the
      Securities as a result of any advertisement, article, notice or other
      communication regarding the Securities published in any newspaper,
      magazine or similar media or broadcast over television or radio or
      presented at any seminar or any other general solicitation or general
      advertisement.

            (c) No Public Sale or Distribution. Such Purchaser is (i) acquiring
      the Shares and (ii) upon exercise of the Warrants will acquire the Warrant
      Shares, for its own account and not with a view towards, or for resale in
      connection with, the public sale or distribution thereof, except pursuant
      to sales registered or exempted under the Securities Act; provided,
      however, that by making the representations herein, such Purchaser does
      not agree to hold any of the Securities for any minimum or other specific
      term and reserves the right to dispose of the Securities at any time in
      accordance with or pursuant to a registration statement or an exemption
      under the Securities Act. Such Purchaser is acquiring the Securities
      hereunder in the ordinary course of its business. Such Purchaser does not
      have any agreement or understanding, directly or indirectly, with any
      Person to distribute any of the Securities.

            (d) Accredited Investor Status. Such Purchaser is an "accredited
      investor" as that term is defined in Rule 501(a) of Regulation D.

            (e) Reliance on Exemptions. Such Purchaser understands that the
      Shares and Warrants are being offered and sold to it in reliance on
      specific exemptions from the registration requirements of United States
      federal and state securities laws and that the Company is relying in part
      upon the truth and accuracy of, and such Purchaser's compliance with, the
      representations, warranties, agreements, acknowledgments and
      understandings of such Purchaser set forth herein and on the signature
      page hereto in order to determine the availability of such exemptions and
      the eligibility of such Purchaser to acquire the Common Stock and
      Warrants.

            (f) Information; Confidentiality. Such Purchaser and its advisors,
      if any, have been furnished with all publicly available materials relating
      to the business, finances and operations of the Company and such other
      publicly available materials relating to the offer and sale of the Shares
      and Warrants as have been requested by such Purchaser. The Purchaser
      acknowledges and understands that the fact that the Company is seeking to
      effect the private placement of the Shares and Warrants is itself
      material, non-public information, and disclosure of such information or
      use of such information by the Purchasers or anyone receiving such
      information from the Purchasers in connection with the purchase, sale or
      trade of the Company's securities (other than use by the Purchasers in
      acquiring the Shares and/or the Warrants), or any hedging, derivative or
      similar transactions or activities involving the Company's securities, is
      a violation of securities laws. Such Purchaser and its advisors, if any,
      have been afforded the opportunity to ask questions of the Company.
      Neither such inquiries nor any other due diligence investigations
      conducted by such Purchaser or its advisors, if any, or its
      representatives shall modify, amend or affect such Purchaser's right to
      rely on the Company's representations and warranties contained herein.
      Such Purchaser understands that its investment in the Shares and Warrants
      involves a high degree of

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      risk. Such Purchaser has sought such accounting, legal and tax advice as
      it has considered necessary to make an informed investment decision with
      respect to its acquisition of the Shares and Warrants.

            (g) No Governmental Review. Such Purchaser understands that no
      United States federal or state agency or any other government or
      governmental agency has passed on or made any recommendation or
      endorsement of the Shares and Warrants or the fairness or suitability of
      the investment in the Shares and Warrants nor have such authorities passed
      upon or endorsed the merits of the offering of the Shares and Warrants.

            (h) Experience of Such Purchaser. Such Purchaser, either alone or
      together with its representatives, has such knowledge, sophistication and
      experience in business and financial matters, including investing in
      biotechnology companies, so as to be capable of evaluating the merits and
      risks of the prospective investment in the Shares and Warrants, and has so
      evaluated the merits and risks of such investment. Such Purchaser is able
      to bear the economic risk of an investment in the Shares and Warrants and,
      at the present time, is able to afford a complete loss of such investment.

            (i) Sales; Short Selling. From and after the date that the Purchaser
      receives any information about the existence of the Offering, and through
      the Closing Date, the Purchaser has not and shall not, directly or
      indirectly, sell shares of the Common Stock in the open Trading Market or
      elsewhere, and has not and shall not directly or indirectly, through
      related parties, affiliates or otherwise sell "short" or "short against
      the box" (as those terms are generally understood) any equity security of
      the Company.

            (j) Information Regarding Purchaser. Purchaser has provided the
      Company with true, complete, and correct information regarding all
      applicable items set forth in the on the signature page to this Agreement.

      The Company acknowledges and agrees that each Purchaser does not make or
has not made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in this Section 3.2.

                                   ARTICLE IV.

                         OTHER AGREEMENTS OF THE PARTIES

      4.1 Transfer Restrictions.

            (a) The Securities may only be disposed of in compliance with state
      and federal securities laws. In connection with any transfer of Securities
      other than (i) pursuant to an effective registration statement, (ii) to
      the Company, or (iii) to an Affiliate of a Purchaser, the Company may
      require the transferor thereof to provide to the Company an opinion of
      counsel selected by the transferor, the form and substance of which
      opinion shall be reasonably satisfactory to the Company, to the effect
      that such transfer does not require registration of such transferred
      Securities under the Securities Act. As a condition of transfer, any such
      transferee shall agree in writing to be bound by the terms of this
      Agreement and shall have the rights of a Purchaser under this Agreement
      and the Registration Rights Agreement.

            (b) The Purchasers agree to the imprinting of a legend on any of the
      Securities in the following form:

                  THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES
                  AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
                  STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER

                                       9
<PAGE>
                  THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
                  AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
                  TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
                  ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
                  TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
                  THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
                  SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO
                  THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE
                  REASONABLY ACCEPTABLE TO THE COMPANY.

            (c) Following the Closing Date, upon request from any of the
      Purchasers, subject to applicable securities laws and approval of Company
      Counsel, which will not be unreasonably withheld, the Company will remove
      any of the restrictive legends (including the legend set forth in Section
      4.1(b)).

      4.2 Furnishing of Information. During the Effectiveness Period (as such
term is defined in the Registration Rights Agreement), the Company covenants to
use its commercially reasonable efforts to timely file (or obtain extensions in
respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to the
Exchange Act. During the Effectiveness Period, the Company further covenants to
use its commercially reasonable efforts to take such further action as any
Purchaser may reasonably request, all to the extent required from time to time
to enable such Person to sell such Securities without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144.

      4.3 Integration. The Company shall not sell, offer for sale or solicit
offers to buy or otherwise negotiate in respect of any security (as defined in
Section 2 of the Securities Act) that would be integrated with the offer or sale
of the Securities in a manner that would require the registration under the
Securities Act of the sale of the Securities to the Purchasers or that would be
integrated with the offer or sale of the Securities for purposes of the rules
and regulations of any Trading Market.

      4.4 Securities Laws Disclosure; Publicity. The Company shall, by 9:30
a.m., New York City time, on the Business Day following the Closing Date, issue
a press release to be disseminated in the public domain describing the terms of
the transactions contemplated by the Transaction Documents. Notwithstanding the
foregoing, the Company shall not publicly disclose the name of any Purchaser, or
include the name of any Purchaser in any filing with the Commission or any
regulatory agency or Trading Market, without the prior written consent of such
Purchaser, except (i) as required by federal securities law or the Securities
and Exchange Commission in connection with the registration statement
contemplated by the Registration Rights Agreement and (ii) to the extent such
disclosure is required by law or Trading Market regulations, in which case the
Company shall provide the Purchasers with prior notice of such disclosure
permitted under subclause (i) or (ii).

      4.5 Shareholders Rights Plan. No claim will be made or enforced by the
Company or any other Person that any Purchaser is an "Acquiring Person" under
any shareholders rights plan or similar plan or arrangement in effect or
hereafter adopted by the Company, or that any Purchaser could be deemed to
trigger the provisions of any such plan or arrangement, in each case solely by
virtue of receiving Securities under the Transaction Documents or under any
other agreement between the Company and the Purchasers.

      4.6 Reservation of Common Stock. As of the date hereof, the Company has
reserved and the Company shall continue to reserve and keep available at all
times, free of preemptive rights, a sufficient number of shares of Common Stock
for the purpose of enabling the Company to issue Shares pursuant to this
Agreement and Warrant Shares pursuant to the Warrants.

      4.7 Listing of Common Stock. The Company hereby agrees to use commercially
reasonable efforts to maintain the listing of the Common Stock on the Trading
Market, and as soon as reasonably practicable

                                       10
<PAGE>
following the Closing to list the applicable Shares and Warrant Shares on the
Trading Market. The Company further agrees, if the Company applies to have the
Common Stock traded on any other Trading Market, it will include in such
application the Shares and the Warrant Shares, and will take such other action
as is necessary or desirable in the opinion of the Purchasers to cause the
Shares and Warrant Shares to be listed on such other Trading Market as promptly
as possible. The Company will take all action reasonably necessary to continue
the listing and trading of its Common Stock on a Trading Market and will comply
in all respects with the Company's reporting, filing and other obligations under
the bylaws or rules of the Trading Market.

      4.8 Subsequent Financings Prior to Effective Date. From the date hereof
until after the Effective Date, other than as contemplated by this Agreement,
neither the Company nor any Subsidiary shall issue or sell any Common Stock or
Common Stock Equivalents, excluding the issuance of securities issued upon the
exercise of currently outstanding options and warrants.

      4.9 Non-Public Information. The Company covenants and agrees that neither
it nor any other Person acting on its behalf will provide any Purchaser or its
agents or counsel with any information that the Company believes constitutes
material non-public information, unless prior thereto such Purchaser shall have
executed a written agreement regarding the confidentiality and use of such
information. The Company understands and confirms that each Purchaser shall be
relying on the foregoing representations in effecting transactions in securities
of the Company.

                                   ARTICLE V.

                                  MISCELLANEOUS

      5.1 Fees and Expenses. Except as set forth in Section 3.1(i), each party
shall pay the fees and expenses of its advisers, counsel, accountants and other
experts, if any, and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of this Agreement.
The Company shall pay all stamp and other taxes and duties levied in connection
with the sale of the Securities.

      5.2 Entire Agreement. The Transaction Documents, together with the
exhibits and schedules thereto, contain the entire understanding of the parties
with respect to the subject matter hereof and supersede all prior agreements and
understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into such documents, exhibits and schedules.

      5.4 Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (a) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile number
specified on the signature pages attached hereto prior to 6:30 p.m. (New York
City time) on a Trading Day, (b) the next Trading Day after the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile number on the signature pages attached hereto on a day that is not a
Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (c)
the Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (d) upon actual receipt by the party to
whom such notice is required to be given. The address for such notices and
communications shall be as set forth on the signature pages attached hereto.

      5.5 Amendments; Waivers. No provision of this Agreement may be waived or
amended except in a written instrument signed, in the case of an amendment, by
the Company and each Purchaser or, in the case of a waiver, by the party against
whom enforcement of any such waiver is sought. No waiver of any default with
respect to any provision, condition or requirement of this Agreement shall be
deemed to be a continuing waiver in the future or a waiver of any subsequent
default or a waiver of any other provision, condition or requirement hereof, nor
shall any delay or omission of either party to exercise any right hereunder in
any manner impair the exercise of any such right.

                                       11
<PAGE>
      5.6 Construction. The headings herein are for convenience only, do not
constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent, and no
rules of strict construction will be applied against any party.

      5.7 Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the parties and their successors and permitted assigns. The
Company may not assign this Agreement or any rights or obligations hereunder
without the prior written consent of each Purchaser. Any Purchaser may assign
any or all of its rights under this Agreement to any Person, provided such
transferee agrees in writing to be bound, with respect to the transferred
Securities, by the provisions hereof that apply to the "Purchasers."

      5.8 No Third-Party Beneficiaries. This Agreement is intended for the
benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced
by, any other Person, except as otherwise set forth in Section 4.1.

      5.9 Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of the Transaction Documents shall be governed by
and construed and enforced in accordance with the internal laws of the State of
New York, without regard to the principles of conflicts of law thereof. Each
party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and
any other Transaction Documents (whether brought against a party hereto or its
respective affiliates, directors, officers, shareholders, employees or agents)
shall be commenced exclusively in the state or federal courts sitting in the
City of New York. Each party hereto hereby irrevocably submits to the
jurisdiction of the state and federal courts sitting in the City of New York,
New York, exclusive of all other jurisdictions, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein (including with respect to the enforcement of any of
the Transaction Documents), and hereby irrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or
proceeding is improper. If either party shall commence an action or proceeding
to enforce any provisions of a Transaction Document, then the prevailing party
in such action or proceeding shall be reimbursed by the other party for its
attorneys fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

      5.10 Survival. The representations, warranties, agreements and covenants
contained herein shall survive the Closing and delivery of the Shares.

      5.11 Execution. This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the
same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile signature page
were an original thereof.

      5.12 Severability. If any provision of this Agreement is held to be
invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be
affected or impaired thereby and the parties will attempt to agree upon a valid
and enforceable provision that is a reasonable substitute therefor, and upon so
agreeing, shall incorporate such substitute provision in this Agreement.

      5.13 Replacement of Securities. If any certificate or instrument
evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon
cancellation thereof, or in lieu of and substitution therefor, a new certificate
or

                                       12
<PAGE>
instrument, but only upon receipt of evidence reasonably satisfactory to the
Company of such loss, theft or destruction and customary and reasonable
indemnity, if requested. The applicants for a new certificate or instrument
under such circumstances shall also pay any reasonable third-party costs
associated with the issuance of such replacement Securities.

      5.14 Independent Nature of Purchasers' Obligations and Rights. The
obligations of each Purchaser under any Transaction Document are several and not
joint with the obligations of any other Purchaser, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser under any Transaction Document. Nothing contained herein or in any
Transaction Document, and no action taken by any Purchaser pursuant thereto,
shall be deemed to constitute the Purchasers as a partnership, an association, a
joint venture or any other kind of entity, or create a presumption that the
Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Transaction Document. Each
Purchaser shall be entitled to independently protect and enforce its rights,
including without limitation, the rights arising out of this Agreement or out of
the other Transaction Documents, and it shall not be necessary for any other
Purchaser to be joined as an additional party in any proceeding for such
purpose. Each Purchaser has been represented by its own separate legal counsel
in their review and negotiation of the Transaction Documents.

                            (Signature Page Follows)

                                       13
<PAGE>

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

KERYX BIOPHARMACEUTICALS, INC.             Address for Notice:
                                           750 Lexington Avenue, 26th Floor
                                           New York, NY 10022
                                           Attn: Ron Bentsur
                                           Tel: (212) 531-5965
                                           Fax: (212) 531-5961

By: /s/ Michael S. Weiss
   --------------------------------
   Name:  Michael S. Weiss
   Title: Chairman and Chief Executive Officer

With copy to (which shall not constitute notice):

Alston & Bird LLP
90 Park Avenue
New York, New York 10016
Attn: Mark F. McElreath
Tel: (212) 210-9400
Fax: (212) 210-9444

                           (Signature Page Continues)

                                       14
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Atlas Fund, LLC

                                      /s/ Taylor J. O'Malley
                                      ------------------------------------------
                                      Name: Taylor J. O'Malley
                                      Title: Chief Operating Officer

                                  Date: November 14, 2003

600,000                           $4.25                      $2,550,000
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Albert Fried & Company, LLC

                                      /s/ Albert Fried, Jr.
                                      ------------------------------------------
                                      Name: Albert Fried, Jr.
                                      Title: Managing Member

                                  Date: November 17, 2003

188,235                           $4.25                      $800,000
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Alpha Capital A.G.

                                      /s/ Vaduz Lichastein
                                      ------------------------------------------
                                      Name: Vaduz Lichastein
                                      Title:

                                  Date: November 17, 2003

70,588                            $4.25                      $300,000
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Magellan International, Ltd

                                      /s/ Anthony L.M. InderRieden
                                      ------------------------------------------
                                      Name: Anthony L.M. InderRieden
                                      Title: Director

                                  Date: November 17, 2003

47,058                            $4.25                      $200,000
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Biomedical Value Fund, L.P.

                                      /s/ David E. Kroin
                                      ------------------------------------------
                                      Name: David E. Kroin
                                      Title: Managing Director

                                  Date: November 17, 2003

235,294                           $4.25                      $1,000,000
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Biotechnology Development Fund IV, L.P.

                                      /s/ Frank Kung
                                      ------------------------------------------
                                      Name: Frank Kung
                                      Title: General Partner

                                  Date: November 14, 2003

235,295                           $4.25                      $1,000,000
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15

<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Bristol Investment Fund, Ltd.

                                      /s/ Paul Kessler
                                      ------------------------------------------
                                      Name: Paul Kessler
                                      Title: Director

                                  Date: November 17, 2003

117,647                           $4.25                      $500,000
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15

<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Cranshire Capital, L.P.

                                      /s/ Mitch Kopin
                                      ------------------------------------------
                                      Name: Mitch Kopin
                                      Title: General Partner

                                  Date: November 17, 2003

241,177                           $4.25                      $1,025,002.25
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Gryphon Master Fund, LP

                                      /s/ Mike Scholten
                                      ------------------------------------------
                                      Name: Mike Scholten
                                      Title: Authorized Agent

                                  Date: November 17, 2003

117,647                           $4.25                      $499,999.75
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: MPM BioEquities Master Fund, LP

                                      /s/ Robert W. Liptak
                                      ------------------------------------------
                                      Name: Robert W. Liptak
                                      Title: Manager

                                  Date: November 17, 2003

465,463                           $4.25                      $1,978,642.75
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15

<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: MPM BioEquities Master Fund GmbH & Co. KG

                                      /s/ Robert Liptak
                                      ------------------------------------------
                                      Name: Robert Liptak
                                      Title: Manager

                                  Date: November 17, 2003

5,025                             $4.25                      $21,356.25
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15

<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Omicron Master Trust

                                      /s/ Oliver Morali
                                      ------------------------------------------
                                      Name: Oliver Morali
                                      Title: President

                                  Date: November 17, 2003

200,000                           $4.25                      $850,000.00
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: SF Capital Partners Ltd.

                                      /s/ Brian H. Davidson
                                      ------------------------------------------
                                      Name: Brian H. Davidson
                                      Title: Authorized Signatory

                                  Date: November 17, 2003

300,000                           $4.25                      $1,275,000
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: S.A.C. Healthco Fund, LLC

                                      /s/ Peter A. Nussbaum
                                      ------------------------------------------
                                      Name: Peter A. Nussbaum
                                      Title: General Counsel

                                  Date: November 17, 2003

470,588                           $4.25                      $1,999,999
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By:  Smithfield Fiduciary, LLC

                                       /s/ Adam J. Chill
                                       -----------------------------------------
                                       Name: Adam J. Chill
                                       Title: Authorized Signatory

                                  Date: November 17, 2003

117,648                           $4.25                      $500,004.00
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>

           [PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

                                  By: Spectra Capital Management

                                      /s/ Gregory I. Porges
                                      ------------------------------------------
                                      Name: Gregory I. Porges
                                      Title: Sole Member

                                  Date: November 17, 2003

117,647                           $4.25                      $500,000
----------------------            ---------------------      -------------------
NUMBER OF SHARES                  PRICE PER SHARE            TOTAL PURCHASE
OF COMMON STOCK                                              PRICE
SUBSCRIBED FOR

The above-signed Purchaser hereby provides the following information to the
Company:

         1.       Please provide the following information regarding the
                  Purchaser:

                   PURCHASER NAME AND ADDRESS:

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

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

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

                   TELEPHONE: (  ) ______-________

                   FACSIMILE: (  ) ______-________

                   EMAIL: ________________________

                   TAX ID #:______________________

         2.       If different from the information provided in Item 1 above,
please provide the exact name that the Purchaser's Shares are to be registered
in (this is the name that will appear on the stock certificate(s)) and/or to
whom the Purchaser's Warrants will be issued. The Purchaser may use a nominee
name if appropriate:

                   REGISTERED HOLDER OF THE SHARES AND WARRANTS NAME AND
                   ADDRESS:

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

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

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

                   FACSIMILE: (  ) ______-________

                                       15
<PAGE>
      3. Please describe the relationship between the Purchaser of the Shares
and the Registered Holder of the Shares listed in response to Item 2 above, if
different:

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

      4. If different from the information provided in Item 1 above, please
provide the mailing address of the Registered Holder of the Shares listed in
response to Item 2 above:

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

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

      5. If different from the information provided above, please provide the
number of shares of Common Stock beneficially owned (as determined in accordance
with SEC Rule 13d-3 under the Exchange Act) by the Purchaser immediately after
Closing. Explain the nature of such beneficial ownership, including shares of
Common Stock not held of record by the Purchaser. Disclose the details of any
rights to acquire shares of Common Stock.

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

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

      6. Describe any position, office or other material relationship within the
past three years that the Purchaser has, or has had, with the Company or its
Affiliates other than as disclosed in the Prospectus included in the
Registration Statement? If none, please state "Not Applicable."

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

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

            PLEASE NOTE THAT IT IS THE PURCHASER'S OBLIGATION TO ADVISE THE
COMPANY PROMPTLY IF ANY OF THE FOREGOING INFORMATION CHANGES DURING THE
EFFECTIVENESS OF THE REGISTRATION STATEMENT (EXCEPT DUE TO SALES OF SHARES OF
COMMON STOCK PURSUANT THERETO).

                                       16<PAGE>
                                                                    Exhibit 10.2

                          REGISTRATION RIGHTS AGREEMENT

            This Registration Rights Agreement (this "Agreement") is made and
entered into as of November 12, 2003, among Keryx Biopharmaceuticals, Inc., a
Delaware corporation (the "Company"), and the purchasers' signatory hereto (each
such purchaser is a "Purchaser" and all such purchasers are, collectively, the
"Purchasers").

            This Agreement is made pursuant to the Securities Purchase
Agreement, dated as of the date hereof among the Company and the Purchasers (the
"Purchase Agreement").

            The Company and the Purchasers hereby agree as follows:

      1. Definitions

            CAPITALIZED TERMS USED AND NOT OTHERWISE DEFINED HEREIN THAT ARE
DEFINED IN THE PURCHASE AGREEMENT SHALL HAVE THE MEANINGS GIVEN SUCH TERMS IN
THE PURCHASE AGREEMENT. As used in this Agreement, the following terms shall
have the following meanings:

            "Effectiveness Date" means, with respect to the Registration
      Statement registering for resale the Registrable Securities, the 60th
      calendar day following the Closing Date (75th calendar day in the event of
      a full review by the Commission); provided, however, in the event that the
      Company is notified by the Commission that one of the above Registration
      Statements will not be reviewed or is no longer subject to further review
      and comments, the Effectiveness Date as to the Registration Statement
      shall be the fifth Trading Day following the date on which the Company is
      so notified if such date precedes the dates required above.

            "Effectiveness Period" shall have the meaning set forth in Section
      2(a).

            "Filing Date" means, with respect to the Registration Statement
      registering for resale the Registrable Securities, the 30th day following
      the Closing Date.

            "Holder" or "Holders" means the holder or holders, as the case may
      be, from time to time of Registrable Securities.

            "Indemnified Party" shall have the meaning set forth in Section
      5(c).

            "Indemnifying Party" shall have the meaning set forth in Section
      5(c).

            "Proceeding" means an action, claim, suit, investigation or
      proceeding (including, without limitation, an investigation or partial
      proceeding, such as a deposition), whether commenced or threatened.

                                       1
<PAGE>

            "Prospectus" means the prospectus included in the Registration
      Statement (including, without limitation, a prospectus that includes any
      information previously omitted from a prospectus filed as part of an
      effective registration statement in reliance upon Rule 430A promulgated
      under the Securities Act), as amended or supplemented by any prospectus
      supplement, with respect to the terms of the offering of any portion of
      the Registrable Securities covered by the Registration Statement, and all
      other amendments and supplements to the Prospectus, including
      post-effective amendments, and all material incorporated by reference or
      deemed to be incorporated by reference in such Prospectus.

            "Registrable Securities" means all of the Shares and Warrant Shares
      together with any shares of Common Stock issued or issuable upon any stock
      split, dividend or other distribution, recapitalization or similar event
      with respect to the foregoing.

            "Registration Statement" means the registration statements required
      to be filed hereunder, including (in each case) the Prospectus, amendments
      and supplements to the Registration Statement or Prospectus, including
      pre- and post-effective amendments, all exhibits thereto, and all material
      incorporated by reference or deemed to be incorporated by reference in the
      registration statement.

            "Rule 415" means Rule 415 promulgated by the Commission pursuant to
      the Securities Act, as such Rule may be amended from time to time, or any
      similar rule or regulation hereafter adopted by the Commission having
      substantially the same purpose and effect as such Rule.

            "Rule 424" means Rule 424 promulgated by the Commission pursuant to
      the Securities Act, as such Rule may be amended from time to time, or any
      similar rule or regulation hereafter adopted by the Commission having
      substantially the same purpose and effect as such Rule.

            "Warrants" shall mean the Common Stock purchase warrants issued to
      the Purchasers pursuant to the Purchase Agreement.

      2. Shelf Registration

            (a) On or prior to the Filing Date, the Company shall prepare and
file with the Commission a "Shelf" Registration Statement covering the resale of
all of the Registrable Securities (and including, for purposes of this number,
any securities which may be issuable upon any stock split, dividend or other
distribution or recapitalization provision in the Warrants) for an offering to
be made on a continuous basis pursuant to Rule 415. The Registration Statement
shall be on Form S-3 (unless the Company is not then eligible to register for
resale the Registrable Securities on Form S-3, in which case such registration
shall be on another appropriate form in accordance herewith) and shall

                                       2
<PAGE>

contain (unless otherwise directed by the Holders and except to the extent the
Company determines that modifications thereto are required under applicable law)
substantially the "Plan of Distribution" attached hereto as Annex A. Subject to
the terms of this Agreement, the Company shall use its best efforts to cause the
Registration Statement to be declared effective under the Securities Act as
promptly as possible after the filing thereof, but in any event prior to the
Effectiveness Date, and shall use its best efforts to keep the Registration
Statement continuously effective under the Securities Act until the date which
is two years after the date that the Registration Statement is declared
effective by the Commission or such earlier date when all Registrable Securities
covered by the Registration Statement have been sold or may be sold without
volume restrictions pursuant to Rule 144(k) as determined by the counsel to the
Company pursuant to a written opinion letter to such effect, addressed and
acceptable to the Company's transfer agent and the affected Holders (the
"Effectiveness Period"). The Company shall immediately notify the Holders via
facsimile of the effectiveness of the Registration Statement on the same day
that the Company receives notification of the effectiveness from the Commission.

            (b) If: (i) the Registration Statement is not filed on or prior to
its Filing Date (if the Company files the Registration Statement without
affording the Holders the opportunity to review and comment on the same as
required by Section 3(a), the Company shall not be deemed to have satisfied
clause (i)), or (ii) the Company fails to file with the Commission a request for
acceleration in accordance with Rule 461 promulgated under the Securities Act,
within five Trading Days of the date that the Company is notified (orally or in
writing, whichever is earlier) by the Commission that the Registration Statement
will not be "reviewed," or not subject to further review, or (iii) prior to the
Effectiveness Date, the Company fails to file a pre-effective amendment and
otherwise respond in writing to comments made by the Commission in respect of
the Registration Statement within 10 Trading Days after the receipt of comments
by or notice from the Commission that such amendment is required in order for
the Registration Statement to be declared effective, or (iv) the Registration
Statement filed or required to be filed hereunder is not declared effective by
the Commission by the Effectiveness Date, or (v) after the Effectiveness Date,
the Registration Statement ceases for any reason to remain continuously
effective as to all Registrable Securities for which it is required to be
effective, or the Holders are not permitted to utilize the Prospectus therein to
resell such Registrable Securities for 10 consecutive Trading Days or in any
individual case an aggregate of 15 Trading Days during any 12 month period
(which need not be consecutive Trading Days) (any such failure or breach being
referred to as an "Event", and for purposes of clause (i) or (iv) the date on
which such Event occurs, or for purposes of clause (ii) the date on which such
five Trading Day period is exceeded, or for purposes of clause (iii) the date
which such 10 Trading Day period is exceeded, or for purposes of clause (v) the
date on which such 10 or 15 Trading Day period, as applicable, is exceeded being
referred to as "Event Date"), then, on each such Event Date and every monthly
anniversary thereof until the applicable Event is cured, the Company shall pay
to each Holder an amount in cash, as liquidated damages and not as a penalty,
equal to 2.0% per month of the Subscription Amount paid by such Holder pursuant
to the Purchase Agreement for Registrable Securities then held by such Holder
and covered (or to be

                                       3
<PAGE>

covered) by the Registration Statement. If the Company fails to pay any
liquidated damages pursuant to this Section in full within seven days after the
date payable, the Company will pay interest thereon at a rate of 15% per annum
(or such lesser maximum amount that is permitted to be paid by applicable law)
to the Holder, accruing daily from the date such liquidated damages are due
until such amounts, plus all such interest thereon, are paid in full. The
liquidated damages pursuant to the terms hereof shall apply on a pro-rata basis
for any portion of a month prior to the cure of an Event.

      3. Registration Procedures

            In connection with the Company's registration obligations hereunder,
the Company shall:

            (a) Not less than three Trading Days prior to the filing of the
Registration Statement or any related Prospectus or any amendment or supplement
thereto (including any document that would be incorporated or deemed to be
incorporated therein by reference), the Company shall, (i) furnish to each
Holder copies of all such documents proposed to be filed, which documents (other
than those incorporated or deemed to be incorporated by reference) will be
subject to the review of such Holders, and (ii) cause its officers and
directors, counsel and independent certified public accountants to respond to
such inquiries as shall be necessary, in the reasonable opinion of respective
counsel to conduct a reasonable investigation within the meaning of the
Securities Act.

            (b) (i) Prepare and file with the Commission such amendments,
including post-effective amendments, to the Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep the
Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period; (ii) cause the related Prospectus to be
amended or supplemented by any required Prospectus supplement (subject to the
terms of this Agreement), and as so supplemented or amended to be filed pursuant
to Rule 424; (iii) respond as promptly as reasonably possible, and in any event
within 10 Trading Days, to any comments received from the Commission with
respect to the Registration Statement or any amendment thereto and as promptly
as reasonably possible provide the Holders true and complete copies of all
correspondence from and to the Commission relating to the Registration
Statement; and (iv) comply in all material respects with the provisions of the
Securities Act and the Exchange Act with respect to the disposition of all
Registrable Securities covered by the Registration Statement during the
applicable period in accordance (subject to the terms of this Agreement) with
the intended methods of disposition by the Holders thereof set forth in the
Registration Statement as so amended or in such Prospectus as so supplemented.

            (c) Notify the Holders of Registrable Securities to be sold (which
notice shall, pursuant to clauses (ii) through (vi) hereof, shall be accompanied
by an instruction to suspend the use of the Prospectus until the requisite
changes have been made) as promptly as reasonably possible and (if requested by
any such Person) confirm such notice in writing no later than two Trading Days
following the day (i)(A) when a Prospectus or any Prospectus supplement or
post-effective amendment to the Registration

                                       4
<PAGE>

Statement is proposed to be filed; (B) when the Commission notifies the Company
whether there will be a "review" of the Registration Statement and whenever the
Commission comments in writing on the Registration Statement (the Company shall
provide true and complete copies thereof and all written responses thereto to
each of the Holders); and (C) with respect to the Registration Statement or any
post-effective amendment, when the same has become effective; (ii) of any
request by the Commission or any other Federal or state governmental authority
for amendments or supplements to the Registration Statement or Prospectus or for
additional information; (iii) of the issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement covering any or
all of the Registrable Securities or the initiation of any Proceedings for that
purpose; (iv) of the receipt by the Company of any notification with respect to
the suspension of the qualification or exemption from qualification of any of
the Registrable Securities for sale in any jurisdiction, or the initiation or
threatening of any Proceeding for such purpose; (v) of the occurrence of any
event or passage of time that makes the financial statements included in the
Registration Statement ineligible for inclusion therein or any statement made in
the Registration Statement or Prospectus or any document incorporated or deemed
to be incorporated therein by reference untrue in any material respect or that
requires any revisions to the Registration Statement, Prospectus or other
documents so that, in the case of the Registration Statement or the Prospectus,
as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading; and (vi) the occurrence or existence of any pending
corporate development with respect to the Company that the Company believes may
be material and that, in the determination of the Company, makes it not in the
best interest of the Company to allow continued availability or the Registration
Statement or Prospectus; provided that the Company shall not disclose the nature
of such information to the Holder.

            (d) Promptly deliver to each Holder, without charge, as many copies
of the Prospectus or Prospectuses (including each form of prospectus) and each
amendment or supplement thereto as such Persons may reasonably request. Subject
to the terms of this Agreement, the Company hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling
Holders in connection with the offering and sale of the Registrable Securities
covered by such Prospectus and any amendment or supplement thereto.

            (e) Use commercially reasonable efforts to register or qualify the
resale of such Registrable Securities as required under applicable securities or
Blue Sky laws of each State within the United States as any Holder requests in
writing, to keep each the Registration or qualification (or exemption therefrom)
effective during the Effectiveness Period; provided, that the Company shall not
be required to qualify generally to do business in any jurisdiction where it is
not then so qualified or subject the Company to any material tax in any such
jurisdiction where it is not then so subject.

            (f) Cooperate with the Holders to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be delivered
to a transferee pursuant

                                       5
<PAGE>

to the Registration Statement, which certificates shall be free, to the extent
permitted by the Purchase Agreement, of all restrictive legends, and to enable
such Registrable Securities to be in such denominations and registered in such
names as any such Holders may request.

            (g) Upon the occurrence of any event contemplated by this Section 3,
as promptly as reasonably possible under the circumstances prepare a supplement
or amendment, including a post-effective amendment, to the Registration
Statement or a supplement to the related Prospectus or any document incorporated
or deemed to be incorporated therein by reference, and file any other required
document so that, as thereafter delivered, neither the Registration Statement
nor such Prospectus will contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading. If the Company notifies the Holders in accordance with clauses
(ii) through (vi) of Section 3(c) above to suspend the use of the use of any
Prospectus until the requisite changes to such Prospectus have been made, or the
Company otherwise notifies the Holders of its election to suspend the
availability of the Registration Statement and Prospectus pursuant to clause
(vi) of Section 3(c), then the Holders shall suspend use of such Prospectus. The
Company will use its best efforts to ensure that the use of the Prospectus may
be resumed as promptly as is practicable, except that in the case of suspension
of the availability of the Registration Statement and Prospectus pursuant to
clause (vi) of Section 3(c), the Company shall not be required to take such
action until such time as it shall determine that the continued availability of
the Registration Statement and Prospectus is no longer not in the best interests
of the Company. The Company shall be entitled to exercise its right under this
Section 3(g) to suspend the availability of the Registration Statement and
Prospectus, subject to the payment of liquidated damages pursuant to Section
2(b), for a period not to exceed 60 consecutive days or for multiple periods not
to exceed 90 days in any 12 month period.

            (h) Comply with all applicable rules and regulations of the
Commission.

            (i) Use its best efforts to avoid the issuance of, or, if issued,
obtain the withdrawal of (i) any order suspending the effectiveness of the
Registration Statement, or (ii) any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction, at the earliest practicable moment.

            (j) The Company may require, at any time prior to the third Trading
Day prior to the Filing Date, each Holder to furnish to the Company a statement
as to the number of shares of Common Stock beneficially owned by such Holder
and, if requested by the Commission, the controlling person thereof, within
three Trading Days of the Company's request. During any periods that the Company
is unable to meet its obligations hereunder with respect to the registration of
the Registrable Securities solely because any Holder fails to furnish such
information within three Trading Days of the Company's request, any liquidated
damages that are accruing at such time shall be tolled, until such information
is delivered to the Company.

                                       6
<PAGE>

      4. Registration Expenses. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to
the Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the Trading Market on which the Common Stock is then
listed for trading, and (B) in compliance with applicable state securities or
Blue Sky laws reasonably agreed to by the Company in writing (including, without
limitation, fees and disbursements of counsel for the Company in connection with
Blue Sky qualifications or exemptions of the Registrable Securities and
determination of the eligibility of the Registrable Securities for investment
under the laws of such jurisdictions as requested by the Holders)), (ii)
printing expenses (including, without limitation, expenses of printing
certificates for Registrable Securities and of printing prospectuses requested
by the Holders), (iii) messenger, telephone and delivery expenses, (iv) fees and
disbursements of counsel for the Company, and (v) fees and expenses of all other
Persons retained by the Company in connection with the consummation of the
transactions contemplated by this Agreement. In addition, the Company shall be
responsible for all of its internal expenses incurred in connection with the
consummation of the transactions contemplated by this Agreement (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit and the
fees and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange as required hereunder. In no event shall
the Company be responsible for any broker or similar commissions or, except to
the extent provided for in the Transaction Documents, any legal fees or other
costs of the Holders.

      5. Indemnification

            (a) Indemnification by the Company. The Company shall,
notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, agents, brokers (including brokers who
offer and sell Registrable Securities as principal as a result of a pledge or
any failure to perform under a margin call of Common Stock), investment advisors
and employees of each of them, each Person who controls any such Holder (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) and the officers, directors, agents and employees of each such controlling
Person, to the fullest extent permitted by applicable law, from and against any
and all losses, claims, damages, liabilities, costs (including, without
limitation, costs of preparation and reasonable attorneys' fees) and expenses
(collectively, "Losses"), as incurred, arising out of or relating to any untrue
or alleged untrue statement of a material fact contained in the Registration
Statement, any Prospectus or any form of prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or
relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein (in the case of any
Prospectus or form of prospectus or supplement thereto, in light of the
circumstances under which they were made) not misleading, except to the extent,
but only to the extent, that (1) such untrue statements or omissions or alleged
untrue statements or omissions are based solely upon

                                       7
<PAGE>

information regarding such Holder furnished in writing to the Company by such
Holder expressly for use therein, or to the extent that such information relates
to such Holder or such Holder's proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in the Registration Statement, such Prospectus or such form of
Prospectus or in any amendment or supplement thereto or (2) in the case of an
occurrence of an event of the type specified in Section 3(c)(ii)-(vi), the use
by such Holder of an outdated or defective Prospectus after the Company has
notified such Holder in writing that the Prospectus is outdated or defective and
prior to the receipt by such Holder of the Advice contemplated in Section 6(e).
The Company shall notify the Holders promptly of the institution, threat or
assertion of any Proceeding arising from or in connection with the transactions
contemplated by this Agreement of which the Company is aware.

            (b) Indemnification by Holders. Each Holder shall, severally and not
jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, agents or employees of such controlling Persons, to the
fullest extent permitted by applicable law, from and against all Losses (as
determined by a court of competent jurisdiction in a final judgment not subject
to appeal or review) arising out of or based upon any untrue statement of a
material fact contained in any Registration Statement, any Prospectus, or any
form of prospectus, or in any amendment or supplement thereto, arising solely
out of or based solely upon: (i) such Holder's failure to comply with the
prospectus delivery requirements of the Securities Act or (ii) any omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading to the extent, but only to the extent, such untrue
statement or omission is contained in any information so furnished in writing by
such Holder to the Company specifically for inclusion in the Registration
Statement or such Prospectus or to the extent that (1) such untrue statements or
omissions are based upon information regarding such Holder furnished in writing
to the Company by such Holder expressly for use therein, or to the extent such
information relates to such Holder or such Holder's proposed method of
distribution of Registrable Securities and was reviewed and expressly approved
in writing by such Holder expressly for use in the Registration Statement, such
Prospectus or such form of Prospectus or in any amendment or supplement thereto
or (2) in the case of an occurrence of an event of the type specified in Section
3(c)(ii)-(vi), the use by such Holder of an outdated or defective Prospectus
after the Company has notified such Holder in writing that the Prospectus is
outdated or defective and prior to the receipt by such Holder of the Advice
contemplated in Section 6(e). In no event shall the liability of any selling
Holder hereunder be greater in amount than the dollar amount of the net proceeds
received by such Holder upon the sale of the Registrable Securities giving rise
to such indemnification obligation.

            (c) Conduct of Indemnification Proceedings. If any Proceeding shall
be brought or asserted against any Person entitled to indemnity hereunder (an
"Indemnified Party"), such Indemnified Party shall promptly notify the Person
from whom indemnity is sought (the "Indemnifying Party") in writing, and the
Indemnifying Party shall assume the defense thereof, including the employment of
counsel reasonably satisfactory to the Indemnified Party and the payment of all
fees and expenses incurred in connection with

                                       8
<PAGE>

defense thereof; provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or
liabilities pursuant to this Agreement, except (and only) to the extent that
such failure shall have prejudiced the Indemnifying Party.

            An Indemnified Party shall have the right to employ separate counsel
in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party
or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such
fees and expenses; or (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and such Indemnified Party
shall have been advised by counsel that a material conflict of interest is
likely to exist if the same counsel were to represent such Indemnified Party and
the Indemnifying Party (in which case, if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the
expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and the expense of one such counsel for each
Holder shall be at the expense of the Indemnifying Party). The Indemnifying
Party shall not be liable for any settlement of any such Proceeding effected
without its written consent, which consent shall not be unreasonably withheld.
No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending Proceeding in respect of
which any Indemnified Party is a party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such Proceeding.

            Subject to the terms of this Agreement, all reasonable fees and
expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such
Proceeding in a manner not inconsistent with this Section) shall be paid to the
Indemnified Party, as incurred, within ten Trading Days of written notice
thereof to the Indemnifying Party (regardless of whether it is ultimately
determined that an Indemnified Party is not entitled to indemnification
hereunder; provided, that the Indemnifying Party may require such Indemnified
Party to undertake to reimburse all such fees and expenses to the extent it is
finally judicially determined that such Indemnified Party is not entitled to
indemnification hereunder).

            (d) Contribution. If a claim for indemnification under Section 5(a)
or 5(b) is unavailable to an Indemnified Party (by reason of public policy or
otherwise), then each Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Party in connection with the actions, statements or omissions that
resulted in

                                       9
<PAGE>

such Losses as well as any other relevant equitable considerations. The relative
fault of such Indemnifying Party and Indemnified Party shall be determined by
reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged
omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in Section 5(c), any reasonable attorneys' or other
reasonable fees or expenses incurred by such party in connection with any
Proceeding to the extent such party would have been indemnified for such fees or
expenses if the indemnification provided for in this Section was available to
such party in accordance with its terms.

            The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the
proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission.

            The indemnity and contribution agreements contained in this Section
are in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties.

      6. Miscellaneous

            (a) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the same shall be in writing and signed by the Company
and all of the Holders of the then outstanding Registrable Securities.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of
Holders and that does not directly or indirectly affect the rights of other
Holders may be given by Holders of all of the Registrable Securities to which
such waiver or consent relates; provided, however, that the provisions of this
sentence may not be amended, modified, or supplemented except in accordance with
the provisions of the immediately preceding sentence.

            (b) No Inconsistent Agreements. Neither the Company nor any of its
subsidiaries has entered, as of the date hereof, nor shall the Company or any of
its subsidiaries, on or after the date of this Agreement, enter into any
agreement with respect to its securities, that would have the effect of
impairing the rights granted to the Holders in this Agreement or otherwise
conflicts with the provisions hereof. Except as set forth on

                                       10
<PAGE>

Schedule 6(b), neither the Company nor any of its subsidiaries has previously
entered into any agreement granting any registration rights with respect to any
of its securities to any Person that have not been satisfied in full.

            (c) No Piggyback on Registrations. Neither the Company nor any of
its security holders (other than the Holders in such capacity pursuant hereto)
may include securities of the Company in the Registration Statement other than
the Registrable Securities, and the Company shall not after the date hereof
enter into any agreement providing any such right to any of its security
holders. In addition, the Company shall not cause any other registration
statement (other than on Form S-8) to become effective prior to the Effective
Date.

            (d) Compliance. Each Holder covenants and agrees that it will comply
with the prospectus delivery requirements of the Securities Act as applicable to
it in connection with sales of Registrable Securities pursuant to the
Registration Statement.

            (e) Discontinued Disposition. Each Holder agrees by its acquisition
of such Registrable Securities that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Sections 3(c)(ii), (iii)
or (vi), such Holder will forthwith discontinue disposition of such Registrable
Securities under the Registration Statement until such Holder's receipt of the
copies of the supplemented Prospectus and/or amended Registration Statement
contemplated by Section 3(g), or until it is advised in writing (the "Advice")
by the Company that the use of the applicable Prospectus may be resumed, and, in
either case, has received copies of any additional or supplemental filings that
are incorporated or deemed to be incorporated by reference in such Prospectus or
Registration Statement. The Company may provide appropriate stop orders to
enforce the provisions of this paragraph. The Company agrees and acknowledges
that any periods during which the Holder is required to discontinue the
disposition of the Registrable Securities hereunder shall be subject to the
provisions of Section 2(b).

            (f) Piggy-Back Registrations. If at any time during the
Effectiveness Period there is not an effective Registration Statement covering
all of the Registrable Securities and the Company shall determine to prepare and
file with the Commission the Registration Statement relating to an offering for
its own account or the account of others under the Securities Act of any of its
equity securities, other than on Form S-4 or Form S-8 (each as promulgated under
the Securities Act) or their then equivalents relating to equity securities to
be issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with stock option or other employee
benefit plans, then the Company shall send to each Holder written notice of such
determination and, if within fifteen days after receipt of such notice, any such
Holder shall so request in writing, the Company shall include in the
Registration statement all or any part of such Registrable Securities such
holder requests to be registered; provided, that, the Company shall not be
required to register any Registrable Securities pursuant to this Section 6(f)
that are eligible for resale pursuant to Rule 144(k) promulgated under the
Securities Act or that are the subject of a then effective Registration
Statement.

                                       11
<PAGE>

            (g) Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Purchase Agreement.

            (h) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of
the parties and shall inure to the benefit of each Holder. The Company may not
assign its rights or obligations hereunder without the prior written consent of
all of the Holders of the then-outstanding Registrable Securities. Each Holder
may assign their respective rights hereunder in the manner and to the Persons as
permitted under the Purchase Agreement.

            (i) Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original
and, all of which taken together shall constitute one and the same Agreement. In
the event that any signature is delivered by facsimile transmission, such
signature shall create a valid binding obligation of the party executing (or on
whose behalf such signature is executed) the same with the same force and effect
as if such facsimile signature were the original thereof.

            (j) Governing Law. All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by
and construed and enforced in accordance with the internal laws of the State of
New York, without regard to the principles of conflicts of law thereof. Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of New York, Borough of Manhattan, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is improper. Each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the
address in effect for notices to it under the Purchase Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby. If either party shall
commence a Proceeding to enforce any provisions of this Agreement, then the
prevailing party in such Proceeding shall be reimbursed by the other party for
its attorneys fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such Proceeding.

            (k) Cumulative Remedies. The remedies provided herein are cumulative
and not exclusive of any remedies provided by law.

            (l) Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable,

                                       12
<PAGE>

the remainder of the terms, provisions, covenants and restrictions set forth
herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their reasonable
efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

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

            (n) Remedies. In the event of a breach by the Company or by a
Holder, of any of their obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

            (o) Independent Nature of Purchasers' Obligations and Rights. The
obligations of each Purchaser hereunder is several and not joint with the
obligations of any other Purchaser hereunder, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser hereunder. Nothing contained herein or in any other agreement or
document delivered at any closing, and no action taken by any Purchaser pursuant
hereto or thereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Purchasers are in any way acting in concert with
respect to such obligations or the transactions contemplated by this Agreement.
Each Purchaser shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose.

                              ********************

                                       13
<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

                                                KERYX BIOPHARMACEUTICALS, INC.

                                                By: /s/ Michael S. Weiss
                                                   -----------------------------
                                                   Name: Michael S. Weiss
                                                   Title: Chairman and Chief
                                                          Executive Officer

                       [SIGNATURE PAGE OF HOLDERS FOLLOWS]

                                       14
<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By:  /s/ T. J. O'Malley
                                         ---------------------------------------
                                    Name: T. J. O'Malley
                                    Title: Chief Operating Officer

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By:  /s/ Albert Fried Jr.
                                         ---------------------------------------
                                    Name: Albert Fried Jr.
                                    Title: Managing Member

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Vaduz Lichastein
                                        ----------------------------------------
                                    Name: Vaduz Lichastein
                                    Title:

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Anthony L.M. InderRieden
                                        ----------------------------------------
                                    Name: Anthony L.M. InderRieden
                                    Title: Director

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ David E. Kroin
                                         ---------------------------------------
                                    Name: David E. Kroin
                                    Title: Managing Director

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Frank Kung
                                         ---------------------------------------
                                    Name: Frank Kung
                                    Title:  General Partner

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Paul Kessler
                                         ---------------------------------------
                                    Name: Paul Kessler
                                    Title: Director

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Mitch Kopin
                                         ---------------------------------------
                                    Name: Mitch Kopin
                                    Title: General Partner

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Mike Scholten
                                         ---------------------------------------
                                    Name: Mike Scholten
                                    Title: Authorized Agent

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Robert W. Liptak
                                         ---------------------------------------
                                    Name: Robert W. Liptak
                                    Title: Manager

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Robert W. Liptak
                                         ---------------------------------------
                                    Name: Robert W. Liptak
                                    Title: Manager

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Oliver Morali
                                         ---------------------------------------
                                    Name: Oliver Morali
                                    Title: President

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Brian H. Davidson
                                        ----------------------------------------
                                    Name: Brian H. Davidson
                                    Title: Authorized Signatory

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Peter A. Nussbaum
                                        ----------------------------------------
                                    Name: Peter A. Nussbaum
                                    Title: General Counsel

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Adam J. Chill
                                        ----------------------------------------
                                    Name: Adam J. Chill
                                    Title: Authorized Signatory

                                       15

<PAGE>

                       [SIGNATURE PAGE OF HOLDERS TO RRA]

                                   [PURCHASER]

                                    By: /s/ Gregory I. Porges
                                        ----------------------------------------
                                    Name: Gregory I. Porges
                                    Title: Sole Member

                                       15
<PAGE>

                              PLAN OF DISTRIBUTION

      The selling stockholders and any of their pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of their shares
of common stock on any stock exchange, market or trading facility on which the
shares are traded or in private transactions. These sales may be at fixed or
negotiated prices. The selling stockholders may use any one or more of the
following methods when selling shares:

      -     ordinary brokerage transactions and transactions in which the
            broker-dealer solicits purchasers;

      -     block trades in which the broker-dealer will attempt to sell the
            shares as agent but may position and resell a portion of the block
            as principal to facilitate the transaction;

      -     purchases by a broker-dealer as principal and resale by the
            broker-dealer for its account;

      -     an exchange distribution in accordance with the rules of the
            applicable exchange;

      -     privately negotiated transactions;

      -     settlement of short sales created after the date of this Prospectus;

      -     broker-dealers may agree with the selling stockholders to sell a
            specified number of such shares at a stipulated price per share;

      -     a combination of any such methods of sale; and

      -     any other method permitted pursuant to applicable law.

      The selling stockholders may also sell shares under Rule 144 under the
Securities Act, if available, rather than under this prospectus. Broker-dealers
engaged by the selling stockholders may arrange for other brokers-dealers to
participate in sales. Broker-dealers may receive commissions or discounts from
the selling stockholders (or, if any broker-dealer acts as agent for the
purchaser of shares, from the purchaser) in amounts to be negotiated. The
selling stockholders do not expect these commissions and discounts to exceed
what is customary in the types of transactions involved.

      The selling stockholder may from time to time pledge or grant a security
interest in some or all of the Shares or common stock or Warrant owned by them
and, if they default in the performance of their secured obligations, the
pledgees or secured parties may offer and sell the shares of common stock from
time to time under this prospectus, or under an amendment to this prospectus
under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933
amending the list of selling stockholders to

                                       16
<PAGE>

include the pledgee, transferee or other successors in interest as selling
stockholders under this prospectus.

      The selling stockholders also may transfer the shares of common stock in
other circumstances, in which case the transferees, pledgees or other successors
in interest will be the selling beneficial owners for purposes of this
prospectus.

      The selling stockholders and any broker-dealers or agents that are
involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. The selling stockholders have
informed the Company that none of them have any agreement or understanding,
directly or indirectly, with any person to distribute the common stock.

      The Company is required to pay all fees and expenses incurred by the
Company incident to the registration of the shares. The Company has agreed to
indemnify the selling stockholders against certain losses, claims, damages and
liabilities, including liabilities under the Securities Act.

                                       17

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