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                                                                     EXHIBIT 4.3

                                                               OHS DRAFT 8/18/03
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                        VASO ACTIVE PHARMACEUTICALS, INC.

                                       AND

                                SKY CAPITAL, LLC

                                REPRESENTATIVE'S
                                WARRANT AGREEMENT

                      DATED AS OF ___________________, 2003

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          REPRESENTATIVE'S WARRANT AGREEMENT dated as of __________, 2003
between VASO ACTIVE PHARMACEUTICALS, INC., a Delaware corporation (the
"Company") and SKY CAPITAL, LLC (the "Representative").

                              W I T N E S S E T H:

          WHEREAS, the Company proposes to issue to the Representative warrants
to purchase up to an aggregate of 120,000 shares of Class A Common Stock,
$0.0001 par value, of the Company (the "Warrants"); and

          WHEREAS, the Representative has agreed pursuant to the underwriting
agreement (the "Underwriting Agreement") dated as of the date hereof between the
Company and the several Underwriters listed therein to act as the Representative
in connection with the Company's proposed public offering of up to 1,200,000
shares of Class A Common Stock at a public offering price of $5.00 per share
(the "Public Offering"); and

          WHEREAS, the Warrants to be issued pursuant to this Agreement will be
issued on the Closing Date (as such term is defined in the Underwriting
Agreement) by the Company to the Representative in consideration for, and as
part of the Representative's compensation in connection with, the Representative
acting as the Representative pursuant to the Underwriting Agreement;

          NOW, THEREFORE, in consideration of the premises, the payment by the
Representative to the Company of an aggregate one hundred dollars ($120.00), the
agreements herein set forth and other good and valuable consideration, hereby
acknowledged, the parties hereto agree as follows:

          1.           GRANT. The Representative (or its designees) (together,
the "Holders" and each a "Holder") is hereby granted the right to purchase, at
any time from __________, 2004, until 5:30 P.M., New York time, on __________,
2008, up to an aggregate of 120,000 shares of

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Class A Common Stock at an initial exercise price (subject to adjustment as
provided in SECTION 8 hereof) of $6.00 per share of Class A Common Stock. Except
as set forth herein, the shares of Class A Common Stock issuable upon exercise
of the Warrants are in all respects identical to the shares of Class A Common
Stock being purchased by the Underwriters for resale to the public pursuant to
the terms and provisions of the Underwriting Agreement.

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

          3.           EXERCISE OF WARRANT.

          Section 3.1  METHOD OF EXERCISE. The Warrants initially are
exercisable at an aggregate initial exercise price (subject to adjustment as
provided in SECTION 8 hereof) per share of Class A Common Stock set forth in
SECTION 6 hereof payable by certified or official bank check in New York
Clearing House funds, subject to adjustment as provided in SECTION 8 hereof.
Upon surrender of a Warrant Certificate with the annexed Form of Election to
Purchase duly executed, together with payment of the Exercise Price (as
hereinafter defined) for the shares of Class A Common Stock purchased at the
Company's principal executive offices in Danvers, Massachusetts (presently
located at 99 Rosewood Drive, Suite 260, Danvers, Massachusetts 01923) the
registered holder of a Warrant Certificate shall be entitled to receive a
certificate or certificates for the shares of Class A Common Stock so purchased.
The purchase rights represented by each Warrant Certificate are exercisable at
the option of the Holder thereof, in whole or in part (but not as to fractional
shares of the Class A Common Stock). The Warrants may be exercised to purchase
all or part of the shares of Class A Common Stock. In the case of the purchase
of less than all the shares of Class A Common Stock under any Warrant
Certificate,

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the Company shall cancel said Warrant Certificate upon the surrender thereof and
shall execute and deliver a new Warrant Certificate of like tenor for the
balance of the shares of Class A Common Stock purchasable thereunder.

          Section 3.2  EXERCISE BY SURRENDER OF WARRANT. In addition to the
method of payment set forth in SECTION 3.1 and in lieu of any cash payment
required thereunder, the Holder(s) shall have the right at any time and from
time to time to exercise the Warrants in full or in part by surrendering the
Warrant Certificate in the manner specified in SECTION 3.1 hereof. The number of
shares of Class A Common Stock to be issued pursuant to this SECTION 3.2 shall
be equal to the difference between (a) the number of shares of Class A Common
Stock in respect of which the Warrants are exercised and (b) a fraction, the
numerator of which shall be the number of shares of Class A Common Stock in
respect of which the Warrants are exercised multiplied by the Exercise Price and
the denominator of which shall be the Market Price (as defined in SECTION 3.3
hereof) of the shares of Class A Common Stock. Solely for the purposes of this
paragraph, Market Price shall be calculated either (i) on the date on which the
form of election attached hereto is deemed to have been sent to the Company
pursuant to Section 13 hereof ("Notice Date") or (ii) as the average of the
Market Prices for each of the five trading days preceding the Notice Date,
whichever of (i) or (ii) is greater.

          Section 3.3  DEFINITION OF MARKET PRICE. As used herein, the phrase
"Market Price" at any date shall be deemed to be the last reported sale price,
or, in case no such reported sale takes place on such day, the average of the
last reported sale prices for the last three (3) trading days, in either case as
officially reported by the principal securities exchange on which the Class A
Common Stock is listed or admitted to trading or by the Nasdaq SmallCap Market
("Nasdaq SmallCap") or by the National Association of Securities Dealers
Automated Quotation System ("Nasdaq"), or, if the Class A Common Stock is not
listed or admitted to trading on any national

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securities exchange or quoted by Nasdaq, the average closing bid price as
furnished by the National Association of Securities Dealers, Inc. ("NASD")
through Nasdaq or similar organization if Nasdaq is no longer reporting such
information, or if the Class A Common Stock is not quoted on Nasdaq, as
determined in good faith (using customary valuation methods) by resolution of
the members of the Board of Directors of the Company, based on the best
information available to it.

          4.           ISSUANCE OF CERTIFICATES. Upon the exercise of the
Warrants, the issuance of certificates for shares of Class A Common Stock shall
be made forthwith (and in any event within five (5) business days thereafter)
without charge to the Holder thereof including, without limitation, any tax
which may be payable in respect of the issuance thereof, and such certificates
shall (subject to the provisions of SECTIONS 5 and 7 hereof) be issued in the
name of, or in such names as may be directed by, the Holder thereof; provided,
however, that the Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any
such certificates in a name other than that of the Holder, and the Company shall
not be required to issue or deliver such certificates unless or until the person
or persons requesting the issuance thereof shall have paid to the Company the
amount of such tax or shall have established to the satisfaction of the Company
that such tax has been paid.

          The Warrant Certificates and the certificates representing the shares
of Class A Common Stock shall be executed on behalf of the Company by the manual
or facsimile signature of the then Chairman or Vice Chairman of the Board of
Directors or President or Vice President of the Company. Warrant Certificates
shall be dated the date of execution by the Company upon initial issuance,
division, exchange, substitution or transfer. Certificates representing the
shares of Class A Common Stock shall be dated as of the Notice Date (regardless
of when executed or delivered) and dividend bearing securities so issued shall
accrue dividends from the Notice Date.

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          5.           RESTRICTION ON TRANSFER OF WARRANTS. The Holder of a
Warrant Certificate, by his, her or its acceptance thereof, covenants and agrees
that the Warrants are being acquired as an investment and not with a view to the
distribution thereof; that the Warrants may not be sold, transferred, assigned,
hypothecated or otherwise disposed of, in whole or in part, for a period of one
(1) year from the date hereof, except to officers of the Representative.

          6.           EXERCISE PRICE.

          Section 6.1  INITIAL AND ADJUSTED EXERCISE PRICE. Except as otherwise
provided in SECTION 8 hereof, the initial exercise price of each Warrant shall
be $6.00 per share of Class A Common Stock. The adjusted exercise price shall be
the price which shall result from time to time from any and all adjustments of
the initial exercise price in accordance with the provisions of SECTION 8
hereof. Any transfer of a Warrant shall constitute an automatic transfer and
assignment of the registration rights set forth in SECTION 7 hereof with respect
to the Securities or other securities, properties or rights underlying the
Warrants.

          Section 6.2  EXERCISE PRICE. The term "Exercise Price" herein shall
mean the initial exercise price or the adjusted exercise price, depending upon
the context or unless otherwise specified.

          7.           REGISTRATION RIGHTS.

          Section 7.1  REGISTRATION UNDER THE SECURITIES ACT OF 1933. The
Warrants and the shares of Class A Common Stock issuable upon exercise of the
Warrants (collectively, the "Warrant Securities") have not been registered under
the Securities Act of 1933, as amended (the "Act") and the certificates
representing the Warrant Securities or any other evidence thereof shall bear the
following legend:

          The securities represented by this certificate have not been
          registered under the Securities Act of 1933, as amended
          ("Act"), and may not be offered or sold except pursuant to
          (i) an effective

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          registration statement under the Act, (ii) to the extent
          applicable, Rule 144 under the Act (or any similar rule
          under such Act relating to the disposition of securities),
          or (iii) an opinion of counsel, if such opinion shall be
          reasonably satisfactory to counsel to the issuer, that an
          exemption from registration under such Act is available.

          Section 7.2  PIGGYBACK REGISTRATION. If, at any time commencing after
the effective date of the Registration Statement and EXPIRING seven (7) years
thereafter, the Company proposes to register any of its securities under the Act
(other than pursuant to Form S-4, Form S-8 or a comparable registration
statement) it will give written notice by registered mail, at least thirty (30)
days prior to the filing of each such registration statement, to the
Representative and to all other Holders of the Warrant Securities of its
intention to do so. If the Representative or other Holders of the Warrant
Securities notify the Company within twenty (20) business days after receipt of
any such notice of its or their desire to include any such securities in such
proposed registration statement, the Company shall afford the Representative and
such Holders of the Warrant Securities the opportunity to have any such Warrant
Securities registered under such registration statement (sometimes referred to
herein as "Piggyback Registration").

          If a Piggyback Registration is an underwritten primary registration on
behalf of the Company, and the managing underwriters advise the Company in
writing that in their opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in such offering, the
Company will include in such registration (i) first, the securities the Company
proposes to sell, (ii) second, the Warrant Securities requested to be included
in such registration, pro rata among the Holders of such Warrant Securities on
the basis of the number of shares requested by such Holders, and (iii) third,
other securities requested to be included in such registration.

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          If a Piggyback Registration is an underwritten secondary registration
on behalf of holders of the Company's Class A Common Stock, and the managing
underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number
which can be sold in such offering, the Company will include in such
registration (i) first, the securities requested to be included therein by the
holders requesting such registration pursuant to a demand registration right and
the Warrant Securities requested to be included by Holders under Piggyback
Registration rights hereunder on a pro rata basis among such holders requesting
inclusion in such registration, and (ii) second, other securities requested to
be included in such registration.

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

          Section 7.3  DEMAND REGISTRATION.

          (a)          At any time commencing after the effective date of the
Registration Statement and expiring five (5) years thereafter, the Holders of
the Warrant Securities representing a Majority (as hereinafter defined) of such
securities shall have the right (which right is in addition to the registration
rights under SECTION 7.2 hereof), exercisable by written notice to the Company,
to have the Company prepare and file with the Securities and Exchange Commission
(the "Commission"), on one occasion, a registration statement and such other
documents, including a prospectus, as may be necessary in the opinion of both
counsel for the Company and counsel for the Representative and Holders, in order
to comply with the provisions of the Act, so as to permit a public offering and
sale of their respective Warrant Securities for six

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(6) consecutive months by such Holders and any other Holders of the Warrant
Securities who notify the Company within ten (10) days after receiving notice
from the Company of such request.

          (b)          The Company covenants and agrees to give written notice
of any registration request under this SECTION 7.3 by any Holder or Holders to
all other registered Holders of the Warrant Securities within ten (10) days from
the date of the receipt of any such registration request.

          Section 7.4  COVENANTS OF THE COMPANY WITH RESPECT TO REGISTRATION. In
connection with any registration under SECTION 7.2 or 7.3 hereof, the Company
covenants and agrees as follows:

          (a)          The Company shall use its best efforts to file a
registration statement within forty five (45) days of receipt of any demand
therefor, shall use its best efforts to have any registration statements
declared effective at the earliest possible time, and shall furnish each Holder
desiring to sell Warrant Securities such number of prospectuses as shall
reasonably be requested.

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

          (c)          The Company will take all necessary action which may be
required in qualifying or registering the Warrant Securities included in a
registration statement for offering and sale under the securities or blue sky
laws of such states as reasonably are requested by the Holder(s), provided that
the Company shall not be obligated to execute or file any general

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consent to service of process or to qualify as a foreign corporation to do
business under the laws of any such jurisdiction.

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

          (e)          The Holder(s) of the Warrant Securities to be sold
pursuant to a registration statement, and their successors and assigns, shall
severally, and not jointly, indemnify the Company, its officers and directors
and each person, if any, who controls the Company within the meaning of SECTION
15 of the Act or SECTION 20(a) of the Exchange Act, against all loss, claim,
damage, expense or liability (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which
they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their successors
or assigns, for specific inclusion in such registration statement to the same
extent and with the same effect as the provisions contained in SECTION 7 of the
Underwriting Agreement pursuant to which the Underwriters have agreed to
indemnify the Company.

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          (f)          Nothing contained in this Agreement shall be construed as
requiring the Holder(s) to exercise their Warrants prior to the initial filing
of any registration statement or the effectiveness thereof.

          (g)          The Company shall not permit the inclusion of any
securities other than the Warrant Securities to be included in any registration
statement filed pursuant to SECTION 7.3 hereof, or permit any other registration
statement to be or remain effective during the effectiveness of a registration
statement filed pursuant to SECTION 7.3 hereof (other than (i) shelf
registrations effective prior thereto and (ii) registrations on Form S-4 or
S-8), without the prior written consent of the Holders of the Warrants and
Warrant Securities representing a Majority of such securities.

          (h)          The Company shall furnish to each Holder participating
in the offering and to each underwriter, if any, a signed counterpart, addressed
to such Holder or underwriter, of (i) an opinion of counsel to the Company,
dated the effective date of such registration statement (and, if such
registration includes an underwritten public offering, an opinion dated the date
of the closing under the underwriting agreement) relating to the due
incorporation of the Company, the validity of the shares being issued, the due
execution and delivery of the underwriting agreement and (ii) if such
registration includes an underwritten public offering, a "cold comfort" letter
dated the effective date of such registration statement and a letter dated the
date of the closing under the underwriting agreement signed by the independent
public accountants who have issued a report on the Company's financial
statements included in such registration statement, covering substantially the
same matters with respect to such registration statement (and the prospectus
included therein) and, with respect to events subsequent to the date of such
financial statements, as are customarily covered in accountants' letters
delivered to underwriters in underwritten public offerings of securities.

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

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

          (k)          The Company shall enter into an underwriting agreement
with the managing underwriters selected for such underwriting by Holders holding
a Majority of the Warrant Securities requested pursuant to SECTION 7.3(a) to be
included in such underwriting, which may be the Representative. Such agreement
shall be reasonably satisfactory in form and substance to the Company, each
Holder and such managing underwriter(s), and shall contain such representations,
warranties and covenants by the Company and such other terms as are customarily
contained in agreements of that type used by the managing underwriter(s). The
Holders shall be parties to any underwriting agreement relating to an
underwritten sale of their

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Warrant Securities whether pursuant to SECTION 7.2 or SECTION 7.3(a) and may, at
their option, require that any or all of the representations, warranties and
covenants of the Company to or for the benefit of such underwriter(s) shall also
be made to and for the benefit of such Holders. Such Holders shall not be
required to make any representations or warranties to or agreements with the
Company or the underwriter(s) except as they may relate to such Holders and
their intended methods of distribution.

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

          8.           ADJUSTMENTS TO EXERCISE PRICE AND NUMBER OF SECURITIES.

          Section 8.1  SUBDIVISION AND COMBINATION. In case the Company shall at
any time subdivide or combine the outstanding shares of Class A Common Stock,
the Exercise Price shall forthwith be proportionately decreased in the case of
subdivision or increased in the case of combination.

          Section 8.2  STOCK DIVIDENDS AND DISTRIBUTIONS. In case the Company
shall pay a dividend in, or make a distribution of, shares of Class A Common
Stock or of the Company's capital stock convertible into Class A Common Stock,
the Exercise Price shall forthwith be proportionately decreased. An adjustment
made pursuant to this SECTION 8.2 shall be made as of the record date for the
subject stock dividend or distribution.

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          Section 8.3  ADJUSTMENT IN NUMBER OF SECURITIES. Upon each adjustment
of the Exercise Price pursuant to the provisions of this SECTION 8, the number
of Class A Common Stock issuable upon the exercise at the adjusted exercise
price of each Warrant shall be adjusted to the nearest full amount by
multiplying a number equal to the Exercise Price in effect immediately prior to
such adjustment by the number of Class A Common Stock issuable upon exercise of
the Warrants immediately prior to such adjustment and dividing the product so
obtained by the adjusted Exercise Price.

          Section 8.4  DEFINITION OF CLASS A COMMON STOCK. For the purpose of
this Agreement, the term "Class A Common Stock" shall mean (i) the class of
stock designated as Class A Common Stock in the Certificate of Incorporation of
the Company as may be amended as of the date hereof, or (ii) any other class of
stock resulting from successive changes or reclassifications of such Class A
Common Stock consisting solely of changes in par value, or from par value to no
par value, or from no par value to par value.

          Section 8.5  MERGER OR CONSOLIDATION. In case of any consolidation of
the Company with, or merger of the Company with, or merger of the Company into,
another corporation (other than a consolidation or merger which does not result
in any reclassification or change of the outstanding Class A Common Stock), the
corporation formed by such consolidation or merger shall execute and deliver to
the Holder a supplemental warrant agreement providing that the holder of each
Warrant then outstanding or to be outstanding shall have the right thereafter
(until the expiration of such Warrant) to receive, upon exercise of such
Warrant, the kind and amount of shares of stock and other securities and
property receivable upon such consolidation or merger, by a holder of the number
of securities of the Company for which such Warrant might have been exercised
immediately prior to such consolidation, merger, sale or transfer. Such
supplemental warrant agreement shall provide for adjustments which shall be
identical to the

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adjustments provided in SECTION 8. The above provision of this subsection shall
similarly apply to successive consolidations or mergers.

          Section 8.6  NO ADJUSTMENT OF EXERCISE PRICE IN CERTAIN CASES. No
adjustment of the Exercise Price shall be made if the amount of said adjustment
shall be less than two cents (24) per Warrant Security, provided, however,
that in such case any adjustment that would otherwise be required then to be
made shall be carried forward and shall be made at the time of and together with
the next subsequent adjustment which, together with any adjustment so carried
forward, shall amount to at least two cents (24) per Warrant Security.

          9.           EXCHANGE AND REPLACEMENT OF WARRANT CERTIFICATES. Each
Warrant Certificate is exchangeable without expense, upon the surrender thereof
by the registered Holder at the principal executive office of the Company, for a
new Warrant Certificate of like tenor and date representing in the aggregate the
right to purchase the same number of Warrant Securities in such denominations as
shall be designated by the Holder thereof at the time of such surrender.

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

          10.          ELIMINATION OF FRACTIONAL INTERESTS. The Company shall
not be required to issue certificates representing fractions of shares of Class
A Common Stock upon the exercise of the Warrants, nor shall it be required to
issue scrip or pay cash in lieu of fractional interests, it being the intent of
the parties that all fractional interests shall be eliminated by rounding any

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fraction up to the nearest whole number of shares of Class A Common Stock or
other securities, properties or rights.

          11.          RESERVATION AND LISTING OF SECURITIES. The Company shall
at all times reserve and keep available out of its authorized shares of Class A
Common Stock, solely for the purpose of issuance upon the exercise of the
Warrants, such number of shares of Class A Common Stock or other securities,
properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Warrants and payment of the
Exercise Price therefor, all shares of Class A Common Stock issuable upon such
exercise shall be duly and validly issued, fully paid, non-assessable and not
subject to the preemptive rights of any stockholder.

          12.          NOTICES TO WARRANT HOLDERS. Nothing contained in this
Agreement shall be construed as conferring upon the Holders the right to vote or
to consent or to receive notice as a stockholder in respect of any meetings of
stockholders for the election of directors or any other matter, or as having any
rights whatsoever as a stockholder of the Company. If, however, at any time
prior to the expiration of the Warrants and their exercise, any of the following
events shall occur:

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

                         (b) the Company shall offer to all the holders of its
          Class A Common Stock any additional shares of capital stock of the
          Company or

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          securities convertible into or exchangeable for shares of capital
          stock of the Company, or any option, right or warrant to subscribe
          therefor; or

                         (c) a dissolution, liquidation or winding up of the
          Company (other than in connection with a consolidation or merger) or a
          sale of all or substantially all of its property, assets and business
          as an entirety shall be proposed;

then, in any one or more of said events, the Company shall give written notice
of such event at least fifteen (15) days prior to the date fixed as a record
date or the date of closing the transfer books for the determination of the
stockholders entitled to such dividend, distribution, convertible or
exchangeable securities or subscription rights, or entitled to vote on such
proposed dissolution, liquidation, winding up or sale. Such notice shall specify
such record date or the date of closing the transfer books, as the case may be.
Failure to give such notice or any defect therein shall not affect the validity
of any action taken in connection with the declaration or payment of any such
dividend, or the issuance of any convertible or exchangeable securities, or
subscription rights, options or warrants, or any proposed dissolution,
liquidation, winding up or sale.

          13.          NOTICES.

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

                         (a) If to the registered Holder of the Warrants, to the
          address of such Holder as shown on the books of the Company; or

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

          14.          SUPPLEMENTS AND AMENDMENTS. The Company and the
Representative may from time to time supplement or amend this Agreement without
the approval of any Holders of Warrant Certificates (other than the
Representative) in order to cure any ambiguity, to correct or supplement any
provision contained herein which may be defective or inconsistent with any
provisions herein, or to make any other provisions in regard to matters or
questions arising hereunder which the Company and the Representative may deem
necessary or desirable and which the Company and the Representative deem shall
not adversely affect the interests of the Holders of Warrant Certificates.

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

          16.          TERMINATION. This Agreement shall terminate at the close
of business on __________, 2008. Notwithstanding the foregoing, the
indemnification provisions of SECTION 7 shall survive such termination until the
close of business on __________, 2014.

          17.          GOVERNING LAW; SUBMISSION TO JURISDICTION. This Agreement
and each Warrant Certificate issued hereunder shall be deemed to be a contract
made under the laws of the State of New York and for all purposes shall be
construed in accordance with the laws of said State without giving effect to the
rules of said State governing the conflicts of laws.

          The Company, the Representative and the Holders hereby agree that any
action, proceeding or claim against it arising out of, or relating in any way
to, this Agreement shall be brought and enforced in the courts of the State of
New York or of the United States of America

                                       17
<Page>

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

          18.          ENTIRE AGREEMENT; MODIFICATION. This Agreement (including
the Underwriting Agreement to the extent portions thereof are referred to
herein) contains the entire understanding between the parties hereto with
respect to the subject matter hereof and may not be modified or amended except
by a writing duly signed by the party against whom enforcement of the
modification or amendment is sought.

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

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

                                       18
<Page>

          21.          BENEFITS OF THIS AGREEMENT. Nothing in this Agreement
shall be construed to give to any person or corporation other than the Company
and the Representative and any other registered Holder(s) of the Warrant
Securities any legal or equitable right, remedy or claim under this Agreement;
and this Agreement shall be for the sole benefit of the Company and the
Representative and any other registered Holders of Warrant Securities.

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

                                       19
<Page>

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

                                             VASO ACTIVE PHARMACEUTICALS, INC.

                                             By:
                                                 -------------------------------
                                                  Name:
                                                  Title:

Attest:

   ---------------------------------
   Secretary

                                             SKY CAPITAL, LLC

                                             By:
                                                 -------------------------------
                                                  Name:
                                                  Title:

                                       20
<Page>

                                                                       EXHIBIT A

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

THE TRANSFER OR EXCHANGE OF THE WARRANTS REPRESENTED BY THIS CERTIFICATE IS
RESTRICTED IN ACCORDANCE WITH THE WARRANT AGREEMENT REFERRED TO HEREIN.

                            EXERCISABLE ON OR BEFORE
                   5:30 P.M., NEW YORK TIME, __________, 2008

No. W-                                                      Warrants to Purchase
                                                       120,000 shares of Class A
                                                                    Common Stock

                               WARRANT CERTIFICATE

          This Warrant Certificate certifies that Sky Capital, LLC, or
registered assigns, is the registered holder of __________ Warrants to purchase
initially, at any time from __________, 2004 until 5:30 p.m. New York time on
__________, 2008 ("Expiration Date"), up to 120,000 fully-paid and
non-assessable shares of Class A Common Stock, $0.0001 par value ("Class A
Common Stock"), of VASO ACTIVE PHARMACEUTICALS, INC., a Delaware corporation
(the "Company"), and at the initial exercise price, subject to adjustment in
certain events (the "Exercise Price"), of $6.00 per share of Class A Common
Stock upon surrender of this Warrant Certificate and payment of the Exercise
Price at an office or agency of the Company, but subject to the conditions set
forth herein and in the warrant agreement dated as of __________, 2003 between
the Company and SKY CAPITAL, LLC (the "Warrant Agreement"). Payment of the
Exercise Price shall be made by certified or official bank check in New York
Clearing House funds payable to the order of the Company or by surrender of this
Warrant Certificate.

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

          The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants issued pursuant to the Warrant Agreement, which
Warrant Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a

<Page>

description of the rights, limitation of rights, obligations, duties and
immunities thereunder of the Company and the holders (the words "holders" or
"holder" meaning the registered holders or registered holder) of the Warrants.

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

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

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

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

          All terms used in this Warrant Certificate which are defined in the
Warrant Agreement shall have the meanings assigned to them in the Warrant
Agreement.

                                       22
<Page>

          IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to
be duly executed under its corporate seal.

Dated as of __________, 2003

                                             VASO ACTIVE PHARMACEUTICALS, INC.

                                             By:
                                                 -------------------------------
                                                  Name:
                                                  Title:

                                       23
<Page>

             [FORM OF ELECTION TO PURCHASE PURSUANT TO SECTION 3.1]

          The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to purchase:

          __________ shares of Class A Common Stock;

and herewith tenders in payment for such securities a certified or official bank
check payable in New York Clearing House Funds to the order of Vaso Active
Pharmaceuticals, Inc. in the amount of $__________, all in accordance with the
terms of Section 3.1 of the Representative's Warrant Agreement dated as of
__________, 2003 between Vaso Active Pharmaceuticals, Inc. and Sky Capital, LLC.
The undersigned requests that a certificate for such securities be registered in
the name of __________ whose address is __________ and that such Certificate be
delivered to __________ whose address is __________.

Dated: __________

                             Signature
                                       -----------------------------------------
                             (Signature must conform in all respects to name of
                             holder as specified on the face of the Warrant
                             Certificate.)

                             ---------------------------------------------------
                             (Insert Social Security or Other Identifying Number
                             of Holder)

                                       24
<Page>

             [FORM OF ELECTION TO PURCHASE PURSUANT TO SECTION 3.2]

          The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to purchase:

          __________ shares of Class A Common Stock;

and herewith tenders in payment for such securities __________ Warrants all in
accordance with the terms of Section 3.2 of the Representative's Warrant
Agreement dated as of __________, 2003 between Vaso Active Pharmaceuticals, Inc.
and Sky Capital, LLC. The undersigned requests that a certificate for such
securities be registered in the name of __________ whose address is __________
and that such Certificate be delivered to __________ whose address is
__________.

Dated:
       ----------

                             Signature
                                       -----------------------------------------
                             (Signature must conform in all respects to name of
                             holder as specified on the face of the Warrant
                             Certificate.)

                             ---------------------------------------------------
                             (Insert Social Security or Other Identifying Number
                             of Holder)

                                       25
<Page>

                              [FORM OF ASSIGNMENT]

             (To be executed by the registered holder if such holder
                  desires to transfer the Warrant Certificate.)

     FOR VALUE RECEIVED ____________________ hereby sells, assigns and transfers
unto

________________________________________________________________________________
                  (Please print name and address of transferee)

this Warrant Certificate, together with all right, title and interest therein,
and does hereby irrevocably constitute and appoint __________ Attorney, to
transfer the within Warrant Certificate on the books of the within-named
Company, with full power of substitution.

Dated:
       ----------

                             Signature
                                       -----------------------------------------
                             (Signature must conform in all respects to name of
                             holder as specified on the face of the Warrant
                             Certificate.)

                             ------------------------------------------
                             (Insert Social Security or Other Identifying Number
                             of Holder)

                                       26<Page>

                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

          THIS EMPLOYMENT AGREEMENT (this "AGREEMENT"), dated as of June 16,
2003 (the "EFFECTIVE DATE"), is by and between Vaso Active Pharmaceuticals,
Inc., a Delaware corporation (the "Company"), and John J. Masiz (the
"Executive"). Unless otherwise set forth herein, defined terms used herein shall
have the meaning set forth in Section 17 hereof.

          WHEREAS, the Company recognizes the Executive's potential for
contribution to the growth and success of the business of the Company, and
desires to assure the Company of the continued employment of the Executive in an
executive capacity and to compensate the Executive therefor; and

          WHEREAS, as an inducement for the Executive to remain in the employ of
the Company, the Company determined that it would be in the best interests of
the Company and the Executive to assure that the Executive receives certain
benefits in the event of a change in control of the Company.

          NOW THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the parties
hereto hereby agree as follows:

     1.   EMPLOYMENT. Upon the terms and subject to the conditions set forth
herein, the Company hereby employs the Executive, and the Executive hereby
accepts employment with the Company.

     2.   TERM; EMPLOYMENT PERIOD. Unless the Executive's employment shall
sooner terminate pursuant to Section 9 hereof, the Company shall employ the
Executive for an initial term commencing on the Effective Date and terminating
on June 30, 2008 (such term, together with any extensions thereof in accordance
with the next sentence of this Section 2, referred to as the "TERM"). The
initial term of Executive's employment hereunder shall thereafter be deemed to
be automatically extended, upon the same terms and conditions, for successive
periods of two years each, unless either party, at least three (3) months prior
to the expiration of the initial term or any extended term, shall give written
notice (a "NON-RENEWAL NOTICE") to the other of its intention not to renew such
employment term. The period commencing on the Effective Date and ending on the
Date of Termination (as defined in Section 9(h) hereof) shall be referred to as
the "EMPLOYMENT PERIOD."

     3.   POSITION. During the Employment Period, the Executive shall serve as
President and Chief Executive Officer of the Company, and each of the
Subsidiaries, if

<Page>

any, and other entities in the Business controlled by the Company. Subject to
the terms and provisions of their charter documents or applicable law, the
Executive shall also during the Employment Period serve as a director of each of
the Company and of any such Subsidiaries or other entities in the Business
controlled by the Company.

     4.   DUTIES AND REPORTING RELATIONSHIP. During the Employment Period, the
Executive shall have authority (subject to the direction of the Board of
Directors of the Company (the "BOARD")) to direct the management and operation
of the Company and such other executive duties as the Board shall reasonably
specify from time to time. The Executive will devote all of his skill, knowledge
and substantially all of his business or working time (except for reasonable
vacation time and absence for sickness) to the conscientious performance of such
duties. Each of the Company and Executive recognize that the Executive is also
the president and chief executive officer of BioChemics and that the Executive
devotes some of his business or working time to the performance of his duties to
BioChemics. The Executive represents and warrants to the Company that he is
entering into this Agreement voluntarily and that his employment hereunder and
compliance by him with the terms and conditions of this Agreement will not
directly conflict with or result in the breach of any agreement to which he is a
party or by which he may be bound (including any agreement that may restrict or
inhibit the Executive's ability to compete).

     5.   BASE SALARY. The Company will pay the Executive a base salary, payable
in accordance with the Company's customary payroll practices, at the annual rate
of $175,000 (U.S.) for the year 2003 as compensation for the services to be
performed by the Executive during the Employment Period, which base salary may
be increased (but not decreased) from time to time at the sole and absolute
discretion of the Board. (The annual base salary payable to the Executive under
this Section 5 shall hereinafter be referred to as the "BASE SALARY").

     6.   INCENTIVE COMPENSATION; OPTIONS.

          (a)  INCENTIVE COMPENSATION. During the Employment Period, the
Executive shall participate in the Company's incentive compensation programs for
its senior executive officers existing from time to time, including, without
limitation, an annual performance bonus program pursuant to which the Executive
shall be entitled to receive an annual incentive award for each fiscal year. In
determining whether the Company has achieved the annual financial targets
established by the Board for any fiscal year under any of the Company's
incentive compensation programs, extraordinary, nonrecurring non-cash items of
income and expense shall be disregarded.

          (b)  OPTIONS. As soon as reasonably practicable following the
Effective Date, the Company shall grant the Executive stock options to purchase
100,000 shares of

                                        2
<Page>

the Company's Class A common stock at an exercise price of $5.00 per share (the
"Options"). The Options shall vest pursuant to the terms of the Stock Option
Agreements (collectively, the "Stock Option Agreements") to be entered into by
the parties simultaneously with this Agreement.

                    (i)     In the event of change in capitalization of the
Company as result of stock split, merger, reorganization, consolidation,
recapitalization, stock dividend or other significant corporate transaction
that, in the sole discretion of the Board of directors of the applicable
company(ies), materially affects the Options, the Board will make a
corresponding equitable adjustment in the exercise price of the Options per
share of as it determines, in its sole discretion, to be necessary so that, upon
exercise, the adjustment shall reflect any change in value of the shares.
Nothing in this section shall require the Board to consider an adjustment in the
event the Company issues additional shares, or to require the Board to treat
this term to be an anti-dilution adjustment. The parties only intend the scope
of this section to permit equitable adjustment in the event of a change in
capitalization as described above.

                    (ii)    The Executive shall have the right to designate all
or any portion of the Options as "non-qualified stock options" which may be
transferable by the Executive to his spouse, lineal descendants and/or trusts
for their benefit; PROVIDED such transfer and the transferred Options remain
subject to the terms and provisions of the 2003 Stock Incentive Plan.

                    (iii)   The Options shall, except as otherwise provided
herein or in the applicable Stock Option Agreement, become vested 50% on the
date of grant and the balance in two equal annual installments of 25% on each of
the first two anniversaries of the date of grant, subject, in the case of each
installment, to the Executive's continued employment with the Company until the
applicable vesting date for such installment, PROVIDED that in the event of
termination of the Executive's employment with the Company by the Company
Without Cause, termination of the Executive's employment with the Company by the
Executive for Good Reason, or upon a Change in Control (in each case, as defined
herein), the unvested portion of the Options shall become vested as of the
applicable Date of Termination or, in the event of a Change in Control, as of
the date on which the Change in Control is effectuated (the "CHANGE IN CONTROL
DATE").

     7.   EMPLOYEE BENEFITS. During the Employment Period, the Executive shall
participate in all employee benefit plans and programs of the Company
(including, without limitation, any medical, dental, vision, prescription drug,
flexible benefits, short-term and long-term disability, group term and
supplemental life insurance, accidental death and dismemberment, savings and
retirement plans maintained by the Company) (the "Benefits") in accordance with
the Company's standard policies for its executives,

                                        3
<Page>

and shall be entitled to receive benefits no less favorable than those provided
to other senior executives of the Company.

     8.   BUSINESS EXPENSES.

          (a)  GENERAL. During the Employment Period, the Executive shall be
entitled to participate in any special benefit or perquisite program generally
available from time to time to senior executives of the Company on the terms and
conditions then prevailing under such program.

          (b)  REIMBURSEMENT OF EXPENSES. The Company shall reimburse the
Executive for reasonable expenses incurred in connection with his employment by
the Company, including, without limitation, reasonable travel, lodging and meal
expenses incurred by him in connection with his performance of services
hereunder upon submission of evidence, reasonably satisfactory to the Company,
of the incurrence and purpose of each such expense.

          (c)  VACATION. The Executive shall be entitled to four weeks of paid
vacation per year, or such other longer period as the Board may determine to be
appropriate, without, except as permitted in the discretion of the Board,
carry-over accumulation.

          (d)  AUTOMOBILE. The Company shall provide the Executive with a
monthly allowance to offset the cost of the acquisition and maintenance, or the
leasing and maintenance, of an automobile (comparable to Executive's automobile
as of the date hereof or as otherwise mutually determined by the Company and the
Executive), for use by the Executive in connection with the performance by him
of his duties under this Agreement.

     9.   TERMINATION OF EMPLOYMENT.

          (e)  DEATH. The Executive's employment hereunder shall automatically
terminate upon the death of the Executive.

          (f)  DISABILITY. The Company shall be entitled to terminate the
Executive's employment hereunder if, as a result of the Executive's Disability
(as defined below), the Executive shall have been absent from his duties
hereunder on a full-time basis for an aggregate of more than 180 days during any
18 month period. "DISABILITY" means Executive's inability to perform
substantially his regular duties by reason of illness or other physical or
mental incapacity expected to be of long-term or indefinite duration as
determined by an independent physician selected reasonably and in good faith by
the Board.

                                        4
<Page>

          (g)  VOLUNTARY RESIGNATION. Should the Executive wish to resign from
his position with the Company during the Term, the Executive shall give no less
than 60 days' written notice to the Company, setting forth the reasons and
specifying the date as of which his resignation is to become effective. For
purposes of this Agreement, the Executive's termination of his employment by
voluntary resignation shall not include Executive's termination of his
employment for Good Reason, but shall include termination of the Executive's
employment due to the delivery of a Non-Renewal Notice by the Executive pursuant
to Section 2.

          (h)  CAUSE. The Company may terminate the Executive's employment
hereunder for Cause. For purposes of this Agreement, "CAUSE" shall mean:

               (i)     the willful failure by the Executive to substantially
perform the Executive's duties specified hereunder or such other duties as may
be reasonably defined by the Board from time to time (other than any such
failure resulting from the Executive's Disability), which failure to perform has
not been cured within 30 days after a written demand for substantial performance
is delivered to the Executive by the Board in accordance with Section 14; or

               (ii)    any fraud, material misappropriation, or embezzlement by
the Executive in connection with the operation or management of the business of
the Company; or

               (iii)   the Executive's conviction of a felony or entry of a plea
of guilty or nolo contendre with respect to a felony charge; or

               (iv)    the Executive's material breach of the Company's policies
of conduct generally applicable to executives of the Company, which breach has
not been cured within 30 days after a written demand for substantial performance
is delivered to the Executive by the Board in accordance with Section 14; or

               (v)     in the reasonable judgment of the Board, the Executive's
engaging or having engaged in willful and serious misconduct that is materially
injurious to the Company, which misconduct has not been cured within 30 days
after a written demand for substantial performance is delivered to the Executive
by the Board in accordance with Section 14; or

               (vi)    a material breach by Executive of any material term of
this Agreement, which breach has not been cured within 30 days after a written
demand for substantial performance is delivered to the Executive by the Board in
accordance with Section 14; or

                                        5
<Page>

               (vii)   the breach by the Executive of any written covenant or
agreement with the Company not to compete or interfere with the Company, which
breach has not been cured within 30 days after a written demand for substantial
performance is delivered to the Executive by the Board in accordance with
Section 14.

          (e)  GOOD REASON. Executive may terminate his employment hereunder
for Good Reason. For purposes of this Agreement, "GOOD REASON" shall mean a
termination of the Executive's employment with the Company by the Executive
within 30 days (including any cure period) following:

               (i)     a material reduction in the Executive's rate of Base
Salary, incentive compensation or employee benefits (in each case, other than
any such reduction in connection with a Company-wide reduction applicable
generally to similarly situated executive employees); or

               (ii)    the material breach by the Company of a material term of
this Agreement; PROVIDED, that the Company will have received written notice
from the Executive pursuant to Section 14 hereof which notice reasonably sets
forth the manner in which the Company has committed such breach and the Company
shall have been provided a period of 30 days to cure such breach; or

               (iii)   any material diminution in the Executive's duties,
titles, or responsibilities; or

               (iv)    the Executive's removal from the Board or the failure to
renominate or reelect the Executive as a director of the Company (other than as
a result of the termination of the Executive's employment for any or no reason);
or

               (v)     any requirement by the Company that the Executive
relocate to or be permanently based anywhere other than at a facility or
location located within a 100 mile radius of Boston, Massachusetts after the
Effective Date; or

               (vi)    any material adverse change to any stock incentive or
option plan governing the Options; or

               (vii)   any failure to obtain assumption of this Employment
Agreement, the Options and any related stock incentive plan by the acquirer in
the event of a Change in Control.

                                        6
<Page>

          (f)  TERMINATION WITHOUT CAUSE. A termination "WITHOUT CAUSE" shall
mean a termination of the Executive's employment by the Company for reasons
other than Disability pursuant to Section 9(b) hereof or Cause pursuant to
Section 9(d) hereof.

          (g)  NOTICE OF TERMINATION. Any purported termination of the
Executive's employment by the Company or by the Executive shall be communicated
by written Notice of Termination to the other party hereto in accordance with
Section 16. "NOTICE OF TERMINATION" shall mean a notice stating that the
Employee's employment hereunder has been or will be terminated, indicating the
specific termination provision in this Agreement relied upon and setting forth
in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive's employment under the provision so indicated.

          (h)  DATE OF TERMINATION. As used in this Agreement, the term "DATE OF
TERMINATION" shall mean (i) if the Executive's employment is terminated because
of death, the date of the Executive's death, (ii) if the Executive's employment
is terminated by the Company for Cause, by the Company Without Cause or due to
the Executive's Disability, the date on which Notice of Termination is delivered
as contemplated by Section 9(g) or, if later, the date of termination specified
in such notice, (iii) if the Executive's employment is terminated by the
Executive, on the date on which Notice of Termination is delivered as
contemplated by Section 9(g) or, if later, the date of termination set forth in
the Notice of Termination given by the Executive, or on the date the Executive
resigns or leaves employment if no notice is given by the Executive, or (iv) if
this Agreement expires at the end of its Term, the date of such expiration.

     10.  COMPENSATION UPON CERTAIN TERMINATIONS.

          (a)  In the event of a termination of the Executive's employment by
the Company Without Cause or a termination by the Executive of his employment
for Good Reason (other than termination for Good Reason within 12 months of a
Change in Control), subject to Section 9(i), the Company shall pay the Executive
his full Base Salary through the Date of Termination and, as liquidated damages,
the following additional amounts and benefits:

               (i)     regular installments of the Executive's then-current Base
Salary for the period from the Date of Termination and ending on the first
anniversary of the Date of Termination, PLUS

               (ii)    the product of (x) the incentive compensation award that
would have been payable to the Executive for the fiscal year of the Company that
includes the Date of Termination had the Executive continued in employment
through the last day of such fiscal year and assuming that all 100% of the
performance targets for

                                        7
<Page>

such fiscal year had been achieved, multiplied by (y) a fraction, the numerator
of which is equal to the number of calendar days in such fiscal year that have
elapsed as of the Date of Termination and the denominator of which is equal to
365, PLUS

               (iii)   subject to the terms and provisions of the benefit plans
providing such benefits and applicable law, the Company shall continue to
provide to the Executive the benefits (other than disability insurance and
active participation in savings and retirement plans) referred to in Section 7
for the period during which the Company is obligated to continue paying the
Executive's Base Salary pursuant to Section 10(a)(i); PLUS

               (iv)    any amounts subject to reimbursement under any other
Section of this Agreement (including, without limitation, Section 8) and unpaid
as of the Date of Termination; LESS

               (v)     any amount paid, payable or to be paid to the Executive
under the terms of any severance plan or program as in effect on the Date of
Termination; LESS

               (vi)    any debts owed to the Company by the Executive.

          If the Executive obtains new employment (including self-employment),
any salary continuation payments and benefit coverage to which the Executive may
be entitled pursuant to this Section 10(a) shall be reduced or canceled to the
extent of any salary or other cash compensation and benefit coverage earned or
accrued in respect to such new employment.

          (b)  In the event of a termination of the Executive's employment by
the Executive for Good Reason within 12 months of a Change in Control, the
Company shall pay the Executive his full Base Salary through the Date of
Termination and, as liquidated damages, the following additional amounts and
benefits:

               (i)     a lump sum payment equal to two times the Base Salary in
effect on the Date of Termination, PLUS

               (ii)    the product of (x) the incentive compensation award that
would have been payable to the Executive for the fiscal year of the Company that
includes the Date of Termination had the Executive continued in employment
through the last day of such fiscal year and assuming that all 100% of the
performance targets for such fiscal year had been achieved, multiplied by (y) a
fraction, the numerator of which is equal to the number of calendar days in such
fiscal year that have elapsed as of the Date of Termination and the denominator
of which is equal to 365, PLUS

                                        8
<Page>

               (iii)   subject to the terms and provisions of the benefit plans
providing such benefits and applicable law, the Company shall continue to
provide to the Executive benefits substantially the same as those referred to in
Section 7 (other than disability insurance and active participation in savings
and retirement plans) until the second anniversary of the Date of Termination;
PROVIDED that such welfare benefits will terminate earlier if the Executive
obtains new employment with a comparable level of benefits; PLUS

               (iv)    any amounts subject to reimbursement under any other
Section of this Agreement (including, without limitation, Section 8) and unpaid
as of the Date of Termination; LESS

               (v)     any amount paid, payable or to be paid to the Executive
under the terms of any severance plan or program as in effect on the Date of
Termination; LESS

               (vi)    any debts owed to the Company by the Executive.

          (c)  If, during the Employment Period, the Executive shall terminate
his employment without Good Reason (a voluntary resignation by the Executive
pursuant to Section 9(c)) or if the Company shall terminate the Executive's
employment for Cause or the Executive's employment shall terminate due to the
Executive's death or Disability during the Term, the Company shall pay the
Executive (i) his full Base Salary through the Date of Termination (or, in the
case of death, one month following the Date of Termination), PLUS (ii) in the
event of death or Disability, the Executive shall receive a pro-rata portion of
the incentive compensation award that would have been payable to the Executive
for the fiscal year during which employment was terminated, assuming that 100%
of the performance targets had been achieved, PLUS (iii) any amounts subject to
reimbursement under any other Section of this Agreement (including, without
limitation, Section 8) and unpaid as of the Date of Termination, LESS (iv) any
debts owed to the Company by the Executive.

          (d)  In addition to and without limiting any amounts or benefits to
which the Executive may be entitled under any other provision of this Agreement,
the Executive shall be entitled, upon any termination of the Executive's
employment by either party for any or no reason, including, without limitation,
any non-renewal of the Term, to receive all amounts payable and benefits accrued
under any otherwise applicable plan, policy, program or practice of Company in
which the Executive was a participant during his employment with Company in
accordance with the terms thereof and applicable law, PROVIDED that (x) the
Executive shall not be entitled to receive any payments or benefits under any
such plan, policy, program or practice providing any

                                        9
<Page>

bonus or incentive compensation (and the provisions of this Section 10 shall
supersede the provisions of any such plan, policy, program or practice), and (y)
the amount, if any, paid or payable to the Executive under the terms of any such
plan, policy, program or practice relating to severance shall reduce the amounts
payable under Section 10 in the manner provided in clauses (v) of Sections 10(a)
and 10(b) hereof.

          (e)  Notwithstanding the provisions set forth in Section 10(a), 10(b),
10(c) or 10(d) hereof, the Company's obligation to make any of the payments or
provide any of the benefits described above is conditioned upon the Executive
delivering (concurrently upon receipt by the Executive of the initial payments
provided in Section 10(a) through 10(d) hereof) a full release of any known or
unknown claims arising out of or related to this Agreement or the Executive's
employment or termination of employment with the Company in a form which is
reasonably acceptable to the Company, excepting only claims arising out of the
alleged breach of the provisions of the Options, the Stockholders Agreement or
any benefit plan or program to which the Executive shall continue to be eligible
for benefits or claims under any Federal or state continuation of coverage laws
or the terms of this Agreement.

     11.  SUCCESSORS; BINDING AGREEMENT. This Agreement is a personal contract
and the rights and interests of the Executive hereunder may not be sold,
transferred, assigned, pledged, encumbered, or hypothecated by him, except as
otherwise expressly permitted by the provisions of this Agreement. This
Agreement shall inure to the benefit of and be enforceable by the Executive and
his personal or legal representatives, beneficiaries, executors, administrators,
successors, heirs, distributes, devisees and legatees. If the Executive should
die while any amount would still be payable to him hereunder had the Executive
continued to live, all such amounts, unless otherwise provided herein, shall be
paid in accordance with the terms of this Agreement to his devisee, legatee or
other designee or, if there is no such designee, to his estate. In the event of
any sale or other disposition of all or substantially all of the assets of the
Company, or any reorganization, merger or consolidation of the Company whereby
the Company is not the surviving or resulting corporation, the provisions of
this Agreement shall be binding upon the surviving or resulting corporation or
the person or entity to which such assets are sold or otherwise transferred.

     12.  ENTIRE AGREEMENT. This Agreement and the Stock Option Agreements taken
together contain all the understandings between the parties hereto pertaining to
the matters referred to herein, and supersedes all undertakings and agreements,
whether oral or in writing, previously entered into by them with respect
thereto, including without limitation, any correspondence between the Executive
and representatives of the Company relating to the employment terms set forth
herein.

                                       10
<Page>

     13.  AMENDMENT OR MODIFICATION, WAIVER. No provision of this Agreement may
be amended or waived unless such amendment or waiver is agreed to in writing,
signed by the Executive and by a duly authorized officer of the Company. No
waiver by any party hereto of any breach by another party hereto of any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of a similar or dissimilar condition or provision at
the same time, any prior time or any subsequent time.

     14.  NOTICES. Any notice to be given hereunder shall be in writing and
delivered personally, sent by courier or registered or certified mail, postage
prepaid, return receipt requested, addressed to the party concerned at the
address indicated below or to such other address as such party may subsequently
give notice of hereunder in writing:

          To the Executive at:

               at the address contained on the
               signature page attached hereto

          To the Company:

               Vaso Active Pharmaceuticals, Inc.
               99 Rosewood Drive - Suite 260
               Danvers, MA 01923

          with a copy to:

               Robinson & Cole LLP
               One Boston Place
               Boston, MA 02108-4404
               Attn: David A. Garbus, Esq.

          Any notice delivered personally or by courier under this Section 16
shall be deemed given on the date delivered and any notice sent by registered or
certified mail, postage prepaid, return receipt requested, shall be deemed given
the date mailed.

     15.  MISCELLANEOUS.

          (a)  SEVERABILITY. If any provision of this Agreement is held to be
illegal, invalid or unenforceable under any present or future applicable law,
and if the rights or obligations of any party hereto under this Agreement will
not be materially and adversely affected thereby, (i) such provision will be
fully severable, (ii) this Agreement will be construed and enforced to the
fullest extent permitted by law as if such illegal,

                                       11
<Page>

invalid or unenforceable provision had never comprised a part hereof and (iii)
the remaining provisions of this Agreement will remain in full force and effect
and will not be affected by the illegal, invalid or unenforceable provision or
by its severance here from.

          (b)  SURVIVORSHIP. The respective rights and obligations of the
parties hereunder shall survive any termination of this Agreement to the extent
necessary to the intended preservation of such rights and obligations.

          (c)  GOVERNING LAW; JURISDICTION. This agreement will be governed by
and construed in accordance with the laws of the Commonwealth of Massachusetts,
without regard to its conflicts of laws principles. Each party hereby
irrevocably submits to the jurisdiction of the United States District Court for
the District of Massachusetts or any court of the Commonwealth of Massachusetts
located in Essex or Middlesex Counties in any such action, suit or proceeding
arising out of or relating to this Agreement or any of the transactions
contemplated hereby, and agrees that any such action, suit or proceeding may be
brought in such court, PROVIDED, HOWEVER, that such consent to jurisdiction is
solely for the purpose referred to in this Section and shall not be deemed to be
a general submission to the jurisdiction of said courts or in the Commonwealth
of Massachusetts other than for such purpose. Each party hereby irrevocably
waives, to the fullest extent permitted by applicable law, any objection that it
may now or hereafter have to the laying of the venue of any such action, suit or
proceeding brought in such a court and any claim that any such action, suit or
proceeding brought in such a court has been brought in an inconvenient forum.
Nothing herein shall affect the right of any party to serve process in any other
manner permitted by applicable law or to commence legal proceedings or otherwise
proceed against the other in any other jurisdiction. THE PARTIES AGREE TO WAIVE
ANY AND ALL RIGHTS THAT THEY MAY HAVE TO A JURY TRIAL WITH RESPECT TO DISPUTES
ARISING OUT OF THIS AGREEMENT.

          (d)  HEADINGS. All descriptive headings of sections and paragraphs in
this Agreement are intended solely for convenience, and no provision of this
Agreement is to be construed by reference to the heading of any section or
paragraph.

          (e)  WITHHOLDINGS AND PAYMENTS. All payments to the Executive under
this Agreement shall be reduced by all applicable withholding required by
federal, state or local law.

          (f)  COUNTERPARTS. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

                                       12
<Page>

     16.  CERTAIN DEFINED TERMS.

          "AFFILIATE" means, with respect to a party, any individual or legal
business entity that, directly or indirectly, controls, is controlled by or is
in common control with, such party. The term "control" (including the terms
"controlled by" and "under common control with") as used in the preceding
sentence means the possession, directly or indirectly, of the power to direct or
cause the direction of management and policies.

          "BIOCHEMICS" shall mean BioChemics, Inc., a Delaware corporation, an
Affiliate of the Company.

          "BUSINESS" shall mean the ownership and/or operation of a company
primarily engaged in the business of commercializing, marketing and selling
over-the-counter, or OTC, pharmaceutical products, with a particular focus on
drugs that incorporate the vaso active lipid encapsulated, or VALE, transdermal
delivered technology.

          "CHANGE IN CONTROL" shall mean such time as:

          (i)     (A) any individual, entity, or group (other than an Affiliate
of BioChemics) has become the beneficial owner of 30% or more of the voting
power of the outstanding capital stock of the Company entitled to vote generally
in the election of directors (collectively, the "Capital Stock") or (B)
BioChemics ceases to control the right to designate at least 50% of the members
of the entire Board of Directors of the Company;

          (ii)    individuals who, as of the date on which the Executive is
elected to the Board of the Company, constitute the Board (the "INCUMBENT
BOARD") cease for any or no reason to constitute at least a majority of such
Boards, PROVIDED that any individual who becomes a director of the Company, as
applicable, subsequent to such date whose election or nomination for election by
the stockholders of the Company, as applicable, was approved by the vote of at
least a majority of the directors then comprising the Incumbent Board shall be
deemed to have been a member of the Incumbent Board;

          (iii)   (A) the consummation by the stockholders of the Company of a
reorganization, merger or consolidation of the Company such that any individual
entity, or group (other than an Affiliate of BioChemics) has become the
beneficial owner of 50% or more of the voting power of the outstanding Capital
Stock of the Company and (B) BioChemics ceases to control the right to designate
at least 50% of the members of the entire Board;

                                       13
<Page>

          (iv)    the consummation by the stockholders of the Company of a sale
or other disposition of all or substantially all of the assets of the Company;
or,

          (v)     the approval by stockholders of a plan of complete liquidation
or dissolution of the Company.

          "CLASS A COMMON STOCK" means the Class A common stock, $.0001 par
value per share, of the Company.

          "SUBSIDIARY" means any corporation of which shares of stock having a
majority of the general voting power in electing the board of directors are, at
the time as of which any determination is being made, owned by the Company
either directly or through its Subsidiaries.

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

                                       14
<Page>

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

                                   EXECUTIVE

                                   By:
                                      ------------------------------------------
                                       John J. Masiz

                                   Address: 99 Rosewood Drive, Suite 260
                                            Danvers, MA 01923

                                   COMPANY

                                   VASO ACTIVE PHARMACEUTICALS, INC.

                                   By:
                                      ------------------------------------------
                                      Name:  Joseph Frattaroli
                                      Title: Chief Financial Officer,
                                             Authorized Signatory

                                       15

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