Document:

EXHIBIT 4.2

                    FORM OF STOCK PLEDGE AND ESCROW AGREEMENT

      This Stock Pledge and Escrow Agreement made as of the ___ day of February,
2005, by and among Xechem International, Inc., a Delaware corporation whose
address is 100 Jersey Avenue, Bldg. B-310, New Brunswick, NJ 08901 (the
"Pledgor"), the holders of certain secured convertible promissory notes (the
"Bridge Notes") of the Pledgor in an aggregate amount not to exceed $2.5 million
(individually, a "Pledgee" and, collectively, the "Pledgees"), and Greenberg &
Kahr, whose address is 230 Park Avenue, 26th Floor, New York, NY 10169 (the
"Escrow Agent").

                                    RECITALS
                                    --------

1.    Pledgor has borrowed $___________, as evidenced by the Bridge Notes in the
      amounts and held by the persons set forth in Schedule 1 hereto;

2.    To induce the holders of the Bridge Notes to advance the funds evidenced
      thereby Pledgor has agreed to pledge all of the shares of CepTor
      Corporation ("CepTor") common stock, par value $.00001 per share (the
      "CepTor Common"), held by Pledgor to secure the Pledgor's obligations
      under the Bridge Notes and has agreed further, as set forth in the Bridge
      Notes, to sell certain minimum amounts of the CepTor Common in certain
      time periods and to use the proceeds thereof, except as set forth in
      Section 4.1 hereof, to pay the principal of and interest on the Bridge
      Notes.

NOW, THEREFORE, in consideration of the foregoing recitals and in order to
secure the payment when due of the Pledgor's indebtedness to the Pledgees, the
parties hereto agree as follows:

                                    ARTICLE 1
                                     PLEDGE
                                     ------

1.1 As collateral security for the timely repayment of the Pledgees' advances to
the Pledgor, as evidenced by the Bridge Notes, together with interest and all
other amounts due under such Bridge Notes (the "Debt"), Pledgor hereby pledges,
assigns, transfers and grants unto the Pledgees, pro rata to the principal
amounts of their respective Bridge Notes, a security interest in 3,346,000
restricted shares of the CepTor Common (the "Collateral") and in all proceeds
thereof and hereby appoints the Escrow Agent as its attorney-in-fact to arrange
for transfer of the Collateral in the stock transfer books of CepTor pursuant to
this Agreement.

                                    ARTICLE 2
                                     ESCROW
                                     ------

2.1 In furtherance of the pledge, Pledgor hereby deposits the Collateral with
the Escrow Agent, to be held and applied as hereinafter set forth. The
Collateral is registered in the name of Pledgor, accompanied by appropriate
stock transfer powers duly executed in blank.

<PAGE>

2.2 The parties agree that the Collateral is being deposited with the Escrow
Agent as collateral security for the Company's payment of the Debt.

2.3 The Escrow Agent and the Pledgees agree that they shall not encumber or
dispose of the Collateral except in accordance with the provisions of this
Agreement. The parties further agree that the Collateral shall be held by the
Escrow Agent for the benefit of the Pledgees (it being the intent of the parties
that possession of the Collateral by the Escrow Agent be equivalent to and have
the same legal effect as possession of the Collateral by the Pledgees themselves
for purposes of the Uniform Commercial Code).

2.4 Unless otherwise provided in this Agreement, the Escrow Agent shall:

      (A)   Not be held liable for any action taken or omitted to be taken under
            this Agreement so long as it shall have acted in good faith and
            without gross negligence;

      (B)   Be entitled to deem the signatories of any documents or instruments
            submitted to it hereunder to be those persons authorized to sign
            such documents or instruments and shall be entitled to rely upon the
            genuineness of the signatures of such signatories without inquiry
            and without requiring substantiating evidence of any kind;

      (C)   Be entitled to refrain from taking any action contemplated by this
            Agreement in the event it becomes aware of any disagreement between
            the parties hereto as to any material facts or as to the happening
            of any contemplated event precedent to such action, and if any such
            dispute should arise and not be settled, the Escrow Agent may
            commence an interpleader action in a court of competent jurisdiction
            and deposit the Collateral in its possession with the court for a
            determination of the dispute; and

      (D)   Be entitled to compensation for its services hereunder at its
            standard rate for its area of expertise and reimbursement of its
            normal out-of-pocket expenses including, without limitation, the
            fees and costs of attorneys or agents which it may find necessary,
            appropriate or desirable to engage in connection with the
            performance of its duties hereunder or the resolution of any
            disputes with respect thereto, which may be charged directly against
            the Collateral unless paid by the Pledgor and Pledgees equally or in
            such other proportions as they may agree, and the Escrow Agent is
            hereby granted a prior lien upon the Collateral with respect to its
            unpaid fees and non-reimbursed expenses relating to its services as
            Escrow Agent.

2.5 The Escrow Agent may resign as escrow agent hereunder following the giving
of thirty days' prior written notice to the other parties hereto, and the Escrow
Agent shall deliver the Collateral in its possession to a successor agent as
shall be appointed by the Pledgor and Pledgees within such notice period. If the
Pledgor and the Pledgees are unable to agree upon a successor during such
period, the Escrow Agent may continue to hold the Collateral until a successor
is named or may petition any court of competent jurisdiction for the appointment
of a successor escrow agent or other appropriate relief.

                                       2
<PAGE>

2.6 The Escrow Agent shall not be required to institute or defend any action
involving any matters referred to herein or which affect its duties or
liabilities hereunder unless or until requested to do so by any party to this
Agreement and then only upon receiving full indemnity, in character and amount
satisfactory to Escrow Agent, against any and all claims, liabilities, losses
and expenses in relation thereto. In the event of any dispute among the parties
hereto with respect to Escrow Agent or its duties hereunder, Escrow Agent may
refrain from acting until required to do so by order of a court of competent
jurisdiction.

2.7 Pledgor and Pledgees jointly and severally agree to indemnify and hold
harmless Escrow Agent from any and all costs or expenses incurred by Escrow
Agent in connection with the discharge of its duties and obligation hereunder.
Pledgor and Pledgees further covenant and agree to release, discharge and
exonerate Escrow Agent in full upon the satisfactory completion of its duties
hereunder.

                                    ARTICLE 3
                                  VOTING RIGHTS
                                  -------------

3.1 Provided the Pledgor is not then in default with respect to the Debt, the
Pledgor shall have full voting rights with respect to the Collateral held by the
Escrow Agent. Upon such default, Pledgees shall have full voting rights with
respect thereto. This right to vote the Collateral shall be deemed to be an
irrevocable proxy coupled with an interest and may not be revoked while this
Agreement is in effect.

                                    ARTICLE 4
                             SALES OF CEPTOR COMMON
                             ----------------------

4.1 Provided the Pledgor is not then in default with respect to the Debt, the
Pledgor shall be permitted to sell the CepTor Common constituting the
Collateral, provided, that the net proceeds of any such sale are used to pay the
Pledgees amounts due under their Bridge Notes, pro rata to the principal
balances outstanding on their respective Bridge Notes. Pledgor shall issue
instructions to the Escrow Agent with respect to any such sale and the proposed
disposition of the proceeds thereof in accordance with the preceding sentence,
and the Escrow Agent shall, if it shall not have theretofore received a notice
of Default in accordance with Article 5 hereof, effect such sale and such
disposition of the proceeds thereof. Notwithstanding anything to the contrary
contained herein, and provided that Pledgor is not then in default with respect
to the Debt, Pledgor may exchange shares of CepTor Common constituting part of
the Collateral, free and clear of the lien created by this Agreement, for shares
of Pledgor's common stock, par value $.00001 per share (Pledgor's Common"), held
by William Pursley or subject to options held by William Pursley on the date
hereof, including by cancellation of any such options in exchange for shares of
CepTor Commoon, provided that such exchange (the "Exchange") is effected at the
relative market values of the Pledgor's Common and the Ceptor Common. In the
event Pledgor desires to effect an Exchange in accordance with the previous
sentence, Pledgor shall issue instructions to the Escrow Agent with respect
thereto, and the Escrow Agent shall, if it shall not have theretofore received a
notice of Default in accordance with Article 5 hereof, effect such Exchange. Any
shares of Pledgor's Common or options to acquire shares of Pledgor's Common
received by the Escrow Agent in such Exchange shall be delivered to Pledgor for
cancellation.

                                       3
<PAGE>

                                    ARTICLE 5
                                     DEFAULT
                                     -------

5.1 A default (a "Default") under this Agreement shall be deemed to exist
whenever an Event of Default under the Bridge Notes has occurred and is
continuing. In the event of a Default, written notice of such Default shall be
sent by any Pledgee to Escrow Agent. As soon as possible, but in no event later
than ten (10) days after receipt of such notice, Escrow Agent shall mail a copy
of such notice to Pledgor and to the other Pledgees. If no written notice of
objection to the notice of Default is received by Escrow Agent from Pledgor
within ten (10) days after the date the notice of Default was mailed by Escrow
Agent to Pledgor, Escrow Agent shall deliver to Pledgees, pro rata, the
Collateral or evidence that it has delivered the Collateral to the transfer
agent for CepTor for registration in the names of and delivery to Pledgees pro
rata to their interests therein. In the event written objection from Pledgor is
received by Escrow Agent within ten (10) days after the date the notice of
Default was mailed by escrow Agent to Pledgor, Escrow Agent shall promptly, and
in any event within ten (10) days, mail such notice of objection to Pledgees and
then continue to hold the Collateral as Escrow Agent until instructed in writing
jointly by Pledgor and all of the Pledgees as to its disposition.

5.2 Upon delivery of the Collateral to the Pledgees in accordance with this
Agreement, the Pledgees shall have such rights and remedies as are available to
a secured party upon default under the Uniform Commercial Code of the State of
Delaware. The Pledgees, subject to the Uniform Commercial Code of the State of
Delaware, may foreclose upon the Collateral and cause it to be sold at public or
private sale. The Pledgees shall give Pledgor reasonable notice of the time and
place of any public or private sale or other intended disposition of the
Collateral. Requirements of reasonable notice shall be met if, at least five (5)
days prior to the time of such sale or other intended disposition, written
notice of the sale or other intended disposition is given to the Pledgor. Any
Pledgee shall be entitled to be a purchaser of the Collateral being sold at such
public or private sale.

5.3 The remedies provided in this Article for the Pledgees shall be cumulative
and in addition to and not in substitution for the rights and remedies that
would otherwise be vested by law or in equity, all of which are specifically
reserved to the Pledgees. Neither the failure nor any delay on the part of any
Pledgee to exercise any right, power, privilege or remedy mentioned above shall
operate as a waiver thereof.

                                       4
<PAGE>

                                    ARTICLE 6
                                  MISCELLANEOUS
                                  -------------

6.1 Upon full and final payment of the Debt by the Company, including without
limitation by the conversion of such Debt in accordance with the terms of the
Bridge Notes evidencing such Debt, Pledgor shall deliver written notice thereof
to Escrow Agent. As soon as possible but in no event later than ten (10) days
after receipt of such notice, Escrow Agent shall mail a copy of such notice to
the Pledgees. If no written notice of objection is received by Escrow Agent from
any Pledgee within ten (10) days after the notice has been mailed by Escrow
Agent to the Pledgees, Escrow Agent shall deliver the Collateral to Margie
Chassman, as holder of a second lien against the Collateral, which shall
thereupon become a first lien, and the escrow hereunder shall terminate. The
Escrow Agent acknowledges that it is aware of the second lien position of Margie
Chassman and agrees that it will take no action to jeopardize such lien except
to the extent required by the provisions hereof and that Ms. Chassman is a third
party beneficiary with respect to this undertaking. If written objection from
any Pledgee is received by Escrow Agent within ten (10) days after the date
Escrow Agent sent notice of payment of the Debt, Escrow Agent shall mail notice
of the objection to Pledgor as soon as practicable but in no event later than
ten (10) days after receipt of the objection and shall continue to hold the
Collateral except as otherwise directed in a joint written direction with
respect thereto from Pledgor and all of the Pledgees.

6.2 This Agreement shall be binding upon the parties and their heirs, executors,
administrators, successors and assigns.

6.3 This Agreement shall be governed by the internal laws of the State of
Delaware applicable to contracts made and to be wholly performed within such
State. The parties agree that any legal suit, action or proceeding arising out
of or related to this Agreement may be instituted in a state or federal court
located in the City and State of New York, waive any objection which they may
now or hereafter have to the laying of venue of any such suit, action or
proceeding in any such court and irrevocable submit to the jurisdiction of any
such court in any such suit, action or proceeding.

                                       5
<PAGE>

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

                                    PLEDGOR:

                                    XECHEM INTERNATIONAL, INC.

                                    By: ________________________
                                        Name:
                                        Title:

                                    PLEDGEES:

                                    ____________________________

                                    ____________________________

                                    ESCROW AGENT:

                                    GREENBERG & KAHR

                                    By: ________________________
                                        A Member of the Firm

                                       6
<PAGE>

                                                                      SCHEDULE 1
                                                                      ----------

                               BRIDGE NOTE HOLDERS
                               -------------------

Name and Address                            Principal Amount
----------------                            ----------------

                                       7EXHIBIT 4.3

                       FORM COMMON STOCK PURCHASE WARRANT.

                              COMMON STOCK PURCHASE
                                     WARRANT

        THE SECURITIES REPRESENTED BY THIS CERTIFICATE, THE COMMON STOCK
       ISSUABLE UPON EXERCISE HEREOF, AND ANY INTEREST THEREIN MAY NOT BE
         OFFERED OR SOLD EXCEPT PURSUANT TO (i) A REGISTRATION STATEMENT
       UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (ii) AN EXEMPTION
                        FROM REGISTRATION UNDER SUCH ACT.

                          THE TRANSFER OF THIS WARRANT
                        IS RESTRICTED AS DESCRIBED HEREIN

                      VOID AFTER 5:00 P.M., NEW YORK TIME,
                              ON FEBRUARY __, 2010

                           XECHEM INTERNATIONAL, INC.

                            Warrant for the Purchase
                                       of
                        _________ Shares of Common Stock

No.

      THIS CERTIFIES that, for value received, __________ (the "Holder") is
entitled to subscribe for and purchase from Xechem International, Inc., a
Delaware corporation (the "Company"), upon the terms and subject to the
conditions set forth herein, at any time or from time to time, on or after
February __, 2005, and before 5:00 P.M., New York time, on February __, 2010
(the "Exercise Period"), _____________________________________ (________) shares
of the Company's Common Stock, par value $.00001 per share (the "Common Stock"),
subject to adjustment as provided herein (the "Warrant Shares"), at a price of $
0.015 per share, subject to adjustment as provided herein (the "Exercise
Price").

      This Warrant may not be sold or otherwise disposed of without the
Company's prior written consent. No transfer of this Warrant or the Warrant
Shares will be permitted unless a registration statement under the Securities
Act of 1933, as amended (the "Act"), is in effect as to that transfer or, in the
opinion of counsel reasonably satisfactory to the Company, registration under
the Act is not necessary for that transfer to comply with the Act. The term the
"Holder" as used herein shall include any transferee to whom this Warrant has
been transferred in accordance with the above.

<PAGE>

      This Warrant may be exercised during the Exercise Period, as to the whole
or any lesser number of whole Warrant Shares, by the surrender of this Warrant
(with the Form of Election to Exercise at the end hereof duly completed and
executed) to the Company at 100 Jersey Avenue, Building 310-B, New Brunswick, NJ
08901, Attention: Ramesh Pandey, CEO, or at such other place as may be
designated in writing by the Company, together with a certified or bank
cashier's check payable to the order of the Company in an amount equal to the
Exercise Price multiplied by the number of Warrant Shares for which this Warrant
is being exercised. This Warrant may also be exercised at any such time by means
of a "cashless exercise" in which the Holder shall be entitled to receive a
certificate for the number of Warrant Shares equal to the quotient obtained by
dividing [(A-B) (X)] by (A), where:

      (A) = the closing sale price for the Common Stock on any national
            securities exchange on which the Common Stock is listed for trading
            or, if not so listed, on the Nasdaq National Market or any other
            Nasdaq market to which the Common Stock is admitted for trading or,
            if not so admitted, on the over-the-counter Bulletin Board on the
            trading day immediately preceding the date of such election;

      (B) = the Exercise Price of the Warrants, as adjusted; and

      (X) = the number of Warrant Shares issuable upon exercise of the
            Warrants in accordance with the terms of this Warrant.

      1. Upon each exercise of the Holder's rights to purchase Warrant Shares,
the Holder shall be deemed to be the holder of record of the Warrant Shares
issuable upon such exercise, notwithstanding that the transfer books of the
Company shall then be closed or certificates representing such Warrant Shares
shall not then have been actually delivered to the Holder. As soon as
practicable after each such exercise of this Warrant, the Company shall issue
and deliver to the Holder a certificate or certificates for the Warrant Shares
issuable upon such exercise, registered in the name of the Holder. If this
Warrant should be exercised in part only, the Company shall, upon surrender of
this Warrant for cancellation, execute and deliver a new Warrant evidencing the
right of the Holder to purchase the balance of the Warrant Shares (or portions
thereof) subject to purchase hereunder.

      2. Any Warrants issued upon the transfer or exercise in part of this
Warrant shall be numbered and shall be registered in a warrant register (the
"Warrant Register") as they are issued. The Company shall be entitled to treat
the registered holder of any Warrant on the Warrant Register as the owner in
fact thereof for all purposes and shall not be bound to recognize any equitable
or other claim to or interest in such Warrant on the part of any other person,
and shall not be liable for any registration or transfer of Warrants which are
registered or to be registered in the name of a fiduciary or the nominee of a
fiduciary unless made with the actual knowledge that a fiduciary or nominee is
committing a breach of trust in requesting such registration or transfer, or
with the knowledge of such facts that its participation therein amounts to bad
faith. This Warrant shall be transferable on the books of the Company only upon
delivery hereof with the Form of Assignment at the end hereof duly completed and
executed by the Holder or by his or its duly authorized attorney or
representative, or accompanied by proper evidence of succession, assignment, or
authority to transfer. In all cases of transfer by an attorney, executor,
administrator, guardian or other legal representative, duly authenticated
evidence of his or its authority shall be produced. Upon any registration of
transfer, the Company shall deliver a new Warrant or Warrants to the person
entitled thereto. This Warrant may be exchanged, at the option of the Holder
thereof, for another Warrant, or other Warrants of different denominations, of
like tenor and representing in the aggregate the right to purchase a like number
of Warrant Shares (or portions thereof), upon surrender to the Company or its
duly authorized agent. Notwithstanding the foregoing, the Company shall have no
obligation to cause this Warrant to be transferred on its books to any person
if, in the opinion of counsel to the Company, such transfer does not comply with
the provisions of the Act and the rules and regulations thereunder.

                                       2
<PAGE>

      3. The Company shall at all times during the Exercise Period reserve and
keep available out of its authorized and unissued Common Stock, solely for the
purpose of providing for the exercise of the Warrants, such number of shares of
Common Stock as shall, from time to time, be sufficient therefor. The Company
covenants that all Warrant Shares, upon receipt by the Company of the full
payment therefor, shall be validly issued, fully paid, nonassessable, and free
of preemptive rights.

      4. Subject to the provisions of this Section 4, the Exercise Price in
effect from time to time shall be subject to adjustment, as follows:

            (a) In case the Company shall at any time after the date the
      Warrants were first issued 1. declare a dividend on the outstanding Common
      Stock payable in shares of its capital stock, 2. subdivide the outstanding
      Common Stock, or 3. combine the outstanding Common Stock into a smaller
      number of shares, then, in each case, the Exercise Price in effect, and
      the number of shares of Common Stock issuable upon exercise of the
      Warrants outstanding, at the time of the record date for such dividend or
      of the effective date of such subdivision or combination, shall be
      proportionately adjusted so that the holders of the Warrants after such
      time shall be entitled to receive the aggregate number and kind of shares,
      for the same aggregate Exercise Price as in effect immediately prior to
      such dividend, subdivision or combination, which, if such Warrants had
      been exercised immediately prior to such time, such holders would have
      owned upon such exercise and been entitled to receive by virtue of such
      dividend, subdivision, or combination. Such adjustment shall be made
      successively whenever any event listed above shall occur.

            (b) All calculations under this Section 4 shall be made to the
      nearest one-hundredth of a cent or to the nearest one-thousandth of a
      share, as the case may be; provided, however that, no adjustment in the
      Exercise Price shall be required if such adjustment is less than $.0001;
      and provided, further, that any adjustments which by reason of this
      Section 4 are not required to be made shall be carried forward and taken
      into account in any subsequent adjustment. The Company shall not be
      required to issue fractions of shares of Common Stock or other capital
      stock of the Company upon the exercise of this Warrant. If any fraction of
      a share would be issuable on the exercise of this Warrant (or specified
      portions thereof), the Company shall purchase such fraction for an amount
      in cash equal to the same fraction of the fair market value of such share
      of Common Stock on the date of exercise of this Warrant.

            (c) In any case in which this Section 4 shall require that an
      adjustment in the Exercise Price be made effective as of a record date for
      a specified event (an "Event"), the Company may elect to defer, until the
      occurrence of such Event, issuing to the Holder, if the Holder exercised
      this Warrant after such record date, the shares of Common Stock, if any,
      issuable upon such exercise over and above the number of Warrant Shares,
      if any, issuable upon such exercise on the basis of the Exercise Price in
      effect prior to such adjustment; provided, however, that the Company shall
      deliver to the Holder a due bill or other appropriate instrument
      evidencing the Holder's right to receive such additional shares upon the
      occurrence of the Event requiring such adjustment.

                                       3
<PAGE>

            (d) Whenever there shall be an adjustment as provided in this
      Section 4, the Company shall within 15 days thereafter cause written
      notice thereof to be sent by registered mail, postage prepaid, to the
      Holder, at its address as it shall appear in the Warrant Register, which
      notice shall be accompanied by an officer's certificate setting forth the
      number of Warrant Shares issuable hereunder and the Exercise Price after
      such adjustment and setting forth a brief statement of the facts requiring
      such adjustment and the computation thereof, which officer's certificate
      shall be conclusive evidence of the correctness of any such adjustment
      absent manifest error.

            (e) If and whenever, on or after the date of this Warrant, the
      Company shall issue, sell or grant shares of Common Stock, or in
      accordance with clause (f) below is deemed to have issued, sold or granted
      shares of its Common Stock, for consideration per share therefor of less
      than the Exercise Price (the "Dilutive Price" and each such occurrence,
      hereinafter referred to as a "Dilutive Event"), then forthwith upon the
      occurrence of any such Dilutive Event, the Exercise Price shall be reduced
      to that amount calculated by multiplying the Exercise Price in effect
      immediately before such adjustment by a fraction (A) the numerator of
      which is (i) the number of shares of Common Stock outstanding immediately
      prior to the Dilutive Event plus (ii) the number of shares of Common Stock
      issued as part of the Dilutive Event multiplied by a fraction the
      numerator of which is the Dilutive Price and the denominator of which is
      the Exercise Price and (B) the Denominator of which is the number of
      shares of Common Stock outstanding immediately following the Dilutive
      Event. The number of Warrant Shares subject to this Warrant shall
      thereupon be adjusted by multiplying the number of Warrant Shares subject
      to this Warrant immediately prior to the Dilutive Event by a fraction (X)
      the numerator of which is the Exercise Price immediately prior to the
      Dilutive Event and (Y) the denominator of which is the Exercise Price
      immediately after the adjustment set forth in this paragraph.

            (f) For purposes of determining the adjusted Exercise Price pursuant
      to clause (e) above, the following events shall be deemed to be an
      issuance and sale of shares of Common Stock by the Company:

                  (i) Issuance of Rights or Options. If:

                        (A) the Company, during the Exercise Period, in any
                  manner, hereafter grants any rights or options to subscribe
                  for, or to purchase, shares of Common Stock, or any securities
                  convertible into or exchangeable for any shares of Common
                  Stock in the Company (such rights or options referred to
                  herein as "Options" and such convertible or exchangeable
                  securities referred to herein as "Convertible Securities");
                  and

                                       4
<PAGE>

                        (B) the price per unit of the shares of Common Stock
                  issuable upon the exercise of such Options or upon conversion
                  or exchange of such Convertible Securities is less than the
                  Exercise Price in effect immediately prior to the time of the
                  granting of such Options, then the shares of Common Stock
                  issuable upon the exercise of such Options or upon conversion
                  or exchange of such Convertible Securities will be deemed to
                  have been issued and sold by the Company for such lesser Price
                  Per Unit. For the purposes of this clause (f) the "Price Per
                  Unit" is determined by dividing: (X) the total amount, if any,
                  received by the Company as consideration for the granting of
                  such Options, plus the minimum aggregate amount of additional
                  consideration payable to the Company upon exercise of all such
                  Options, plus in the case of such Options which relate to
                  Convertible Securities, the minimum aggregate amount of
                  additional consideration, if any, payable to the Company upon
                  the issuance or sale of such Convertible Securities and the
                  conversion or exchange thereof, by (Y) the total maximum
                  number of shares of Common Stock issuable upon the exercise of
                  such Options or upon the conversion or exchange of all such
                  Convertible Securities issuable upon the exercise of such
                  Options. No further adjustment of the Exercise Price will be
                  made when Convertible Securities are actually issued upon the
                  exercise of such Options or when shares of Common Stock are
                  actually issued upon the exercise of such Options or the
                  conversion or exchange of such Convertible Securities.

                  (ii) Calculation of Consideration Received. If any shares of
            Common Stock, Options or Convertible Securities are issued or sold
            or deemed to have been issued or sold for cash, the consideration
            received therefor or the Price Per Unit, as the case may be, will be
            deemed to be the net amount received or to be received,
            respectively, by the Company therefor. In case any shares of Common
            Stock, Options or Convertible Securities are issued or sold for a
            consideration other than cash, the amount of the consideration other
            than cash received by the Company or the non cash portion of the
            Price Per Unit, as the case may be, will be the fair market value of
            such consideration received or to be received, respectively, by the
            Company. If any shares of Common Stock, Options or Convertible
            Securities are issued in connection with any merger in which the
            Company is the surviving Company, the amount of consideration
            therefor will be deemed to be the fair value of such portion of the
            net assets and business of the non surviving Company as is
            attributable to such shares of Common Stock, Options or Convertible
            Securities, as the case may be. The fair value of any consideration
            other than cash and marketable securities will be determined jointly
            by the Company and the Holder. If such parties are unable to reach
            agreement within a reasonable period of time, the fair value of such
            consideration will be determined by an independent appraiser jointly
            selected by the Company and the Holder.

                  (iii) Integrated Transactions. In case any Option is issued in
            connection with the issuance or sale of other securities of the
            Company, together comprising one integrated transaction in which no
            specific consideration is allocated to such Option by the parties
            thereto, the Option will be deemed to have been issued for a
            consideration of $0.0001.

                  (iv) Record Date. If the Company takes a record of the holders
            of capital stock for the purpose of entitling them: (i) to receive a
            dividend or other distribution payable in shares of capital stock in
            the Company, Options or Convertible Securities; or (ii) to subscribe
            for or purchase shares of capital stock in the Company, Options or
            Convertible Securities, then such record date will be deemed to be
            the date of the issuance or sale of the shares of capital stock
            deemed to have been issued or sold upon the declaration of such
            dividend or upon the making of such other distribution or the date
            of the granting of such right of subscription or purchase, as the
            case may be.

                                       5
<PAGE>

      5. In case of any consolidation with or merger of the Company with or into
another corporation (other than a merger or consolidation in which the Company
is the surviving or continuing corporation), or in case of any sale, lease, or
conveyance to another corporation of the property and assets of any nature of
the Company as an entirety or substantially as an entirety (such actions being
hereinafter collectively referred to as "Reorganizations"), there shall
thereafter be deliverable upon exercise of this Warrant (in lieu of the number
of shares of Common Stock theretofore deliverable) the kind and amount of shares
of stock or other securities or property receivable upon such Reorganization by
a holder of the number of shares of Common Stock, for which this Warrant might
have been exercised immediately prior to such Reorganization. In case of any
Reorganization, appropriate adjustment, as determined in good faith by the Board
of Directors of the Company, shall be made in the application of the provisions
herein set forth with respect to the rights and interests of the Holder so that
the provisions set forth herein shall thereafter be applicable, as nearly as
possible, in relation to any shares or other property thereafter deliverable
upon exercise of this Warrant. Any such adjustment shall be made by and set
forth in a supplemental agreement between the Company, or any successor thereto,
and the Holder and shall for all purposes hereof conclusively be deemed to be an
appropriate adjustment. The Company shall not effect any such Reorganization
unless upon or prior to the consummation thereof the successor corporation, or
if the Company shall be the surviving corporation in any such Reorganization and
is not the issuer of the shares of stock or other securities or property to be
delivered to holders of shares of the Common Stock outstanding at the effective
time thereof, then such issuer, shall assume by written instrument the
obligation to deliver to the Holder such shares of stock, securities, cash or
other property as the Holder shall be entitled to purchase in accordance with
the foregoing provisions.

      In case of any reclassification or change of the shares of Common Stock
issuable upon exercise of this Warrant (other than a change in par value or from
no par value to a specified par value, or as a result of a subdivision or
combination of the outstanding shares of Common Stock, but including any change
of the shares of Common Stock into two or more classes or series of shares), or
in case of any consolidation or merger of another corporation into the Company
in which the Company is the continuing corporation and in which there is a
reclassification or change (including a change to the right to receive cash or
other property) of the shares of Common Stock (other than a change in par value,
or from no par value to a specified par value, or as a result of a subdivision
or combination of the outstanding shares of Common Stock, but including any
change of the shares into two or more classes or series of shares), the Holder
shall have the right thereafter to receive upon exercise of this Warrant solely
the kind and amount of shares of stock and other securities, property, cash, or
any combination thereof receivable upon such reclassification, change,
consolidation, or merger by a holder of the number of shares of Common Stock for
which this Warrant might have been exercised immediately prior to such
reclassification, change, consolidation, or merger. Thereafter, appropriate
provision shall be made for adjustments which shall be as nearly equivalent as
practicable to the adjustments in Section 4.

      The above provisions of this Section 5 shall similarly apply to successive
reclassifications and changes of shares of Common Stock and to successive
consolidations, mergers, sales, leases, or conveyances.

                                       6
<PAGE>

      6. Upon thirty (30) days' prior written notice to the Holder, which notice
may be given by the Company only if within the preceding sixty (60) days the
Common Stock has had a closing sale price for twenty (20) consecutive trading
days of $0.06 or more on any national securities exchange on which the Common
Stock is listed or, if not so listed, on the Nasdaq National Market or any other
Nasdaq market to which the Common Stock is admitted for trading or, if not so
admitted for trading, on the over-the-counter Bulletin Board, the Company may
call this Warrant for a price equal to the par value of the Warrant Shares
issuable upon exercise of this Warrant. The date set for such purchase of this
Warrant in the notice given by the Company in accordance with the preceding
sentence is herein referred to as the "Call Date." Notwithstanding any such call
notice, the Holder shall continue to have the right to exercise this Warrant as
provided above until the Call Date.

      7. In case at any time the Company shall propose:

            (a) to pay any dividend or make any distribution on shares of Common
      Stock in shares of Common Stock or make any other distribution (other than
      regularly scheduled cash dividends which are not in a greater amount per
      share than the most recent such cash dividend) to all holders of Common
      Stock; or

            (b) to issue any rights, warrants or other securities to all holders
      of Common Stock entitling them to purchase any additional shares of Common
      Stock or any other rights, warrants or other securities; or

            (c) to effect any reclassification or change of outstanding shares
      of Common Stock, or any consolidation, merger, sale, lease, or conveyance
      of property, described in Section 5; or

            (d) to effect any liquidation, dissolution or winding-up of the
      Company;

then, and in any one or more of such cases, the Company shall give written
notice thereof, by registered mail, postage prepaid, to the Holder at the
Holder's address as it shall appear in the Warrant Register, mailed at least 10
days prior to 1. the date as of which the holders of record of shares of Common
Stock to be entitled to receive any such dividend, distribution, rights,
warrants, or other securities are to be determined or 2. the date on which any
such reclassification, change of outstanding shares of Common Stock,
consolidation, merger, sale, lease, conveyance of property, liquidation,
dissolution, or winding-up is expected to become effective, and the date as of
which it is expected that holders of record of shares of Common Stock shall be
entitled to exchange their shares for securities or other property, if any,
deliverable upon such reclassification, change of outstanding shards,
consolidation, merger, sale, lease, conveyance of property, liquidation,
dissolution, or winding-up.

      8. The issuance of any shares or other securities upon the exercise of
this Warrant and the delivery of certificates or other instruments representing
such shares or other securities shall be made without charge to the Holder for
any tax or other charge in respect of such issuance. The Company shall not,
however, be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of any certificate in a name other
than that of the Holder and the Company shall not be required to issue or
deliver any such certificate unless and until the person or persons requesting
the issue thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

                                       7
<PAGE>

      9. The Warrant Shares issued upon exercise of the Warrant shall be subject
to a stop transfer order. The certificate or certificates evidencing such
Warrant Shares shall bear the following legend unless the Warrant Shares are
registered pursuant to the Act:

            "The shares represented by this certificate have not been registered
            under the Securities Act of 1933, as amended (the "Act"), and may
            not be transferred unless a registration statement under the Act is
            in effect as to that transfer or, in the opinion of counsel
            reasonably satisfactory to the Company, registration under the Act
            is not necessary for that transfer to comply with the Act."

      10. Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction or mutilation of any Warrant (and upon surrender of any
Warrant if mutilated), and upon reimbursement of the Company's reasonable
incidental expenses, the Company shall execute and deliver to the Holder thereof
a new Warrant of like date, tenor and denomination.

      11. The Holder of any Warrant shall not have, solely on account of such
status, any rights of a stockholder of the Company, either at law or in equity,
or to any notice of meetings of stockholders or of any other proceedings of the
Company, except as provided in this Warrant.

      12. This Warrant shall be governed by and construed in accordance with the
law of the State of Delaware applicable to agreements made and to be performed
in such State.

Dated:  February __, 2005

                                          XECHEM INTERNATIONAL, INC.

                                          By:_________________________
                                             Name:    Ramesh Pandey
                                             Title:   CEO

                                       8
<PAGE>

                               FORM OF ASSIGNMENT

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

FOR VALUE RECEIVED, ___________ hereby sells, assigns and transfers unto:

      Name:_____________________________________________________

      Address:__________________________________________________

              __________________________________________________

              __________________________________________________

      Social Security or Tax Identification Number

      ____________________________________________

a Warrant to purchase ______ shares of Common Stock, $.00001 par value per
share, of Xechem International, Inc. (the "Company"), together with all right,
title, and interest therein, and does hereby irrevocably constitute and appoint
_______________ attorney to transfer such Warrant on the books of the Company,
with full power of substitution.

Dated: ___________________

                                    Name:____________________________________

                                    Address:_________________________________

                                            _________________________________

                                            _________________________________

                                    Social Security or Tax Identification Number

                                    ____________________________________________

                                    Signature:

                                    NOTE:  The above signature should correspond
                                    exactly with the name on the first page of
                                    this Warrant.

<PAGE>

                          FORM OF ELECTION TO EXERCISE

To:   Xechem International, Inc.
      100 Jersey Avenue, Building B-310
      New Brunswick, NJ 08901
      Attn: Ramesh Pandey, CEO

      The undersigned hereby exercises his or its rights to purchase ________
Warrant Shares covered by the within Warrant [by cashless exercise/and tenders
payment herewith in the amount of $_______] in accordance with the terms
thereof, and requests that certificates for such securities be issued in the
name of, and delivered to:

      Name:________________________________________________________

      Address:_____________________________________________________

              _____________________________________________________

      Social Security or Tax Identification Number _____________________________

and, if such number of Warrant Shares shall not be all the Warrant Shares
covered by the within Warrant, that a new Warrant for the balance of the Warrant
Shares covered by the within Warrant be registered in the name of, and delivered
to, the undersigned at the address stated below.

Dated:___________________

                                    Name:_______________________________________

                                    Address:____________________________________

                                            ____________________________________

                                            ____________________________________

                                    Social Security or Tax Identification Number

                                    ____________________________________________

                                    Signature:__________________________________

                                    NOTE: The above signature should correspond
                                    exactly with the name on the first page of
                                    this Warrant or with the name of the
                                    assignee appearing in the Form of
                                    Assignment.

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