Document:

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                                                                   EXHIBIT 10.14

                            COLLABORATION AGREEMENT

     This Collaboration Agreement ("Agreement") dated as of the 25th day of
April, 1998 between SOANE BIOSCIENCES, INC., 3906 Trust Way, Hayward, California
94545-3716 (hereinafter "SBio") and THE PERKIN-ELMER CORPORATION, having its PE
Applied Biosystems Division at 850 Lincoln Centre Drive, Foster City, CA 94404
(hereinafter "Perkin-Elmer").

     WHEREAS, SBio has proprietary technology and know-how with respect to
microfluidic electrophoresis devices; and

     WHEREAS, SBio has certain skills and know-how related to the manufacture
of such devices; and

     WHEREAS, Perkin-Elmer has certain skills and know-how related to genetic
analysis systems utilizing electrophoresis, and the marketing, sales and
support of products incorporating such systems; and

     WHEREAS, SBio and Perkin-Elmer desire to enter into a collaboration with
the objective of developing genetic analysis systems incorporating such
microfluidic electrophoresis devices; and

     WHEREAS, both Parties recognize that each has rights to pre-existing
intellectual properties which may directly or indirectly contribute to the
commercialization of such genetic analysis systems and understand that in the
process of developing the genetic analysis systems contemplated by the
collaboration, both parties will reveal to each other relevant intellectual
property that existed prior to the effective date of the collaboration under
appropriate confidentiality and nondisclosure provisions, irrespective of
whether the intellectual property is an issued patent, a pending patent
application, a trade secret, know-how or otherwise; and

     WHEREAS, SBio desires to manufacture such microfluidic electrophoresis
devices and supply Perkin-Elmer's requirements therefor; and

     WHEREAS, SBio is willing to grant exclusive rights to Perkin-Elmer to make
and sell genetic analysis systems; and

     WHEREAS, SBio is willing to grant co-exclusive rights to Perkin-Elmer to
use such genetic analysis systems; and

     WHEREAS, the Parties have entered into a certain Series E Redeemable
Preferred Stock Purchase Agreement at a later date (the "Equity Agreement").

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     NOW THEREFORE, in considerations of the mutual covenants and promises
contained in this Agreement, the parties agree as follows:

1.   DEFINITIONS

     1.1.  "Affiliates" will mean any corporation, firm, partnership or other
           entity, whether de jure or de facto, which directly or indirectly
           owns, is owned by or is under common ownership with a Party to this
           Agreement, as the case may be, to the extent of at least fifty
           percent of the equity (or such lesser percentage which is the maximum
           allowed to be owned by a foreign corporation in a particular
           jurisdiction) having the power to vote on or direct the affairs of
           the entity.

     1.2.  "Intellectual Property Rights" will mean all intellectual property
           rights worldwide arising under statutory or common law, and whether
           or not perfected, including, without limitation, all (1) patents,
           patent applications and patent rights; (2) rights associated with
           works of authorship including copyrights, copyright applications,
           copyright registrations, mask works, mask work applications, mask
           work registrations; (3) rights relating to the protection of trade
           secrets and confidential information, (4) any right analogous to
           those set forth in this definition and any other proprietary rights
           relating to intangible property (other than trademark, trade dress,
           or service mark rights); and (5) divisions, continuations, renewals,
           reissues, continuing prosecution, and extensions of the foregoing (as
           and to the extent applicable) now existing, hereafter filed, issue or
           acquired.

     1.3.  "Pre-Collaboration SBio Intellectual Property" will mean all
           Intellectual Property Rights relating to Microfluidic Eletrophoresis
           Devices that are owned by, either partially or wholly, or licensed
           to, SBio as of the Effective Date. In particular, Pre-Collaboration
           SBio Intellectual Property will include U.S. Patent No. 5,126,022 and
           any Related Patents.

     1.4.  "Collaboration SBio Intellectual Property" will mean all Intellectual
           Property Rights arising out of work performed pursuant to the
           obligations of this Agreement, conceived and/or reduced to practice
           during the Contact Period solely by one or more employees or agents
           of SBio.

     1.5.  "Collaboration Joint Intellectual Property" will mean all
           Intellectual Property Rights arising out of work performed pursuant
           to the obligations of this Agreement, which is jointly conceived and/
           or reduced to practice during the Contract Period by one or more
           employees or agents of SBio, and by one or more employees or agents
           of Perkin-Elmer.

     1.6.  "Collaboration Perkin-Elmer Intellectual Property" will mean all
           Intellectual Property Rights arising out of work performed pursuant
           to the

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           obligations of this Agreement, conceived and/or reduced to practice
           during the Contract Period solely by one or more employees or agents
           of Perkin-Elmer.

     1.7.  "Contract Period" or "Contract Term" will mean the term beginning on
           the Effective Date and ending on the date of termination.

     1.8.  "Effective Date" will mean the date of this Agreement first written
           above or such later date as the Parties will determine by mutual
           agreement.

     1.9.  "Net Sales" will mean (1) with respect to sales by a Party, or an
           Affiliate of a Party, or a distributor of a Party to non-affiliated
           third party purchasers, the actual amount of gross sales of Licensed
           Product(s) to a third party, less: trade, cash and quantity discounts
           granted at the time invoice, if any, actually allowed, amounts
           refunded for faulty or defective product, returns, rejections,
           freight, insurance and other transportation costs (except income
           taxes), tariffs, duties and similar governmental charges paid, to the
           extent included in gross sales price, (2) with respect to sales by a
           Party made to any Affiliate or to any person, firm or corporation
           enjoying a special course of dealing with a Party, the Net Sales will
           be determined based on the first resale in a bona fide arms-length
           transaction of Licensed Product(s) by such Affiliate, person, firm or
           corporation to third parties, and (3) with respect to Licensed
           Product(s) which are used by a Party, or an Affiliate of a Party, to
           supply services or information to a third party for commercial
           purposes, or are otherwise disposed of, the Net Sales shall be
           determined as if such Licensed Product(s) has been sold at the
           average Net Sales for such Licensed Product(s) during the past one
           hundred and twenty days.

     1.10. "Party" will mean SBio or Perkin-Elmer and, when used in the plural,
           will mean SBio and Perkin-Elmer.

     1.11. "Licensed Patent" will mean any patent or patent application claiming
           or disclosing Pre-Collaboration SBio Intellectual Property,
           Collaboration SBio Intellectual Property, and/or Collaboration Joint
           Intellectual Property, including any Related Patents.

     1.12. "Licensed Product" will mean any product for use in the Licensed
           Field which, but for the license granted hereunder, manufacture, use
           or sale thereof would infringe at least one Valid Claim of a Licensed
           Patent.

     1.13. "Valid Claim" will mean a claim of a patent which has not been held
           invalid or otherwise unenforceable by a court of competent
           jurisdiction or has not otherwise finally been held unpatentable by
           an appropriate.

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            administrative agency.

      1.14. "Prosecute" will mean, in the context of prosecuting pending Patent
            Applications, taking necessary actions, including conducting
            oppositions and interferences, to perfect the patent rights to an
            invention.

      1.15. "Genetic Analysis Field" will mean any method comprising an
            analysis of nucleic acids [*].

      1.16. "Licensed Field" means the Genetic Analysis Field.

      1.17. "Microfluidic Electrophoresis Device" will mean a device [*], glass
            or plastic, which, but for the license granted hereunder,
            manufacture, use or sale thereof would infringe at least one Valid
            Claim of a Licensed Patent.

      1.18. "Genetic Analysis Systems" will mean instrument systems for
            performing Genetic Analysis which utilize a Microfluidic
            Electrophoresis Device.

      1.19. "Related Patent" will mean a patent or patent application which
            (1) discloses and/or claims substantially the same subject matter
            as a Licensed Patent, (2) discloses and/or claims improvements to
            inventions disclosed or claimed in a Licensed Patent and requires
            rights under the Licensed Patent to exploit such improvements,
            and/or (3) claims priority to a Licensed Patent, including but not
            limited to continuation applications and patents,
            continuation-in-part applications and patents, divisional
            applications and patents, reexamination applications and patents,
            reissue applications and patents, and continuing prosecution
            applications and patents, and (4) any foreign equivalents of
            Licensed Patents.

      1.20. "Start Development Checkpoint" will mean that point in a project at
            which a report is produced which documents that the following
            parameters have been established with respect to a Licensed
            Product(s): [*].

      1.21. "Technology Access Partners" will mean third parties who receive
            early access to Genetic Analysis Systems and Microfluidic
            Electrophoresis Devices developed under the Work Plan for their
            internal use only, pursuant to a Technology Access Agreement.

      1.22. "Technology Access Agreement" will mean an agreement between one or
            both Parties and a Technology Access Partner defining the terms and

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

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            conditions under which the Technology Access Partner receives early
            access to Genetic Analysis Systems and Microfluidic Electrophoresis
            Devices.

      1.23. "Confidential Information" will include confidential knowledge,
            know-how, practices, processes, equipment or information which (1)
            is obtained or generated during the course of this work and (2) is
            related thereto and, except for generated information (3) is
            identified at the time of disclosure as "CONFIDENTIAL" and, in the
            case of disclosures in non-written form, is identified in writing
            within thirty days as confidential. Notwithstanding the above,
            Confidential Information will not include, and nothing in Section 6
            will in any way restrict the rights of either SBio or Perkin-Elmer
            to use, disclose or otherwise deal with, any information which:

                  (a)   can be demonstrated to have been in the public domain
            as of the Effective Date or comes into the public domain during the
            term of this Agreement through no act of the recipient; or

                  (b)   can be demonstrated to have been independently known to
            the recipient prior to the receipt thereof, or made available to
            the recipient as a matter of lawful right by a third party; or

                  (c)   can be demonstrated to have been rightfully received by
            the recipient from a third party who did not require the recipient
            to hold it in confidence or limit its use and who did not acquire
            it, directly or indirectly, from the other Party to this Agreement
            under a continuing obligation of confidentiality; or

                  (d)   will be required for disclosure to any governmental
            regulatory agencies pursuant to approval for use; or

                  (e)   is independently conceived, invented or acquired by
            researchers of the recipient who have not been personally exposed
            to the information provided to the recipient hereunder; or

                  (f)   is published by a governmental agency as part of the
            normal patent filing and prosecution process.

2.    FEASIBILITY PHASE

      2.1   Purpose. During the "Feasibility Phase" the Parties will work both
            jointly and independently to establish the technical and commercial
            feasibility of all proposed Licensed Product(s). All proposed
            Licensed Product(s), whether under this Agreement or otherwise,
            must be approved by the Joint Steering Committee per Section 4. The
            Feasibility Phase of a project will

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          continue until a Start Development Checkpoint has been achieved for
          that product.

     2.2  Work Plan. Feasibility of Licensed Product(s) will be established by
          the Parties in accordance with a Work Plan. The Work Plan will set
          forth a plan of action to achieve a Start Development Checkpoint. The
          Work Plan will be defined and modified as required from time to time
          by the Joint Steering Committee.

     2.3  Commitment of Resources. Each Party will commit at least [*] over a
          period of four years to the execution of the Work Plan.

     2.4  Feasibility Teams. Each Party will assign personnel to its feasibility
          team with the appropriate skills and experience to accomplish the work
          established in the Work Plan. It is expected that such teams will work
          together to accomplish the objective of the collaboration including,
          if appropriate, conducting efforts at the same facility.

     2.5  Technology Access Program. Funding for the Work Plan may be obtained
          through Technology Access Agreements between one or both Parties and a
          Technology Access Partner. A Technology Access Agreement must be
          mutually agreed to by the Parties. Neither Party will enter into a
          Technology Access Agreement without the prior written consent of the
          other Party. However, terms and conditions relating directly to the
          purchase of equity in SBio will be at the sole discretion of SBio.

3.   COMMERCIALIZATION PHASE

     3.1  Purpose. The purpose of this phase of the collaboration is the
          facilitation of a cost effective manufacturing program for Licensed
          Product(s) and the development and implementation of a plan for the
          marketing, sales and support of Licensed Product(s). This
          "Commercialization Phase" with respect to each Licensed Product, will
          commence upon reaching a Start Development Checkpoint for the Licensed
          Product.

     3.2  Marketing, Sales and Support. In order to effectively market Licensed
          Product(s) the Parties agree that:

          3.2.1.    Licensed Product(s) will be exclusively marketed, sold and
                    supported (including customer training and application
                    support of customers) through the sales and service
                    organization of Perkin-Elmer, its Affiliates and
                    distributors, in accordance with a marketing plan to be
                    developed by Perkin-Elmer.

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

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                3.2.2.  Perkin-Elmer will be responsible for all expenses
                        related to the marketing, sales and support of Licensed
                        Product(s); and

                3.2.3.  Perkin-Elmer will include appropriate statements in its
                        marketing literature concerning Licensed Product(s) to
                        indicate that such Licensed Product(s) is being
                        manufactured under a license from SBio.

           3.3  Sale and Purchase. Subject to the terms and conditions of this
                Agreement, SBio will sell to Perkin-Elmer and Perkin-Elmer will
                purchase from SBio units of the Microfluidic Electrophoresis
                Devices.

                        3.3.1.  Supply Agreement. Upon the Parties reaching a
                                Start Development Checkpoint, the Parties will
                                develop and enter into a supply agreement which,
                                consistent with this Agreement, will govern the
                                purchase and sale of Microfluidic
                                Electrophoresis Devices by SBio to Perkin-Elmer.
                                Such supply agreement will contain provisions
                                which, in addition to customary warranty,
                                representations and indemnification provisions,
                                will (1) set forth a commercially reasonable
                                plan for SBio to supply Microfluidic
                                Electrophoresis Devices to Perkin-Elmer in
                                satisfaction of Perkin-Elmer's requirements as
                                to volume, cost, physical specifications,
                                regulatory requirements and schedule, and (2)
                                obligate SBio to provide technical support to
                                Perkin-Elmer (but not directly to Perkin-Elmer's
                                customers). Reasonable minimum purchase
                                quantities will be negotiated between the
                                Parties in good faith.

                                3.3.1.1. Transfer Price. The transfer price of
                                         the Microfluidic Electrophoresis
                                         Devices will be determined before their
                                         development by the Joint Steering
                                         Committee. In the event a price change
                                         of a Microfluidic Electrophoresis
                                         Device becomes necessary for any
                                         reason, such as a model change, a major
                                         change of the competitive situation
                                         with respect to price performance or
                                         any other reasonable cause, the Parties
                                         will, in good faith, negotiate,
                                         primarily through the Joint Steering
                                         Committee, to establish a reasonable
                                         transfer price.

                        3.3.2.  SBio Unwilling or Unable to Supply Microfluidic
                                Electrophoresis Devices to Perkin-Elmer. If SBio
                                is unable or unwilling to supply Microfluidic
                                Electrophoresis Devices to Perkin-Elmer in
                                accordance with Section 3.3.1, such Microfluidic
                                Electrophoresis Devices will be made by
                                Perkin-Elmer or its designate and SBio will
                                receive a share of Net Sales of such
                                Microfluidic Electrophoresis Devices as set
                                forth in Section 3.3.2.1 below, provided,
                                however, that SBio will

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                                have [*] following notice by Perkin-Elmer, to
                                remedy any cause for non-compliance with the
                                requirements of Section 3.3.1.

                                3.3.2.1. Share of Net Sales. Where SBio is not
                                         the supplier of Microfluidic
                                         Electrophoresis Devices as provided in
                                         Section 3.3.2, Perkin-Elmer will pay
                                         SBio a revenue share of [*] of Net
                                         Sales of Microfluidic Electrophoresis
                                         Devices sold by Perkin-Elmer, its
                                         Affiliates, distributors and
                                         sublicensees. Following
                                         commercialization of Licensed
                                         Product(s), after the end of each
                                         fiscal month, Perkin-Elmer will provide
                                         SBio with a report of the estimated Net
                                         Sales of Microfluidic Electrophoresis
                                         Devices sold during the previous month,
                                         including information concerning total
                                         units sold during the month. Based upon
                                         this report, Perkin-Elmer will submit
                                         payment of an estimated revenue share
                                         to SBio within thirty days after the
                                         end of each month. Within sixty days
                                         after the end of each fiscal quarter,
                                         Perkin-Elmer will provide SBio with a
                                         report of actual Net Sales of
                                         Microfluidic Electrophoresis Devices
                                         for that fiscal quarter and shall
                                         compute an actual revenue share owed by
                                         Perkin-Elmer to SBio. Payment of such
                                         actual revenue share will accompany
                                         this report. In the event that there is
                                         a difference between the estimated Net
                                         Sales and the actual Net Sales of
                                         Microfluidic Electrophoresis Devices,
                                         for a given fiscal quarter, the Parties
                                         will make an adjustment to the actual
                                         revenue share to reflect this
                                         difference.

                        3.3.3.  Payments. All payments under this Section 3.3
                                shall be made in United States dollars by wire
                                transfer to a bank account designated by SBio in
                                full, without deductions of taxes charges and
                                any other duties that may be imposed. For
                                converting payments due on sales made in
                                currencies other than United States dollars into
                                United States dollars, Perkin-Elmer will convert
                                such payments at the closing commercial sell
                                rate of exchange for United States dollars and
                                each currency involved as quoted by Citibank,
                                N.A., or any successor thereto, in New York on
                                the last business day of the relevant period.

        3.4.    Perkin-Elmer Contributes to Manufacture of Microfluidic
                Electrophoresis Device. In the event that the manufacture of
                Microfluidic Electrophoresis Devices requires the participation
                of Perkin-Elmer, the Parties will negotiate the terms of such
                participation in good faith.

        3.5.    Provision of Genetic Analysis Systems to SBio.

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

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          3.5.1.    Perkin-Elmer will provide prototype Genetic Analysis Systems
                    to SBio at Perkin-Elmer's internal transfer cost, for SBio's
                    internal use only, as such systems become available. The
                    number of systems so provided will be determined by the
                    Parties.

4.   JOINT STEERING COMMITTEE

     4.1. Purpose. A Joint Steering Committee will be established to oversee the
          collaboration throughout the term of this Agreement. The purpose of
          the Joint Steering Committee will be:

               (a)  to oversee all aspects of the collaboration, including
          development and implementation of the Work Plan, manufacturing
          (supply), marketing, sales, and support of Licensed Product(s);

               (b)  to review and evaluate progress under the Work Plan with
          respect to the development of Licensed Product(s), including annual
          budgets;

               (c)  to recommend and ensure implementation of changes to the
          Work Plan as appropriate; and

               (d)  to organize the Feasibility Team(s) and oversee and direct
          their activities.

     4.2. Membership. The Joint Steering Committee will be comprised of four
          employees each from SBio and Perkin-Elmer, appointed at the sole
          discretion of the respective Parties. Substitute employees may be
          appointed at any time. The Joint Steering Committee will be chaired in
          the first year by a senior representative from SBio, and thereafter on
          a rotating annual basis, by a senior representative from SBio or
          Perkin-Elmer.

     4.3. Meetings. The Joint Steering Committee will meet as often as is
          reasonably necessary to accomplish its purpose but at least quarterly,
          on a mutually agreeable date and at a place selected initially by SBio
          and then by each party in turn thereafter. Representatives of SBio or
          Perkin-Elmer, or both, in addition to members of the Joint Steering
          Committee, may attend such meetings at the invitation of either Party.

     4.4. Joint Steering Committee Decisions and Dispute Resolution. Decisions
          regarding Development and Commercialization of Licensed Product(s)
          will be made by consensus. If the Joint Steering Committee is unable
          to reach agreement, within ten days the matter will be submitted for
          resolution to the President of SBio and the President of the PE
          Applied

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          Biosystems Division of Perkin-Elmer. In the event that the Presidents
          for each Party cannot reach agreement within ten days after receiving
          notice from the Joint Steering Committee, which period may be extended
          by mutual agreement of the Parties, then either Party may initiate
          arbitration in accordance with this section under the rules of the
          American Arbitration Association then in effect. A Party will notify
          the other in writing should it intend to arbitrate. The Parties will
          select, by mutual agreement, a neutral expert from the National Panel
          of Arbitrators of the AAA, within thirty days after receipt of such
          notice. Should no arbitrator be chosen within the above period, the
          AAA will appoint the arbitrator within thirty days after the end of
          such period. The laws of the State of California will apply to the
          arbitration proceedings. The decision of the arbitrators with respect
          to this agreement will be final and binding on the Parties and their
          legal successors.

     4.5  Expenses. The Parties shall each bear all expenses of their respective
          members related to their participation on the Joint Steering
          Committee.

5.   INTELLECTUAL PROPERTY; PATENT PROSECUTION AND LITIGATION; LICENSES

     5.1. Ownership of Intellectual Property

          5.1.1. Pre-Collaboration SBio Intellectual Property and Collaboration
                 SBio Intellectual Property. All rights and title to
                 Pre-Collaboration SBio Intellectual Property and Collaboration
                 SBio Intellectual Property, whether patentable or copyrighted
                 or not, will belong to SBio and will be subject to the terms
                 and conditions of this Agreement.

          5.1.2. Collaboration Joint Intellectual Property. All rights and title
                 to Collaboration Joint Intellectual Property, whether
                 patentable or copyrightable or not, will belong jointly to
                 Perkin-Elmer and SBio and will be subject to the terms and
                 conditions of this Agreement.

          5.1.3. Collaboration Perkin-Elmer Intellectual Property. All rights
                 and title to Collaboration Perkin-Elmer Intellectual Property,
                 whether patentable or copyrightable or not, will belong to
                 Perkin-Elmer. Such Perkin-Elmer Intellectual Property will be
                 subject to the terms and conditions of this Agreement.

     5.2. Invention Disclosures. SBio and Perkin-Elmer agree to use reasonable
          efforts to report inventions conceived and/or reduced to practice that
          are within the scope of the collaboration intellectual property
          described in Sections 1.3, 1.4, 1.5 and 1.6 within thirty days of
          their identification

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          thereof.

     5.3  Filing of Patent Applications.

          5.3.1. Collaboration SBio Intellectual Property. SBio will have the
                 first right, using in-house or outside legal counsel selected
                 by SBio's sole discretion, to prepare, file, Prosecute,
                 maintain and extend patent applications for Collaboration SBio
                 Intellectual Property in countries of SBio's choosing, and SBio
                 will bear all costs relating to such activities which occur at
                 SBio's request or direction. SBio will solicit Perkin-Elmer's
                 advice and review of SBio applications relating to Licensed
                 Product(s) and take into consideration Perkin-Elmer's advice
                 thereon. If SBio elects not to prepare, file, Prosecute or
                 maintain certain of such patent applications or certain claims
                 encompassed within such applications, in one or more countries,
                 SBio will give Perkin-Elmer notice thereof within a reasonable
                 period prior to allowing such patents or claims to lapse or
                 become abandoned or unenforceable, and Perkin-Elmer will
                 thereafter have the right, at its sole expense, to prepare,
                 file, Prosecute, and maintain such applications in its own name
                 in such one or more countries. SBio will, at SBio's expense,
                 provide reasonable assistance to Perkin-Elmer to facilitate the
                 filing and prosecution of all such applications and will
                 execute all documents deemed necessary or desirable therefor.
                 Perkin-Elmer and SBio will each hold all information it
                 presently knows or acquires under this Section as confidential
                 information in accordance with Section 6.

          5.3.2. Collaboration Perkin-Elmer Intellectual Property. Perkin-Elmer
                 will have the first right, using in-house or outside legal
                 counsel selected by Perkin-Elmer's sole discretion, to prepare,
                 file, Prosecute, maintain and extend patent applications for
                 Collaboration Perkin-Elmer Intellectual Property in countries
                 of Perkin-Elmer's choosing, and Perkin-Elmer will bear all
                 costs relating to such activities which occur at Perkin-Elmer's
                 request or direction. Perkin-Elmer will solicit SBio's advice
                 and review of Perkin-Elmer's applications relating to Licensed
                 Product(s) and take into consideration SBio's advice thereon.
                 If Perkin-Elmer elects not to prepare, file, Prosecute or
                 maintain certain of such patent applications or certain claims
                 encompassed within such applications, in one or more countries,
                 Perkin-Elmer will give SBio notice thereof within a reasonable
                 period prior to allowing such patents or claims to lapse or
                 become abandoned or unenforceable, and SBio will thereafter
                 have the right, at its sole expense, to prepare, file,
                 Prosecute, and maintain such applications

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                   in its own name in such one or more countries. Perkin-Elmer
                   will, at Perkin-Elmer's expense, provide reasonable
                   assistance to SBio to facilitate the filing and prosecution
                   of all such applications and will execute all documents
                   deemed necessary or desirable therefor. Perkin-Elmer and SBio
                   will each hold all information it presently knows or acquires
                   under this Section as confidential information in accordance
                   with Section 6.

            5.3.3. Collaboration Joint Intellectual Property. With respect to
                   Collaboration Joint Intellectual Property, Perkin-Elmer and
                   SBio will jointly determine the advisability of filing a
                   patent application or application for other intellectual
                   property thereon. The Joint Steering Committee, as
                   appropriate, will appoint one of the Parties the
                   responsibility to prepare, file, Prosecute diligently and
                   maintain such application(s). The Parties will share equally
                   all reasonable costs incurred in connection with such
                   activities (the non-prosecuting Party will promptly reimburse
                   the prosecuting Party); provided that either Party may avoid
                   its responsibility for such costs by assigning its rights in
                   such Collaboration Joint Intellectual Property to the other
                   Party. If either Party assigns to the other its rights in
                   such Collaboration Joint Intellectual Property as set forth
                   above, the other Party will be free to decide, in its sole
                   discretion, whether or not to file or continue prosecution or
                   maintain any such application(s), and whether or not to
                   maintain any protection issuing thereon in the U.S. and in
                   any foreign country. Any such filing, prosecution or
                   maintenance will then be at the assignee's sole expense.

      5.4.  SBio's License of Intellectual Property to Perkin-Elmer.

            5.4.1. Exclusive License. SBio grants to Perkin-Elmer an exclusive
                   license under Licensed Patents to make, have made, offer to
                   sell and sell Licensed Product(s) in the Licensed Field,
                   subject to SBio's rights set forth in Section 3.3 and the
                   exclusion of Section 5.4.3.

            5.4.2. Co-Exclusive License. SBio grants to Perkin-Elmer a
                   co-exclusive license under the Licensed Patents to use
                   Licensed Product(s) in the Licensed Field, including the
                   right to grant a sublicense to customers to use Licensed
                   Product(s), subject to the exclusion of Section 5.4.3.

            5.4.3. [*] Exclusion From Licenses. The exclusive license
                   granted in Section 5.4.1 and the co-exclusive license granted
                   in Section

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

                                       12
<PAGE>   13
                    5.4.2 expressly exclude the sale of Licensed Product(s)
                    [*].

          5.4.4.    Grantback from Perking-Elmer to SBio. In the event that the
                    Joint Steering Committee decides, pursuant to Section 2.1,
                    that SBio will independently develop Licensed Product(s)
                    outside of a Workplan, Perkin-Elmer grants to SBio a
                    non-exclusive license under Licensed Patents to make, have
                    made, offer to sell and sell such independently-developed
                    Licensed Product(s) in the Licensed Field.

     5.5. PATENT LITIGATION.

          5.1.1.    In the event of the institution of any suit by a third party
                    against SBio or Perkin-Elmer alleging that the manufacture,
                    use, sale, distribution or marketing of Licensed Product(s)
                    infringes a third party patent, the Party sued will promptly
                    notify the other Party in writing. The other Party will have
                    the right but not the obligation to defend or participate in
                    the defense of such suit at its own expense. SBio and
                    Perkin-Elmer will assist one another and cooperate in any
                    such litigation at the other's reasonable request without
                    expense to the requesting Party. The Party conducting such
                    action will have full control over its conduct, including
                    settlement thereof provided such settlement will not be made
                    without the prior written consent of the other Party if it
                    would adversely affect the rights of the other Party, such
                    consent not to be unreasonably withheld or delayed.

          5.5.2.    In the event that SBio or Perkin-Elmer becomes aware of
                    actual or threatened infringement of a patent resulting from
                    Collaboration SBio Intellectual Property, Collaboration
                    Perkin-Elmer Intellectual Property, or Collaboration Joint
                    Intellectual Property, that Party will promptly notify the
                    other Party in writing. Either owner of a patent resulting
                    from such intellectual property will have the first right
                    but not the obligation to bring, at its own expense, an
                    infringement action against any third party and to use the
                    other Party's name in connection therewith. If an owner of
                    the patent does not commence a particular infringement
                    action within ninety (90) days, the other Party, after
                    notifying the owner in writing, will be entitled to bring
                    such infringement action at its own expense. The Party
                    conducting such action will have full control over its
                    conduct, including settlement thereof provided such
                    settlement will not be made without the prior written
                    consent of the other Party if it would adversely affect the
                    rights of the other Party, such consent not to be
                    unreasonably withheld or delayed. In any event, SBio and

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

                                       13

<PAGE>   14
                    Perkin-Elmer will assist one another and cooperate in any
                    such litigation at the other's reasonable request
                    without expense to the requesting Party.

          5.5.3     SBio and Perkin-Elmer have the right to recover their
                    respective actual out-of-pocket expenses, or equitable
                    proportions thereof, associated with any litigation or
                    settlement thereof from any recovery made by any Party. Any
                    excess amount will be shared between Perkin-Elmer and SBio
                    in an amount proportional to their respective expenses.

          5.5.4     The Parties must keep one another reasonably informed of the
                    status of their respective activities regarding any such
                    litigation or settlement thereof.

     5.6  Effect of Bankruptcy. All rights and licenses granted under or
          pursuant to this Agreement by one Party to the other Party are, and
          will irrevocably be deemed to be, "intellectual property" as defined
          in Section 101(56) of the Bankruptcy Code. In the event of the
          Commencement of a case by or against either Party under any Chapter of
          the Bankruptcy Code, this Agreement will be deemed an executory
          contract and all rights and obligations hereunder will be determined
          in accordance with Section 365(n) thereof.

     5.7  Trademarks and Non-Proprietary Names

          5.7.1.    Perkin-Elmer, at its expense, will be responsible for the
                    selection, registration and maintenance of all trademarks
                    which it employs in connection with Licensed Product(s),
                    except for Microfluidic Electrophoresis Devices, and will
                    own and control such trademarks. Nothing in this Agreement
                    will be construed as a grant of rights, by license or
                    otherwise, to SBio to use such trademarks for any purpose
                    other than co-promotion as provided in this Agreement.

          5.7.2.    Perkin-Elmer, at its expense, will be responsible for the
                    selection of non-proprietary names for Licensed Product(s)
                    sold by Perkin-Elmer.

          5.7.3     SBio, at its expense, will be responsible for the selection,
                    registration and maintenance of all trademarks that it
                    employs in connection with Microfluidic Electrophoresis
                    Devices, and will own and control such trademarks. Nothing
                    in this agreement will be construed as a grant of rights, by
                    license or otherwise, to Perkin-

                                       14

<PAGE>   15
               Elmer to use such trademarks for any purpose other than
               co-promotion as provided in this Agreement.

6.   CONFIDENTIALITY

     6.1  Duties of Confidentiality. Because SBio and Perkin-Elmer will be
          cooperating with each other in this collaboration, each may reveal
          Confidential Information to the other in the course of this program.
          The Parties agree, by using the same degree of care as each uses for
          information of like importance, but not less than a reasonable degree
          of care (1) to hold in confidence any Confidential Information
          disclosed by the other Party hereunder, and (2) not to disclose same
          to any third party without the express written consent of the other,
          or, except as may be required for purposes of advancing the
          developing, manufacturing or marketing of Licensed Product(s), or to
          carry out any litigation concerning the same, provided that each such
          third party is informed of the confidentiality of such information and
          that each said third party agrees to be bound to at least the same
          degree of confidentiality as the Parties are bound under this
          Agreement. This confidentiality requirement will remain in force for a
          period of three years following termination of this Agreement.

     6.2  Responsibility over Employees and Agents. Each of the Parties agrees
          to assume individual responsibility for the actions and omissions of
          its respective employees, agents and assigns in conjunction with this
          research, and to inform same of the responsibilities for
          confidentiality and disclosure under this Agreement, and to obtain
          their Agreement to be bound in the same manner that the Party is
          bound.

     6.3  Affiliates. Nothing herein will be construed as preventing either
          Party from disclosing any information to an Affiliate of Perkin-Elmer
          or SBio or to a sub-licensee, distributor or joint venture or other
          associated company of either Party for the purpose of developing or
          commercializing Licensed Product(s), provided such Affiliate,
          sub-licensee, distributor or joint venture or other associated company
          has undertaken a similar obligation of confidentiality with respect to
          the Confidential Information.

     6.4  Bankruptcy. All Confidential Information disclosed by one Party to the
          other will remain the intellectual property of the disclosing Party.
          In the event that a court or other legal or administrative tribunal,
          directly or through an appointed master, trustee or receiver, assumes
          partial or complete control over the assets of a Party to this
          Agreement based on the insolvency or bankruptcy of such Party, the
          bankrupt or insolvent Party will promptly notify the court or other
          tribunal (1) that Confidential Information received from the other
          Party under this Agreement remains

                                       15
<PAGE>   16
                the property of the other Party and (2) of the confidentiality
                obligations under this Agreement. In addition, the bankrupt or
                insolvent Party will, to the extent permitted by law, take all
                steps necessary or desirable to maintain the confidentiality of
                the other Party's Confidential Information and to ensure that
                the court, other tribunal or appointed maintains such
                information in confidence in accordance with the terms of this
                Agreement.

        6.5.    Publication. Neither Perkin-Elmer nor SBio will submit for
                written or oral publication any manuscript, abstract or the like
                which includes data or other information generated and provided
                by the other Party or otherwise developed by either Party in the
                performance of activities in furtherance of this Agreement
                without first obtaining the prior written consent of the other
                Party, which will not be unreasonably withheld, except that the
                foregoing will not apply to the customary literature which is
                prepared for marketing and sales purposes.

        6.6.    Publicity. Within thirty days following the Effective Date, the
                Parties will agree on the form and language of a joint press
                release related to this agreement.

        6.7.    Compliance with Statutory Requirements. For the avoidance of
                doubt, nothing in this Agreement will be construed as
                preventing or in any way inhibiting either Party from complying
                with statutory and regulatory requirements governing the
                development, manufacture, use and sale or other distribution of
                products in any manner which it reasonably deems appropriate,
                including, for example, by disclosing to regulatory authorities
                Confidential Information or other information received from a
                Party or third parties. The Parties will take reasonable
                measures to assure that no unauthorized use or disclosure is
                made by others to whom access to such information is granted.

7.      REPRESENTATIONS, WARRANTIES AND COVENANTS

        7.1.    Each Party represents, warrants and covenants to the other
                Party that:

                7.1.1.  it has the corporate power and authority and legal
                        right to enter into this Agreement and to perform its
                        obligations hereunder;

                7.1.2.  the execution and delivery of this Agreement and the
                        performance of the transactions contemplated thereby
                        have been duly authorized by all necessary corporate
                        action of such Party;

                7.1.3.  the execution and delivery of this Agreement and the
                        performance by such Party of any of its obligations
                        under this Agreement do not and will not (1) conflict
                        with, or constitute a breach or violation of,

                                       16
<PAGE>   17
                        any other contractual obligation to which it is a
                        party, any judgment of any court or governmental body
                        applicable to such Party or its properties or, to such
                        Party's knowledge, any statute, decree, order, rule or
                        regulation of any court or governmental agency or body
                        applicable to such Party or its properties, and (2)
                        with respect to the execution and delivery of the
                        Agreement, require any consent or approval of any
                        governmental authority or other person;

                7.1.4.  each Party will to the best of its knowledge without
                        undertaking a special investigation, disclose to the
                        other Party any material adverse proceedings, claims or
                        actions that arise, relating to their technology which
                        would materially interfere with that Party's
                        performance of its obligations under this Agreement;

                7.1.5.  each Party's employees have executed or will execute
                        agreements whereby all right, title and interest in any
                        technology and invention(s) will be assigned to their
                        respective employers.

8.      INDEMNIFICATION

        8.1.    Perkin-Elmer Indemnification of SBio. Perkin-Elmer will defend,
                indemnify and hold harmless SBio, Affiliates of SBio, and their
                respective directors, officers, shareholders in their capacity
                as shareholders, agents and employees, from and against any and
                all liability, loss, damages and expenses (including attorneys'
                fees) as the result of claims, demands, costs or judgments
                which may be made or instituted against any of them by a third
                party arising out of (1) the untruth, inaccuracy, breach, or
                nonfulfillment of any representation or warranty or any
                covenant or agreement of Perkin-Elmer contained in or made
                pursuant to this Agreement or (2) the manufacture,
                distribution, sale or other disposition by or through
                Perkin-Elmer or its Affiliates of Licensed Product(s) or part
                thereof. Perkin-Elmer's obligation to defend, indemnify and
                hold harmless will include claims, demands, costs or judgments,
                whether for money damages or equitable relief by reason of
                alleged personal injury (including death) to any person or
                alleged property damage, provided, however, the indemnity will
                not extend to any claims against an indemnified Party which
                results (i) from the negligence or willful misconduct of such
                indemnified Party, or (ii) a claim of patent infringement.
                Perkin-Elmer will have the exclusive right to control the
                defense of any action which is to be indemnified in whole by
                Perkin-Elmer hereunder, including the right to select counsel
                acceptable to SBio to defend SBio and to settle any claim,
                provided that, without the written consent of SBio (which will
                not be unreasonably withheld or delayed), Perkin-Elmer will not
                agree to settle any claim against SBio to the extent such claim
                has a material

                                       17
<PAGE>   18
            adverse effect on SBio. The provisions of this Section will survive
            and remain in full force and effect after any termination,
            expiration or cancellation of this Agreement and Perkin-Elmer's
            obligations hereunder will apply whether or not such claims are
            rightfully brought.

      8.2.  SBio Indemnification of Perkin-Elmer. SBio will defend, indemnify
            and hold harmless Perkin-Elmer, Affiliates of Perkin-Elmer and
            their respective directors, officers, shareholders in their
            capacity as shareholders, agents and employees, from and against
            any and all liability, loss, damages and expenses (including
            attorneys' fees) as the result of claims, demands, costs or
            judgments which may be made or instituted against any of them by a
            third party arising out of (1) the untruth, inaccuracy, breach, or
            nonfulfillment of any representation or warranty or any covenant or
            agreement of SBio contained in or made pursuant to this Agreement
            or (2) the manufacture by or through SBio or its Affiliates of any
            Licensed Product(s) or part thereof. SBio's obligation to defend,
            indemnify and hold harmless will include claims, demands, costs or
            judgments, whether for money damages or equitable relief by reason
            of alleged personal injury (including death) to any person or
            alleged property damage, provided, however, the indemnity will not
            extend to any claims against an indemnified Party which results (i)
            from the negligence or willful misconduct of such indemnified
            Party, or (ii) a claim of patent infringement, or (iii) where such
            claims result from a modification of Licensed Product(s) by
            Perkin-Elmer which was not approved by SBio. SBio will have the
            exclusive right to control the defense of any action which is to be
            indemnified in whole by SBio hereunder, including the right to
            select counsel acceptable to Perkin-Elmer to defend Perkin-Elmer and
            to settle any claim, provided that, with the written consent of
            Perkin-Elmer (which will not be unreasonably withheld or delayed),
            SBio will not agree to settle any claim against Perkin-Elmer to the
            extent such claim has a material adverse effect on Perkin-Elmer. The
            provisions of this Section will survive and remain in full force and
            effect after any termination, expiration or cancellation of this
            Agreement and SBio's obligations hereunder will apply whether or not
            such claims are rightfully brought.

      8.3.  Notice; Choice of Attorney. A Party that intends to claim
            indemnification under this Section 8 (the "Indemnitee") will
            promptly notify the other Party (the "Indemnitor") of any loss,
            claim, damage, liability or action in respect of which the
            Indemnitee intends to claim such indemnification, and the
            Indemnitor, after it determines that indemnification is required of
            it, will assume the defense thereof with counsel mutually
            satisfactory to the Parties; provided, however, that an Indemnitee
            will have the right to retain its own counsel, with the fees and
            expenses to be paid by the Indemnitor if Indemnitor does not assume
            the defense; or, if representation of such Indemnitee by the
            counsel retained by the Indemnitor would be

                                       18
<PAGE>   19
            inappropriate due to actual or potential differing interests
            between such Indemnitee and any other Party represented by such
            counsel in such proceedings. The failure to deliver notice to the
            Indemnitor within a reasonable time after the commencement of any
            such action, if prejudicial to its ability to defend such action,
            will relieve such Indemnitor of any liability to the Indemnitee
            under this Section 8, but the omission so to deliver notice to the
            Indemnitor will not relieve it of any liability that it may have to
            any Indemnitee otherwise than under this Section 8.

      8.4.  Consent Required. The indemnity agreement in this Section 8 will
            not apply to amounts paid in settlement of any loss, claim, damage,
            liability or action if such settlement is effected without the
            consent of the Indemnitor, which consent will not be withheld
            unreasonably.

      8.5.  Cooperation. The Indemnitee under this Section 8, its employees and
            agents, will cooperate fully with the Indemnitor and its legal
            representatives in the investigations of any action, claim or
            liability covered by this indemnification. In the event that each
            Party claims indemnity from the other and one Party is finally held
            liable to indemnify the other, the Indemnitor will additionally be
            liable to pay the reasonable legal costs and attorneys' fees
            incurred by the Indemnitee in establishing it claim for indemnity.

9.    TERM AND TERMINATION

      9.1.  Term. Unless terminated earlier as provided herein, this Agreement
            will commence on the Effective Date and will remain in full force
            until terminated as provided herein.

      9.2.  Termination. This Agreement may be terminated as follows:

            9.2.1. by mutual written agreement of SBio and Perkin-Elmer,
                   effective as of the time specified in such written
                   agreement; or

            9.2.2. by either Party,

                   9.2.2.1. in the event the other Party will file in any court
                            or agency pursuant to any statute or regulation of
                            any state or country, a petition in bankruptcy or
                            insolvency or for reorganization or for an
                            arrangement or for the appointment of a receiver or
                            trustee of the Party or of its assets, or if the
                            other Party proposes a written agreement of
                            composition or extension of its debts, or if the
                            other Party will be served with an involuntary
                            petition against it, filed in any insolvency
                            proceeding, and such petition will not be dismissed
                            within

                                       19
<PAGE>   20
                    sixty days after the filing thereof, or if the other Party
                    will propose or be a Party to any dissolution or
                    liquidation, or if the other Party will make an assignment
                    for the benefit of creditors.

           9.2.2.2. upon any material breach of this Agreement by the other
                    Party; provided that the Party alleging such breach must
                    first give the other Party written notice thereof, which
                    notice must state the nature of the breach in reasonable
                    detail and the Party receiving such notice must have failed
                    to cure such alleged breach within sixty days after receipt
                    of such notice.

     9.3.  Survival of Obligations. Upon any termination of this Agreement,
           neither Party will be relieved of any obligations incurred prior to
           such termination. Notwithstanding any termination of this Agreement,
           the obligations of the Parties under Sections 3.3, 5, 6, 7, 8, 9.3,
           and 11, as well as under any licenses which are maintained in effect
           and any other provisions which by their nature are intended to
           survive any such termination, will survive and continue to be
           enforceable. With respect to the survival of licenses granted in
           Section 5.4, if termination of this Agreement is a result of a
           material breach of this Agreement by Perkin-Elmer, such licenses will
           not survive the termination of this Agreement to the extent that such
           licenses relate to Licensed Product(s) which have not yet been
           commercialized.

10.  CHANGE OF CONTROL OF SBio

     10.1. Notice of Offer. SBio will promptly notify Perkin-Elmer in writing of
           any written offer to acquire control of SBio ("control" being defined
           herein as the acquisition of a majority of the outstanding voting
           securities of SBio), such notice to be provided at least forty five
           days before a closing date for the acquiring transaction. Such notice
           will contain the name of the Party offering to acquire control of
           SBio and a description of the offer including the price and other
           material terms and conditions. Information contained in the notice
           will be considered Confidential Information.

11.  MISCELLANEOUS

     11.1. Force Majeure. If the performance of any part of this Agreement by
           either Party, or of any obligation under this Agreement, is
           prevented, restricted, interfered with or delayed by reason of any
           cause beyond the reasonable control of the Party liable to perform,
           unless conclusive evidence to the contrary is provided, the Party so
           affected will, upon giving written notice to the other Party, be
           excused from such performance to the extent of such

                                       20
<PAGE>   21
           prevention, restriction, interference or delay, provided that the
           affected Party will use its reasonable best efforts to avoid or
           remove such causes of non-performance and will continue performance
           with the utmost dispatch whenever such causes are removed. When such
           circumstances arise, the Parties will discuss what, if any,
           modification of the terms of this Agreement may be required in order
           to arrive at an equitable solution.

     11.2. Governing Law. This Agreement will be deemed to have been made in the
           State of California and its form, execution, validity, construction
           and effect will be determined in accordance with the laws of the
           State of California.

     11.3. Separability.

           11.3.1. In the event any portion of this Agreement will be held
                   illegal, void or ineffective, the remaining portions hereof
                   will be interpreted to maintain the intent of the Parties.

           11.3.2. If any of the terms or provisions of this Agreement are in
                   conflict with any applicable statute or rule of law, then
                   such terms or provisions will be deemed inoperative to the
                   extent that they may conflict therewith and will be deemed to
                   be modified to conform with such statute or rule of law.

     11.4. Entire Agreement. The Agreement and the Equity Agreement constitute
           the sole agreements between the Parties relating to the subject
           matter hereof and supersede all previous writings and understandings.
           Confidential disclosures made pursuant to previously executed
           Confidentiality Agreements between SBio and Perkin-Elmer will remain
           subject to the terms of those Confidentiality Agreements. No terms or
           provisions of this Agreement will be varied or modified by any prior
           or subsequent statement, conduct or act of either of the Parties,
           except that the Parties may amend this Agreement by written
           instruments specifically referring to and executed in the same manner
           as this Agreement.

     11.5. Assignment. This Agreement and the licenses herein granted will be
           binding upon and inure to the benefit of the successors in interest
           of the respective Parties. Neither this Agreement nor any interest
           hereunder will be assignable by either Party without the written
           consent of the other provided, however, that Perkin-Elmer or SBio may
           assign this Agreement or any of its rights or obligations hereunder
           to any Affiliate or to any third party with which it may merge or
           consolidate, or to which it may transfer all or substantially all of
           its assets to which this Agreement relates, without obtaining the
           consent of the other Party, subject to the other Party assuming all
           liabilities and obligations under the Agreement and, in the

                                       21
<PAGE>   22
           case of SBio, subject to Perkin-Elmer's right of notice pursuant 10.

     11.6. Counterparts. This Agreement may be executed in any number of
           counterparts, and each such counterpart will be deemed an original
           instrument, but all such counterparts together will constitute but
           one agreement.

     11.7. Notices. Any notice required or permitted under this Agreement will
           be sent by air mail, postage pre-paid, to the following addresses of
           the Parties:

           <TABLE>
           <S>                         <C>              <C>
           If to SBio:
           Soane BioSciences, Inc.     with copy to     Venture Law Group
           3906 Trust Way                               2800 Sand Hill Road
           Hayward, CA 94545-3716                       Menlo Park, CA 94025
           Attn.: President                             Attn.: Mark Medeaus

           If to Perkin-Elmer:
           The Perkin-Elmer Corp.      with copy to     The Perkin-Elmer Corp.
           850 Lincoln Centre Drive                     850 Lincoln Centre Drive
           Foster City, CA 94404                        Foster City, CA 94404
           Attn.: Michael Albin                         Attn.: Legal Department
</TABLE>

IN WITNESS WHEREOF, the Parties, through their authorized officers, have
executed this Agreement as of the date first written above.

SOANE BIOSCIENCES, INC.                         THE PERKIN-ELMER CORPORATION,
                                                THROUGH ITS PE APPLIED
                                                BIOSYSTEMS DIVISION

By: /s/ JOSEPH M. LIMBER                        By: /s/ MICHAEL HUNKAPILLER
    --------------------                            -----------------------

Name: Joseph M. Limber                          Name: Michael Hunkapiller
      ------------------                              ---------------------

Title: President, C.E.O.                        Title: Vice President
       -----------------                               --------------------

                                       22<PAGE>   1
                                                                   EXHIBIT 10.15
                                                               Customer No. 1261

                       MASTER LOAN AND SECURITY AGREEMENT

          THIS AGREEMENT dated as of May 27, 1999, is made by ACLARA
Biosciences, Inc. (the "Borrower"), a Delaware corporation having its principal
place of business and chief executive office at 3906 Trust Way, Hayward,
California, 94545 in favor of Transamerica Business Credit Corporation, a
Delaware corporation (the "Lender"), having its principal office at Riverway II,
West Office Tower, 9399 West Higgins Road, Rosemont, Illinois 60018.

     WHEREAS, the Borrower has requested that the Lender make Loans to it from
time to time; and

     WHEREAS, the Lender has agreed to make such Loans on the terms and
conditions of this Agreement.

     NOW, THEREFORE, in consideration of the premises and to induce the Lender
to extend credit, the Borrower hereby agrees with the Lender as follows:

     SECTION 1. DEFINITIONS.

     As used herein, the following terms shall have the following meanings, and
shall be equally applicable to both the singular and plural forms of the terms
defined:

Agreement shall mean this Master Loan and Security Agreement together with all
schedules and exhibits hereto, as amended, supplemented, or otherwise modified
from time to time.

Applicable Law shall mean the laws of the State of Illinois (or any other
jurisdiction whose laws are mandatorily applicable notwithstanding the parties'
choice of Illinois law) or the laws of the United States of America, whichever
laws allow the greater interest, as such laws now exist or may be changed or
amended or come into effect in the future.

Business Day shall mean any day other than a Saturday, Sunday, or public holiday
or other day that banks in New York City, New York or Chicago, Illinois are
authorized by law to be closed.

Code shall have the meaning specified in Section 8(d).

Collateral shall have the meaning specified in Section 2.

Collateral Access Agreement shall mean any landlord waiver, mortgagee waiver,
bailee letter, or similar acknowledgement of any warehouseman or processor in
possession of any Equipment.

Effective Date shall mean the date on which all of the conditions specified in
Section 3.3 shall have been satisfied.

Equipment shall have the meaning specified in Section 2.

Equipment Loans shall mean all Loans the proceeds of which are used to finance
the costs of Equipment.

Event of Default shall mean any event specified in Section 7.

Financial Statements shall have the meaning specified in Section 6.1.

GAAP shall mean generally accepted accounting principles in the United States
of America, as in effect from time to time.
<PAGE>   2
Intellectual Property shall mean all patents, patent applications, patent
rights, trademarks, trademark applications, trademark rights, trade names, trade
name rights, service marks and copyrights (whether registered or not) now or in
the future owned or possessed by the Borrower.

Loans shall mean the loans and financial accommodations made by the Lender to
the Borrower in accordance with the terms of this Agreement and the Notes.

Loan Documents shall mean, collectively, this Agreement, the Notes, and all
other present and future documents, agreements, certificates, and instruments
delivered by the Borrower under, in connection with or relating to this
Agreement, or any other present or future instrument or agreement between Lender
and Borrower, as each of the same may be amended, modified, extended, restated
or supplemented from time to time.

Material Adverse Change shall mean, with respect to any Person, a material
adverse change in the business, prospects, operations, results of operations,
assets, liabilities, or condition (financial or otherwise) of such Person taken
as a whole.

Material Adverse Effect shall mean, with respect to any Person, a material
adverse effect on the business, operations, results of operations, assets,
liabilities, or condition (financial or otherwise) of such Person taken as a
whole.

Note shall mean each Equipment Loan Promissory Note in the form of Exhibit B
attached hereto or Tenant Improvement Promissory Note in the form of Exhibit C
attached hereto made by the Borrower in favor of the Lender, as amended,
supplemented, or otherwise modified from time to time.

Obligations shall mean and include all loans (including the Loans), advances,
debts, liabilities, obligations, covenants and duties owing by Borrower to
Lender of any kind or nature, present or future, whether or not evidenced by the
Notes or any note, guaranty or other instrument, whether or not arising under or
in connection with, this Agreement, any other Loan Document or any other present
or future instrument or agreement, whether or not for the payment of money,
whether arising by reason of an extension of credit, opening, guaranteeing or
confirming of a letter of credit, loan, guaranty, indemnification or in any
other manner, whether direct or indirect (including those acquired by
assignment, purchase, discount or otherwise), whether absolute or contingent,
due or to become due, now due or hereafter arising and however acquired
(including without limitation all loans previously made by Lender to Borrower).
The term includes, without limitation, all interest (including interest accruing
on or after a bankruptcy, whether or not an allowed claim), charges, expenses,
commitment, facility, closing and collateral management fees, letter of credit
fees, reasonable attorneys' fees, taxes and any other sum properly chargeable to
Borrower under this Agreement, the other Loan Documents or any other present or
future agreement between Lender and Borrower.

Permitted Encumbrances shall mean any recorded or unrecorded matter affecting
the real property known as 1288 Pear Avenue, Mountain View, California ("Real
Property") or the Lease between Borrower and The Pear Avenue Group dated March
1, 1999 ("Lease") existing on the date hereof, and any subsequent encumbrance on
the Real Property which does not materially affect the use of the Real Property
for the purposes contemplated by the Lease except, in each case, any lien or
encumbrance on Borrower's leasehold interest under the Lease, or other lien or
encumbrances arising as a result of the Borrower's actions or inactions.

Permitted Indebtedness shall mean all (a) indebtedness under the Loan Documents,
(b) trade or other similar indebtedness incurred in the ordinary course of
business (but not for borrowed money) and (i) not more than 75 days past due, or
(ii) being contested good faith by appropriate proceedings, (c) indebtedness to
The Pear Avenue Group not to exceed the amount permitted pursuant to the
original Lease.

Permitted Liens shall mean such of the following as to which no enforcement,
collection, execution, levy, or foreclosure proceeding shall have been
commenced: (a) liens for taxes, assessments, and other governmental

                                       2
<PAGE>   3
charges or levies or the claims or demands of landlords, carriers,
warehousemen, mechanics, laborers, materialmen, and other like Persons arising
by operation of law in the ordinary course of business for sums which are not
yet due and payable, or liens which are being contested in good faith by
appropriate proceedings diligently conducted and with respect to which adequate
reserves are maintained to the extent required by GAAP; (b) deposits or pledges
to secure the payment of worker's compensation, unemployment insurance, or
other social security benefits or obligations, public or statutory obligations,
surety or appeal bonds, bid or performance bonds, or other obligations of a
like nature incurred in the ordinary course of business; (c) licenses,
restrictions, or covenants for or on the use of the Equipment which do not
materially impair either the use of the Equipment in the operation of the
business of the Borrower or the value of the Equipment; and (d) attachment or
judgment liens that do not otherwise constitute an Event of Default, so long as
an appeal or proceeding for review is being diligently prosecuted in good faith
and reserves, bonds or other security acceptable to Lender have been
established or provided to Lender or are fully covered by insurance; (e) a lien
on any item of equipment created substantially simultaneously with the
acquisition of such equipment for the purpose of financing such acquisition
provided that such lien will only attach to the equipment acquired; and (f)
Permitted Encumbrances.

Person shall mean any individual, sole proprietorship, partnership, limited
liability partnership, joint venture, trust, unincorporated organization,
association, corporation, limited liability company, institution, entity,
party, or government (including any division, agency, or department thereof),
and the successors, heirs, and assigns of each.

Schedule shall mean each Schedule in the form of Schedule A hereto delivered by
the Borrower to the Lender from time to time.

Solvent means, with respect to any Person, that as of the date as to which such
Person's solvency is measured:

      (a)   the fair saleable value of its assets is in excess of the total
amount of its liabilities (including contingent liabilities as valued in
accordance with GAAP) as they become absolute and matured;

      (b)   it has sufficient capital to conduct its business; and

      (c)   it is able generally to meet its debts as they mature.

Taxes shall have the meaning specified in Section 5.5.

Tenant Improvements shall mean any additions, accessions, improvements,
replacements and attachments financed with the Loans and made to the Real
Property.

Tenant Improvement Loans shall mean all Loans the proceeds of which are used to
finance the costs of Tenant Improvements.

      SECTION 2. CREATION OF SECURITY INTEREST; COLLATERAL. The Borrower hereby
assigns and grants to the Lender a continuing general, first priority lien on,
and security interest in, all the Borrower's right, title, and interest in and
to the collateral described in the next sentence (the "Collateral") to secure
the payment and performance of all the Obligations. The Collateral consists of
(i) all equipment set forth on all the Schedules delivered from time to time
under the terms of this Agreement (the "Equipment"), together with all present
and future additions, parts, accessories, attachments, substitutions, repairs,
improvements, and replacements thereof or thereto, and any and all proceeds
thereof, including, without limitation, proceeds of insurance and all manuals,
blueprints, know-how, warranties, and records in connection therewith, all
rights against suppliers, warrantors, manufacturers, sellers, or others in
connection therewith, and together with all substitutes for any of the
foregoing and (ii) all leasehold rights and interests of the Borrower in the
Real Property as described in the Lease. Notwithstanding the foregoing, Lender
shall not file fixture financing statements with respect to the Collateral
constituting Tenant Improvements.

      SECTION 3. THE CREDIT FACILITY.

                                       3
<PAGE>   4

                  SECTION 3.1. BORROWINGS. At the Borrower's request, Lender,
subject to the terms of this Agreement, agrees to make Loans to the Borrower of
$5,000,000 in the aggregate. Such Loans shall also be limited to $2,700,000 for
Tenant Improvement Loans and $2,300,000 for Equipment Loans. Each Loan shall be
in an amount not less than $100,000, and in no event shall the sum of the
aggregate Loans made exceed the amount of the Lender's written commitment to
the Borrower in effect from time to time. Notwithstanding anything herein to
the contrary, the Lender shall be obligated to make the initial Loan and each
other Loan only after the Lender, in its sole discretion, determines that the
applicable conditions for borrowing contained in Sections 3.3 and 3.4 are
satisfied. The timing and financial scope of Lender's obligation to make Loans
hereunder are limited as set forth in a commitment letter executed by Lender
and Borrower, dated as of March 4, 1999 and attached hereto as Exhibit A (the
"Commitment Letter"). In the event of any inconsistency between the terms and
conditions of this Agreement and the Commitment Letter, this Agreement shall
control.

                  SECTION 3.2. APPLICATION OF PROCEEDS. The Borrower shall not
directly or indirectly use any proceeds of the Loans, or cause, assist, suffer,
or permit the use of any proceeds of the Loans, for any purpose other than for
the purchase, acquisition, installation or upgrading of Equipment and Tenant
Improvements or the reimbursement of the Borrower for its purchase,
acquisition, installation or upgrading of Equipment and Tenant Improvements.

                  SECTION 3.3. CONDITIONS TO INITIAL LOAN.

            (a)   The obligation of the Lender to make the initial Loan is
subject to the Lender's receipt of the following, each dated the date of the
initial Loan or as of an earlier date acceptable to the Lender, in form and
substance satisfactory to the Lender and its counsel:

                  (i)   completed requests for information (Form UCC-11)
            listing all effective Uniform Commercial Code financing statements
            naming the Borrower as debtor and all tax lien, judgment, and
            litigation searches for the Borrower as the Lender shall deem
            necessary or desirable;

                  (ii)  Uniform Commercial Code financing statement (Form UCC-1)
            duly executed by the Borrower (naming the Lender as secured party
            and the Borrower as debtor and in form acceptable for filing in all
            jurisdictions that the Lender deems necessary or desirable to
            perfect the security interests granted to it hereunder) and, if
            applicable, termination statements or other releases duly filed in
            all jurisdictions that the Lender deems necessary or desirable to
            perfect and protect the priority of the security interests granted
            to it hereunder in the Equipment related to such initial Loan;

                  (iii) a Note duly executed by the Borrower evidencing the
            amount of such Loan;

                  (iv)  a leasehold mortgage or an assignment of leases and
            rentals in connection with a lease dated March 1, 1999 between
            Borrower and The Pear Avenue Group, as lessor in such form as
            Lender shall deem necessary or desirable in its sole discretion and
            a Collateral Access Agreement duly executed by the lessor or
            mortgagee, as the case may be, of each premises where the Equipment
            is located;

                  (v)   certificates of insurance required under Section 5.4 of
            this Agreement together with loss payee endorsements for all such
            Policies naming the Lender as lender loss payee and as an additional
            insured;

                  (vi)  a certificate of the Secretary or an Assistant Secretary
            of the Borrower ("Secretary's Certificate") certifying (A) that
            attached to the Secretary's Certificate is a true, complete, and
            accurate copy of the resolutions of the Board of Directors of the
            Borrower (or a unanimous consent of directors in lieu thereof)
            authorizing the execution, delivery, and performance of this
            Agreement, the other Loan Documents, and the transactions
            contemplated hereby and thereby, and that such resolutions have not
            been amended or modified since the date

                                       4
<PAGE>   5
     of such certification and are in full force and effect; (B) the incumbency,
     names, and true signatures of the officers of the Borrower authorized to
     sign the Loan Documents to which it is a party; (C) that attached to the
     Secretary's Certificate is a true and correct copy of the Articles or
     Certificate of Incorporation of the Company, as amended, which Articles or
     Certificate of Incorporation have not been further modified, repealed or
     rescinded and are in full force and effect; (D) that attached to the
     Secretary's Certificate of the Borrower is a true and correct copy of
     the Bylaws, as amended, which Bylaws of the Company have not been further
     modified, repealed or rescinded and are in full force and effect; and (E)
     that attached to the Secretary's Certificate of the Borrower is a valid
     Certificate of Good Standing issued by the Secretary of the State of the
     Borrower's state of incorporation;

          (vii)     the opinion of counsel for the Borrower covering such
     matters incident to the transactions contemplated by this Agreement as
     the Lender may reasonably require; and

          (viii)     such other agreements and instruments as the Lender deems
     necessary in its sole and absolute discretion in connection with the
     transactions contemplated hereby.

     (b)  There shall be no pending or, to the knowledge of the Borrower after
due inquiry, threatened litigation, proceeding, inquiry, or other action (i)
seeking an injunction or other restraining order, damages, or other relief with
respect to the transactions contemplated by this Agreement or the other Loan
Documents or thereby or (ii) which affects or could affect the business,
prospects, operations, assets, liabilities, or condition (financial or
otherwise) of the Borrower, except, in the case of clause (ii), where such
litigation, proceeding, inquiry, or other action could not reasonably be
expected to have a Material Adverse Effect in the good faith business judgment
of the Lender.

     (c)  The Borrower shall have paid all fees and expenses required to be paid
by it to the Lender as of such date.

     (d)  The security interests in the Equipment related to the initial Loan
granted in favor of the Lender under this Agreement shall have been duly
perfected and shall constitute first priority liens.

          SECTION 3.4     CONDITIONS PRECEDENT TO EACH LOAN. The obligation of
the Lender to make each Loan is subject to the satisfaction of the following
conditions precedent:

     (a)  the Lender shall have received the documents, agreements, and
instruments set forth in Section 3.3(a)(i) through (iii and v) applicable to
such Loan, each in form and substance satisfactory to the Lender and its
counsel and each dated the date of such Loan or as of an earlier date
acceptable to the Lender;

     (b)  if the Loan is an Equipment Loan, the Lender shall have received a
Schedule of the Equipment related to such Loan, in form and substance
satisfactory to the Lender and its counsel, and the security interests in such
Equipment related to such Loan granted in favor of the Lender under this
Agreement shall have been duly perfected and shall constitute first priority
liens subject only to Permitted Liens;

     (c)  if the Loan is a Tenant Improvement Loan, the Lender shall have
received a certificate signed by an authorized officer of the Borrower
certifying that the requested Loan will be used to pay the cost of Tenant
Improvements incurred or to be incurred pursuant to Section 3.2.

     (d)  all representations and warranties contained in this Agreement and
the other Loan Documents shall be true and correct on and as of the date of
such Loan as if then made, other than representations and warranties that
expressly relate solely to an earlier date, in which case they shall have been
true and correct as of such earlier date;

     (e)  no Event of Default or event which with the giving of notice or the
passage of time, as both, would constitute an Event of Default shall have
occurred and be continuing or would result from the making

                                       5
<PAGE>   6
of the requested Loan as of the date of such request; and

          (f)  the Borrower shall be deemed to have hereby reaffirmed and
ratified all security interests, liens, and other encumbrances heretofore
granted by the Borrower to the Lender.

          SECTION 4.  THE BORROWER'S REPRESENTATIONS AND WARRANTIES.

               SECTION 4.1.  Good Standing; Qualified to do Business. The
Borrower (a) is duly organized, validly existing, and in good standing under
the laws of the State of its organization, (b) has the power and authority to
own its properties and assets and to transact the businesses in which it is
presently, or proposes to be, engaged, and (c) is duly qualified and authorized
to do business and is in good standing in every jurisdiction in which the
failure to be so qualified could have a Material Adverse Effect on (i) the
Borrower, (ii) the Borrower's ability to perform its obligations under the Loan
Documents, or (iii) the rights of the Lender hereunder.

               SECTION 4.2.   Due Execution, etc. The execution, delivery, and
performance by the Borrower of each of the Loan Documents to which it is a party
are within the powers of the Borrower, do not contravene the organizational
documents, if any, of the Borrower, and do not (a) violate any law or
regulation, or any order or decree of any court or governmental authority, (b)
conflict with or result in a material breach of, or constitute a default under,
any material indenture, mortgage, or deed of trust or any material lease,
agreement, or other instrument binding on the Borrower or any of its properties,
or (c) require the consent, authorization by, or approval of or notice to or
filing or registration with any governmental authority or other Person. This
Agreement is, and each of the other Loan Documents to which the Borrower is or
will be a party, when delivered hereunder or thereunder, will be, the legal,
valid, and binding obligation of the Borrower enforceable against the Borrower
in accordance with its terms, except as enforceabilty may be limited by
bankruptcy, insolvency, or similar laws affecting creditors' rights generally
and by general principles of equity.

               SECTION 4.3.  Solvency; No Liens.  The Borrower is Solvent and
will be Solvent upon the completion of all transactions contemplated to occur
hereunder (including, without limitation, the Loan to be made on the Effective
Date); the security interests granted herein constitute and shall at all times
constitute the first and only liens on the Collateral other than Permitted
Liens; and the Borrower is, or will be at the time additional Collateral is
acquired by it, the absolute owner of the Collateral with full right to
pledge, sell, consign, transfer, and create a security interest therein, free
and clear of any and all claims or liens in favor of any other Person other
than Permitted Liens.

               SECTION 4.4.  No Judgments, Litigation.  No judgments are
outstanding against the Borrower nor is there now pending or, to the best of the
Borrower's knowledge after diligent inquiry, threatened any litigation,
contested claim, or governmental proceeding by or against the Borrower except
judgments and pending or threatened litigation, contested claims, and
governmental proceedings which would not, in the aggregate, have a Material
Adverse Effect on the Borrower.

               SECTION 4.5.  No Defaults.  The Borrower is not in default or has
not received a notice of default under any material contract, lease, or
commitment to which it is a party or by which it is bound. The Borrower knows of
no dispute regarding any contract, lease, or commitment which could have a
Material Adverse Effect on the Borrower.

               SECTION 4.6.  Collateral Locations.  On the date hereof, each
item of the Collateral constituting Equipment is located at the place of
business specified in the applicable Schedule.

               SECTION 4.7.  No Events of Default.  No Event of Default has
occurred and is continuing nor has any event occurred which, with the giving of
notice or the passage of time, or both, would constitute an Event of Default.

               Section 4.8.  No Limitation on Lender's Rights.  Except as
permitted herein, none of the Collateral is subject to contractual obligations
that may restrict or inhibit the Lender's rights or abilities.

                                       6
<PAGE>   7
to sell or dispose of the collateral or any part thereof after the occurrence of
an Event of Default, except in connection with contractual obligations
constituting Permitted Liens.

               SECTION 4.9.  PERFECTION AND PRIORITY OF SECURITY INTEREST.  This
Agreement creates a valid and, upon completion of all required filings of
financing statements, perfected first priority and exclusive security interest
in the Collateral, constituting Equipment, to the extent a security interest
can be perfected by such filing, securing the payment of all Obligations subject
only to Permitted Liens. This Agreement creates a valid and, upon completion of
the recordation of the Leasehold Deed of Trust, a perfected first priority
security interest in the Collateral constituting the Lease, to the extent a
security interest can be perfected by such recording, securing the payment of
all the Obligations subject only to Permitted Liens.

               SECTION 4.10.  MODEL AND SERIAL NUMBERS.  The Schedules set
forth the true and correct model number and serial number of each item of
Equipment that constitutes Collateral.

               SECTION 4.11.  ACCURACY AND COMPLETENESS OF INFORMATION.  All
data, reports, and information heretofore, contemporaneously, or hereafter
furnished by or on behalf of the Borrower in writing to the Lender or for
purposes of or in connection with this Agreement or any other Loan Document, or
any transaction contemplated hereby or thereby, (a) are or will be true and
accurate in all material respects on the date as of which such data, reports,
and information are dated or certified and (b) do not and will not omit to
state any material fact necessary to make such data, reports, and information
not misleading as of the date so dated or certified. There are no facts now
known to the Borrower which individually or in the aggregate would reasonably be
expected to have a Material Adverse Effect and which have not been specified
herein, in the Financial Statements, or in any certificate, opinion, or other
written data, report or information previously furnished by the borrower to the
Lender.

               SECTION 4.12.  PRICE OF EQUIPMENT.  The price of each item of
Equipment paid by Borrower does not exceed the fair and usual price for such
type of equipment purchased in like quantity and, to the Borrower's knowledge
after inquiry, reflects all discounts, rebates and allowances for the Equipment
(including, without limitation, discounts for advertising, prompt payment,
testing, or other services) given to the Borrower by the manufacturer, supplier,
or any other person.

               SECTION 4.13.  YEAR 2000 COMPLIANCE.  The Borrower reasonably
believes that all computer applications (including those of its suppliers and
vendors) that are material to its business and operations will on a timely basis
be able to perform properly date-sensitive functions for all dates before and
after January 1, 2000 (that is, be "Year 2000 compliant"), except to the extent
that a failure to do so could not reasonably be expected to have Material
Adverse Effect.

          SECTION 5.  COVENANTS OF THE BORROWER.

               SECTION 5.1.  EXISTENCE, ETC.  The Borrower shall: (a) retain its
existence and its current yearly accounting cycle, (b) maintain in full force
and effect all licenses, bonds, franchises, losses, trademarks, patents,
contracts, and other rights necessary or desirable to the profitable conduct of
its business unless the failure to do so could not reasonably be expected to
have a Material Adverse Effect on the Borrower, (c) continue in, and limit its
operations to, the same general lines of business as those presently conducted
by it, and (d) comply with all applicable laws and regulations of any federal,
state, or local governmental authority, except for such laws and regulations the
violations of which would not, in the aggregate, have a Material Adverse Effect
on the Borrower.

               SECTION 5.2.  NOTICE TO THE LENDER.  As soon as possible, and in
any event within five Business Days after the Borrower learns of the following,
the Borrower will give written notice to the Lender of (a) any proceeding
instituted or threatened to be instituted by or against the Borrower in any
federal, state, local, or foreign court or before any commission or other
regulatory body (federal, state, local, or foreign) involving a sum, together
with the sum involved in all other similar proceedings, in excess of $150,000 in
the aggregate, (b) any contract that is terminated or amended and which has had
or could reasonably be expected to have a Material

                                       7
<PAGE>   8
Adverse Effect on the Borrower, (c) the occurrence of any Material Adverse
Change with respect to the Borrower, (d) the occurrence of any Event of Default
or event or condition which, with notice or lapse of time or both, would
constitute an Event of Default, together with a statement of the action which
the Borrower has taken or proposes to take with respect thereto, (e) of any
discovery or determination by Borrower that any computer application (including
those of its suppliers and vendors) that is material to its business and
operations will not be Year 2000 compliant on a timely basis, except to the
extent that such failure could not reasonably be expected to have a Material
Adverse Effect; and (f) of any material damage to, the destruction of or any
other material loss to any Collateral owned or used by Borrower other than any
such Collateral with a net book value (individually or in the aggregate) less
than $50,000 or any condemnation, confiscation or other taking, in whole or in
part, or any event that otherwise diminishes so as to render impracticable or
unreasonable the use of such Collateral owned or used by Borrower together with
the amount of a good faith estimate of the damage, destruction, loss or
diminution in value.

        SECTION 5.3.    MAINTENANCE OF BOOKS AND RECORDS. The Borrower will
maintain books and records pertaining to the Collateral in such detail, form,
and scope as the Lender shall reasonably require in its commercially reasonable
judgment. The Borrower agrees that the Lender or its agents may enter upon the
Borrower's premises at any time and from time to time during normal business
hours with reasonable prior notice, and at any time upon the occurrence and
continuance of an Event of Default, for the purpose of inspecting the
Collateral and any and all records pertaining thereto.

        SECTION 5.4.    INSURANCE. The Borrower will maintain insurance on the
Collateral under such policies of insurance, with such insurance companies, in
such amounts, and covering such risks as are at all times reasonably
satisfactory to the Lender (such policies of Insurance covering the Collateral,
the "Policies"). All such Policies shall be made payable to the Lender, in case
of loss, under a standard non-contributory "lender" or "secured party" clause
and are to contain such other provisions as the Lender may reasonably require
to protect the Lender's interests in the Collateral and to any payments to be
made under such Policies. Certificates of Policies are to be delivered to the
Lender, premium prepaid, with the loss payable endorsement in the Lender's
favor, and shall provide for not less than thirty days' prior written notice to
the Lender, of any alteration or cancellation of coverage. If the Borrower
fails to maintain such Policies, the Lender may, upon two Business Days'
notice, arrange for (at the Borrower's expense and without any responsibility
on the Lender's part for) obtaining the insurance. Unless the Lender shall
otherwise agree with the Borrower in writing, the Lender shall have the sole
right, in the name of the Lender or the Borrower, to file claims under the
Policies, to receive and give acquittance for any payments that may be payable
thereunder, and to execute any endorsements, receipts, releases, assignments,
reassignments, or other documents that may be necessary to effect the
collection, compromise, or settlement of any claims under any such Policies.

        SECTION 5.5.    TAXES. The Borrower will pay, when due, all taxes,
assessments, claims, and other charges ("Taxes") lawfully levied or assessed
against the Borrower or the Collateral other than taxes that are being
diligently contested in good faith by the Borrower by appropriate proceedings
promptly instituted and for which an adequate reserve is being maintained by
the Borrower in accordance with GAAP. If any Taxes remain unpaid after the date
fixed for the payment thereof other than taxes that are being diligently
contested in good faith by the Borrower by appropriate proceedings promptly
instituted and for which an adequate reserve is being maintained by the
Borrower in accordance with GAAP, or if any lien shall be claimed therefor
(other than Permitted Liens ), then, without notice to the Borrower, but on the
Borrower's behalf, the Lender may pay such Taxes, and the amount thereof shall
be included in the Obligations.

        SECTION 5.6.    BORROWER TO DEFEND COLLATERAL AGAINST CLAIMS; FEES ON
COLLATERAL. The Borrower will defend the Collateral against all claims and
demands of all Persons at any time claiming the same or any interest therein
adverse to the Borrower or the Lender. The Borrower will not permit any notice
creating or otherwise relating to liens on the Collateral or any portion thereof
to exist or be on file in any public office other than Permitted Liens. The
Borrower shall promptly pay, when payable, all transportation, storage, and
warehousing charges and license fees, registration fees, assessments, charges,
permit fees, and taxes (municipal, state, and federal) which may now or
hereafter be imposed upon the ownership, leasing, renting, possession, sale, or
use of the Collateral, other than taxes on or measured by the Lender's income
and fees, assessments, charges, and taxes which are being contested in good
faith by appropriate proceedings diligently

                                       8
<PAGE>   9
conducted and with respect to which adequate reserves are maintained to the
extent required by GAAP.

        SECTION 5.7.    NO CHANGE OF LOCATION, STRUCTURE, OR IDENTITY. The
Borrower will not (a) change the location of its chief executive office or
establish any place of business other than those specified herein or (b) move
or permit the movement of any item of Collateral from the location specified in
the applicable Schedule, except that the Borrower may change its chief
executive office and keep Collateral at other locations within the United
States provided that the Borrower has delivered to the Lender (i) prior written
notice thereof and (ii) duly executed financing statements and other agreements
and instruments (all in form and substance reasonably satisfactory to the
Lender) reasonably necessary or, in the reasonable opinion of the Lender,
desirable to perfect and maintain in favor of the Lender a first priority
security interest in the Collateral. Notwithstanding anything to the contrary
in the immediately preceding sentence, the Borrower may keep any Collateral
consisting of motor vehicles or rolling stock at any location in the United
States provided that the Lender's security interest in any such Collateral is
conspicuously marked on the certificate of title thereof and the Borrower has
complied with the provisions of Section 5.9.

        SECTION 5.8.    USE OF COLLATERAL; LICENSES; REPAIR. The Collateral
constituting Equipment shall be operated by competent, qualified personnel in
connection with the Borrower's business purposes, for the purpose for which the
Equipment was designed and in accordance with applicable operating instructions,
laws, and government regulations, and the Borrower shall use every reasonable
precaution to prevent  loss or damage to the Collateral from fire and other
hazards. The Equipment shall not be used or operated for personal, family, or
household purposes. The Borrower shall procure and maintain in effect all
orders, licenses, certificates, permits, approvals, and consents required by
federal, state, or local laws or by any governmental body, agency, or authority
in connection with the delivery, installation, use, and operation of such
Equipment. The Borrower shall keep all of the Equipment in a satisfactory state
of repair and satisfactory operating condition in accordance with industry
standards, and will make all repairs and replacements when and where necessary
and practical. The Borrower will not waste or destroy the Equipment or any part
thereof, and will not be negligent in the care or use thereof. The Equipment
shall not be annexed or affixed to or become part of any realty without the
Lender's prior written consent.

        SECTION 5.9.    FURTHER ASSURANCES. The Borrower will, promptly upon
request by the Lender, execute and deliver or use its best efforts to obtain
any document reasonably required by the Lender (including, without limitation,
warehouseman or processor disclaimers, mortgagee waivers, landlord disclaimers,
or subordination agreements with respect to the Obligations and the
Collateral), give any notices, execute and file any financing statements,
mortgages, or other documents (all in form and substance reasonably
satisfactory to the Lender), mark any chattel paper, deliver any chattel paper
or instruments to the Lender, and take any other actions that are reasonably
necessary or, in the opinion of the Lender, desirable to perfect or continue
the perfection and the first priority of the Lender's security interest in the
Collateral subject to Permitted Liens, to protect the Collateral against the
rights, claims, or interests of any Persons, or to effect the purposes of this
Agreement subject to Permitted Liens. The Borrower hereby authorizes the Lender
to file one or more financing or continuation statements, and amendments
thereto, relating to all or any part of the Collateral without the signature of
the Borrower where permitted by law. A carbon, photographic, or other
reproduction of this Agreement or any financing statement covering the
Collateral or any part thereof shall be sufficient as a financing statement
where permitted by law. To the extent required under this Agreement, the
Borrower will pay all costs incurred in connection with any of the foregoing.

        SECTION 5.10.   NO DISPOSITION OF COLLATERAL. The Borrower will not in
any way hypothecate or create or permit to exist any lien, security interest,
charge, or encumbrance on or other interest in any of the Collateral, except
for the lien and security interest granted hereby and Permitted Liens, and the
Borrower will not sell, transfer, assign, pledge, collaterally assign,
exchange, or otherwise dispose of any of the Collateral. In the event the
Collateral, or any part thereof, is sold, transferred, assigned, exchanged, or
otherwise disposed of in violation of these provisions, the security interest of
the Lender shall continue in such Collateral or part thereof notwithstanding
such sale, transfer, assignment, exchange, or other disposition, and the
Borrower will hold the proceeds thereof in a separate account for the benefit
of the Lender. Following such a sale, the Borrower will transfer such proceeds
to the Lender in kind.

                                       9

<PAGE>   10
          SECTION 5.11. NO LIMITATIONS ON LENDER'S RIGHTS. The Borrower will not
enter into any contractual obligations which may restrict or inhibit the
Lender's rights or ability to sell or otherwise dispose of the Collateral or any
material part thereof.

          SECTION 5.12. PROTECTION OF COLLATERAL. Upon notice to Borrower
(provided that if an Event of Default has occurred and is continuing the Lender
need not give any notice), the Lender shall have the right at any time to make
any payments and do any other acts the Lender may deem reasonably necessary to
protect its security interests in the Collateral, including, without limitation,
the rights to satisfy, purchase, contest, or compromise any encumbrance, charge,
or lien which, in the reasonable judgment of the Lender, appears to be prior to
or superior to the security interest hereunder, and appear in and defend any
action or proceeding purporting to affect its security interests in, or the
value of, any of the Collateral. The Borrower hereby agrees to reimburse the
Lender for all payments made and expenses incurred under this Agreement
including reasonable fees, expenses, and disbursements of attorneys and
paralegals (including the allocated costs of in-house counsel) acting for the
Lender, including any of the foregoing payments under, or acts taken to protect
its security interests in, any of the Collateral, which amounts shall be secured
under this Agreement, and agrees it shall be bound by any payment made or act
taken by the Lender hereunder absent the Lender's gross negligence or willful
misconduct. The Lender shall have no obligation to make any of the foregoing
payments or perform any of the foregoing acts.

          SECTION 5.13. DELIVERY OF ITEMS. The Borrower will (a) promptly (but
in no event later than two Business days) after its receipt thereof, deliver to
the Lender any documents or certificates of title issued with respect to any
property included in the Collateral, and any promissory notes, letters of credit
or instruments related to or otherwise in connection with any property included
in the Collateral, which in any such case come into the possession of the
Borrower, or shall cause the issuer thereof to deliver any of the same directly
to the Lender, in each case with any necessary endorsements in favor of the
Lender and (b) deliver to the Lender as soon as available copies of any and all
press releases and other similar communications issued by the Borrower.

          SECTION 5.14. SOLVENCY. The Borrower shall be and remain Solvent at
all times.

            SECTION 5.15. FUNDAMENTAL CHANGES. The Borrower shall not (a) amend
or modify its name, unless the Borrower delivers to the Lender thirty days prior
to any such proposed amendment or modification written notice of such amendment
or modification and within ten days before such amendment or modification
delivers executed Uniform Commercial Code financing statements (in form and
substance satisfactory to the Lender) or (b) merge or consolidate with any other
entity or make any material change in its capital structure, in each case
without the Lender's prior written consent which shall not be unreasonably
withheld.

          SECTION 5.16. INTELLECTUAL PROPERTY. The Borrower shall do and cause
to be done all things necessary to preserve, maintain and keep in full force and
effect all of its registrations of trademarks, service marks and other marks,
trade names and other trade rights, patents, copyrights and other intellectual
property in accordance with prudent business practices, except to the extent
that the failure to preserve or maintain any of the foregoing would not
reasonably be expected to have a Material Adverse Effect.

          SECTION 5.17. LIMITATION ON ADDITIONAL INDEBTEDNESS. Borrower shall
not incur additional indebtedness without the prior consent of the Lender, which
will not be unreasonably withheld. Notwithstanding the foregoing, Borrower may
incur additional indebtedness, to the extent that such indebtedness (a) is
secured by specific items of newly acquired equipment and any lien for such
equipment shall attach only to the equipment acquired or (b) to the extent that
it is Permitted Indebtedness.

          SECTION 5.18. NEGATIVE COVENANTS. The Borrower will not in any way
hypothecate or create or permit to exist any lien, security interest, charge, or
encumbrance on or other interest in any of its Intellectual Property in
connection with any indebtedness of the Borrower. Notwithstanding the foregoing,
Borrower shall not be prohibited from (i) pledging or otherwise committing its
Intellectual Property in order to engage in a joint venture or in connection
with a merger or acquisition which has been consented to by the Lender or (ii)
granting licenses to use its Intellectual Property to third parties in the
ordinary course of business.

                                       10
<PAGE>   11
          SECTION 5.19. ADDITIONAL REQUIREMENTS. The Borrower shall take all
such further actions and execute all such further documents and instruments as
the Lender may reasonably request to effect the transactions contemplated by
this Agreement.

     SECTION 6. FINANCIAL STATEMENTS. Until the payment and satisfaction in full
of all Obligations, the Borrower shall deliver to the Lender the following
financial information:

          SECTION 6.1. ANNUAL FINANCIAL STATEMENTS. As soon as available, but
not later than 120 days after the end of each fiscal year of the Borrower and
its consolidated subsidiaries, the consolidated balance sheet, income statement,
and statements of cash flows and shareholders equity for the Borrower and its
consolidated subsidiaries (the "Financial Statements") for such year, audited by
an independent certified public accountant without an adverse qualification; and

          SECTION 6.2. QUARTERLY FINANCIAL STATEMENTS. As soon as available, but
not later than 60 days after the end of each of the first three fiscal quarters
in any fiscal year of the Borrower and its consolidated subsidiaries, the
Financial Statements for such fiscal quarter, together with a certification duly
executed by a responsible officer of the Borrower that such Financial Statements
have been prepared in accordance with GAAP and are fairly stated in all material
respects (subject to normal year-end audit adjustments).

     SECTION 7. EVENTS OF DEFAULT. The occurrence of any of the following events
shall constitute an Event of Default hereunder:

          (a) the Borrower shall fail to pay within five days of when due any
amount required to be paid by the Borrower under or in connection with any Note
and this Agreement;

          (b) any representation or warranty made or deemed made by the Borrower
under or in connection with any Loan Document or any Financial Statement shall
prove to have been false or incorrect in any material respect when made;

          (c) the Borrower shall fail to perform or observe (i) any of the
terms, covenants or agreements contained in Sections 5.4, 5.7, 5.10, 5.14, or
5.15 hereof or (ii) any other material term, covenant, or agreement contained in
any Loan Document (other than the other Events of Default specified in this
Section 7) and such failure remains unremedied for the earlier of fifteen days
from (A) the date on which the Lender has given the Borrower written notice of
such failure and (B) the date on which the Borrower knew or should have known of
such failure;

          (d) dissolution, liquidation, winding up, or cessation of the
Borrower's business, failure of the Borrower generally to pay its debts as they
mature, admission in writing by the Borrower of its inability generally to pay
its debts as they mature, or calling of a meeting of the Borrower's creditors
for purposes of compromising any of the Borrower's debts;

          (e) the commencement by or against the Borrower of any bankruptcy,
insolvency, arrangement, reorganization, receivership, or similar proceedings
under any federal or state law and, in the case of any such involuntary
proceeding, such proceeding remains undismissed or unstayed for forty-five days
following the commencement thereof, or any action by the Borrower is taken
authorizing any such proceedings;

          (f) an assignment for the benefit of creditors is made by the
Borrower, whether voluntary or involuntary, the appointment of a trustee,
custodian, receiver, or similar official for the Borrower or for any substantial
property of the Borrower, or any action by the Borrower authorizing any such
proceeding;

          (g) the Borrower shall default in (i) the payment of principal or
interest on any

                                       11
<PAGE>   12

indebtedness in excess of $50,000 (other than the Obligations) beyond the period
of grace, if any, provided in the instrument or agreement under which such
indebtedness was created; or (ii) the observance or performance of any other
agreement or condition relating to any such indebtedness or contained in any
instrument or agreement relating thereto, or any other event shall occur or
condition exist, the effect of which default or other event or condition is
to cause, or to permit the holder or holders of such indebtedness to cause,
with the giving of notice if required, such indebtedness to become due prior to
its stated maturity; or (iii) any loan or other agreement under which the
Borrower has received financing from Transamerica Corporation or any of its
affiliates;

                  (h)   the Borrower suffers or sustains Material Adverse
Change;

                  (i)   any tax lien, other than a Permitted Lien, is filed of
record against the Borrower and is not bonded or discharged within five
Business Days;

                  (j)   any judgment which has had or could reasonably be
expected to have a Material Adverse Effect on the Borrower and such judgment
shall not be stayed, vacated, bonded, or discharged within sixty days;

                  (k)   any material covenant, agreement, or obligation, as
determined in the good faith business judgment of the Lender, made by the
Borrower and contained in or evidenced by any of the Loan Documents shall cease
to be enforceable, or shall be determined to be unenforceable, in accordance
with its terms; the Borrower shall deny or disaffirm the Obligations in writing
under any of the Loan Documents or any liens granted in connection therewith;
or any liens granted on any of the Collateral in favor of the Lender shall be
determined to be void, voidable, or invalid, or shall not be given the priority
contemplated by this Agreement and not remedied to Lender's satisfaction
within three (3) business days after notice; or

                  (l)   there is a change, which change results from a single
transaction or series of related transactions, but not from the sale of newly
issued securities to investors, in more than 35% of the ownership of any equity
interests of the Borrower on the date hereof or more than 35% of such interests
become subject to any contractual, judicial, or statutory lien, charge,
security interest, or encumbrance.

            SECTION 8.  REMEDIES. If any Event of Default shall have occurred
and be continuing:

                  (a)   The Lender may, without prejudice to any of its other
rights under any Loan Document or Applicable Law, declare all Obligations to be
immediately due and payable (except with respect to any Event of Default set
forth in Section 7(f) hereof, in which case all Obligations shall automatically
become immediately due and payable without necessity of any declaration) without
presentment, representation, demand of payment, or protest, which are hereby
expressly waived.

                  (b)   The Lender may take possession of the Collateral and,
for that purpose may enter, with the aid and assistance of any person or
persons, any premises where the Collateral or any part hereof is, or may be
placed, and remove the same.

                  (c)   The obligation of the Lender, if any, to make
additional Loans or financial accommodations of any kind to the Borrower shall
immediately terminate.

                  (d)   The Lender may exercise in respect of the Collateral,
in addition to other rights and remedies provided for herein (or in any Loan
Document) or otherwise available to it, all the rights and remedies of a
secured party under the applicable Uniform Commercial Code (the "Code") whether
or not the Code applies to the affected Collateral and also may (i) require the
Borrower to, and the Borrower hereby agrees that it will at its expense and
upon request of the Lender forthwith, assemble all or part of the Collateral as
directed by the Lender and make it available to the Lender at a place to be
designated by the Lender that is reasonably convenient to both parties and (ii)
without notice except as specified below, sell the Collateral or any part
thereof in one or more parcels at public or private sale, at any of the
Lender's offices or elsewhere, for cash, on credit, or for future delivery,
and upon such other terms as the Lender may deem commercially reasonable. The
Borrower agrees that,

                                       12
<PAGE>   13
transferees, and assigns.

            SECTION 9.7. REINSTATEMENT. To the extent permitted by law, this
Agreement and the rights and powers granted to the Lender hereunder and under
the Loan Documents shall continue to be effective or be reinstated if at any
time any amount received by the Lender in respect of the Obligations is
rescinded or must otherwise be restored or returned by the Lender upon the
insolvency, bankruptcy, dissolution, liquidation, or reorganization of the
Borrower or upon the appointment of any receiver, intervenor, conservator,
trustee, or similar official for the Borrower or any substantial part of its
assets, or otherwise, all as though such payments had not been made.

            SECTION 9.8. SURVIVAL OF PROVISIONS. All representations,
warranties, and covenants of the Borrower contained herein shall survive the
execution and delivery of this Agreement, and shall terminate only upon the
full and final payment and performance by the Borrower of the Obligations
secured hereby.

            SECTION 9.9. INDEMNIFICATION. The Borrower agrees to indemnify and
hold harmless the Lender and its directors, officers, agents, employees, and
counsel from and against any and all costs, expenses, claims, or liability
incurred by the Lender or such Person hereunder and under any other Loan
Document or in connection herewith or therewith, unless any claim or liability
shall be due to willful misconduct or gross negligence on the part of the
Lender or such Person.

            SECTION 9.10. COUNTERPARTS; TELECOPIED SIGNATURES. This Agreement
may be executed in counterparts, each of which when so executed and delivered
shall be an original, but both of which shall together constitute one and the
same instrument. This Agreement and each of the other Loan Documents and any
notices given in connection herewith or therewith may be executed and delivered
by telecopier or other facsimile transmission all with the same force and
effect as if the same was a fully executed and delivered original manual
counterpart.

            SECTION 9.11. SEVERABILITY. In case any provision in or obligation
under this Agreement or any Note or any other Loan Document shall be invalid,
illegal, or unenforceable in any jurisdiction, the validity, legality, and
enforceability of the remaining provisions or obligations, or of such provision
or obligation in any other jurisdiction, shall not in any way be affected or
impaired thereby.

            SECTION 9.12. DELAYS; PARTIAL EXERCISE OF REMEDIES. No delay or
omission of the Lender to exercise any right or remedy hereunder, whether
before or after the happening of any Event of Default, shall impair any such
right or shall operate as a waiver thereof or as a waiver of any such Event of
Default. No single or partial exercise by the Lender of any right or remedy
shall preclude any other or further exercise thereof, or preclude any other
right or remedy.

            SECTION 9.13. ENTIRE AGREEMENT. The Borrower and the Lender agree
that this Agreement, the Schedule hereto, and the Commitment Letter are the
complete and exclusive statement and agreement between the parties with respect
to the subject matter hereof, superseding all proposals and prior agreements,
oral or written, and all other communications between the parties with respect
to the subject matter hereof. Should there exist any inconsistency between the
terms of the Commitment Letter and this Agreement, the terms of this Agreement
shall prevail.

            SECTION  9.14. SETOFF. In addition to and not in limitation of all
rights of offset that the Lender may have under Applicable Law, and whether or
not the Lender has made any demand or the Obligations of the Borrower have
matured, the Lender shall have the right to appropriate and apply to the
payment of the Obligations of the Borrower all deposits and other obligations
then or thereafter owing by the Lender to or for the credit or the account of
the Borrower.

            SECTION 9.15. WAIVER OF JURY TRIAL. THE BORROWER AND THE LENDER
IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN

                                       14
<PAGE>   14
DOCUMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

     SECTION 9.16.  GOVERNING LAW. THE VALIDITY, INTERPRETATION, AND
ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF ILLINOIS WITHOUT GIVING EFFECT TO THE CONFLICT OF
LAW PRINCIPLES THEREOF.

     SECTION 9.17.  VENUE; SERVICE OF PROCESS. ANY LEGAL ACTION OR PROCEEDING
WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE
COURTS OF THE STATE OF ILLINOIS SITUATED IN COOK COUNTY, OR OF THE UNITED
STATES OF AMERICA FOR THE NORTHERN DISTRICT OF ILLINOIS, AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, THE BORROWER HEREBY ACCEPTS FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE
AFORESAID COURTS. THE BORROWER HEREBY IRREVOCABLY WAIVES, IN CONNECTION WITH
ANY SUCH ACTION OR PROCEEDING, (a) ANY OBJECTION, INCLUDING, WITHOUT
LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF
FORUM NON CONVENIENS, THAT IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS AND (b) THE RIGHT TO
INTERPOSE ANY NONCOMPULSORY SETOFF, COUNTERCLAIM, OR CROSS-CLAIM. THE BORROWER
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED
COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY
REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE BORROWER AT THE ADDRESS
FOR IT SPECIFIED IN SECTION 9.1 HEREOF. NOTHING HEREIN SHALL AFFECT THE RIGHT
OF THE LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE BORROWER IN ANY
OTHER JURISDICTION, SUBJECT IN EACH INSTANCE TO THE PROVISIONS HEREOF WITH
RESPECT TO RIGHTS AND REMEDIES.

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly
executed and delivered by their proper and duly authorized officers as of the
date first set forth above.

                              ACLARA BIOSCIENCES, INC.

                              By: /s/  WENDY R. HITCHCOCK
                                  -------------------------------------
                                  Name: Wendy R. Hitchcock
                                  Title: Vice President Finance & CFO
                                  Federal Tax ID:

TRANSAMERICA BUSINESS CREDIT CORPORATION

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

                                       15
<PAGE>   15

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD OR OFFERED FOR SALE
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES
UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR THE AVAILABILITY OF
AN EXEMPTION FROM REGISTRATION UNDER SAID ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

                                     NO. 1
                           STOCK SUBSCRIPTION WARRANT

                          TO PURCHASE COMMON STOCK OF

                    ACLARA BIOSCIENCES, INC. (THE "COMPANY")

                     DATE OF INITIAL ISSUANCE: MAY 27, 1999

      THIS CERTIFIES THAT for value received, TBCC FUNDING TRUST II or its
registered assigns (hereinafter called the "Holder") is entitled to purchase
from the Company, at any time during the Term of this Warrant, Ninety-Two
Thousand Five Hundred Ninety-Three (92,593) shares of common stock, $.001 par
value, of the Company (the "Common Stock"), at the Warrant Price, payable as
provided herein. The exercise of this Warrant shall be subject to the
provisions, limitations and restrictions herein contained, and may be exercised
in whole or in part.

SECTION 1. DEFINITIONS.

      For all purposes of this Warrant, the following terms shall have the
meanings indicated:

      COMMON STOCK - shall mean and include the Company's authorized Common
Stock, $0.001 par value, as constituted at the date hereof.

      EXCHANGE ACT - shall mean the Securities Exchange Act of 1934, as amended
from time to time.

      SECURITIES ACT - the Securities Act of 1933, as amended.

      TERM OF THIS WARRANT - shall mean the period beginning on the date of
initial issuance hereof and ending on May 27, 1999.

      WARRANT PRICE - $2.70 per share, subject to adjustment in accordance with
Section 5 hereof.

      WARRANTS - this Warrant and any other Warrant or Warrants issued in
connection with a Commitment Letter dated March 4, 1999 executed by the Company
and Transamerica Business Credit Corporation (the "Commitment Letter") to the
original holder of this Warrant, or any transferees from such original holder
or this Holder.

      WARRANT SHARES - shares of Common Stock purchased or purchasable by the
Holder of this Warrant upon the exercise hereof.
<PAGE>   16
SECTION 2.  EXERCISE OF WARRANT.

     2.1  PROCEDURE FOR EXERCISE OF WARRANT. To exercise this Warrant in whole
or in part (but not as to any fractional share of Common Stock), the Holder
shall deliver to the Company at its office referred to in Section 12 hereof at
any time and from time to time during the Term of this Warrant: (i) the Notice
of Exercise in the form attached hereto, (ii) cash, certified or official bank
check payable to the order of the Company, wire transfer of funds to the
Company's account, or evidence of any indebtedness of the Company to the Holder
(or any combination of any of the foregoing) in the amount of the Warrant Price
for each share being purchased, and (iii) this Warrant. Notwithstanding any
provisions herein to the contrary, if the Current Market Price (as defined in
Section 5) is greater than the Warrant Price (at the date of calculation, as set
forth below), in lieu of exercising this Warrant as hereinabove permitted, the
Holder may elect to receive shares of Common Stock equal to the value (as
determined below) of this Warrant (or the portion thereof being canceled) by
surrender of this Warrant at the office of the Company referred to in Section 12
hereof, together with the Notice of Exercise, in which event the Company shall
issue to the Holder that number of shares of Common Stock computed using the
following formula:

                              CS = WCS x (CMP-WP)
                                   --------------
                                        CMP

Where

     CS   equals the number of shares of Common Stock to be issued to the Holder

     WCS  equals the number of shares of Common Stock purchasable under the
          Warrant or, if only a portion of the Warrant is being exercised, the
          portion of the Warrant being exercised (at the date of such
          calculation)

     CMP  equals the Current Market Price (at the date of such calculation)

     WP   equals the Warrant Price (as adjusted to the date of such calculation)

In the event of any exercise of the rights represented by this Warrant, a
certificate or certificates for the shares of Common Stock so purchased,
registered in the name of the Holder or such other name or names as may be
designated by the Holder, shall be delivered to the Holder hereof within a
reasonable time, not exceeding fifteen (15) days, after the rights represented
by this Warrant shall have been so exercised; and, unless this Warrant has
expired, a new Warrant representing the number of shares (except a remaining
fractional share), if any, with respect to which this Warrant shall not then
have been exercised shall also be issued to the Holder hereof within such time.
The person in whose name any certificate for shares of Common Stock is issued
upon exercise of this Warrant shall for all purposes be deemed to have become
the holder of record of such shares on the date on which the Warrant was
surrendered and payment of the Warrant Price and any applicable taxes was made,
irrespective of the date of delivery of such certificate, except that, if the
date of such surrender and payment is a date when the stock transfer books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open.

     2.2  TRANSFER RESTRICTION LEGEND. Each certificate for Warrant Shares shall
bear the following legend (and any additional legend required by (i) any
applicable state securities laws and (ii)

                                     - 2 -

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