Document:

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                                                                   Exhibit 10.26

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
ASTERISKS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933.

                                LICENSE AGREEMENT

This License Agreement ("Agreement") is made effective as of the last signature
date below, ("Effective Date"), by and between the University of Iowa Research
Foundation, an Iowa corporation having its principal place of business at 214
Technology Innovation Center, Iowa City, IA 52242 ("UIRF"), and Inhibitex, a
Delaware corporation having a principal place of business at 1165 Sanctuary
Parkway, Suite 400, Alpharetta, GA 30004 ("Licensee").

                                   WITNESSETH

WHEREAS, under the patent policy of The University of Iowa (UI), all inventions
arising during the normal course of research and teaching at the UI are assigned
to the UIRF to obtain patent or other appropriate intellectual property
protection and license said technology;

WHEREAS, UIRF is owner by assignment from Prof. Mark F. Stinski of his invention
and of U.S. Patent Nos. 5,168,062 and 5,385,839, issued December 1, 1992, and
January 31, 1995 respectively, titled TRANSFER VECTORS AND MICROORGANISMS
CONTAINING HUMAN CYTOMEGALOVIRUS (HCMV) IMMEDIATE-EARLY PROMOTER-REGULATORY DNA
SEQUENCE (no foreign filings have been undertaken by the UIRF);

WHEREAS, the development of this invention was sponsored by the National
Institute of Allergy and Infectious Diseases and as a consequence this license
is subject to overriding obligations to the Federal Government under 35 U.S.C.
Section 200-212 and applicable regulations;

WHEREAS, Licensee desires a non-exclusive license to the above United States
patents for their use in the production of proteins;

WHEREAS, UIRF wishes to grant such a license in accordance with the terms of
this Agreement.

NOW THEREFORE, the parties agree as follows:

                            ARTICLE I -- DEFINITIONS

1.1      Licensed Patents shall mean U.S. Patent Nos. 5,168,062 and 5,385,839
titled TRANSFER VECTORS AND MICROORGANISMS CONTAINING HUMAN CYTOMEGALOVIRUS
(HCMV) IMMEDIATE-EARLY PROMOTER REGULATORY DNA SEQUENCE, by Prof. Mark F.
Stinski, issued December 1, 1992 and January 31, 1995 respectively, or any U.S.
patents issuing thereon, including any continuations, continuations-in-part,
divisions, reissues, reexaminations and extensions thereof and patents
corresponding thereto.

1.2      Licensed Products shall mean and include any and all protein or peptide
based products or biological materials, including antibodies, or other processes
and products in the Licensed Field, the making, using, selling or importing of
which would, but for this Agreement, constitute an infringement of one or more
Valid Claims of the Licensed Patents.

1.3      Valid Claim shall mean any claim in an unexpired patent included within
Licensed Patents which claim has not been disclaimed or held invalid or
unenforceable by an unappealed or unappealable decision of a court.

<PAGE>

1.4      Licensed Field shall mean the use of the Licensed Patents and the
making, having made, using, selling or importing of the Licensed Products in the
PRODUCTION OF PROTEINS by cell culture. Licensed Field specifically excludes any
use of the Licensed Patents or use and/or sale of Licensed Products for gene
therapy applications and including genetic immunization or DNA-based vaccines.

1.5      Licensed Territory shall mean any country in which the making, using,
selling or importing of Licensed Products would, but for the license granted in
this Agreement, infringe one or more Valid Claims of the Licensed Patents.

1.6      Net Sales shall mean the gross amount received by Licensee and/or its
Affiliates from the sales of Licensed Products within the Licensed Field in the
Licensed Territory to third party customers less:

         a) normal and customary rebates, cash and trade discounts actually
         allowed;

         b) credits allowed for returned or damaged goods;

         c) insurance and transportation costs; and

         d) sales, excise, value added, import and export taxes, and any tariffs
         and duties imposed on the transaction, if separately invoiced.

On sales between Licensee and/or its Affiliates for resale, the royalty shall be
paid on the resale.

1.7      Earned Royalties shall mean royalties paid or payable by Licensee to
UIRF as determined with respect to Net Sales.

1.8      Affiliate means any corporation or other business entity in which
Licensee owns or controls, directly or indirectly, at least fifty percent (50%)
of the outstanding stock or other voting rights entitled to elect directors, or
in which Licensee is owned or controlled directly or indirectly by at least
fifty percent (50%) of the outstanding stock or other voting rights entitled to
elect directors.

1.9      For purposes of this Agreement, Partner shall mean any third party
other than Affiliate with which Licensee has an arrangement providing the third
party the right to manufacture, use, develop, promote, distribute, market, sell
or import Licensed Products in conjunction with Licensee in the Licensed Field
in the Licensed Territory.

                             ARTICLE II -- THE GRANT

2.1      UIRF hereby grants to Licensee and its Affiliates, subject to the terms
and conditions hereof, a non-exclusive license under Licensed Patents to make,
have made, use, import, have imported, sell, offer to sell and have sold the
Licensed Products within the Licensed Field in the Licensed Territory.

2.2      The license granted in Section 2.1 above extends to a Partner as
defined in Section 1.9 only to the extent that said license is limited to the
Partner's right to manufacture, use, develop, promote, distribute, market, sell
or import Licensed Products within the Licensed Field in conjunction with
Licensee. Within thirty (30) days of the execution of this Agreement, or in the
case of Licensee's new Partner Agreements, within thirty (30) days of the
execution of the Partner Agreement, Licensee shall notify its Partner(s) that
this License grants to the Partner only limited rights under the Licensed Patent
for the Licensed Field and that the Partner will need a separate license from
the UIRF for the Partner's use, manufacture, development, promotion,
distribution or marketing of any additional products which are not made in
conjunction with Licensee. Licensee shall promptly send copies to UIRF of all
such notifications sent to such Partners, specifying the Licensed Products that
are the subject of the agreement between Licensee and the Partner.

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Since (a) the UIRF has granted a number of non-exclusive licenses to the
Licensed Patents and (b) there exist several inter-relationships among UIRF's
licensees and licensees' affiliates, the Partners of Licensee may already have
enabling licenses for the Licensed Patents within the Licensed Field.
Additionally, since UIRF will get delayed notification of the nature of the
relationship between Licensee and its Partner, UIRF cannot be the party
determining whether any of Licensee's Partners have such enabling licenses
already. The UIRF will not intentionally collect any double payments; however,
all payments made to UIRF are non-refundable and UIRF shall not be held
responsible for any double payments that are made by Licensee and/or its
Partners.

                ARTICLE III -- PAYMENTS, REPORTS, RECORD-KEEPING

3.1      In consideration of the rights granted to Licensee pursuant to Article
II of this Agreement, Licensee agrees to make the following payments to the UIRF
:

         (a) A non-refundable payment ("License Fee") of [ * ] immediately upon
         execution of this Agreement.

         (b) Earned Royalties in an amount equal to [*] of the Net Sales of
         Licensed Products to be paid on a quarterly basis, beginning from the
         date of first commercial sale of any such products. In the event that a
         Licensed Product is sold in the Licensed Field in combination with
         therapeutically active product which is not a Licensed Product for a
         single price, Net Sales from such sales for purposes of calculating the
         amounts due under Section 3.1(b) above shall be calculated by
         multiplying the Net Sales of that combination by the fraction A/(A +
         B), where A is the gross selling price of the same quantity of Licensed
         Product sold separately by Licensee in the normal course of business in
         the relevant calendar quarter in the country in which the sale was made
         and B is the gross selling price for the other active elements of the
         combination sold separately during said relevant calendar quarter for
         such country and (A+B) is the gross selling price of the combination
         product in the relevant calendar quarter in the country in which the
         sale was made. In the event that no such separate sales are made by
         Licensee, Net Sales for royalty determination shall be as reasonably
         allocated between such Licensed Product and such other product, based
         upon their relative importance and proprietary protection as mutually
         agreed to, in writing, by the parties.

         (c) An annual payment ("License Maintenance Fee") of [ * ], beginning
         on the one-year anniversary of the Effective Date and continuing
         annually on each anniversary of the Effective Date. The License
         Maintenance Fee is not due on any anniversary of this Agreement if on
         that date Licensee is commercially selling Licensed Product and paying
         an earned royalty to UIRF on the sales of that Licensed Product.

         (b) A payment of [ * ] for each of the first four (4) Licensed Products
         to receive FDA approval for marketing in the United States. Such a
         payment for each Licensed Product shall accrue upon receipt of FDA
         approval for the product and shall be payable within thirty (30) days
         of accrual. This payment would accrue and be payable regardless of the
         date of execution of this Agreement. If such milestone event has
         occurred and associated payment has accrued prior to the execution of
         this Agreement, Licensee shall pay such amount(s) immediately to UIRF
         upon execution of this Agreement.

3.2      Licensee agrees to submit to UIRF within sixty (60) days after December
31, March 31, June 30 and September 30 of each calendar year, reports setting
forth for the preceding three (3) month reporting period, the Net Sales of
Licensed Products and royalty due thereon and with each such royalty report to
pay the amount of royalty due. Each such royalty report will cover Licensee's
most recently completed calendar

[*]      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
         BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
         EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES EXCHANGE ACT
         OF 1933, AS AMENDED.

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quarter and will show:

         (a) Gross sales and Net Sales of Licensed Products sold during the most
         recently completed calendar quarter;

         (b) The name and number of units of each type of Licensed Product
         actually sold;

         (c) The royalties, in U.S. dollars, payable with respect to sales of
         Licensed Products;

         (d) The method used to calculate the royalty; and

         (e) The exchange rates used, if applicable.

3.3      If no sales of Licensed Products have been made during any reporting
period, a statement to this effect is required.

3.4      It is anticipated that Licensee may supply Licensed Products to an
Affiliate or to another licensee of UIRF for further processing and/or sale by
such Affiliate or such other licensee of UIRF under Licensed Patents. UIRF will
accept royalties on Licensed Product(s) under this Agreement directly from
Licensee or such Affiliate or such other licensee of UIRF upon receipt of
appropriate notification from Licensee and such Affiliate or such other licensee
of UIRF. However, absent such notification to UIRF, Licensee shall bear the
responsibility for the payment of royalties on such Licensed Product(s).

3.5      In the event that Licensee becomes obligated at any time or from time
to time during the term of this Agreement to pay royalties to any third party
for the practice of any method or use of any composition of matter covered by
any claim of the Licensed Patents or for the sale of Licensed Products,
Licensee's royalty obligation to the UIRF shall be reduced by an amount equal to
its royalty obligation to such third party; provided, however, that Licensee's
royalty obligation shall not be reduced by more than [ * ] for any one calendar
quarter.

3.6      Licensee's obligation to pay royalties on Licensed Product(s) hereunder
shall be suspended during any period of time that Licensee is enjoined, or
reasonably believes it may be enjoined, from exercising any of its rights
hereunder with respect to the Licensed Patents or any such Licensed Product(s).
Upon resolution of any such matter, Licensee shall promptly pay to UIRF all
amounts previously withheld with respect to such matter, less any reduction
which may be applicable pursuant to Section 3.5 above, provided, however, that
Licensee's royalty obligation shall not be reduced by more than [ * ] for any
one calendar quarter.

3.7      Licensee shall report, not any less frequently than annually, on its
efforts and progress made towards commercialization of any products involving
Licensed Patents. Licensee agrees to notify UIRF promptly, in writing, of the
date of the first commercial sale of a Licensed Product to an end user.

3.8      Licensee shall keep complete, true and accurate books of account and
records of Licensed Products made, used and/or sold under this Agreement for the
purpose of showing the derivation of all amounts payable to UIRF under this
Agreement. Said books and records shall be kept at Licensee's principal place of
business for at least five (5) years following the end of a reporting period to
which they pertain. UIRF is hereby granted by Licensee the right, upon
reasonable written notice to Licensee, to retain an independent certified public
accountant reasonably acceptable to Licensee and appropriately bound by
confidentiality, to audit Licensee's records solely to verify sales of the
Licensed Products, such audit to take place during normal business hours at a
frequency of no more than once per year. The UIRF shall bear the fees and
expenses of such audit, but if an under-reporting error in royalties of more
than five percent (5%) of the total royalties due for any year is discovered in
any audit, then Licensee shall bear the fees and expenses of that audit.

[*]      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
         BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
         EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES EXCHANGE ACT
         OF 1933, AS AMENDED.

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<PAGE>

3.9      All payments due hereunder shall be payable in United States dollars.
Conversion of foreign currency to U.S. dollars shall be made at the conversion
rate existing in the United States as reported in The Wall Street Journal on the
last working day of each royalty period. Such payments shall be without
deduction of exchange, collection or other charges.

3.10     In the event payments or fees are not received by UIRF when due,
Licensee shall pay to UIRF interest charges at a rate of one and one half
percent (1.5%) per month. Such interest is calculated from the date payment was
due until actually received by UIRF.

3.11     No royalties may be collected or paid on Licensed Products sold to the
account of the U.S. Government, any agency thereof, state or domestic municipal
government as provided for under 35 U.S.C. Section 200-212 and applicable
regulations.

                       ARTICLE IV -- TERM AND TERMINATION

4.1      Unless terminated earlier in accordance with this Agreement, the term
of this Agreement shall be until the expiration of the last to expire of the
Licensed Patents or until the Licensed Patents are held invalid or unenforceable
by a court or tribunal from which no appeal can be taken.

4.2      In the event Licensee fails to make payments due hereunder, UIRF shall
have the right to terminate this Agreement upon ninety (90) days written notice,
unless Licensee makes such payments plus interest within the ninety (90) day
notice period.

4.3      In the event that Licensee shall become insolvent, shall make an
assignment for the benefit of its creditors, or shall have a petition in
bankruptcy filed for or against it and such petition shall not have been
discharged within ninety (90) days, UIRF may, at its option, terminate this
license upon thirty (30) days written notice.

4.4      Licensee shall have the right to terminate this Agreement at any time
by written notice to UIRF to that effect. Licensee shall have the right during a
period of six (6) months following the effective date of such termination to
sell or otherwise dispose of the Licensed Products existing at the time of such
termination, and shall make a final report and payment of all royalties related
thereto within sixty (60) days following the end of such period or the date of
the final disposition of such inventory, whichever first occurs.

4.5      Licensee agrees to retain records subsequent to the termination of this
Agreement under Section 4.1 and to make sales reports to UIRF even after
Licensed Patents have expired for the sole purpose of assuring UIRF that all
products construed as Licensed Products under prevailing patent law and any
associated obligations under this Agreement are and have been met. Concurrent
with the submittal of each post-termination report, Company shall pay UIRF all
applicable royalties payable under the terms of this Agreement.

4.6      Any termination of this Agreement will not affect the rights and
obligations set forth in the following Articles: 3.8, 4.4, 4.5, 6.1, 6.2, 7.5
and 7.6.

                             ARTICLE V -- ASSIGNMENT

5.1      This Agreement may be assigned by Licensee as part of a transfer of
all, or substantially all, of the

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business to which this Agreement relates. This Agreement shall be binding upon
and inure to the benefit of successors in interest and assigns of Licensee.
Licensee agrees to inform UIRF of such transfer promptly.

                   ARTICLE VI -- REPRESENTATIONS : LIMITATIONS

6.1      Nothing in this Agreement shall be construed as:

         (a)      a warranty or representation by UIRF as to the validity or
         scope of any Licensed Patents; or

         (b)      a warranty or representation that anything made, used, sold or
         otherwise commercialized under the license granted in this Agreement is
         or will be free from infringement of patents owned by third parties; or

         (c)      conferring a right to use in advertising, publicity or
         otherwise the name of the University of Iowa ("UI") or UIRF, unless
         UIRF has specifically approved the same in writing; or

         (d)      conferring by implication, estoppel or otherwise any license
         or rights under any patents of the UIRF/UI other than Licensed Patents,
         regardless of whether such patents are dominant or subordinate to
         Licensed Patents (however, UIRF is not aware of any UIRF patent or
         application dominant to Licensed Patents); or

         (e)      an obligation to furnish any know-how not provided in Licensed
         Patents.

6.2      UIRF expressly disclaims any and all implied or express warranties and
makes no express or implied warranties of merchantability or fitness for any
particular purpose of the Licensed Patents, biological materials or processes or
Licensed Products contemplated by this Agreement.

6.3      Licensee warrants that prior to the Effective Date of this Agreement,
there have been no commercial sales of products which would be characterized as
Licensed Products had this Agreement been in force at the time of such
commercial sales.

                             ARTICLE VII -- GENERAL

7.1      Licensee agrees to comply with all applicable laws and regulations with
regard to distribution and selling of Licensed Product to others.

7.2      UIRF shall have the responsibility for the prosecution, filing and
maintenance of all Licensed Patents, including the conduct of all interference,
opposition, nullity and revocation proceedings, as well as responsibility for
all fees and costs associated therewith.

7.3      UIRF shall have the right but not the obligation at its expense to
initiate any proceeding relating to any infringement by a third party of any
Licensed Patents in the Licensed Field.

7.4      UIRF shall have no obligation to defend any action for infringement
brought against Licensee by a third party.

7.5      The relationship between UIRF and Licensee shall be that of independent
contractors. UIRF and Licensee shall have no other relationship other than as
independent contracting parties. Neither party is authorized or empowered to act
as agent for the other for any purpose and shall not on behalf of the other
enter into any contract, warranty, or representation as to any matter. Neither
shall be bound to the acts or conduct of the other.

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7.6      Licensee shall indemnify and hold harmless UIRF and UI and their
employees, officers, agents, consultants and their respective successors, heirs
and assigns, from any action, claim or liability, including, without limitation,
liability for death, personal injury, illness or property damage arising
directly or indirectly (a) out of the use by Licensee of any method under
Licensed Patents and/or (b) out of any use, sale or other disposition of
Licensed Products by Licensee or its transferees under this Agreement and/or (c)
from Licensee's publication or distribution of test reports, data and other
information relating to Licensed Products.

7.7      If any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect, that invalidity, illegality or unenforceability
will not affect any other provisions of this Agreement, and this Agreement will
be construed as if the invalid, illegal or unenforceable provisions had never
been contained in it.

7.8      Neither party may waive or release any of its rights or interests in
this Agreement except in writing. Any delay or failure to assert any right
arising from this Agreement shall not be deemed or construed to be a waiver of
such right.

7.9      The headings of the several sections are inserted for convenience of
reference only and are not intended to be a part of or to affect the meaning or
interpretation of this Agreement.

                             ARTICLE VIII -- MARKING

8.1      Licensee agrees to comply with marking provisions of Title 35, U.S.
Code, Section 287, if required, or any future equivalent provisions of the
United States relating to the marking of patented devices, or with marking
complying with the law of the country where the Licensed Products are shipped,
used or sold.

                      ARTICLE IX -- NOTICES; APPLICABLE LAW

9.1      Any notice, report or payment provided for in this Agreement shall be
         deemed sufficiently given when sent by facsimile or regular, certified
         or registered mail addressed to the party for whom intended at the
         following addresses, or to such address as either party may hereafter
         designate in writing to the other:

FOR UIRF:
University of Iowa Research Foundation
Brenda L. Akins, Associate Director
214 Technology Innovation Center
Iowa City, IA  52242-5000
Phone : 319-335-4546
Facsimile: 319-335-4489

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FOR LICENSEE:

Inhibitex, Inc.
Joseph M. Patti, Ph.D.
Chief Scientific Officer & Vice President, Preclinical Development
8995 Westside Parkway, Suite 150
Alpharetta, GA 30004
Phone: 678.336.2606
Facsimile: 678.336.2612

9.2      This agreement shall be construed, interpreted, and applied in
accordance with the laws of the State of Iowa.

                            ARTICLE X -- INTEGRATION

10.1     This Agreement constitutes the entire agreement between the parties
relating to the subject matter thereof, and all prior negotiations,
representations, agreements and understandings are merged into, extinguished by,
and completely expressed by it. This Agreement cannot be changed or terminated
orally, but only in writing and if signed by both parties. This Agreement shall
be binding on the heirs, successors, and assigns of the parties hereto.

IN WITNESS WHEREOF, both the UIRF and Licensee have executed this Agreement by
their respective and duly authorized officers on the day and year written. This
Agreement is effective as of the Effective Date.

LICENSOR                                     LICENSEE
UNIVERSITY OF IOWA RESEARCH FOUNDATION       INHIBITEX, INC.

By /s/ W. Bruce Wheaton                      By /s/ Robert T. Schweiger
   ------------------------------               ------------------------
Date: 7/1/03                                 Date: 6/20/03
Name: W. Bruce Wheaton, Ph.D.                Name: Robert T. Schweiger
Title: Executive Director                    Title: Vice President of Business
                                                    Development

                                     8 of 8<PAGE>

                                                                   Exhibit 10.27

     CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
     ASTERISKS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
     EXCHANGE COMMISSION PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED.

                             PLASMA SUPPLY AGREEMENT

         THIS AGREEMENT dated as of October 22, 2002 is made by Inhibitex, Inc.,
a Delaware corporation ("Inhibitex"), having its principal office at 8995
Westside Parkway, Alpharetta, Georgia 30004 and DCI Management Group, Inc. a New
Mexico corporation ("Supplier"), having its principal office at 220-05 97th
Avenue, Queens Village, NY 11429.

                              W I T N E S S E T H :

         WHEREAS, Inhibitex is engaged in the development of Veronate(TM)
(formerly referred to as INH-A21 or SE/A IGIV), a human Staphyloccocus immune
globulin (the "Product"); and

         WHEREAS, the development of the Product requires quantities of Plasma
(as defined below) with acceptable titers of antibodies against Staphyloccocus
aureus ("S. aureus") and Staphyloccocus epidermidis ("S. epidermidis"); and

         WHEREAS, Inhibitex desires to purchase such Plasma from Supplier, and
Supplier, directly or through its affiliates or third-party contractors, desires
to supply such Plasma to Inhibitex, on the terms and subject to the conditions
set forth herein.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein, the parties hereto agree as follows:

         1.       Purchase and Sale.

                  (a)      Inhibitex agrees to purchase from Supplier, and
Supplier agrees to supply to Inhibitex, Plasma (as defined below) on the terms
and subject to the conditions set forth herein. For purposes of this Agreement,
"Plasma" means "Source Plasma" as defined by the regulations of the Center for
Biologics Evaluation and Review of the Food and Drug Administration ("FDA")
and/or other applicable international, state or local authorities now or
hereafter in effect (the "Regulations"), that meets the product specifications
as set forth on Exhibit A, as the same may be amended from time to time (the
"Specifications"), and has levels of both S. aureus and S. epidermidis
antibodies satisfactory to Inhibitex in its sole discretion.

                  (b)      Throughout the Term (as defined below) of this
Agreement, no later than ninety (90) days prior to the beginning of each
calendar year, Inhibitex and Supplier shall agree, based upon the
then-prevailing incidence of titers of S. aureus and S. epidermidis then
acceptable to Inhibitex, on the quantity of Plasma to be purchased by Inhibitex
from Supplier in the coming calendar year (the "Annual Quantity"); provided
however that in no event will the Annual Quantity with respect to any year be
less than the least of (i) the Estimated Quantity (as defined below) with
respect to such year, (ii) the actual quantity purchased from the Supplier in
the previous year and (iii) commencing with quantities for 2006, [ *** ]% of the
estimated quantity of Plasma required by Inhibitex for the production of Product
from all Plasma suppliers in such year. Once agreed to, each Annual Quantity may
be adjusted only by the mutual consent of the parties. Supplier acknowledges
that it may not be Inhibitex's sole supplier of Plasma during the Term of this
Agreement.

<PAGE>

                  (c)      The following table sets forth the quantity of Plasma
that Inhibitex estimates, in good faith and based upon the facts and
circumstances as of the date of this Agreement, that it will purchase from
Supplier in each calendar year, beginning in 2003, of the Term ("Estimated
Quantities"). These Estimated Quantities are provided for planning purposes only
and, except as provided in Section 10(f), are not binding on either party.

                                 Year         Estimated Quantity
                                                   (Liters)

                                    [ *** ]

In any calendar year, Inhibitex shall be obligated to purchase at the Purchase
Price (as defined below) then in effect, and Supplier shall be obligated to
supply, an amount of Plasma equal to 90% of that year's Annual Quantity. If, in
any calendar year, Supplier is able to supply an amount of Plasma greater than
90% of that year's Annual Quantity ("Excess Plasma"), Inhibitex shall be
entitled, but not obligated, to purchase such Excess Plasma at the Purchase
Price then in effect. Supplier shall be entitled to sell, as normal source
plasma to any party who is then a customer of Supplier, any Excess Plasma
offered to but not purchased by Inhibitex. Notwithstanding the foregoing,
provided that each party is acting in good faith and using reasonable commercial
efforts hereunder, the failure of Supplier to supply, and the failure of
Inhibitex to purchase, 90% of any year's Annual Quantity shall be deemed not to
constitute a breach of this Agreement if such failure is due to any material
change in Inhibitex's minimum titer requirements or the prevailing incidence of
Qualified Donors (as hereinafter defined) with titers acceptable to Inhibitex.

                  (d)      From the date hereof through December 31, 2002,
Inhibitex shall pay for Plasma purchased hereunder at the rate of [ *** ] per
liter (the "Purchase Price"). For the calendar year 2003, the Purchase Price
will be increased to [ *** ] per liter. Thereafter, throughout the Term, the
Purchase Price shall be adjusted (i) annually from the Purchase Price then in
effect in proportion to the percentage change in the Consumer Price Index (All
Urban Consumers CPI-U/ United States City Average/ All Items Indexed); and, (ii)
by a one time adjustment, applicable only for the year 2007 as the parties shall
mutually agree, however, such adjustment shall not increase or decrease the
Purchase Price then in effect by more than 10%. Additionally, the Purchase Price
shall be adjusted from time to time if Inhibitex and Supplier mutually agree to
increase or decrease the donor fees paid to Acceptable Donors (as defined
below). The Purchase Price payable with respect to any Plasma purchased by
Inhibitex hereunder shall be the Purchase Price in effect as of the date of its
collection by Supplier, not the date of shipment by Supplier.

                                       2
<PAGE>

                  (e)      The parties agree to negotiate in good faith any
adjustments in the Purchase Price resulting from a material change in costs
occasioned by any mandatory changes in Regulations or industry accepted
practices as recommended by the Plasma Protein Therapeutic Association (PPTA)
("PPTA Standards"). Additionally, Inhibitex may, from time to time, request that
Supplier make other changes in its plasma collection procedures that are not the
result of changes in Regulations or PPTA Standards. Inhibitex must submit
requests for such changes in writing to Supplier. Supplier shall not
unreasonably withhold its consent to any such changes. Any such Inhibitex
requested change(s) that result in increased or decreased costs to Supplier
shall be reflected in an adjusted Purchase Price, to be mutually agreed upon in
good faith.

         2.       Shipping/ Payment. All shipments of Plasma shall be made
F.O.B. Inhibitex's designated storage or manufacturing facility in accordance
with the shipping specifications set forth in Exhibit B, as the same may be
amended from time to time. The Purchase Price is inclusive of transportation and
shipping costs (including, but not limited to, packaging and shipping materials)
to Inhibitex's designated storage or manufacturing facility in the continental
United States and all other costs incurred by Supplier in the performance of its
obligations under Sections 3 and 4 below. Risk of loss for the Plasma shall pass
to Inhibitex upon delivery to Inhibitex's designated storage or manufacturing
facility. Inhibitex shall pay the Purchase Price for all Plasma delivered to
Inhibitex within 45 days of invoice.

         3.       Acceptable Donors. All Plasma shipped by Supplier pursuant to
this Agreement shall have been collected only from Qualified Donors (as defined
under PPTA Standards) whose Plasma has been collected from a collection
facility, which at the time of collection is listed on Exhibit C (as such
Exhibit C may be amended from time to time as provided herein) and, in the sole
determination of Inhibitex, has titers of antibodies against S. aureus and S.
epidermidis at levels acceptable for production of the Product ("Acceptable
Donors"). Supplier may not add additional collection facilities to Exhibit C or
otherwise amend Exhibit C without the consent of Inhibitex, which consent shall
not be unreasonably withheld. Collection facilities listed on Exhibit C shall be
referred to herein as an Approved Collection Facility, or collectively as
"Approved Collection Facilities". In order to enable Inhibitex to identify
Acceptable Donors, and at no additional charge to Inhibitex, Supplier shall
provide Inhibitex with samples of plasma, in amounts and at times to be mutually
agreed to by the parties, from all Qualified Donors at Approved Collection
Facilities from which Supplier may acquire Plasma in the performance of its
obligations under this Agreement, Supplier agrees to provide Inhibitex with such
plasma samples prior to providing them to any other purchaser of plasma. Once
Inhibitex has identified a donor as an Acceptable Donor and notified Supplier in
writing of such designation, Inhibitex agrees to purchase, subject to the
limitation set forth in Section 1(c), all Plasma donated from the Acceptable
Donor until it further notifies Supplier that the donor is no longer an
Acceptable Donor. Inhibitex may, with forty-eight (48) hours written notice,
terminate Acceptable Donor status for any donor at any time at its sole
discretion. Except as provided in Section 1(c), Supplier shall not sell any
Plasma collected from an Acceptable Donor to any person other than Inhibitex,
unless authorized to do so by Inhibitex. Inhibitex agrees that, upon the
termination of this Agreement by Supplier pursuant to Section 10(b) below,
Inhibitex shall not for a period of two years after such termination solicit
plasma from any third party collection facility from which Supplier was
obtaining Plasma supplied to Inhibitex pursuant to this Agreement at the time of
the termination thereof.

                                       3
<PAGE>

         4.       Testing.

                  (a)      Supplier shall be responsible for assuring that each
unit, or donation of Plasma, shipped to and purchased by Inhibitex pursuant to
this Agreement has been subjected to and tested negative for all FDA required
viral marker tests as may be required by the FDA from time to time, including,
but not limited to, tests for the presence of Hepatitis B Surface Antigen,
Antibody to Hepatitis C Virus, Alanine Aminotransferase, Human Immunodeficiency
Virus Type 1 p24 Antigen, and Antibody to Human Immunodeficiency Virus Types 1
and 2, as well as Serum Protein Electrophoresis, Total Protein and Rapid Protein
Reagin tests. All donors found to be reactive or positive to FDA required
test(s) will be permanently excluded as Acceptable Donors. Inhibitex shall be
notified immediately if an Acceptable Donor has tested positive to any FDA
required tests. The Purchase Price shall be inclusive of the costs of testing
under this Section 4.

                  (b)      Changes in the above testing requirements may be
necessary to reflect changes in Regulations, PPTA Standards, Inhibitex's
standard operating procedures and/or the Specifications. Any such changes that
materially increase or decrease the Supplier's cost of supplying Plasma shall be
negotiated as an adjustment to the Purchase Price as set forth in Section 1(e)

         5.       Representations and Warranties. Supplier represents and
warrants, on its own behalf and on behalf of each Approved Collection Facility,
that:

                  (a)      all Plasma shipped to Inhibitex hereunder shall be
collected, stored, shipped and otherwise produced in accordance all applicable
laws, Regulations, PPTA Standards and the Specifications (including, with
respect to testing, the provisions of Section 4 hereof);

                  (b)      all Plasma shipped to Inhibitex hereunder shall, as
of the date of such shipment and delivery, not be adulterated or misbranded
within the meaning of the Federal Food, Drug and Cosmetic Act, shall be in full
compliance with the Biological Products Section of the Public Health Service
Act, and applicable laws, Regulations, PPTA Standards and the Specifications. In
the event that any Plasma is shipped to Inhibitex that is not in compliance with
said laws, Regulations, PPTA Standards or the Specifications, Supplier shall be
responsible for all losses or damages to Inhibitex to the extent of Supplier's
limit of liability as set forth in Section 6(a).

                  (c)      each Approved Collection Facility from which Plasma
is supplied under this Agreement is and shall (i) have a valid Biologics License
and (ii) remain Quality Plasma Program ("QPP") certified by the PPTA. Supplier,
will upon reasonable request, provide Inhibitex with evidence of all licenses
and certifications. No Plasma or plasma samples shall be shipped hereunder if
said license becomes invalid, suspended or revoked for any reason; and

                  (d)      each third party contractor used by the Supplier in
meeting its obligations under this Agreement has the requisite regulatory
approvals and licenses required of it to be in compliance with and applicable
laws, Regulations, PPTA Standards and the Specifications.

                                       4
<PAGE>

         6.       Indemnification; Insurance.

                  (a)      Supplier, and each of its affiliates now existing or
hereafter created, jointly and severally, on the one hand, and Inhibitex, on the
other hand, hereby indemnify and agree to hold harmless each other and its
respective affiliates, agents, employees, officers and directors, from and
against any and all claims, losses, liabilities, damages, attorneys' fees, costs
and expenses which may be sustained by and/or claimed against the other party by
virtue of the negligent handling or furnishing of materials or performance of
services rendered by the other party (including, in the case of Supplier, any
affiliate or third party contractor performing pursuant hereto), the willful
misconduct by the other party (including, in the case of Supplier, any affiliate
or third party contractor performing pursuant hereto), or its officers,
employees or agents or any representation, warranty or agreement contained in
this Agreement being breached, untrue or materially misleading, by omission or
otherwise. Notwithstanding the foregoing, the liability of each party to the
other under this Section shall be limited to $1.0 million per occurance.

                  (b)      Supplier covenants and agrees that it will maintain,
at all times during the Term of this Agreement, property damage, general
liability and product liability insurance, which shall not contain any
contractual exclusion and which shall cover Supplier's, and it affiliates'
liability and indemnification obligations under this Agreement, in commercially
reasonable amounts but in any event not less than $1.0 million per occurrence
and $3.0 million in the aggregate and with an insurance company or companies
reasonable acceptable to Inhibitex. Inhibitex shall be named as an additional
insured party under such insurance. Supplier shall deliver evidence to Inhibitex
of such insurance and inclusion of Inhibitex therein as an additional insured,
at any time and from time to time during the term of this Agreement, as
Inhibitex may reasonable request.

         7.       Notices.

                  (a)      Supplier shall, within twenty-four (24) hours, notify
Inhibitex, in writing, if it becomes aware that any of the representations and
warranties in Section 5 have been breached.

                  (b)      Supplier shall, within forty-eight (48) hours of
receipt, provide to Inhibitex a copy of any communications delivered to
Supplier, an Approved Collection facility or other third party contractors, by
the PPTA, FDA or other similar federal, state, or local regulatory authority
which may, in the good-faith determination of Supplier, reasonably be expected
to have an adverse effect on the Supplier's ability to fulfill its obligations
hereunder. Supplier shall also provide Inhibitex a copy of any written response
to the issuing agency.

                  (c)      Supplier shall notify Inhibitex in writing of any
change or replacement of the authorized representative or the person responsible
for regulatory matters at any facility where Plasma purchased under this
Agreement is collected. Said notification, with respect to replacements, shall
include the name and qualifications of such individual(s) and shall be made
within thirty 30) days of the change.

                                       5
<PAGE>

         8.       Rights of Inspection. Inhibitex, or its representatives, shall
have the right, at least once annually throughout the Term of this Agreement, to
conduct inspections and non- financial audits at all Approved Collection
Facilities supplying Plasma hereunder and the facilities of any affiliate or
third party contractor performing testing or transportation and storage services
hereunder. These rights shall include r a review of all relevant records.

         9.       Third Party Contractors. Supplier may use third party
contractors to perform the services contemplated in this Agreement. All third
party contractors shall be subject to the continuing approval of Inhibitex,
which approval shall not be unreasonably withheld. However, Inhibitex reserves
the right to reasonably withhold approval if a third party contractor fails to
materially comply with any applicable law, Regulation, PPTA Standard or the
Specifications or is found to be materially deficient by any audit. Supplier
shall enter into agreements with third party contractors that provide Inhibitex
rights with respect to such contractors substantially similar to its rights
under Section 7 and 8 above.

         10.      Term and Termination.

                  (a)      Unless terminated earlier as provided in this Section
10, the term of the Agreement shall commence on the date hereof and terminate on
December 31, 2012 (the "Term").

                  (b)      In addition to any other remedies, under this
Agreement or the law, either party may terminate this Agreement upon either
party's receipt of written notice in the event that either party materially
breaches any of its obligations hereunder, and fails to cure such breach, within
thirty (30) days of receiving written notice thereof from the other party.

                  (c)      Either party may terminate this Agreement effective
immediately upon giving notice of termination, if the other party shall file a
petition in bankruptcy, shall be adjudicated as bankrupt, shall take advantage
of the insolvency laws of any state, territory or country, shall make an
assignment for benefit of creditors, shall be voluntarily or involuntarily
dissolved, or shall have a receiver, trustee or other court officer appointed
for its property.

                  (d)      Inhibitex may terminate this Agreement upon thirty
(30) days written notice if the clinical development of the Product is halted or
terminated, whether by the FDA, a Data Safety Monitoring Board, any other
regulatory authority, or Inhibitex for any reason.

                  (e)      Termination of this Agreement will not, subject to
Section 1(c), operate to relieve Inhibitex or Supplier from its obligations to
purchase or deliver all quantities of Plasma previously collected by Supplier
prior to Supplier's receipt notice of termination, nor will termination relieve
either party of paying any monies previously due to the other party.

                  (f)      If this Agreement is terminated by Inhibitex pursuant
to (b) or (c) above, Supplier shall be obligated to supply, at Inhibitex's
option, at the Purchase Price that would be in effect but for such termination,
quantities of Plasma equal to the applicable Estimated Quantities for the lesser
of (i) next two full calendar years after the date of termination or (ii) the
remainder of the term of this Agreement. However, if Inhibitex terminates this
Agreement pursuant to (b) above and exercises its option to require Supplier to
continue to supply Plasma under this

                                       6
<PAGE>

section, Inhibitex agrees to waive its rights and remedies relative to the
specific breach of Supplier serving as the basis of the termination.

                  (g)      Notwithstanding anything to the contrary set for
herein, the parties' obligations under Section 6, Sections 10(e) and (f) and
Sections 12(b), (e), (f), (g), (h), (i) and (l) of this Agreement shall survive
the termination of this Agreement.

         11.      Force Majeure. Failure of either party to perform its
obligations under this Agreement shall not subject such party to any liability
to the other party if such failure is caused by any event and/or circumstances
beyond the reasonable control of such non-performing party, including, but not
limited to, acts of God, fire, explosion, flood, drought, war, terrorism, riot,
strikes or other labor trouble, or governmental action (an "Event of Force
Majeure"). For purposes of this Agreement, governmental or regulatory action
resulting from negligence or willful misconduct will not be considered an Event
of Force Majeure. The party suffering an Event of Force Majeure shall use
reasonable efforts to perform its obligations hereunder as soon as practicable.
If such party is not able to perform all of its obligations hereunder within
ninety (90) days of the Event of Force Majeure, the other party may terminate
this agreement without liability.

         12.      Miscellaneous.

                  (a)      All sales of Plasma by Supplier to Inhibitex
hereunder shall be subject to the provisions of this Agreement and shall not be
subject to the terms and conditions contained in any purchase order of Inhibitex
or confirmation of Supplier except insofar as any such purchase order or
confirmation establishes the quantity of Plasma ordered or sold thereunder and
the delivery date and carrier thereof.

                  (b)      The relationship between Supplier and Inhibitex is
that of vendor and vendee and under no circumstances shall either party, its
agents and employees, be deemed agents or representatives of the other party, or
have the right of enter into any contracts or commitments in the name of or on
behalf of the other party in any respect whatsoever.

                  (c)      This Agreement, including the exhibits hereto,
constitutes the entire agreement between the parties relating to the subject
matter herein and all prior proposals, discussions and writings by and between
the parties and relating to the subject matter herein are superseded hereby.
None of the terms of this Agreement shall be deemed to be waived by either party
or amended unless such waiver or amendment is written and signed by both
parties, and recites specifically that it is a waiver of, or amendment to, the
terms of this Agreement.

                  (d)      All notices, communications, demands, and payments
required or permitted to be given or made hereunder or pursuant hereto shall
conclusively be presumed for all purposes of this Agreement to be given or made
at the time the same as received. Notices shall be addressed as follows:

                                       7
<PAGE>

If to Inhibitex:                              If to Supplier:

Inhibitex, Inc.                               DCI Management Group, Inc.
8995 Westside Parkway                         220-05 97th Avenue
Alpharetta, GA  30004                         Queens Village, NY 11429
Fax: 646-336-2626                             Fax:  718-217-4451
Attn: Russell H. Plumb                        Attn: Ira London
email:  rplumb@inhibitex.com                  email: iralondon@dciplasma.com

With a copy to:                               With a copy to:

Swidler Berlin Shereff Friedman, LLP
405 Lexington Avenue
New York, NY 10174
Fax: 212-891-9598
Attn: David S. Rosenthal, Esq.
email: dsrosenthal@swidlaw.com

or to such other address as to which either party may notify the other party.

                  (e)      This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to the choice
of law provisions thereof.

                  (f)      This Agreement shall not be assignable by Supplier or
Inhibitex without prior written consent.

                  (g)      This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns.

                  (h)      Inhibitex and Supplier agree that the terms of this
Agreement shall be held in confidence, except where disclosure may be required
by law, by rules of a securities exchange or as the parties may otherwise agree.
No public announcement relating to this Agreement shall be made by either party
without the prior written consent of the other party, and neither party shall
use the name of the other party to this Agreement, any trademark or trade name,
or the name of any employee of the other party in any advertising or news
release without the prior consent of the other party.

                  (i)      Supplier covenants and agrees that by its execution
of this Agreement, any of its affiliates that supply Plasma to Inhibitex shall
be bound by and become a party to this Agreement, with the same rights,
obligations and responsibilities as Supplier with respect to the Plasma such
affiliate supplies hereunder, even though such affiliate has not become a
signatory hereto.

                  (j)      This Agreement shall supersede the Plasma Supply
Agreement between the parties dated as of May 1, 1998.

                                       8
<PAGE>

                  (k)      All disputes under or relating to this Agreement,
including without limitation disputes with respect to the enforceability of this
provision, shall be resolved by arbitration conducted in New York, in accordance
with the then effective rules of the American Arbitration Association (or
successor body, if any). The arbitration decision, whether unanimous or
majority, will be final and nonappealable and judgment thereon may be entered in
any court having jurisdiction or application may be made to any such court for
the judicial acceptance of the arbitration award or decision and order of
enforcement. The costs and expenses of such arbitration (including, without
limitation, legal costs, fees and expenses) shall be borne by the parties in
proportion to each parties initial position relative to the outcome in the
matter as determined by the arbitrators.

                  (l)      This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and both of which
together shall constitute one instrument. This Agreement may be evidenced by
facsimile signatures.

               [remainder of this page intentionally left blank]

                                       9
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have cause this
Agreement to be executed by their representatives duly authorized as of the day
and year first above written.

                                              DCI MANAGEMENT GROUP, INC.

                                              By: /s/ Gerald W. Matlin
                                                  ------------------------------
                                              Name: Gerald W. Matlin

                                              Title: Secretary

                                              INHIBITEX, INC.

                                              By: /s/ Russell H. Plumb
                                                  ------------------------------
                                              Name: Russell H. Plumb
                                              Title: Vice President, CFO

<PAGE>

                                    EXHIBIT A

                              PLASMA SPECIFICATIONS

Plasma collected on behalf of Inhibitex shall adhere to the following:

         -        Only centers with FDA licenses and QPP certification shall
                  collect Plasma for Inhibitex

         -        Plasma shall be collected as Source Plasma as defined by the
                  FDA in 21 CFR Part 640 Subpart G, Source Plasma 640.60

         -        Plasma shall be collected from donors who fulfill all
                  requirements as Qualified Donors as defined by iQPP standards,
                  as well as, requirements sited by the FDA in 21 CFR Part 640
                  Subpart G, Source Plasma for Suitable Donors 640.63

         -        Plasma shall be collected in bottles that fulfill all
                  requirements sited by the FDA in 21 CFR Part 640 Subpart G,
                  Source Plasma 640.64 including:

                      -        supervision of the collection

                      -        blood containers

                      -        anticoagulant

                      -        donor identification (labeling)

                      -        prevention of contamination

         -        Plasma shall be collected, stored, and transported in
                  accordance with all FDA and QPP requirements

         -        Supplier shall ensure that each unit is Viral Marker Tested in
                  accordance with FDA and QPP requirements as listed in 4.(a)

         -        Following 21 CFR Part 640 Subpart G, Source Plasma 640.69, 3-5
                  ml Plasma samples are to be removed and dispersed accordingly:

                      -        Viral Marker Testing - sent to testing laboratory

                      -        Inhibitex confirmation - sent to Inhibitex for
                               testing

                      -        Back-up for center - maintained at center for 1
                               year and/or delivered to Inhibitex, at its cost,
                               upon its request

                      -        Sample for Nucleic Acid Testing (NAT) - placed in
                               case along with physical units

                                      A-1
<PAGE>

                      -        Extra sample for future testing - placed in case
                               along with physical units

         -        Labeling of each Plasma container shall be in accordance with
                  21 CFR 640 Subpart G, Source Plasma 640.70 and Part 610
                  Subpart G Labeling Standards 610.62 to include:

                      -        Positioning of proper name of product

                      -        Prominence of proper name of product

                      -        Legible type

                      -        Appropriate "Caution" statement(s)

                      -        Storage temperature

                      -        Total volume or weight of plasma and total
                               quantity and type of anticoagulant used

                      -        Donor number or individual bleed number

                      -        Expiration Date of plasma

                      -        "Plasma collected from normal donor" statement

                      -        "Nonreactive for HBs Ag by FDA required test"
                               statement

                      -        Name, address, and license number of the
                               manufacturer

                      -        "Negative by a test for antibody to HIV"
                               statement

                                      A-2
<PAGE>

                                    EXHIBIT B

         -        Transportation services provided by Making Distribution
                  Intelligent (MDI)

         -        Shipment shall occur upon completion of filling of 4 cases of
                  Plasma.

                                      B-1

<PAGE>
                                    EXHIBIT C

                         APPROVED COLLECTION FACILITIES
<TABLE>
<CAPTION>
CENTER                                                     LICENSE #
<S>                                                        <C>
BIO SAVE RESOURCES OF ALBUQUERQUE, INC.                    1064
ALBUQUERQUE, NEW MEXICO

BOWLING GREEN BIOLOGICALS, INC.                            1176
BOWLING GREEN, KENTUCKY

DCI BIOLOGICALS, INC.                                      1275
BRYAN, TEXAS

DCI BIOLOGICALS CARBONDALE, INC.                           1239
CARBONDALE, ILLINOIS

DCI PLASMA CENTER OF DULUTH, INC.                          1071
DULUTH, MINNESOTA

DCI BIOLOGICALS DUNEDIN, INC.                              1234
DUNEDIN, FLORIDA

DCI BIOLOGICALS, INC.                                      831-002
FARMINGTON, NEW MEXICO

DCI BIOLOGICALS FLAGSTAFF, INC.                            1612
FLAGSTAFF, ARIZONA

DCI BIOLOGICALS, INC.                                      831-001
GALLUP, NEW MEXICO

DCI BIOLOGICALS GREENVILLE, INC.                           PENDING*
GREENVILLE, NORTH CAROLINA

DCI BIOLOGICALS HOT SPRINGS, INC.                          1067
HOT SPRINGS, ARKANSAS

DCI BIOLOGICALS JONESBORO, INC.                            1625
JONESBORO, ARKANSAS
</TABLE>

-----------------
*        Plasma may not be shipped to Inhibitex from any Approved Collection
         Facility whose license is "pending".

                                      C-1
<PAGE>

<TABLE>
<CAPTION>
CENTER                                                     LICENSE #
<S>                                                        <C>
LAS CRUCES BIOLOGICALS, INC.                               1069
LAS CRUCES, NEW MEXICO

PORTLAND BIOLOGICALS, INC.                                 1191-002
LEWISTON, MAINE

DCI BIOLOGICALS LITTLE ROCK, INC.                          1606
LITTLE ROCK, ARKANSAS

DCI BIOLOGICALS NACOGDOCHES, INC.                          1591
NACOGDOCHES, ILLINOIS

DCI BIOLOGICALS ORLANDO, INC.                              1286
ORLANDO, FLORIDA

PORTLAND BIOLOGICALS, INC.                                 1191-001
PORTLAND, MAINE 04102

STILLWATER PLASMA CENTER, INC.                             1129
STILLWATER, OKLAHOMA

DCI BIOLOGICALS TEXARKANA, INC.                            PENDING*
TEXARKANA, ARKANSAS

WESTGATE BIOLOGICALS, INC.                                 1087
COLLEGE STATION, TEXAS

DCI BIOLOGICALS WICHITA FALLS, INC.                        1291
WICHITA FALLS, TEXAS

DCI BIOLOGICALS WILMINGTON, INC.                           PENDING*
WILMINGTON, NORTH CAROLINA

YALE BLOOD PLASMA, INC.                                    836
ALBUQUERQUE, NEW MEXICO
</TABLE>

                                      C-2

<PAGE>

                                  NABI CENTERS
<TABLE>
<CAPTION>
CENTER                                                     LICENSE #
<S>                                                        <C>
NABI - FORT MYERS                                          1022-008
FORT MYERS, FLORIDA

NABI - GAINESVILLE                                         1022-009
GAINESVILLE, FLORIDA

NABI - HOUSTON (BROADWAY)                                  1022-058
SAN ANTONIO, HOUSTON

NABI - JACKSONVILLE                                        1022-031
JACKSONVILLE, FLORIDA

NABI - LINCOLN                                             1022-012
LINCOLN, NEBRASKA

NABI - NORFOLK                                             1022-014
NORFOLK, VIRGINIA

NABI - SCRANTON                                            1022-016
SCRANTON, PENNSYLVANIA

NABI - YOUNGSTOWN                                          1022-021
YOUNGSTOWN, OHIO
</TABLE>

                                      C-3

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