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EXHIBIT 10.28

                              EMPLOYMENT AGREEMENT

                                 BY AND BETWEEN
                               ENDOREX CORPORATION
                                       AND
                                   COLIN BIER

     Agreement made this 29th day of November, 2001, between Endorex
Corporation, a Delaware corporation (the "Company") and Colin Bier (the
"Executive").

     The Company desires to employ the Executive as its Chief Executive Officer
and Chairman of the Board of the Directors, and the Executive desires to be
employed by the Company in that capacity.

     The Company and the Executive desire to set forth in this Agreement the
terms and conditions on which the Executive will be employed by the Company as
its Chief Executive Officer and Chairman of the Board of Directors.

     Accordingly, in consideration of the promises and the respective covenants
and agreements of the parties herein contained, and intending to be legally
bound hereby, the parties hereto agree as follows:

1.   EMPLOYMENT

     The Company hereby agrees to employ the Executive, and the Executive hereby
agrees to serve the Company, on the terms and conditions set forth herein.

2.   TERM

     The employment of the Executive by the Company under this agreement shall
commence on November 29, 2001 (the "Effective Date"). Subject to the provisions
of Section 10 of this Agreement, the term of Executive's employment hereunder
shall be for an initial term of three (3) years from the Effective Date (the
"Initial Term"). The Initial Term of this Agreement shall be automatically
extended for successive one (1) year periods (each a "Renewal Period") unless
the Company or the Executive gives written notice to the other at least thirty
(30) days prior to the expiration of the Initial Term, or a Renewal Period, of
such party's election not to extend this Agreement. References herein to the
"Term" shall mean the Initial Term as it may be so extended by one or more
Renewal Periods. The last day of the Term is the "Expiration Date."

3.   POSITION AND DUTIES

     The Executive shall serve as Chief Executive Officer and Chairman of the
Board of Directors (the "Board") of the Company, and shall have such
responsibilities and authority consistent with those positions as may, from time
to time, be assigned to the Executive by the Board. The Executive shall devote
all his working time and efforts to the business and affairs of the Company.
Executive may not accept directorships in for-profit corporations, whether
public

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or private, without prior written authorization from the Board or the Executive
Committee of the Board.

4.   PLACE OF PERFORMANCE

     In connection with the Executive's employment by the Company, the Executive
shall initially be based out of his home office in Montreal, Canada, but shall
be expected to spend a significant portion of time working at the principal
executive offices of the Company, currently located in Lake Forest, Illinois.

5.   COMPENSATION AND RELATED MATTERS

     (a)  SALARY. During the period of the Executive's employment hereunder, the
Company shall pay to the Executive a salary at a rate of not less than
$275,000.00 (U.S.) per annum in equal monthly or other installments. The
Executive's salary shall be subject to an annual review near or shortly after
the end of each calendar year during the Term of this Agreement.

     (b)  BONUSES. The Executive shall be entitled to an annual bonus of up to
50% of his base salary based upon meeting mutually acceptable objectively
measurable milestones. The Company's assessment of the Executive's achievement
of the milestones shall be issued to the Executive within a reasonable time
after the conclusion of the bonus period being assessed.

     (c)  EXPENSES. The Company will reimburse all of the Executive's reasonable
out of pocket expenses associated with Company business travel between Montreal
and Illinois, and Company business-related travel, lodging and meals in Illinois
incurred by the Executive during the first 120 days of the Term upon
presentation and acceptance of reports and receipts according to present Company
policy. Thereafter, the Executive's business-related expenses, if any, shall be
reimbursed according to the program or policy implemented by the Board committee
appointed by and working in conjunction with the Executive. The Executive's
routine, incidental Company related business expenses associated with
maintaining a home office, including office supplies and long distance toll
charges, will be paid for by the Company via the use of a Company credit card,
provided one is available, or if one is not available upon presentation and
acceptance of reports and receipts according to present Company policy.

     (d)  STOCK OPTIONS. As of the Effective Date, the Company shall grant the
Executive, pursuant to the Company's Amended and Restated 1995 Omnibus Incentive
Plan (the "Plan"), an option to purchase 700,000 shares of the Company's common
stock (the "Option Shares") at a purchase price equal to the fair market value
of the shares on the Effective Date (the "Exercise Price"), under the terms and
conditions set forth in the Plan and the Company's standard Notice Of Grant of
Stock Option, and the exhibits thereto, which shall be provided to the Executive
upon the date of the stock option grant provided for herein. The Options Shares
shall vest as follows, as long as the Executive is employed by the Company on
such vesting dates: 200,000 of the Option Shares shall vest and become
exercisable on the Effective Date (the "Initially Vested Option Shares");
175,000 of the Option Shares shall vest and become exercisable on the first
anniversary of the Effective Date; 175,000 of the Option Shares shall vest and
become exercisable on the second anniversary of the Effective Date; and 150,000
of the Option Shares shall vest and become exercisable on the third anniversary
of the Effective Date.

     In the event of the Executive's resignation for any reason or termination
of the employment by the Company for Cause, as defined below, the Company shall
have the right (the "Repurchase Right"), but not the obligation, to purchase the
unexercised Initially Vested Option Shares, or any portion thereof, at a
purchase price of $0.01 per unexercised Option Share, or to purchase the
exercised initially Vested Option Shares, or any portion thereof, at the
Exercise Price paid by the Executive. The Company's Repurchase Right shall lapse
as to 25,000 of the Initially Vested Option Shares for each full month of
Executive's employment by the Company

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following the Effective Date.

     (e)  OTHER BENEFITS. The Company shall provide to Executive paid medical
(including For the benefit of the dependents of Executive), long-term disability
and life insurance up to $1,000,000. In addition, the Company shall maintain in
full force and effect, and the Executive shall be entitled to participate in,
all of its employee benefit plans and arrangements in effect on the date hereof
or plans or arrangements providing the Executive with at least equivalent
benefits thereunder (including, without limitation, each pension and retirement
plan and arrangement, supplemental pension and retirement plan and arrangement,
life insurance and health and accident plan and arrangement, medical insurance
plan, disability plan, survivor income plan, relocation plan and vacation plan).
The Company shall not make any changes in such plans or arrangements which would
adversely affect the Executive's rights or benefits thereunder, unless such
change occurs pursuant to a program applicable to all executives of the Company
and does not result in a proportionately greater reduction in the rights of or
benefits to the Executive as compared with any other executive of the Company.
The Executive shall be entitled to participate in or receive benefits under any
employee benefit plan or arrangement made available by the Company in the future
to its executives and key management employees, subject to and on a basis
consistent with the terms, conditions and overall administration of such plans
and arrangements. Nothing paid to the Executive under any plan or arrangement
presently in effect or made available in the future shall be deemed to be in
lieu of the salary payable to the Executive pursuant to paragraph (a) of this
Section.

     (I)  VACATIONS. The Executive shall be entitled to four (4) weeks of paid
vacation in each year of his employment or whatever period is provided for by
the Company's written policy, whichever is greater. The Executive shall also be
entitled to all paid holidays given by the Company to its executives.

     (g)  SERVICES FURNISHED. The Company shall furnish the Executive with
office space, stenographic assistance and such other facilities and services in
the Company's principal offices as shall be suitable to the Executive's position
and adequate for the performance of his duties as set forth in Section 3 hereof.
Employee acknowledges that he presently maintains a home office with all
equipment necessary to perform the duties of his position from his home office,
and further acknowledges that the Company will not be responsible for the cost
of purchasing or replacing any such equipment.

6.   OFFICES

     The Executive agrees to serve without additional compensation, if elected
or appointed thereto, as a Director of any of the Company's subsidiaries and in
one or more executive offices of any of the Company's subsidiaries, provided
that the Executive is indemnified for serving in any and all such capacities on
a basis no less favorable than is currently provided by Article VII of the
Company's By-Laws. Executive agrees that, upon termination of his employment
with the Company for any reason whatsoever, he will resign from all positions as
an executive officer and Director of the Company and all of its subsidiaries.

7.   CONFIDENTIAL INFORMATION

     Executive covenants and agrees that he will not (except as required in the
course of his employment), while in the employment of the Company or thereafter,
communicate or divulge to, or use for the benefit of himself, or any other
person, firm, association or corporation, without the consent of the Company,
any information concerning any inventions, discoveries, improvements; processes,
formulas, apparatus, equipment, methods, trade secrets, research,

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secret data, costs or uses or purchasers of the Company's products, research
activities, or services, or other confidential matters possessed, owned, or used
by the Company (collectively "Confidential Information") that may be
communicated to, acquired by, or learned of by the Executive in the course of,
or as a result of, his employment with the Company. Provided, however, that
Confidential information shall not include information that is or becomes
generally known to others in the industry by any means other than a violation of
this Section by Executive. All records, files, memoranda, reports, price lists,
customer lists, drawings, plans, sketches, documents, equipment, and the like,
relating to the business of the Company, which the Company shall use or prepare
or come into contact with, shall remain the sole property of the Company and
shall be surrendered by the Executive to the Company upon termination of his
employment or upon request of the Board.

8.   INVENTIONS DISCOVERED BY EXECUTIVE

     The Executive shall promptly disclose to the Company any invention,
improvement, discovery, process, formula, or method or other intellectual
property, whether or not patentable or copyrightable (collectively,
"inventions"), conceived or first reduced to practice by the Executive, either
alone or jointly with others, while performing services hereunder (or, if based
on any Confidential Information, within one (1) year after the Term), (a) which
pertain to any line of business activity of the Company, whether then conducted
or then being actively planned by the Company, with which the Executive was or
is involved, (b) which is developed using time, material or facilities of the
Company, whether or not during working hours or on the Company premises, or (c)
which directly relates to any of the Executive's work during the Term, whether
or not during normal working hours. The Executive hereby assigns to the Company
all of the Executive's right, title and interest in and to any such Inventions.
During and after the Term, the Executive shall execute any documents necessary
to perfect the assignment of such Inventions to the Company and to enable the
Company to apply for, obtain and enforce patents, trademarks and copyrights in
any and all countries on such Inventions, including, without limitation, the
execution of any instruments and the giving of evidence and testimony, without
further compensation beyond the Executive's agreed compensation during the
course of the

Executive's employment. All such acts shall be done without cost or expense to
Executive. Executive shall be compensated for the giving of evidence or
testimony after the term of Executive's employment at the rate of $2,000/day.
Without limiting the foregoing, the Executive further acknowledges that all
original works of authorship by the Executive, whether created alone or jointly
with others, related to the Executive's employment with the Company and which
are protectable by copyright, are "works made for hire within the meaning of the
United States Copyright Act, 17 U.S.C. (S) 101, as amended, and the copyright of
which shall be owned solely, completely and exclusively by the Company. If any
Invention is considered to be work not included in the categories of work
covered by the United States Copyright Act, 17 U. S. C. (S) 101, as amended,
such work is hereby assigned or transferred completely and exclusively to the
Company. The Executive hereby irrevocably designates counsel to the Company as
the Executive's agent and attorney-in-fact to do all lawful acts necessary to
apply for and obtain patents and copyrights and to enforce the Company's rights
under this Section. This Section 5 shall survive the termination of this
Agreement. Any assignment of copyright hereunder includes all rights of
paternity, integrity, disclosure and withdrawal and any other rights that may be
known as or referred to as "moral rights" (collectively "Moral Rights"). To the
extent such Moral Rights cannot be assigned under applicable law and to the
extent the following is allowed by the laws in the various countries where Moral
Rights exist, the Executive hereby waives such Moral Rights and consents to any
action of the Company that would violate such Moral Rights in the absence of
such consent. The Executive agrees to confirm any such waivers and consents from
time to time as requested by the Company.

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9.   COMPETITION

     (a)  During the period of the Executive's employment by the Company, and
for a period of two (2) years after such employment (regardless of the reasons
for termination of employment), Executive will not (i) engage in; (ii) have any
interest in any person, firm, or corporation that engages in; or (iii) perform
any services for any person, firm, or corporation that engages in direct
competition with the Company, or any of its subsidiaries in the development,
research relating to, manufacture, processing, marketing, distribution, or sale
of any products that were the subject of research activities, developed,
licensed, manufactured, processed, distributed, or sold by the Company, or any
of its subsidiaries, at any time during the period of his employment by the
Company, in any geographic area in which such business shall be carried on.

     (b)  Executive will not, directly or indirectly, employ, solicit for
employment, or advise or recommend to any other person that they employ or
solicit for employment, any employee of the Company during the period of
Executive's employment by the Company and for a period of two (2) years
thereafter.

     (c)  Executive represents that his experience and capabilities are such
that the provisions of this Section 8 will not prevent him from earning a
livelihood.

10.  TERMINATION

     (a)  Notwithstanding any provision of this Agreement to the contrary,
Executive's employment shall terminate upon his death, and the Company at any
time may terminate his employment by giving him written notice of such
termination (i) for cause, as hereinafter defined; (ii) if Executive shall
violate any of the provisions of Sections 7 or 8 hereof, or (iii) if Executive
shall become physically or mentally incapacitated and by reason thereof unable
to perform his duties hereunder with or without reasonable accommodation for a
period of ninety (90) consecutive days. For the purpose of clause (i) of this
Section 10, "for cause" shall mean any of the following events: (x) conviction
in a court of law of any crime or offense involving money or other property of
the Company, or any of its subsidiaries, or any felony, (y) violation of
specific written directions issued in good faith by the Board of Directors of
the Company, provided, however, no discharge shall be deemed "for cause" under
this clause (y) unless Executive shall have first received written notice from
the Board of Directors of the Company advising of the acts or omissions that
constitute such violation, and such violation continues uncured for a period of
thirty (30) days after Executive shall have received such notice, or (z) gross
negligence or intentional misconduct by the Executive that could cause material
harm to the Company.

     (b)  Executive agrees that in the event of his voluntary resignation other
than for Good Reason as defined in Section 11, he will offer the board at least
60 days written notice. If Executive terminates his Employment with the Company
pursuant to this Section 10(b), the Executive shall only be entitled to any
unpaid compensation earned through the last day of Executive's employment.

     (c)  In the event that the Company gives notice of its election not to
extend the Term for a Renewal Period pursuant to Section 2 above, the Company
shall continue to pay the Executive full compensation as defined in Section 5 of
this Agreement from the date the Executive receives such notice through the
Expiration Date. The Executive shall not be entitled to any additional
compensation other than any payments or benefits due under Company policies or
benefit plans.

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11.  COMPENSATION UPON TERMINATION

     In the event Executive's employment hereunder is terminated other than for
cause (as defined in Section 10), disability (as defined in Section 10) or
death, or Executive terminates his employment for "Good Reason," he shall be
entitled to the following severance benefits: (i) his base salary for six (6)
months immediately following such termination (the "Severance Period") (plus,
the bonus provided for in Section 5(B) attributable to the year in which
termination of employment occurs, provided that such bonus payment shall be pro-
rated based on the proportion of the objectives achieved during the portion of
the bonus year worked by the Executive) to be paid according to the Company's
regular payroll practices, and base salary for an additional six (6) month
period commencing six (6) months following such termination (the "Additional
Severance Period"), paid according to the Company's regular payroll practices,
provided that such additional severance pay shall be reduced by the gross amount
of any earnings from employment or consulting received by Executive during the
Additional Severance Period (Executive agrees to provide the Company with an
accurate account of such earnings received before the issuance of each monthly
check during the Additional Severance Period); (ii) continuation medical
coverage pursuant to COBRA, at the Company's expense, until the expiration of
the Additional Severance Period or until Executive obtains alternative coverage
from another source, whichever occurs first (the "Benefits Period"); (iii)
during the Benefits Period, a monthly cash payment equal to the Company's cost
of providing an individual policy term life insurance and group disability
coverage for Executive on the terms existing at the time of such termination,
plus, during the Severance Period only, a "gross up" payment in the amount
necessary to make the receipt of such cash payment tax-neutral to the Executive;
(iv) any Standard Option Shares that are unvested at the time of such
termination shall vest and become exercisable; (v) any Performance Option Shares
that are unvested at the time of such termination, at the discretion of the
Board Of Directors, shall vest and become exercisable; and (vi) Executive shall
have up to one (1) year after the effective date of such termination to exercise
his stock options (granted under this Agreement or otherwise) (Executive
acknowledges that any stock options not exercised within ninety (90) days after
such effective date will have been converted to non-qualified options.)

     "Good Reason" shall be defined as any termination by the Executive within
thirty (30) days of the occurrence of any of the following events: (i) a
material breach of this Agreement by the Company; (ii) a relocation of the
Company's principal place of business to a location 40 miles or more from its
then current location (it being understood, as set forth in Section 4, that the
Executive shall initially be based out of his home office in Montreal, Canada);
or (iii) within 30 days of a "Change of Control," as defined below, a material
reduction in the Executives duties or responsibilities, or a reduction in the
Executive's then current salary, bonus or benefit levels, provided that a
failure to maintain the Executive as Chairman of the Board of Directors shall
not constitute Good Reason. The Executive shall give the Company 30 days'
written notice and opportunity to cure prior to any termination for Good Reason.

     As used herein, a "Change of Control" shall be deemed to occur if. (i)
there shall be consummated (x) any consolidation or merger of the Company in
which the Company is not the continuing or surviving corporation or pursuant to
which the stock of the Company would be converted into cash, securities or other
property, other than a merger or consolidation of the Company in which the
holders of the Company's stock immediately prior to the merger or consolidation
hold more than fifty percent (50%) of the stock or other forms of equity of the
surviving corporation immediately after the merger, or (y) any sale, lease,
exchange or other transfer (in one transaction or a series of related
transactions) of all, or substantially all, the assets of the Company, or (ii)
the Board approves any plan or proposal for liquidation or dissolution of the
Company.

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12.  ASSIGNMENT; BINDING AGREEMENT

     (a)  The Executive acknowledges and agrees that the rights and obligations
of the Company under this Agreement may be assigned by the Company to any
successors in interest.

     (b)  This Agreement, and all rights of the Executive hereunder, shall inure
to the benefit of and be enforceable by the Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive should die while any amounts are earned
but unpaid, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive's devisees,
legatees, or other designee or, if there be no such designee, to the Executive's
estate.

13.  NOTICE

      For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when delivered or (unless otherwise specified)
mailed by United States or Canadian registered mail, return receipt requested,
postage prepaid, addressed as follows:

               If to the Executive:

               Dr. Cohn B. Bier
               677 Dr. Frederik Philips
               Saint-Laurent (Montreal), Quebec, Canada H4M2W4

               If to the Company:

               Endorex Corporation
               28101 Ballard Drive, Suite F
               Lake Forest, IL 60045
               Attention:   Board of Directors

or to such other address as any party may have furnished to the others in
writing in accordance herewith' except that notices of change of address shall
be effective only upon receipt.

14.  MISCELLANEOUS

     No provisions of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing signed by
the parties hereto. No waiver by either party hereto at any time of any breach
by the other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement. The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of Illinois.

15.  VALIDITY

     The invalidity or unenforceability of any provision or provisions of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

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16.  COUNTERPARTS

     This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which together will constitute one
and the same instrument.

17.  ARBITRATION

     Subject to the specific limitation set forth below, any dispute or
controversy arising under or in connection with this Agreement shall be settled
exclusively by arbitration, conducted before a panel of three arbitrators, in
Chicago, Illinois, in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator's award in
any court having jurisdiction. The expense of such arbitration shall be borne by
the Company except that each party shall bear its own attorneys' fees. This
Section shall not affect the Company's right to seek equitable relief in
connection with Executive's violations or threatened violations of Sections 7, 8
and/or 9 of this Agreement. The parties agree that the exclusive venue for the
resolution of such proceedings for equitable relief shall be in the federal
and/or state courts located in Lake County, Illinois, and the parties consent to
the jurisdiction of such courts.

          IN WITNESS WHEREOF, the parties have executed this Agreement on the
date and year first above written.

                                               Endorex Corporation

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

                                               --------------------------------
                                               Colin Bier<Page>

EXHIBIT 10.29

                              CONSULTING AGREEMENT

THIS AGREEMENT (this "Agreement") is entered into as of November 29, 2001 by and
between Endorex Corporation, a Delaware Corporation located at 28101 Ballard
Drive, Suite F, Lake Forest, IL 60045, (the "Company"), Nicholas Stergiopoulos
(the "Consultant"), an individual with an address at 1541 Brickell Avenue,
Apartment 2706 Miami, Florida 33129 and Corporate Technology Development, Inc.
("CTD"). In consideration of the mutual covenants contained herein, the parties
hereto agree as follows:

I.   SERVICES

1.1  Consultant shall provide consulting services to the Company in connection
     with the Company's ongoing product development and business development
     activities and shall report to the President of the Company or his
     designee.

1.2  During the term of this Agreement, Consultant shall provide such advisory
     and counseling services to the Company as the Company may from time to time
     request (the "Services") in writing. The Services shall consist exclusively
     of consultation on: a) oral beclomethasone ("OrBec(R)") b) oral solution
     azathioprine ("Oraprine(TM)"); c) opthlamic solution of metronidazole
     ("MetroptlM"); d) the Allergan BoTox(R) program; e) the drug delivery
     technology under option from the University Pharmaceuticals of Maryland
     ("UM Technology"): and e) activities related to the business, products or
     services offered by CTD and any of CTD's subsidiaries, prior to the date of
     this Agreement including but not limited to intellectual property,
     manufacturing, and regulatory/clinical issues.

1.3  Consultant shall make himself available to provide the Services on a
     full-time basis during the consulting period, for an average of 40 hours
     per week.

1.4  Consultant shall provide the Company with a Summary Report of his
     activities in connection with the services on the last day of each month.

1.5  During those time that the Consultant is not performing Services, he is at
     liberty to engage, either on his own or with other persons (including
     Steve H. Kanzer) or entities, in any pharmaceuticals-related and other
     business activities that do not otherwise conflict with the terms of this
     Agreement.

2.   TERM

     The term of this Agreement shall be six (6) months commencing
     November 29, 2001. The term of this Agreement may be extended by the
     execution of the parties hereto of an amendment to this Agreement providing
     for such an extension.

3.   COMPENSATION

3.1. For the Services and the Consultant's other obligations hereunder, the
     Company shall pay or cause to be paid to Consultant during the term of this
     Agreement a fee of $8,166.66 per calendar month, payable in semi-monthly
     installments of $4,083.33 each, prorated for any partial period at the
     beginning and end of the term of this Agreement.

3.2. The Company shall reimburse Consultant for reasonable out-of-pocket
     expenses incurred on behalf of the Company in connection with the
     performance

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     of the Services upon presentation of all receipts and consistent with
     Company's expense reimbursement policy. It is a condition to reimbursement
     of any individual expense in excess of $1000, including any individual
     expense incurred by the Consultant for travel on the Company's behalf, that
     Consultant obtain the Company's prior written approval for that expense.
     All travel shall be consistent with the Company's travel policy.

3.3  In the event that a licensing or asset sale is consummated between RxEyes
     and CibaVision or any affiliate of CibaVision for the licensing or asset
     sale of Metropt(TM) due to the Consultant's efforts and during the time
     period of the Consultant's agreement, the Company shall pay Consultant a
     one percent (1%) transaction fee of any monies directly received by the
     Company as a result of this transaction.

4.   INDEPENDENT CONTRACTOR

4.1  Consultant shall act in the capacity of an independent contractor with
     respect to the Company. Consultant shall not be, nor represent himself as
     being an agent of the Company, and Consultant shall not have, or represent
     himself as having the right or authority to enter into any agreement or to
     make any promise of any nature whatsoever, whether oral or written, on
     behalf of or in the name of the Company, without the Company's prior
     written consent.

4.2  Consultant shall accept directions issued by the President of the Company
     pertaining to the results to be achieved by Consultant, but shall be solely
     responsible for the manner and working hours in which he performs any
     Services.

4.3. As an independent contractor, Consultant shall not have the status of an
     employee of the Company. Consultant shall not be eligible to participate in
     any employee benefit group insurance or executive compensation plans or
     programs maintained by the Company, and the Company shall not provide
     social security, unemployment compensation, disability insurance, workers'
     compensation or similar coverage, or any other statutory benefit to
     Consultant.

6.   SURVIVAL OF REPRESENTATIONS AND WARRANTIES

     The parties hereto agree that the representations, warranties, covenants
     and agreements of the parties contained in Sections 4, 7, 8 and 9 of this
     Agreement shall survive the termination hereof.

7.   CONFIDENTIALITY AND INVENTIONS

7.1  Company and Consultant acknowledge that as a result of this consulting
     relationship, Consultant will be in possession of confidential customer
     information, trade secrets, technical data and Know-how relating to the
     products, research, development, processes, methods, equipment, research
     and manufacturing agreements with third parties, license and joint venture
     agreements with third partiesand intellectual property of the Company and
     its subsidiaries ("Proprietary Information"). Proprietary Information does
     not, however, include information that is or becomes generally available in
     the pharmaceuticals industry other than by breach of this Agreement by
     Consultant.

7.2  Consultant agrees that Consultant will not, during or after two years from
     the date

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     of this Agreement, directly or indirectly, use or disclose to any person,
     firm or corporation, any Proprietary Information, without the prior written
     consent of Company.

     Consultant agrees that in the event of termination of this Agreement for
     any reason, Consultant will deliver to the Company all documents and data
     of any nature pertaining to Consultant's work with the Company and will not
     retain any documents or data of any description or any reproduction, in
     whole or in part, thereof containing or pertaining to any Proprietary
     Information.

7.3  Consultant agrees that any and all inventions, discoveries, improvements,
     processes, compounds, or formulae (collectively "Inventions"), whether or
     not patentable or registerable under patent, copyright, or similar
     statutes, that are made, conceived, discovered or acquired by Consultant
     pursuant to this Agreement, solely or jointly with others or otherwise or
     which result from services performed by Consultant hereunder or which
     result from use of premises owned, leased, or contracted for by the Company
     and its subsidiaries and which may be used or useful in or relate to the
     business of the Company and its subsidiaries, shall be the property of the
     Company. Consultant hereby assigns to the Company all of the Consultant's
     right, title and interest in and to any such Inventions, including without
     limitation all Inventions discovered or acquired by Consultant during and
     in connection with his employment with Corporate Technology Development,
     Inc. and/or any of its subsidiaries. Without limiting the foregoing,
     Consultant further acknowledges that all original works of authorship by
     Consultant, whether created alone or jointly with others, in performing the
     Services and which are protectable by copyright, are "works made for hire"
     within the meaning of the United States Copyright Act, 17 U.S.C. Section.
     101, as amended, and the copyright of which shall be owned solely,
     completely and exclusively by the Company. If any Invention is considered
     to be work not included in the categories of work covered by the United
     States Copyright Act, 17 U.S.C. Section. 101, as amended, such work is
     hereby assigned or transferred completely and exclusively to the Company.
     Any assignment of copyright hereunder includes all rights of paternity,
     integrity, disclosure and withdrawal and any other rights that may be known
     as or referred to as "moral rights" (collectively "Moral Rights"). To the
     extent such Moral Rights cannot be assigned under applicable law and to the
     extent the following is allowed by the laws in the various countries where
     Moral Rights exist, Consultant hereby waives such Moral Rights and consents
     to any action of the Company that would violate such Moral Rights in the
     absence of such consent. Consultant agrees to confirm any such waivers and
     consents from time to time as requested by the Company.

     Consultant shall, as requested by the Company at any time and from time to
     time, whether prior to or after the expiration of the term of this
     Agreement, execute and deliver to the Company any instruments deemed
     necessary by the Company to effect disclosure and assignment of the
     Inventions to it or to persons designated by it and shall cooperate with
     the Company as may be reasonably required with regard to, and shall execute
     and deliver to the Company, any patent, copyright or trademark applications
     (United States or foreign) and renewals with respect thereto, including any
     other instruments deemed necessary by the Company for the prosecution of
     such patent, copyright or trademark application or the acquisition of
     letters patent. Consultant's obligation to assist the Company in obtaining
     and enforcing patents, copyrights or trademarks for such Inventions in any
     and all countries shall continue beyond the termination of this Agreement,
     but the Company shall compensate Consultant at a reasonable rate after such
     termination for time actually spent at the Company's request on such
     assistance. In the event the Company is unable, after

<Page>

     reasonable effort, to secure the signature of Consultant on any document or
     documents needed to apply for or prosecute any patent, copyright or to
     other right or protection relating to an Invention, whether because of
     physical or mental incapacity or for any other reason whatsoever,
     Consultant hereby irrevocably designates and appoints the Company and its
     duly authorized agents as agent and attorney-in-fact, to act for and on
     behalf of Consultant to execute and file any such application or
     applications and to do all other lawfully permitted acts to further
     prosecution and issuance of patents, copyrights or other similar protection
     thereon with the same legal force and effect as if executed by Consultant.

8.   RESTRICTIVE COVENANTS

8.1  During the period in which Consultant provides the Services to the Company,
     and for a period of two (2) years after termination of this Agreement for
     any reason, Consultant will not anywhere in the world (I) engage in; (ii)
     have any interest in any person, firm, or corporation that engages in; or
     (iii) perform any services for any person, firm, or corporation that
     engages in the development of, research relating to, manufacture,
     processing, marketing, distribution, or sale of (a) orally delivered
     corticosteroids for the treatment of Graft Versus Host Disease, Crohns
     Disease, ulcerative colitis, or any other related gastrointestinal
     disorder(s), (b) orally delivered solutions of Azathioprine, or analogs
     thereof for the supression of the immune system or any part thereof,
     including the uses that as of the date hereof are approved by the U.S. Food
     and Drug Administration, (c) imidazole-like compounds or analogs thereof
     for the treatment of dry eye syndrome or blepharitis, (d) the Allergan
     BoTox(R) program, or (e) polymer based drug delivery technologies for the
     rapid dissolution into suspension of normal and controlled release drugs in
     tablet form, including the UM Technology.

8.2  Consultant will not, directly or indirectly, employ, solicit for
     employment, or advise or recommend to any other person that they employ or
     solicit for employment, any employee of the Company while Consultant is
     providing the Services to the Company and for a period of two (2) years
     thereafter.

8.3  Consultant represents that his experience and capabilities are such that
     the provisions of this Section 8 will not prevent him from earning a
     livelihood.

8.4  On condition that he otherwise complies with the terms of this Agreement,
     including without limitation the restrictive covenants contained within
     this Section 8, the Consultant may at any time contact and do business with
     any person or entity that the Consultant had dealings with in his capacity
     as an employee of CTD and while performing the Services.

9.   NO CONFLICT WITH OR BREACH OF OTHER AGREEMENTS

9.1  In order to induce the Company to enter into this Agreement, Consultant
     hereby represents, warrants and covenants that (a) Consultant is not party
     to any agreement, contract, arrangement or understanding that prohibits or
     purports to prohibit Consultant from entering into this Agreement and
     performing duties hereunder, (b) the execution, delivery and performance by
     Consultant of this Agreement will not constitute a breach of or default
     under any agreement, contract, arrangement or understanding to which
     Consultant is a party or which is or purports to be binding upon
     Consultant, (c) performance of all the terms of the Agreement does not, and
     will not breach any agreement or duty to keep in confidence proprietary
     information acquired by Consultant in confidence or in trust prior to
     employment by the Company, (d) Consultant will not during performance of
     the Services breach any obligation of confidentiality or duty owed

<Page>

     current or former employers, and further agrees that all such obligations
     will continue to be fulfilled during such consulting relationship with the
     Company, and (e) Consultant has not brought and will not bring to the
     Company or use in performing the Services any materials or documents of a
     current or former employer that are not generally available to the public,
     unless written authorization from the current or former employer for their
     possession and use is obtained.

10.  MISCELLANEOUS

10.1 This Agreement shall be binding upon and for the benefit of the parties
     hereto and their respective heirs, executors, administrators, successors,
     devisees and assigns; provided, however, that Consultant may not assign
     rights or delegate duties under this Agreement without the prior written
     consent of the Company and that any attempt by Consultant to do so without
     such consent shall be void. Except as provided for in Section 1.6 (g) of
     the Merger Agreement, the parties hereto hereby agree and acknowledge that
     the Employment Agreement by and among Consultant and CTD, dated as June 28,
     1998 (the "CTD Employment Agreement") is terminated as of the date hereof
     and Consultant hereby specifically waives the provisions and rights set
     forth in Section 3 of the CTD Employment Agreement, including but not
     limited to, any bonuses, milestone payments or carried interests in
     licenses, technologies or acquisitions by CTD or any subsidiaries of CTD.
     Consultant hereby resigns from any and all positions held by the Consultant
     within CTD or any subsidiaries of CTD and acknowledges and agrees that no
     obligations or amounts are owed to Consultant (whether in cash, equity or
     otherwise) under the CTD Employment Agreement or pursuant to any other
     agreement, understanding or arrangement under which CTD or any of its
     subsidiaries would be so obligated, unless such exception is expressly
     stated in this agreement.

10.2 This Agreement contains the entire understanding and agreement of the
     parties with respect to the relationship between the Company and Consultant
     (other than as a security holder of the Company), and it may not be
     altered, amended, modified or otherwise changed in any respect whatsoever
     except by a writing duly executed by the parties hereto.

10.3 This document may be executed in any number of counterparts, each of which
     shall be deemed to be an original and shall fully bind each party who has
     executed it, but all such counterparts together shall constitute one and
     the same agreement.

10.4 No failure or delay on the part of any party hereto in exercising any
     right, power or remedy hereunder shall operate as a waiver thereof. The
     Company shall have the right to enforce this Agreement and any of its
     provisions by injunction, specific performance or other equitable relief,
     without bond and without prejudice to any other rights and remedies that
     the Company may have for the breach of this Agreement.

10.5 Should any provision of this Agreement be held invalid or illegal, such
     illegality shall not invalidate the whole of this Agreement, but rather,
     the Agreement shall be construed as if it did not contain the illegal part
     and the rights and obligations of the parties shall be construed and
     enforced accordingly.

10.6 This Agreement shall be construed and enforced pursuant to the laws of the
     State of Illinois, without giving effect to conflict of law principals.

<Page>

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

                ENDOREX CORPORATION

                By:
                    --------------------------------
                Michael S. Rosen
                President and COO

                CONSULTANT

                By:
                    --------------------------------
                Nicholas Stergiopoulos

IN WITNESS WHEREOF, CTD has executed this Agreement for the purposes of Section
10.1 hereof as of the day and year first above written.

                CORPORATE TECHNOLOGY DEVELOPMENT, INC.

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

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