Document:

EXHIBIT 4.3
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THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES
LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT
TO REGISTRATION OR EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY
REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE
ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE
WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

                     AMPERSAND MEDICAL CORPORATION

          WARRANT FOR THE PURCHASE OF SHARES OF COMMON STOCK

                            No. W - 1999-1

                            250,000 Shares

     FOR VALUE RECEIVED, AMPERSAND MEDICAL CORPORATION, a corporation duly
organized and existing under the laws of the State of Delaware (the
"Company," which term includes any successor), with its principal office at
900 North Franklin Street, Suite 210, Chicago, Illinois 60610, hereby
certifies that Holleb & Coff, an Illinois general partnership (the
"Holder"), is entitled, subject to the provisions of this Warrant, to
purchase from the Company, at any time before 5:00 p.m. (Eastern Standard
Time) on July 14, 2009 (the "Expiration Date"), the number of fully paid
and nonassessable shares of Common Stock of the Company set forth above,
subject to adjustment as hereinafter provided.

     The Holder may purchase such number of shares of Common Stock at a
purchase price per share (as appropriately adjusted pursuant to Section 6
hereof) of $.33 (the "Exercise Price"). The term "Common Stock" shall mean
the aforementioned Common Stock of the Company, together with any other
equity securities that may be issued by the Company in addition thereto or
in substitution therefor as provided herein.

     The number of shares of Common Stock to be received upon the exercise
or exchange of this Warrant and the price to be paid for a share of Common
Stock are subject to adjustment from time to time as hereinafter set forth.
The shares of Common Stock deliverable upon such exercise or exchange, as
adjusted from time to time, are hereinafter sometimes referred to as
"Warrant Shares."

     Section 1. Exercise of and Payment for Warrant.

     (a)   Cash Exercise. The purchase rights represented by this Warrant
may be exercised by the Holder, in whole or in part, by the surrender of
this Warrant at the principal office of the Company, located at the address
set forth herein, accompanied by the form of Notice of Cash Exercise
attached hereto as Exhibit A-1, and by the payment to the Company, by cash
or by certified, cashier's or other check acceptable to the Company, of an
amount equal to the aggregate Exercise Price of the shares being purchased.
If this Warrant should be exercised in part only, the Company shall, upon
surrender of the Warrant, execute and deliver a new Warrant evidencing the
rights of the Holder thereof to purchase the balance of the Warrant Shares
purchasable hereunder.

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     (b)   Net Issue Exercise. In lieu of exercising this Warrant pursuant
to Section 1(a), the Holder may elect to receive shares equal to the value
of this Warrant (or of any portion thereof remaining unexercised)
determined in the manner described below, by surrender of this Warrant at
the principal office of the Company together with the form of Notice of
Cashless Exercise attached hereto as Exhibit A-2, in which event the
Company shall issue to the Holder a number of shares of the Company's
Common Stock computed using the following formula:

     X =  Y (A-B)
     A

Where:

     X =   the number of shares of Common Stock to be issued to the
Holder.

     Y =   the number of shares of Common Stock purchasable under this
Warrant (at the date of such calculation) elected to be purchased.

     A =   the Fair Market Value (as hereinafter defined) of one share of
the Company's Common Stock (at the date of such calculation).

     B =   Exercise Price (as adjusted to the date of such calculation).

     (c)   Fair Market Value. "Fair Market Value" of one share of the
Company's Common Stock shall mean: (i) if the Common Stock is traded in the
Over The Counter Market, on the NASDAQ National Market, on the NASDAQ
SmallCap Market, or on an exchange, the average of the Quoted Prices (as
hereinafter defined) of the Common Stock for the thirty (30) consecutive
trading days prior to the date in question, or (ii) if the Common Stock is
not traded in the Over The Counter Market, on the NASDAQ National Market,
on the NASDAQ SmallCap Market, or on an exchange, the fair value per share
as determined by mutual agreement of the Company and the Holder; provided,
however, that if such agreement cannot be reached within thirty (30)
calendar days, such value shall be determined by an independent appraiser
appointed in good faith by the Company's Board of Directors, the cost of
which appraisal shall be borne by the Company. The "Quoted Price" of the
Common Stock is the last reported sales price, or the average of the bid
and asked price, as the case may be, of the Common Stock as reported by
NASDAQ or the primary national securities exchange on which the Common
Stock is then quoted; provided, however, that if quotes for the Common
Stock are not reported by NASDAQ or such primary national securities
exchange, the "Quoted Price" of the Common Stock shall be the last reported
sales price, or the average of the bid and asked price, as the case may be,
of the Common Stock as reported by the National Quotation Bureau, Inc. or
any organization performing a similar function.

     (d)   Miscellaneous. Upon receipt by the Company of this Warrant and
the applicable exercise form, together with proper payment of the Exercise
Price, if appropriate, at such office, the Holder shall be deemed to be the
holder of record of the Warrant Shares, notwithstanding that the stock
transfer books of the Company shall then be closed or that certificates
representing such Warrant Shares shall not then be actually delivered to
the Holder. The Company shall pay any and all documentary stamp or similar
issue or transfer taxes payable in respect of the issue or delivery of the
Warrant Shares.

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     Section 2. Reservation of Shares.  The Company hereby agrees that at
all times there shall be reserved for issuance and delivery upon exercise
or exchange of this Warrant all shares of its Common Stock or other shares
of capital stock of the Company from time to time issuable upon exercise or
exchange of this Warrant. All such shares shall be duly authorized and,
when issued upon the exercise or exchange of the Warrant in accordance with
the terms hereof, shall be validly issued, fully paid and nonassessable,
free and clear of all liens, security interests, charges and other
encumbrances or restrictions on sale (other than as provided in the
Company's certificate of incorporation and any restrictions on sale set
forth herein or pursuant to applicable federal and state securities laws)
and free and clear of all preemptive rights.

     Section 3. Fractional Interest.  The Company will not issue a
fractional share of Common Stock upon exercise or exchange of this Warrant.
Instead, the Company will deliver its check for the current market value of
the fractional share. The current market value of a fraction of a share
shall be determined by multiplying the Fair Market Value (as hereinbefore
defined) of a full share by the fraction of a share and rounding the result
to the nearest cent.

     Section 4. Assignment or Loss of Warrant.

     (a)   Except as provided in Section 9, the Holder of this Warrant
shall be entitled, without obtaining the consent of the Company, to assign
its interest in this Warrant, or any of the Warrant Shares, in whole or in
part to any bona fide officer, director or partner of Holder, provided,
however, that the transferee, prior to any such transfer, agrees in
writing, in form and substance satisfactory to the Company, to be bound by
the terms of this Agreement and provides the Company with an opinion of
counsel in such form reasonably acceptable to the Company, that such
transfer would not be in violation of the Act or any applicable state
securities or blue sky laws. Subject to the provisions hereof and of
Section 9, upon surrender of this Warrant to the Company or at the office
of its stock transfer agent or warrant agent, with the Assignment Form
annexed hereto duly executed and funds sufficient to pay any transfer tax,
the Company shall, without charge, execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees named in such instrument
of assignment and, if the Holder's entire interest is not being assigned,
in the name of the Holder, and this Warrant shall promptly be canceled.

     (b)   Upon receipt of evidence satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of
loss, theft or destruction) of indemnification satisfactory to the Company,
and upon surrender and cancellation of this Warrant, if mutilated, the
Company shall execute and deliver a new Warrant of like tenor and date.

     Section 5. Rights of the Holder. The Holder shall not, by virtue
hereof, be entitled to any rights of a stockholder in the Company, either
at law or equity, and the rights of the Holder are limited to those set
forth in this Warrant. Nothing contained in this Warrant shall be construed
as conferring upon the Holder hereof the right to vote or to consent or to
receive notice as a stockholder of the Company on any matters or with
respect to any rights whatsoever as a stockholder of the Company. No
dividends or interest shall be payable or accrued in respect of this
Warrant or the interest represented hereby or the Warrant Shares
purchasable hereunder until, and only to the extent that, this Warrant
shall have been exercised or exchanged in accordance with its terms.

     Section 6. Adjustment of Exercise Price and Number of Shares. The
number and kind of securities purchasable upon the exercise or exchange of
this Warrant and the Exercise Price shall be subject to adjustment from
time to time upon the occurrence of certain events, as follows:

     (a)   Adjustment for Change in Capital Stock. If at any time after
the date hereof, the Company:

<PAGE>

     (A)   pays a dividend or makes a distribution on its Common Stock in
shares of its Common Stock;

     (B)   subdivides its outstanding shares of Common Stock into a
greater number of shares;

     (C)   combines its outstanding shares of Common Stock into a smaller
number of shares;

     (D)   makes a distribution on its Common Stock in shares of its
capital stock other than Common Stock; or

     (E)   issues by reclassification of its Common Stock any shares of
its capital stock;

then the Exercise Price in effect immediately prior to such action shall be
adjusted so that the Holder may receive, upon exercise or exchange of this
Warrant and payment of the same aggregate consideration, the number of
shares of capital stock of the Company which the Holder would have owned
immediately following such action if the Holder had exercised or exchanged
the Warrant immediately prior to such action.

     The adjustment shall become effective immediately after the record
date in the case of a dividend or distribution and immediately after the
effective date in the case of a subdivision, combination or
reclassification.

     (b)   Adjustment for Lower-Priced Stock Issuances. If at any time
after the date hereof the Company issues Common Stock or securities
convertible into Common Stock at a price less than $.33 per share, the
Exercise Price shall simultaneously therewith be deemed adjusted to equal
such lower price, which adjustment shall be permanent, except that whenever
the Company thereafter issues Common Stock or securities convertible into
Common Stock at a price lower than the current Exercise Price as
established by this Section 6(b), the Exercise Price shall simultaneously
therewith be deemed further adjusted to equal such price lower than such
current Exercise Price.

     (c)   Deferral of Issuance or Payment. In any case in which an event
covered by this Section 6 shall require that an adjustment in the Exercise
Price be made effective as of a record date, the Company may elect to defer
until the occurrence of such event: (i) issuing to the Holder, if this
Warrant is exercised after such record date, the shares of Common Stock and
other capital stock of the Company, if any, issuable upon such exercise
over and above the shares of Common Stock or other capital stock of the
Company, if any, issuable upon such exercise on the basis of the Exercise
Price in effect prior to such adjustment; and (ii) paying to the Holder by
check any amount in lieu of the issuance of fractional shares pursuant to
Section 3.

     (d)   When No Adjustment Required. No adjustment need be made for a
change in the par value or no par value of the Common Stock.

     (e)   No Adjustment Upon Exercise of Warrants. No adjustments shall
be made under any Section herein in connection with the issuance of Warrant
Shares upon exercise or exchange of the Warrants.

     (f)   Common Stock Defined. Whenever reference is made in Section
6(a) to the issue of shares of Common Stock, the term "Common Stock" shall
include any equity securities of any class of the Company hereinafter
authorized which shall not be limited to a fixed sum or percentage in
respect of the right of the holders thereof to participate in dividends or
distributions of assets upon the voluntary or involuntary liquidation,
dissolution or winding up of the Company. Subject to the provisions of
Section 8 hereof, however, shares issuable upon exercise or exchange hereof
shall include only shares of the class designated as Common Stock of the
Company as of the date hereof or shares of any class or classes resulting
from any reclassification or reclassifications thereof or as a result of
any corporate reorganization as provided for in Section 8 hereof.

<PAGE>

     Section 7. Officers' Certificate. Whenever the Exercise Price shall
be adjusted as required by the provisions of Section 6, the Company shall
forthwith file in the custody of its secretary or an assistant secretary at
its principal office an officers' certificate showing the adjusted Exercise
Price determined as herein provided, setting forth in reasonable detail the
facts requiring such adjustment and the manner of computing such
adjustment. Each such officers' certificate shall be signed by the
chairman, president or chief financial officer of the Company and by the
secretary or any assistant secretary of the Company. Each such officers'
certificate shall be made available at all reasonable times for inspection
by the Holder or any holder of a Warrant executed and delivered pursuant to
Section 4 hereof.

     Section 8. Reclassification, Reorganization, Consolidation or Merger.
In the event of any reclassification, capital reorganization or other
change of outstanding shares of Common Stock of the Company (other than a
subdivision or combination of the outstanding Common Stock and other than a
change in the par value of the Common Stock) or in the event of any
consolidation or merger of the Company with or into another corporation
(other than a merger in which merger the Company is the continuing
corporation and that does not result in any reclassification, capital
reorganization or other change of outstanding shares of Common Stock of the
class issuable upon exercise or exchange of this Warrant) or in the event
of any sale, lease, transfer or conveyance to another corporation of the
property and assets of the Company as an entirety or substantially as an
entirety, the Company shall cause effective provisions to be made so that
the Holder shall have the right thereafter, by exercising this Warrant, to
purchase the kind and amount of shares of stock and other securities and
property (including cash) receivable upon such reclassification, capital
reorganization and other change, consolidation, merger, sale or conveyance
by a holder of the number of shares of Common Stock that might have been
received upon exercise or exchange of this Warrant immediately prior to
such reclassification, capital reorganization, change, consolidation,
merger, sale or conveyance. Any such provision shall include provisions for
adjustments in respect of such shares of stock and other securities and
property that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Warrant. The foregoing provisions of this
Section 8 shall similarly apply to successive reclassifications, capital
reorganizations and changes of shares of Common Stock and to successive
consolidations, mergers, sales or conveyances.

     Section 9. Transfer to Comply with the Securities Act of 1933;
Registration Rights.

     (a)   No sale, transfer, assignment, hypothecation or other
disposition of this Warrant or of the Warrant Shares shall be made unless
any such transfer, assignment or other disposition will comply with the
rules and statutes administered by the Securities and Exchange Commission
and: (i) a Registration Statement under the Act including such shares is
currently in effect; or (ii) in the opinion of counsel, which counsel and
which opinion shall be reasonably satisfactory to the Company, a current
Registration Statement is not required for such disposition of the shares.
Each stock certificate representing Warrant Shares issued upon exercise or
exchange of this Warrant shall bear the following legend (unless, in the
opinion of counsel, which counsel and which opinion shall be reasonably
satisfactory to the Company, such legend is not required):

<PAGE>

     THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE
SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT
AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS,
PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE ISSUER OF THESE
SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR
RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.

     (b)   The Holder of this Warrant is entitled to the benefits of the
Registration Rights Agreement, of even date herewith, a copy of which is on
file at the offices of the Company.

<PAGE>

                              EXHIBIT A-1

                        NOTICE OF CASH EXERCISE

To be executed by the Holder if the Holder desires to exercise warrants
evidenced by the foregoing Warrant.

To:  Ampersand Medical Corporation

     The undersigned hereby irrevocably elects to exercise _______________
warrants evidenced by the foregoing Warrant, purchasing thereunder the same
number of shares of Common Stock, and delivers $______________ in cash for
the aggregate Exercise Price of such warrants plus any applicable taxes
payable by the undersigned pursuant to such Warrant.

     The undersigned requests that certificates for such shares be issued
in the name of:

                                  _________________________________

                                  _________________________________

                                  _________________________________

     (Please print name and address)

     SSN:_____________________________

     If said number of warrants shall not be all the warrants evidenced by
the foregoing Warrant certificate, the undersigned requests that a new
Warrant certificate evidencing the warrants not so exercised be issued in
the name of and delivered to:

                                  _________________________________

                                  _________________________________

                                  _________________________________
                                  (Please print name and address)

Dated: ________________,________

                      Name of Holder:
                      (Print)

                      By:   __________________________________
                            Name:
                            Title:

<PAGE>

                              EXHIBIT A-2

                      NOTICE OF CASHLESS EXERCISE

To be executed by the Holder if the Holder desires to exercise warrants
evidenced by the foregoing Warrant.

To:  Ampersand Medical Corporation

The undersigned hereby irrevocably elects to effect a net issue exercise of
______________ warrants evidenced by the foregoing Warrant, purchasing
thereunder ______________ shares of Common Stock calculated according to
the formula contained in Section 1(b) of the foregoing Warrant, and
delivers herewith in cash any amount necessary to pay any applicable taxes
payable by the undersigned pursuant to such Warrant.

The undersigned requests that certificates for such shares be issued in the
name of:

_________________________________

_________________________________

_________________________________
(Please print name and address)

SSN:_____________________________

If said number of warrants shall not be all the warrants evidenced by the
foregoing Warrant certificate, the undersigned requests that a new Warrant
certificate evidencing the warrants not so exercised be issued in the name
of and delivered to:

_________________________________

_________________________________

_________________________________
(Please print name and address)

Dated: ________________,________

Name of Holder:
(Print)

By:  __________________________________
Name:
Title:

<PAGE>

                               EXHIBIT B

                            ASSIGNMENT FORM

Dated: _____________, _____

FOR VALUE RECEIVED, ______________________hereby sells assigns and
transfers unto ______________________________ (the "Assignee"),

(please type or print in block letters)

its right to purchase up to _____ shares of Common Stock represented by
this Warrant and does hereby irrevocably constitute and appoint
_____________________ Attorney, to transfer the same on the books of the
Company. with full power of substitution in the premises.

Signature _________________________________EXHIBIT 4.4
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                     AMPERSAND MEDICAL CORPORATION

                        STOCK PURCHASE WARRANT

THE WARRANT EVIDENCED HEREBY AND THE SHARES OF STOCK ISSUABLE UPON EXERCISE
THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), AND MAY NOT BE OFFERED OR SOLD WITHOUT REGISTRATION
UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE UNDER SUCH ACT OR THE
RULES OR REGULATIONS PROMULGATED THEREUNDER.

WARRANT TO PURCHASE SHARES OF COMMON STOCK AS DESCRIBED HEREIN

Date: October 11, 1999                         Warrant Number RW-1

This certifies that, for value received, The Research Works, Inc. ("RW"), a
New Jersey corporation having its principal office at 623 Ocean Avenue, Sea
Girt, New Jersey 08750, or its registered assigns are entitled to purchase
during the period described in Section 4 below, expiring at the date and
time described in Section 3, from Ampersand Medical Corporation (the
"Company"), a Delaware corporation, having its principal office at 414
North Orleans, #305, Chicago, Illinois 60610, that number of shares of
fully paid and nonassessable common stock of the Company (the "Stock") as
are described in Section 1, at the exercise price described in Sections 2
and 8 (the "Exercise Price"), subject to the terms set forth herein. The
holder(s) of this Warrant and/or a registered assign or assigns, shall be
referred to herein as the "Warrantholder." This Warrant is being issued in
consideration of services to be performed by "RW", as set forth in that
certain agreement between the Company and "RW" executed effective
October 11, 1999 (the "Agreement"), a copy of which is attached hereto.

1.   Stock Purchasable. The number of shares of Stock purchasable upon the
exercise of this Warrant is seventy thousand (70,000).

2.   Exercise Price. The price at which this Warrant is exercisable,
unless such price is adjusted as described in Section 7, is thirty-three
cents ($0.33) per share, in lawful funds of the United States of America.

3.   Expiration of Warrant. This Warrant shall expire and be no longer
exercisable after 5:00 p.m. Eastern Time on October 11, 2004 (the
"Expiration Date").

4.   Exercise of Warrants. This Warrant shall vest immediately and may be
exercised as to one hundred percent (100%) of the total number of shares
covered by this Warrant at anytime after the issuance date of this Warrant.

     The purchase rights represented by this Warrant may be exercised in
whole or in part (but not as to a fractional share of Stock), by the
Warrantholder or its duly authorized attorney or representative at any time
and from time to time while this Warrant is exercisable, upon presentation
of this Warrant at the principal office of the Company, with the purchase
form attached hereto duly completed and signed, and upon payment to the
Company in cash or by certified check or bank draft of an amount equal to
the number of shares being so purchased multiplied by the Exercise Price;
or, at the option of the Warrantholder, this Warrant may be surrendered to
the Company and the Company shall issue to the Warrantholder for no
additional cash consideration a number of shares of common stock determined
by dividing the product of the maximum number of shares of common stock the
Warrantholder is entitled to purchase hereunder times the difference
between the closing price per share on the date of surrender for exercise
and the Exercise Price, by the closing price per share on the date of
surrender for exercise date of surrender for exercise, as follows:

<PAGE>

           Number of shares to be issued = ((maximum # of shares
purchasable under terms of the Warrants) X ((closing price per share on the
date of surrender for exercise) - (Exercise Price))) / (closing price per
share on the date of surrender for exercise)

     Should Warrantholder elect to so surrender this Warrant, this Warrant
shall be terminated thereafter, and the Warrantholder shall have no other
rights hereunder.

5.   Registration Rights. Should a Warrantholder exercise his rights, in
whole or in part, to purchase common shares (the "Warrant Shares"), and
provided that more than three years have elapsed from the date of issuance
of this Warrant, then the Company shall honor a request to register such
Warrant Shares pursuant to an S-3 filing under the Act, to the extent
requisite to permit the sale by such holder of such Warrant Shares. The
Company shall make such filing in timely fashion, but in no case more than
30 days from the time of such request. Any expenses relating to such filing
shall be paid by the Company. Should the Company fail to make such filing
within a 30 day period from the time of such request, the Company shall be
obligated to purchase such Warrant Shares for a cash payment per Warrant
Share equal to the difference between the Exercise Price and average
closing price of the Company's common stock during the 30 calendar days
immediately following Warrantholder's request to register the Warrant
Shares.

6.   Procedures. The Company agrees that the Warrantholder shall be deemed
the record owner of the Stock as of the close of business on the date on
which the Warrant shall have been presented and payment shall have been
made for the Stock as aforesaid. Certificates for the shares of Stock so
purchased shall be delivered to the Warrantholder within a reasonable time,
not exceeding 15 days, after the exercise in full of the rights represented
by this Warrant.

     If the Warrant is exercised in part only, the Company, upon surrender
of this Warrant for cancellation, shall deliver a new Warrant evidencing
the rights of the Warrantholder to purchase the balance of the shares of
Stock which the Warrantholder is entitled to purchase hereunder.

7.   Exchange of Warrants. Subject to the provisions of Section 11, (i)
this Warrant is exchangeable at the option of the Warrantholder at the
principal office of the Company for other Warrants of different
denominations entitling the Warrantholder to purchase the same aggregate
number of shares of Stock as are purchasable hereunder; and (ii) this
Warrant may be divided or combined with other warrants that carry the same
rights. In either case, any alterations shall be made upon presentation, at
the principal office of the Company, of the Warrant(s), together with a
written notice signed by the Warrantholder specifying the names and
denominations in which any new Warrants are to be issued and the payment of
any transfer tax due in connection therewith.

8.   Anti-Dilution Provisions. The Exercise Price in effect at any time
and the number and kind of securities purchasable upon the exercise of this
Warrant shall be subject to adjustment from time to time upon the happening
of certain events as follows:

          (a)  In case the Company shall (i) declare a dividend or make a
distribution on its outstanding shares of Stock in shares of Stock, (ii)
subdivide or reclassify its outstanding shares of Stock into a greater
number of shares, or (iii) combine or reclassify its outstanding shares of
Stock into a smaller number of shares, the Exercise Price in effect at the
time of the record date for such dividend or distribution or of the
effective date of such subdivision, combination or reclassification shall
be proportionately

<PAGE>

     adjusted so that the holder of this Warrant, exercised after such
date, shall be entitled to receive the aggregate number and kind of shares
which, if this Warrant had been exercised by such holder immediately prior
to such date, he would have owned upon such exercise and been entitled to
receive upon such dividend, subdivision, combination or reclassification.
For example, if the Company declares a 2-for-i stock distribution in which
one share of Stock is distributed for each share outstanding and the
Exercise Price immediately prior to such event was $2.00 per share, the
adjusted Exercise Price immediately after such event would be $1.00 per
share. Such adjustment shall be made successively whenever any event listed
above shall occur.

          (b)  If any consolidation or merger of the Company with or into
another entity, or the sale of all or substantially all of its assets to
another entity shall be effected, or in case of any capital reorganization
or reclassification of the capital stock of the Company, then lawful and
adequate provision shall be made whereby each holder of Warrants shall
thereafter have the right to receive upon the basis and upon the terms and
conditions specified herein and in lieu of the shares of Stock of the
Company immediately theretofore receivable upon the conversion of such
Warrants, such shares of Stock, securities, interests or assets as may be
issued or payable with respect to or in exchange for a number of
outstanding shares of Stock equal to the number of shares of Stock
immediately theretofore so receivable by such holder had such
consolidation, merger, sale, reorganization or reclassification not taken
place, and, in any such case, appropriate provision shall be made with
respect to the rights and interests of the holder to the end that the
provisions hereof (including without limitation provisions for adjustment
of the applicable Exercise Price) shall thereafter be applicable, as nearly
as may be in relation to any shares of Stock, securities or assets
thereafter deliverable upon the exercise of such conversion rights.

          (c) Whenever the Exercise Price payable upon exercise of each
Warrant is adjusted pursuant to Subsections (a) or (b) above, the number of
shares of Stock purchasable upon exercise of this Warrant shall
simultaneously be adjusted by multiplying the number of shares initially
issuable upon exercise of this Warrant by the Exercise Price in effect on
the date hereof and dividing the product so obtained by the Exercise Price,
as adjusted.

          (d) Whenever the Exercise Price is adjusted, as herein provided,
the Company shall promptly cause a notice setting forth the adjusted
Exercise Price and adjusted number of shares of Stock issuable upon
exercise of each Warrant to be mailed to the holders, at their last
addresses appearing in the warrant register, and shall cause a certified
copy thereof to be mailed to its transfer agent. The Company may retain a
firm of independent certified public accountants selected by the Board of
Directors (who may be the regular accountants employed by the Company) to
make any computation required by this Section 8, and a certificate signed
by such firm shall be conclusive evidence of the correctness of such
adjustment.

9.   Covenants. The Company covenants and agrees as follows:

          (a)  Reservation of Stock. During the period within which the
rights represented by the Warrant may be exercised, the Company shall, at
all times, reserve and keep available, free from preemptive rights out of
the aggregate of its authorized but unissued Stock, for the purpose of
enabling it to satisfy any obligation to issue shares of Stock upon the
exercise of this Warrant, the number of shares of Stock deliverable upon
the exercise of this Warrant. If at any time the number of shares of
authorized Stock shall not be sufficient to

<PAGE>

     effect the exercise of this Warrant, the Company shall take such
corporate action as may be necessary to increase its authorized but
unissued Stock to such number of shares as shall be sufficient for such
purpose. The Company shall have analogous obligations with respect to any
other securities or properties issuable upon exercise of this Warrant.

          (b) No Liens, etc. All Stock that may be issued upon exercise of
the rights represented by this Warrant shall, upon issuance, be validly
issued, fully paid, nonassessable and free from all taxes, liens and
charges with respect to the issue thereof.

          (c) Taxes. All original issue taxes payable with respect to the
issuance of shares upon the exercise of the rights represented by this
Warrant shall be borne by the Company, but in no event shall the Company be
responsible or liable for income taxes or transfer taxes upon the transfer
of any Warrant.

          (d) Notice of Events. The Company shall give prior written
notice to the Warrantholder of (i) any tender offer that is being made for
any of the Company's Stock; (ii) any offers to holders of Stock for
subscription or purchase by them of any shares of stock of any class; (iii)
any capital reorganization of the Company, reclassification of the capital
stock of the Company, consolidation or merger of the Company with or into
another corporation, the sale, lease or transfer of all or substantially
all of the property or assets of the Company to another corporation or the
voluntary or involuntary dissolution, liquidation or winding up of the
Company and (iv) any event of the type described in Section 8 hereof (any
such event in clauses (i)-(iv) above is referred to as an "Event"). Upon
becoming aware of any pending or proposed Event, the Company shall deliver
notice at least five business days before the day of the occurrence of any
Event and shall describe the Event, the date it is to take place and when
the holders of the Company's Stock will be entitled to exchange their
shares for securities or other properties deliverable upon such Event.

10.  Voting Rights. Until exercised, this Warrant shall not entitle the
Warrantholder to any voting rights or other rights as a Stockholder of the
Company.

11.  Transfer Restrictions. A Warrantholder may transfer its beneficial
interest or any portion thereof in the Warrant only to the Warrantholder's
spouse, lineal descendants or ancestors (and their spouses) or the trustee
of a trust for the principal benefit of such persons. Any transfer of
ownership or control of a corporation or other entity which is a
Warrantholder shall be deemed a transfer of this Warrant which must comply
with the terms of this Section 11. In addition, neither this Warrant nor
the Stock issuable upon the exercise hereof may be sold, transferred,
pledged or hypothecated unless the Company shall have been supplied with
evidence reasonably satisfactory to it that such transfer is not in
violation of the Act, and any applicable state laws. The Company may place
a legend to that effect on this Warrant or any replacement Warrant and on
each certificate representing shares issuable upon exercise of this
Warrant. Subject to the satisfaction of the aforesaid conditions, this
Warrant shall be transferable by the Warrantholder.

     If this Warrant is transferred, in whole or in part, upon surrender
of this Warrant to the Company, the Company shall deliver to each
transferee a Warrant evidencing the rights of such transferee to purchase
the number of shares of Stock that such transferee is entitled to purchase
pursuant to such transfer.

<PAGE>

12.  Lost, Stolen Warrants. If this Warrant is lost, stolen, mutilated or
destroyed, the Company shall, on such terms as the Company may reasonably
impose, including a requirement that the Warrantholder obtain a bond, issue
a new Warrant of like denomination, tenor and date. Any such new Warrant
shall constitute an original contractual obligation of the Company, whether
or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be
at any time enforceable by anyone.

13.  Provisions of New Warrants. Any Warrant issued pursuant to the
provisions of Section 14, or upon transfer, exchange, division or partial
exercise of this Warrant or combination thereof with another Warrant or
Warrants, shall set forth each provision set forth in Sections 1 through
24, inclusive, of this Warrant as each such provision is set forth herein,
and shall be executed on behalf of the Company by a duly authorized
officer.

14.  Cancellation of Warrant. Upon surrender of this Warrant for transfer
or exchange or upon the exercise hereof, this Warrant shall be canceled by
the Company, shall not be reissued by the Company, and, except as provided
in Section 11 in case of a transfer, no Warrant shall be issued in lieu
hereof. Any new Warrant certificate shall be issued promptly but no later
than seven days after receipt of the old Warrant certificate; provided,
however, that the obligation of the Company to transfer the Warrant or
issue the shares of Stock upon the exercise of this Warrant shall be
subject to compliance with Section 11.

15.  Complete Agreement; Modifications. This Warrant and any documents
referred to herein or executed contemporaneously herewith constitute the
parties' entire agreement with respect to the subject matter hereof and
supersede all agreements, representations, warranties, statements, promises
and understandings, whether oral or written, with respect to the subject
matter hereof. This Warrant may not be amended, altered or modified except
by a writing signed by the parties.

16.  Notices. All notices under this Warrant shall be in writing and shall
be delivered by certified mail, postage prepaid, to such address as may be
designated from time to time by the relevant party. Any notice sent by
certified mail will be deemed to have been given three (3) days after the
date on which it is mailed. Notices will be addressed as set forth on the
last page hereof or to such other addresses as the party to whom the same
is directed will have specified.

17.  Successor and Assigns. Except as provided herein to the contrary,
this Warrant shall be binding upon and inure to the benefit of the parties,
their respective successors and permitted assigns.

18.  Governing Law; Jurisdiction. This Warrant has been negotiated and
entered into in the State of New Jersey, and all questions with respect to
the Warrant and the rights and liabilities of the parties shall be governed
by the laws of that state, regardless of the choice of law provisions of
New Jersey or any other jurisdiction. Any and all disputes between the
parties which may arise pursuant to this Warrant shall be heard and
determined before the appropriate federal or state court located in New
Jersey. The parties hereto acknowledge that such court has jurisdiction to
interpret and enforce the provisions of this Warrant, and the parties waive
any and all objections that they may have as to venue in any of the above
courts.

<PAGE>

19.  Construction. No term or provision of this Warrant shall be construed
so as to require the commission of any act contrary to law, and wherever
there is any conflict between any provision of this Warrant and any present
or future statute, law, ordinance, or regulation contrary to which the
parties have no legal right to contract, the latter shall prevail, but in
such event the provision of this Warrant so affected shall be curtailed and
limited only to the extent necessary to bring it within the requirements of
the law.

20.  Waivers Strictly Construed. With regard to any power, remedy or right
provided herein or otherwise available to any party hereunder (i) no waiver
or extension of time shall be effective unless expressly contained in a
writing signed by the waiving party; and (ii) no alteration, modification
or impairment shall be implied by reason of any previous waiver, extension
of time, delay or omission in exercise, or other indulgence.

21.  Severability. If one or more of the provisions of this Warrant shall
be held to be invalid, illegal or unenforceable in any respect, the
validity, legality or enforceability of the remainder of this Warrant shall
not be affected.

21.  Headings.  The headings in this Warrant are inserted only as a matter
of convenience, and in no way define, limit, or extend or interpret the
scope of this Warrant or of any particular provision.

23.  Counterparts. This Warrant may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one or the same instrument.

WITNESS the signature of a duly authorized officer.

AMPERSAND MEDICAL CORPORATION

By:  _______________________________
     (name)

     _______________________________
     (title)

Date:_______________________________

<PAGE>

                             PURCHASE FORM

                To Be Executed Upon Exercise of Warrant

The undersigned hereby exercises the right to purchase ____________________
shares of Stock, evidenced by the within Warrant, according to the terms
and conditions thereof, and herewith (makes payment of the purchase price
in full) (or requests that the Company exchange the Warrant as provided for
under terms of the Warrant). The undersigned requests that certificate(s)
for such shares shall be issued in the name set forth below:

Dated:__________________________  THE RESEARCH WORKS INC.
                                  By:  ______________________
                                       (Signature)

                                  Name:______________________
                                       (Please print)

                                  Address:____________________

                                       _______________________

                                       _______________________

                                  Employer Identification Number, Social
                                  Security Number or other identifying
                                  number:

                                  _______________________

If said number of shares shall not be all the shares purchasable under the
within Warrant, the Warrantholder hereby requests that a new Warrant for
the unexercised portion shall be registered in the name set forth below and
delivered to the address set forth below.

                                  Name:______________________
                                       (Please print)
                                  Address:____________________

                                       _______________________

                                       _______________________

                                  Employer Identification Number, Social
                                  Security Number or other identifying
                                  number:

                                  _______________________

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