Document:

EXHIBIT 4.4
     THIS  NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE
     NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS NOTE
     AND  THE  COMMON  SHARES  ISSUABLE  UPON CONVERSION OF THIS NOTE MAY NOT BE
     SOLD,  OFFERED  FOR  SALE,  PLEDGED  OR  HYPOTHECATED  IN THE ABSENCE OF AN
     EFFECTIVE  REGISTRATION  STATEMENT  AS  TO  THIS  NOTE UNDER SAID ACT OR AN
     OPINION  OF  COUNSEL  REASONABLY  SATISFACTORY TO ENDOVASC LTD., INC., THAT
     SUCH  REGISTRATION  IS  NOT  REQUIRED.

                                CONVERTIBLE NOTE
                                ----------------

          FOR  VALUE  RECEIVED,  ENDOVASC  LTD.,  INC.,  a  Nevada  corporation
(hereinafter called "Borrower"), hereby promises to pay to THE KESHET FUND L.P.,
a  New  York  limited partnership 135 West 50th Street, Suite 1700, New York, NY
10020, Fax: 212-541-4434 (the "Holder") or order, without demand, the sum of Two
Hundred  Thousand  Dollars  ($200,000.00),  with simple interest accruing at the
annual  rate  of  8%,  on  September  7,  2003  (the  "Maturity  Date").

          The following terms shall apply to this Note:

                                    ARTICLE I

                           DEFAULT RELATED PROVISIONS

          1.1     Payment Grace Period.  The  Borrower shall have a ten (10) day
                  --------------------
     grace  period  to pay any monetary amounts due under this Note, after which
     grace  period  a  default  interest  rate of twenty percent (20%) per annum
     shall  apply  to  the  amounts  owed  hereunder.

          1.2     Conversion Privileges.  The Conversion Privileges set forth in
                  ---------------------
Article  II  shall  remain  in  full  force and effect immediately from the date
hereof  and  until  the  Note  is  paid  in  full.

          1.3     Interest Rate.   Subject  to  the  Holder's  right to convert,
                  -------------
     interest  payable  on  this  Note  shall accrue at the annual rate of eight
     percent  (8%)  and  be payable in arrears commencing September 30, 2001 and
     quarterly  thereafter,  and on the Maturity Date, accelerated or otherwise,
     when  the  principal and remaining accrued but unpaid interest shall be due
     and  payable,  or  sooner  as  described  below.

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                                   ARTICLE II

                                CONVERSION RIGHTS

          The  Holder  shall  have the right to convert the principal amount and
interest  due  under this Note into Shares of the Borrower's Common Stock as set
forth  below.

          2.1. Conversion into the Borrower's Common Stock.
          ------------------------------------------------

          (a)  The  Holder  shall  have the right from and after the issuance of
this  Note  and  then  at any time until this Note is fully paid, to convert any
outstanding  and  unpaid  principal portion of this Note, and/or at the Holder's
election with the Company's consent, the interest accrued on the Note, (the date
of  giving  of  such  notice of conversion being a "Conversion Date") into fully
paid  and  nonassessable shares of common stock of Borrower as such stock exists
on the date of issuance of this Note, or any shares of capital stock of Borrower
into  which  such  stock shall hereafter be changed or reclassified (the "Common
Stock")  at  the  conversion  price  as  defined  in  Section 2.1(b) hereof (the
"Conversion Price"), determined as provided herein. Upon delivery to the Company
of  a  Notice  of  Conversion  as  described  in  Section  9 of the subscription
agreement entered into between the Company and Holder relating to this Note (the
"Subscription  Agreement")  of  the  Holder's  written  request  for conversion,
Borrower  shall  issue and deliver to the Holder within three business days from
the Conversion Date that number of shares of Common Stock for the portion of the
Note  converted in accordance with the foregoing. At the election of the Holder,
the  Company  will  deliver  accrued but unpaid interest on the Note through the
Conversion  Date  directly  to  the  Holder  on  or before the Delivery Date (as
defined  in the Subscription Agreement). The number of shares of Common Stock to
be issued upon each conversion of this Note shall be determined by dividing that
portion  of  the  principal of the Note to be converted and interest, if any, by
the  Conversion  Price.

          (b)  Subject to adjustment as provided in Section 2.1(c)  hereof,  the
Conversion  Price  per share shall be the lower of (i) eighty five percent (85%)
of  the  average  of the three lowest closing prices for the Common Stock on the
NASD  OTC Bulletin Board, NASDAQ SmallCap Market, NASDAQ National Market System,
American  Stock Exchange, or New York Stock Exchange (whichever of the foregoing
is  at  the  time the principal trading exchange or market for the Common Stock,
the  "Principal  Market"),  or  if  not then trading on a Principal Market, such
other  principal  market or exchange where the Common Stock is listed or traded,
for the thirty (30) trading days prior to but not including the Closing Date (as
defined  in  the  Subscription  Agreement) in connection with which this Note is
issued  ("Maximum  Base Price"); or (ii) seventy percent (70%) of the average of
the three lowest closing prices for the Common Stock on the Principal Market, or
on  any securities exchange or other securities market on which the Common Stock
is  then  being  listed or traded, for the thirty (30) trading days prior to but
not  including  the  Conversion  Date.

          (c)  The  Maximum  Base Price described in Section 2.1(b)(i) above and
number  and  kind  of  shares  or  other securities to be issued upon conversion
determined pursuant to Section 2.1(a) and 2.1(b), shall be subject to adjustment
from  time  to  time  upon the happening of certain events while this conversion
right  remains  outstanding,  as  follows:

               A.  Merger,  Sale  of  Assets,  etc. If the Borrower at any time
shall  consolidate with or merge into or sell or convey all or substantially all
its  assets  to  any  other  corporation,  this Note, as to the unpaid principal
portion  thereof  and  accrued  interest  thereon, shall thereafter be deemed to

                                        2
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evidence  the  right  to  purchase  such  number  and  kind  of  shares or other
securities  and property as would have been issuable or distributable on account
of  such  consolidation, merger, sale or conveyance, upon or with respect to the
securities subject to the conversion or purchase right immediately prior to such
consolidation,  merger,  sale  or  conveyance.  The  foregoing  provision  shall
similarly  apply  to  successive  transactions  of  a similar nature by any such
successor  or  purchaser.  Without limiting the generality of the foregoing, the
anti-dilution  provisions of this Section shall apply to such securities of such
successor or purchaser after any such consolidation, merger, sale or conveyance.

               B.  Reclassification,  etc. If the Borrower at any time shall, by
reclassification  or  otherwise,  change  the  Common  Stock  into the same or a
different  number  of  securities  of any class or classes, this Note, as to the
unpaid  principal portion thereof and accrued interest thereon, shall thereafter
be  deemed  to  evidence  the  right  to  purchase  an  adjusted  number of such
securities  and  kind of securities as would have been issuable as the result of
such  change  with  respect  to  the  Common  Stock  immediately  prior  to such
reclassification  or  other  change.

               C.  Stock  Splits,  Combinations  and Dividends. If the shares of
Common  Stock  are  subdivided  or  combined into a greater or smaller number of
shares  of  Common Stock, or if a dividend is paid on the Common Stock in shares
of  Common  Stock, the Conversion Price shall be proportionately reduced in case
of  subdivision  of shares or stock dividend or proportionately increased in the
case  of  combination  of shares, in each such case by the ratio which the total
number  of shares of Common Stock outstanding immediately after such event bears
to  the  total number of shares of Common Stock outstanding immediately prior to
such  event.

               D.  Share Issuance. Subject to the provisions of this Section, if
the  Borrower  at  any  time shall issue any shares of Common Stock prior to the
conversion  of  the  entire principal amount of the Note (otherwise than as: (i)
provided  in  Sections  2.1(c)A, 2.1(c)B or 2.1(c)C or this subparagraph D; (ii)
pursuant to options, warrants, or other obligations to issue shares, outstanding
on the date hereof as described in the Reports and Other Written Information, as
such  terms  are  defined  in  the  Subscription  Agreement  (which agreement is
incorporated  herein by this reference); or (iii) Excepted Issuances, as defined
in  Section  12  of  the Subscription Agreement; ((i), (ii) and (iii) above, are
hereinafter  referred  to  as  the  "Existing  Option  Obligations")  for  a
consideration less than the Conversion Price that would be in effect at the time
of  such  issue,  then,  and  thereafter  successively upon each such issue, the
Conversion Price shall be reduced as follows: (i) the number of shares of Common
Stock  outstanding  immediately  prior  to such issue shall be multiplied by the
Conversion  Price  in  effect at the time of such issue and the product shall be
added to the aggregate consideration, if any, received by the Borrower upon such
issue  of  additional shares of Common Stock; and (ii) the sum so obtained shall
be divided by the number of shares of Common Stock outstanding immediately after
such  issue.  The  resulting  quotient  shall  be the adjusted conversion price.
Except for the Existing Option Obligations, for purposes of this adjustment, the
issuance  of  any  security  of  the Borrower carrying the right to convert such
security  into  shares  of  Common  Stock  or of any warrant, right or option to
purchase Common Stock shall result in an adjustment to the Conversion Price upon
the  issuance  of  shares  of  Common  Stock upon exercise of such conversion or
purchase  rights.

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<PAGE>
          (d)  During  the  period  the  conversion  right exists, Borrower will
reserve  from  its  authorized  and unissued Common Stock a sufficient number of
shares  to  provide for the issuance of Common Stock upon the full conversion of
this Note.  Borrower represents that upon issuance, such shares will be duly and
validly  issued,  fully  paid  and  non-assessable.  Borrower  agrees  that  its
issuance  of  this Note shall constitute full authority to its officers, agents,
and transfer agents who are charged with the duty of executing and issuing stock
certificates  to  execute  and  issue  the  necessary certificates for shares of
Common  Stock  upon  the  conversion  of  this  Note.

          2.2  Method of Conversion. This Note may be converted by the Holder in
               ---------------------
whole  or  in  part  as  described in Section 2.1(a) hereof and the Subscription
Agreement.  Upon partial conversion of this Note, a new Note containing the same
date  and provisions of this Note shall, at the request of the Holder, be issued
by  the  Borrower  to  the  Holder  for  the  principal balance of this Note and
interest  which  shall  not  have  been  converted  or  paid.

                                   ARTICLE III

                                EVENT OF DEFAULT

          The  occurrence  of  any of the following events of default ("Event of
Default")  shall, at the option of the Holder hereof, make all sums of principal
and  interest  then  remaining  unpaid  hereon  and  all  other  amounts payable
hereunder  immediately  due  and  payable,  all  without  demand, presentment or
notice, or grace period, all of which hereby are expressly waived, except as set
forth  below:

          3.1  Failure  to  Pay Principal or Interest. The Borrower fails to pay
               --------------------------------------
any  installment  of  principal  or  interest  hereon  when due and such failure
continues  for  a  period  of ten (10) days after the due date. The ten (10) day
period  described  in this Section 3.1 is the same ten (10) day period described
in  Section  1.1  hereof.

          3.2  Breach of Covenant. The Borrower breaches any material covenant
               ------------------
or other term or condition of this Note in any material respect and such breach,
if  subject  to  cure,  continues  for  a period of seven (7) days after written
notice  to  the  Borrower  from  the  Holder.

          3.3  Breach  of  Representations  and  Warranties.  Any  material
               --------------------------------------------
representation  or  warranty  of  the  Borrower made herein, in the Subscription
Agreement  entered into by the Holder and Borrower in connection with this Note,
or  in  any agreement, statement or certificate given in writing pursuant hereto
or in connection therewith shall be false or misleading in any material respect.

          3.4  Receiver  or  Trustee.  The Borrower shall make an assignment for
               ---------------------
the  benefit  of  creditors,  or  apply  for  or consent to the appointment of a
receiver  or  trustee  for  it  or  for  a  substantial  part of its property or
business;  or  such  a  receiver  or  trustee  shall  otherwise  be  appointed.

                                        4
<PAGE>
          3.5  Judgments.  Any  money  judgment,  writ or similar final  process
               ---------
shall  be  entered  or  filed  against  Borrower or any of its property or other
assets  for more than $100,000, and shall remain unvacated, unbonded or unstayed
for  a  period  of  forty-five  (45)  days.

          3.6  Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation
               ----------
proceedings  or  other proceedings or relief under any bankruptcy law or any law
for  the relief of debtors shall be instituted by or against the Borrower and if
instituted  against  Borrower  are  not  dismissed within 45 days of initiation.

          3.7  Delisting. Delisting of the Common Stock from the NASDAQ SmallCap
               ---------
Market  (unless  a  listing  is  obtained on the OTC Bulletin Board within three
trading  days of such delisting) or delisting from such other principal exchange
on  which  the  Common Stock is listed for trading; Borrower's failure to comply
with the requirements of the Principal Market for continued listing for a period
of  three  consecutive  trading  days; or notification from the Principal Market
that  the  Borrower  is not in compliance with the conditions for such continued
listing.

          3.8  Concession. A concession by the Borrower, after applicable notice
               ----------
and  cure  periods,  under  any one or more obligations in an aggregate monetary
amount  in  excess  of  $100,000.

          3.9  Stop  Trade.  An SEC stop trade order or Principal Market trading
               -----------
suspension that lasts for five or more trading days.

          3.10  Failure  to Deliver Common Stock or Replacement Note. Borrower's
                ----------------------------------------------------
failure to timely deliver Common Stock to the Holder pursuant to and in the form
required  by  this  Note  and  Section  9  of  the Subscription Agreement, or if
required  a  replacement  Note.

          3.11  Registration Default. The occurrence of a Non-Registration Event
                --------------------
as described in Section 10.4 of the Subscription Agreement.

                                   ARTICLE IV

                                  MISCELLANEOUS

          4.1  Failure  or  Indulgence  Not  Waiver.  No failure or delay on the
               ------------------------------------
part of Holder hereof in the exercise of any power, right or privilege hereunder
shall  operate  as a waiver thereof, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further exercise thereof or
of  any  other  right,  power  or  privilege.  All  rights and remedies existing
hereunder  are  cumulative  to,  and  not  exclusive  of, any rights or remedies
otherwise  available.

          4.2 Notices. Any notice herein required or permitted to be given shall
              -------
be  in  writing  and  may be personally served or sent by fax transmission (with
copy  sent  by  regular,  certified or registered mail or by overnight courier).
For  the  purposes  hereof,  the  address and fax number of the Holder is as set

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<PAGE>
forth  on  the  first  page  hereof.  The address and fax number of the Borrower
shall  be  Endovasc  Ltd., Inc., 15001 Walden Road, Suite 108, Montgomery, Texas
77356,  telecopier number:  (936) 582-8250.  Both Holder and Borrower may change
the  address  and  fax  number  for service by service of notice to the other as
herein  provided.  Notice  of  Conversion shall be deemed given when made to the
Company  pursuant  to  the  Subscription  Agreement.

          4.3 Amendment Provision. The term "Note" and all reference thereto, as
              -------------------
used  throughout  this  instrument,  shall  mean  this  instrument as originally
executed,  or  if  later  amended  or  supplemented,  then  as  so  amended  or
supplemented.

          4.4  Assignability.  This  Note shall be binding upon the Borrower and
               -------------
its successors and assigns, and shall inure to the benefit of the Holder and its
successors  and  assigns,  and  may  be  assigned  by  the  Holder.

          4.5  Cost  of  Collection.  If  default is made in the payment of this
               --------------------
Note,  Borrower  shall  pay  the  Holder  hereof reasonable costs of collection,
including  reasonable  attorneys'  fees.

          4.6  Governing  Law.  This  Note shall be governed by and construed in
               --------------
accordance with the laws of the State of New York.  Any action brought by either
party  against  the  other  concerning  the  transactions  contemplated  by this
Agreement  shall  be  brought  only  in  the  state courts of New York or in the
federal  courts  located  in  the  state  of  New  York.  Both  parties  and the
individual  signing  this Agreement on behalf of the Borrower agree to submit to
the  jurisdiction  of  such  courts.  The  prevailing party shall be entitled to
recover  from  the  other  party  its  reasonable  attorney's  fees  and  costs.

          4.7  Maximum  Payments.  Nothing  contained  herein shall be deemed to
               -----------------
establish  or  require  the  payment  of  a rate of interest or other charges in
excess  of  the maximum permitted by applicable law.  In the event that the rate
of  interest  required  to be paid or other charges hereunder exceed the maximum
permitted  by such law, any payments in excess of such maximum shall be credited
against  amounts  owed  by  the  Borrower to the Holder and thus refunded to the
Borrower.

          4.8  Prepayment.  This Note may not be paid prior to the Maturity Date
               ----------
or after the occurrence of an Event of Default without the consent of the Holder
except  as  set  forth  in  Section  9.7  of  the  Subscription  Agreement.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

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<PAGE>
     IN  WITNESS WHEREOF, Borrower has caused this Note to be signed in its name
by  its  Chief  Executive  Officer  on  this  7th  day  of  September,  2001.

                                             ENDOVASC  LTD.,  INC.

                                             By:
                                                --------------------------------

WITNESS:

---------------------------

                              NOTICE OF CONVERSION
                              --------------------

(To be executed by the Registered Holder in order to convert the Note)

     The  undersigned  hereby  elects to convert $          of the principal and
                                                  ---------
$           of  the  interest  due  on the Note issued by ENDOVASC LTD., INC. on
 ---------
September  7,  2001  into  Shares  of  Common  Stock of ENDOVASC LTD., INC. (the
"Company")  according  to  the conditions set forth in such Note, as of the date
written  below.

Date  of
Conversion:
           --------------------------------------------------------------------

Conversion
Price:
      -------------------------------------------------------------------------

Shares  To  Be
Delivered:
          ---------------------------------------------------------------------

Signature:
          ---------------------------------------------------------------------

Print Name:
           --------------------------------------------------------------------

Address:
         ----------------------------------------------------------------------

-------------------------------------------------------------------------------

                                        7
<PAGE>EXHIBIT 4.5
THIS  WARRANT  AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
NOT  BEEN  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT
AND  THE  COMMON  SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
OFFERED  FOR  SALE,  PLEDGED  OR  HYPOTHECATED  IN  THE  ABSENCE OF AN EFFECTIVE
REGISTRATION  STATEMENT  AS  TO  THIS  WARRANT  UNDER  SAID ACT OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO ENDOVASC LTD., INC. THAT SUCH REGISTRATION IS
NOT  REQUIRED.

                                   Right  to  Purchase  100,000 Shares of Common
                                   Stock  of  Endovasc  Ltd.,  Inc.  (subject to
                                   adjustment  as  provided  herein)

                          COMMON STOCK PURCHASE WARRANT

No.  2001-2                                        Issue  Date:  August 17, 2001

     ENDOVASC LTD., INC., a corporation organized under the laws of the State of
Nevada  (the  "Company"),  hereby certifies that, for value received, The Keshet
Fund  L.P.,  or  assigns,  is entitled, subject to the terms set forth below, to
purchase  from  the Company from and after the Issue Date of this Warrant and at
any  time or from time to time before 5:00 p.m., New York time, through five (5)
years  after  such  date  (the  "Expiration Date"), up to 100,000 fully paid and
nonassessable  shares  of Common Stock (as hereinafter defined), $.001 par value
per  share, of the Company, at a purchase price of the lesser of (i) $0.0612 per
share  or  (ii)  120%  of  the average of the three lowest closing prices of the
Common  Stock  as  reported  by Bloomberg Financial for the Principal Market (as
defined  in  the  Subscription  Agreement  hereinafter  referred to) for the ten
trading  days  immediately  preceding  the  date of the exercise of this Warrant
(such  purchase price per share as adjusted from time to time as herein provided
is referred to herein as the "Purchase Price"). The number and character of such
shares  of  Common  Stock  and  the  Purchase Price are subject to adjustment as
provided  herein.

     As  used herein the following terms, unless the context otherwise requires,
have  the  following  respective  meanings:

     (a)     The  term  "Company"  shall  include  Endovasc  Ltd.,  Inc. and any
corporation which shall succeed or assume the obligations of Endovasc Ltd., Inc.
hereunder.

     (b)     The  term  "Common  Stock" includes (a) the Company's Common Stock,
$.001  par  value  per  share,  as  authorized  on  the date of the Subscription
Agreement  referred  to  in Section 9 hereof, (b) any other capital stock of any
class  or  classes  (however  designated) of the Company, authorized on or after
such  date,  the holders of which shall have the right, without limitation as to
amount,  either  to  all  or  to a share of the balance of current dividends and
liquidating  dividends  after  the payment of dividends and distributions on any
shares entitled to preference, and the holders of which shall ordinarily, in the
absence  of contingencies, be entitled to vote for the election of a majority of
directors of the Company (even if the right so to vote has been suspended by the
happening  of such a contingency) and (c) any other securities into which or for
which  any  of  the  securities  described  in  (a)  or  (b) may be converted or
exchanged  pursuant  to a plan of recapitalization, reorganization, merger, sale
of  assets  or  otherwise.

     (c)     The  term "Other Securities" refers to any stock (other than Common
Stock)  and  other  securities  of the Company or any other person (corporate or
otherwise)  which  the  holder  of  the Warrant at any time shall be entitled to
receive,  or  shall have received, on the exercise of the Warrant, in lieu of or
in  addition  to  Common  Stock, or which at any time shall be issuable or shall
have  been  issued  in  exchange  for or in replacement of Common Stock or Other
Securities  pursuant  to  Section  4  or  otherwise.

                                        8
<PAGE>
     1.   Exercise  of  Warrant.
          ---------------------

          1.1.  Number of Shares Issuable upon Exercise. From and after the date
                ----------------------------------------
hereof  through  and  including  the Expiration Date, the holder hereof shall be
entitled  to  receive, upon exercise of this Warrant in whole in accordance with
the  terms  of  subsection  1.2  or  upon  exercise  of  this Warrant in part in
accordance  with  subsection 1.3, shares of Common Stock of the Company, subject
to  adjustment  pursuant  to  Section  4.

          1.2.  Full  Exercise.  This  Warrant  may  be exercised in full by the
                --------------
holder hereof by delivery of an original or fax copy of the form of subscription
attached  as  Exhibit  A  hereto (the "Subscription Form") duly executed by such
holder  and  surrender of the original Warrant within seven days of exercise, to
the  Company  at  its principal office or at the office of its Warrant agent (as
provided  hereinafter),  accompanied  by  payment, in cash, wire transfer, or by
certified  or  official  bank  check payable to the order of the Company, in the
amount  obtained  by  multiplying the number of shares of Common Stock for which
this  Warrant is then exercisable by the Purchase Price (as hereinafter defined)
then  in  effect.

          1.3.  Partial Exercise. This Warrant may be exercised in part (but not
                -----------------
for  a  fractional  share) by surrender of this Warrant in the manner and at the
place provided in subsection 1.2 except that the amount payable by the holder on
such partial exercise shall be the amount obtained by multiplying (a) the number
of  shares  of Common Stock designated by the holder in the Subscription Form by
(b)  the  Purchase  Price  then  in  effect.  On  any such partial exercise, the
Company,  at  its expense, will forthwith issue and deliver to or upon the order
of  the  holder  hereof  a  new Warrant of like tenor, in the name of the holder
hereof or as such holder (upon payment by such holder of any applicable transfer
taxes)  may request, the number of shares of Common Stock for which such Warrant
may  still  be  exercised.

          1.4.  Fair  Market Value. Fair Market Value of a share of Common Stock
                ------------------
as  of  a  particular date (the "Determination Date") shall mean the Fair Market
Value  of a share of the Company's Common Stock. Fair Market Value of a share of
Common  Stock  as  of  a  Determination  Date  shall  mean:

                (a) If the Company's Common Stock is traded on an exchange or is
quoted  on  the  National  Association  of  Securities  Dealers,  Inc. Automated
Quotation  ("NASDAQ") National Market System or the NASDAQ SmallCap Market, then
the closing or last sale price, respectively, reported for the last business day
immediately  preceding  the  Determination  Date.

                (b)  If  the Company's Common Stock is not traded on an exchange
or  on  the  NASDAQ  National Market System or the NASDAQ SmallCap Market but is
traded  in  the  over-the-counter  market,  then the mean of the closing bid and
asked  prices  reported  for  the  last  business  day immediately preceding the
Determination  Date.

                (c)  Except  as  provided  in clause (d) below, if the Company's
Common Stock is not publicly traded, then as the Holder and the Company agree or
in  the  absence  of  agreement by arbitration in accordance with the rules then
standing  of the American Arbitration Association, before a single arbitrator to
be chosen from a panel of persons qualified by education and training to pass on
the  matter  to  be  decided.

                (d)  If  the  Determination  Date  is the date of a liquidation,
dissolution  or winding up, or any event deemed to be a liquidation, dissolution
or  winding up pursuant to the Company's charter, then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such  liquidation,  dissolution  or  winding  up,  plus  all other amounts to be
payable  per  share  in  respect  of  the  Common Stock in liquidation under the
charter,  assuming for the purposes of this clause (d) that all of the shares of
Common  Stock then issuable upon exercise of all of the Warrants are outstanding
at  the  Determination  Date.

                                        9
<PAGE>
           1.5.  Company  Acknowledgment.  The  Company will, at the time of the
                 -----------------------
exercise  of  the  Warrant, upon the request of the holder hereof acknowledge in
writing  its  continuing obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the  provisions  of  this  Warrant.  If  the  holder shall fail to make any such
request,  such failure shall not affect the continuing obligation of the Company
to  afford  to  such  holder  any  such  rights.

           1.6.  Trustee  for Warrant Holders. In the event that a bank or trust
                 ------------------------------
company  shall  have  been  appointed as trustee for the holders of the Warrants
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and  duties  of  a warrant agent (as hereinafter described) and shall accept, in
its  own  name for the account of the Company or such successor person as may be
entitled  thereto,  all  amounts  otherwise  payable  to  the  Company  or  such
successor,  as  the  case  may  be, on exercise of this Warrant pursuant to this
Section  1.

     2.1  Delivery  of Stock Certificates, etc. on Exercise.  The Company agrees
          -------------------------------------------------
that the shares of Common Stock purchased upon exercise of this Warrant shall be
deemed  to  be issued to the holder hereof as the record owner of such shares as
of  the  close  of  business  on  the date on which this Warrant shall have been
surrendered  and  payment  made  for  such  shares  as  aforesaid.  As  soon  as
practicable  after  the  exercise of this Warrant in full or in part, and in any
event  within  7  days  thereafter,  the  Company  at its expense (including the
payment by it of any applicable issue taxes) will cause to be issued in the name
of  and  delivered to the holder hereof, or as such holder (upon payment by such
holder  of  any  applicable  transfer  taxes)  may  direct  in  compliance  with
applicable Securities Laws, a certificate or certificates for the number of duly
and  validly  issued,  fully  paid  and nonassessable shares of Common Stock (or
Other Securities) to which such holder shall be entitled on such exercise, plus,
in  lieu  of  any  fractional  share  to  which  such  holder would otherwise be
entitled,  cash  equal to such fraction multiplied by the then Fair Market Value
of  one  full  share,  together  with  any  other  stock or other securities and
property  (including  cash,  where  applicable) to which such holder is entitled
upon  such  exercise  pursuant  to  Section  1  or  otherwise.

     2.2.  Cashless  Exercise.
           -------------------

           (a)  Payment  may  be  made  either  in (a) cash  or by  certified or
official  bank check payable to the order of the Company equal to the applicable
aggregate  Purchase  Price,  (ii)  by  delivery of Warrants, Common Stock and/or
Common Stock receivable upon exercise of the Warrants in accordance with Section
(b)  below,  or  (iii) by a combination of any of the foregoing methods, for the
number of Common Shares specified in such form (as such exercise number shall be
adjusted to reflect any adjustment in the total number of shares of Common Stock
issuable  to  the  holder  per  the  terms of this Warrant) and the holder shall
thereupon  be entitled to receive the number of duly authorized, validly issued,
fully-paid  and  non-assessable  shares  of  Common  Stock (or Other Securities)
determined  as  provided  herein.

           (b)  Notwithstanding  any  provisions  herein  to  the  contrary,  if
the  Fair Market Value of one share of Common Stock is greater than the Purchase
Price  (at  the  date  of calculation as set forth below), in lieu of exercising
this  Warrant  for  cash,  upon  consent of the Company, the holder may elect to
receive  shares equal to the value (as determined below) of this Warrant (or the
portion  thereof  being cancelled) by surrender of this Warrant at the principal
office  of  the Company together with the properly endorsed Subscription Form in
which  event  the Company shall issue to the holder a number of shares of Common
Stock  computed  using  the  following  formula:

                                       10
<PAGE>
                    X=Y  (A-B)
                         -----
                                                                    A
                                                      ---------------

     Where  X =     the  number  of shares of Common Stock to be issued to the
                    holder

            Y =     the  number of hares 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)

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

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

     3.  Adjustment  for  Reorganization,  Consolidation,  Merger,  etc.
         --------------------------------------------------------------

          3.1.  Reorganization,  Consolidation, Merger, etc. In case at any time
                -------------------------------------------
or  from  time  to  time,  the  Company  shall  (a) effect a reorganization, (b)
consolidate  with  or  merge  into  any  other  person,  or  (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or  arrangement contemplating the dissolution of the Company, then, in each such
case,  as  a  condition  to  the  consummation of such a transaction, proper and
adequate  provision  shall  be  made  by  the Company whereby the holder of this
Warrant,  on  the exercise hereof as provided in Section 1 at any time after the
consummation  of  such  reorganization, consolidation or merger or the effective
date  of  such  dissolution,  as  the case may be, shall receive, in lieu of the
Common  Stock  (or  Other  Securities)  issuable  on such exercise prior to such
consummation or such effective date, the stock and other securities and property
(including  cash)  to  which  such  holder  would  have  been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such
holder  had so exercised this Warrant, immediately prior thereto, all subject to
further  adjustment  thereafter  as  provided  in  Section  4.

           3.2.  Dissolution.  In  the  event  of any dissolution of the Company
                 -----------
following  the transfer of all or substantially all of its properties or assets,
the Company, prior to such dissolution, shall at its expense deliver or cause to
be  delivered the stock and other securities and property (including cash, where
applicable)  receivable  by the holders of the Warrants after the effective date
of such dissolution pursuant to this Section 3 to a bank or trust company having
its  principal  office  in New York, NY, as trustee for the holder or holders of
the  Warrants.

           3.3.  Continuation  of Terms. Upon any reorganization, consolidation,
                 ----------------------
merger  or  transfer (and any dissolution following any transfer) referred to in
this  Section  3,  this  Warrant shall continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property  receivable  on  the exercise of this Warrant after the consummation of
such  reorganization,  consolidation  or  merger  or  the  effective  date  of
dissolution  following  any  such  transfer,  as  the  case may be, and shall be
binding upon the issuer of any such stock or other securities, including, in the
case  of any such transfer, the person acquiring all or substantially all of the
properties  or  assets  of  the  Company,  whether or not such person shall have
expressly  assumed  the  terms  of this Warrant as provided in Section 4. In the
event  this  Warrant  does  not  continue  in  full  force  and effect after the
consummation  of  the transaction described in this Section 3, then only in such
event  will  the  Company's  securities  and  property  (including  cash,  where
applicable)  receivable  by  the  holders  of  the  Warrants be delivered to the
Trustee  as  contemplated  by  Section  3.2.

           3.4.  Share  Issuance. Except for the Excepted Issuances as described
                 ---------------
in  Section  11  of the Subscription Agreement, if the Company at any time shall
issue  any shares of Common Stock prior to the complete exercise of this Warrant
for  a consideration less than the Purchase Price that would be in effect at the
time  of such issue, then, and thereafter successively upon each such issue, the
Purchase  Price  shall be reduced as follows: (i) the number of shares of Common

                                       11
<PAGE>
Stock  outstanding  immediately  prior  to such issue shall be multiplied by the
Purchase  Price  in  effect  at  the time of such issue and the product shall be
added  to the aggregate consideration, if any, received by the Company upon such
issue  of  additional shares of Common Stock; and (ii) the sum so obtained shall
be divided by the number of shares of Common Stock outstanding immediately after
such  issue.  The  resulting  quotient shall be the adjusted Purchase Price. For
purposes  of  this  adjustment,  the  issuance  of  any  security of the Company
carrying  the  right  to convert such security into shares of Common Stock or of
any  warrant,  right  or  option  to  purchase  Common  Stock shall result in an
adjustment  to  the  Purchase  Price upon the issuance of shares of Common Stock
upon  exercise  of  such  conversion  or  purchase  rights.

     4.   Extraordinary Events Regarding Common Stock.  In  the  event  that the
          -------------------------------------------
Company  shall  (a) issue additional shares of the Common Stock as a dividend or
other  distribution  on  outstanding Common Stock, (b) subdivide its outstanding
shares  of  Common  Stock,  or  (c) combine its outstanding shares of the Common
Stock  into  a  smaller number of shares of the Common Stock, then, in each such
event,  the  Purchase  Price  shall,  simultaneously  with the happening of such
event,  be  adjusted  by  multiplying the then Purchase Price by a fraction, the
numerator  of  which  shall  be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number
of  shares  of  Common  Stock  outstanding immediately after such event, and the
product  so  obtained shall thereafter be the Purchase Price then in effect. The
Purchase  Price, as so adjusted, shall be readjusted in the same manner upon the
happening  of any successive event or events described herein in this Section 4.
The  number  of  shares  of  Common  Stock that the holder of this Warrant shall
thereafter,  on  the  exercise  hereof  as provided in Section 1, be entitled to
receive  shall  be increased to a number determined by multiplying the number of
shares  of  Common  Stock  that  would otherwise (but for the provisions of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is  the  Purchase  Price  that  would  otherwise (but for the provisions of this
Section 4) be in effect, and (b) the denominator is the Purchase Price in effect
on  the  date  of  such  exercise.

     5.   Certificate  as to Adjustments.  In  each  case  of any  adjustment or
          ------------------------------
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise  of  the  Warrants,  the Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with  the  terms  of the Warrant and prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the  facts  upon  which  such  adjustment  or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to  have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities)  outstanding or deemed to be outstanding, and (c) the Purchase Price
and  the  number  of shares of Common Stock to be received upon exercise of this
Warrant,  in  effect immediately prior to such adjustment or readjustment and as
adjusted  or  readjusted as provided in this Warrant. The Company will forthwith
mail  a  copy  of  each  such  certificate  to the holder of the Warrant and any
Warrant  agent  of  the  Company  (appointed  pursuant  to  Section  11 hereof).

     6.   Reservation  of Stock, etc. Issuable on Exercise of Warrant; Financial
          ----------------------------------------------------------------------
Statements.  The  Company  will at all times  reserve and keep available, solely
----------
for  issuance and delivery on the exercise of the Warrants, all shares of Common
Stock  (or  Other  Securities) from time to time issuable on the exercise of the
Warrant.  This  Warrant  entitles  the  holder  hereof  to receive copies of all
financial and other information distributed or required to be distributed to the
holders  of  the  Company's  Common  Stock.

     7.   Assignment; Exchange of Warrant. Subject to compliance with applicable
          -------------------------------
Securities  laws,  this  Warrant,  and  the  rights  evidenced  hereby,  may  be
transferred by any registered holder hereof (a "Transferor") with respect to any
or  all  of  the Shares. On the surrender for exchange of this Warrant, with the
Transferor's  endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the
Transferor Endorsement Form") and together with evidence reasonably satisfactory
to  the  Company  demonstrating  compliance with applicable Securities Laws, the
Company  at  its  expense  but  with payment by the Transferor of any applicable
transfer  taxes)  will  issue  and  deliver to or on the order of the Transferor

                                       12
<PAGE>
thereof  a  new Warrant or Warrants of like tenor, in the name of the Transferor
and/or  the  transferee(s) specified in such Transferor Endorsement Form (each a
"Transferee"),  calling  in  the  aggregate on the face or faces thereof for the
number  of shares of Common Stock called for on the face or faces of the Warrant
so  surrendered  by  the  Transferor.

     8.   Replacement of Warrant. On receipt of evidence reasonably satisfactory
          ----------------------
to  the  Company  of  the loss, theft, destruction or mutilation of this Warrant
and,  in  the  case  of  any such loss, theft or destruction of this Warrant, on
delivery  of  an indemnity agreement or security reasonably satisfactory in form
and  amount  to the Company or, in the case of any such mutilation, on surrender
and  cancellation  of  this Warrant, the Company at its expense will execute and
deliver,  in  lieu  thereof,  a  new  Warrant  of  like  tenor.

     9.   Subscription  Agreement.  This  Warrant  is  issued  pursuant  to  a
          -----------------------
Subscription  Agreement  entered  into  by  the  Company  and Subscribers of the
Company's  8%  Convertible  Notes at or prior to the issue date of this Warrant.
The  terms  of  the  Subscription  Agreement  are  incorporated  herein  by this
reference.

     10.   Maximum  Exercise.  The Holder shall not be entitled to exercise this
           -----------------
Warrant  on an exercise date, in connection with that number of shares of Common
Stock  which would be in excess of the sum of (i) the number of shares of Common
Stock  beneficially  owned by the Holder and its affiliates on an exercise date,
and (ii) the number of shares of Common Stock issuable upon the exercise of this
Warrant with respect to which the determination of this proviso is being made on
an  exercise  date, which would result in beneficial ownership by the Holder and
its  affiliates  of more than 4.99% of the outstanding shares of Common Stock of
the  Company  on  such  date. For the purposes of the proviso to the immediately
preceding  sentence, beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
13d-3  thereunder.  Subject to the foregoing, the Holder shall not be limited to
aggregate  exercises  which would result in the issuance of more than 4.99%. The
restriction described in this paragraph may be revoked upon 75 days prior notice
from  the  Holder to the Company. The Holder may allocate which of the equity of
the Company deemed beneficially owned by the Subscriber shall be included in the
4.99%  amount  described  above and which shall be allocated to the excess above
4.99%.

     11.   Warrant Agent.  The Company may, by written notice to the each holder
           -------------
of  the  Warrant,  appoint  an agent for the purpose of issuing Common Stock (or
Other  Securities)  on  the  exercise  of  this  Warrant  pursuant to Section 1,
exchanging  this  Warrant  pursuant  to  Section  7,  and replacing this Warrant
pursuant  to  Section  8,  or  any  of  the  foregoing,  and thereafter any such
issuance,  exchange  or  replacement,  as the case may be, shall be made at such
office  by  such  agent.

     12.   Transfer on the Company's Books.  Until  this  Warrant is transferred
           -------------------------------
on  the books of the Company, the Company may treat the registered holder hereof
as the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

     13.   Notices,  etc.  All  notices  and  other  communications  from  the
           -------------
Company  to the holder of this Warrant shall be mailed by first class registered
or  certified  mail, postage prepaid, at such address as may have been furnished
to  the Company in writing by such holder or, until any such holder furnishes to
the  Company an address, then to, and at the address of, the last holder of this
Warrant  who  has  so  furnished  an  address  to  the  Company.

     14.   Miscellaneous.  This  Warrant  and  any  term  hereof may be changed,
           -------------
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is  sought.  This Warrant shall be construed and enforced in accordance with and
governed  by the laws of New York. Any dispute relating to this Warrant shall be
adjudicated  in New York State. The headings in this Warrant are for purposes of
reference only, and shall not limit or otherwise affect any of the terms hereof.
The  invalidity  or  unenforceability  of  any  provision hereof shall in no way
affect  the  validity  or  enforceability  of  any  other  provision.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

                                       13
<PAGE>
     IN  WITNESS WHEREOF, the Company has executed this Warrant under seal as of
the  date  first  written  above.

                                             ENDOVASC  LTD.,  INC.

                                             By:
                                                --------------------------------

Witness:

------------------------------

                                       14
<PAGE>
                                                       EXHIBIT  A
                              FORM OF SUBSCRIPTION
                   (To be signed only on exercise of Warrant)

TO:  Endovasc  Ltd., Inc.

The  undersigned,  pursuant  to the provisions set forth in the attached Warrant
(No.    ),  hereby  irrevocably  elects  to  purchase  (check  applicable  box):
    ----

               shares  of  the  Common  Stock  covered  by  such  Warrant; or
---   --------

      the  maximum  number  of  shares of Common Stock covered by such Warrant
---
pursuant  to  the  cashless  exercise  procedure  set  forth  in  Section  2.

The  undersigned  herewith  makes  payment  of  the full purchase price for such
shares  at  the  price  per  share  provided  for  in  such  Warrant,  which  is
$           .  Such  payment  takes the form of (check applicable box or boxes):
 -----------

      $         in  lawful  money  of  the  United  States;  and/or
---    --------

      the  cancellation  of  such  portion  of  the  attached  Warrant  as  is
---
exercisable  for  a total of         shares of Common Stock (using a Fair Market
                            --------
Value  of  $         per  share  for  purposes  of  this  calculation);  and/or
            -------

      the  cancellation  of  such  number  of  shares  of  Common  Stock as is
---
necessary,  in  accordance  with the formula set forth in Section 2, to exercise
this  Warrant  with  respect  to  the  maximum  number of shares of Common Stock
purchaseable pursuant to the cashless exercise procedure set forth in Section 2.

The  undersigned requests that the certificates for such shares be issued in the
name  of,  and  delivered  to                        whose  address  is
                              -----------------------                  ---------
-------------------------------------------------------------------------------.

The  undersigned  represents  and  warrants  that  all  offers  and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933,  as  amended  (the  "Securities  Act")  or  pursuant  to an exemption from
registration  under  the  Securities  Act.

Dated:
      -------------------               ----------------------------------------
                                        (Signature must conform to name of
                                        holder as specified on the face of the
                                        Warrant)
                                        ----------------------------------------
                                        (Address)

                                       15
<PAGE>
                                                            Exhibit B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To be signed only on transfer of Warrant)

           For  value  received,  the  undersigned  hereby  sells,  assigns, and
transfers  unto  the  person(s)  named below under the heading "Transferees" the
right represented by the within Warrant to purchase the percentage and number of
shares  of  Common  Stock  of  Endovasc  Ltd.,  Inc. to which the within Warrant
relates  specified  under  the  headings  "Percentage  Transferred"  and "Number
Transferred,"  respectively, opposite the name(s) of such person(s) and appoints
each  such  person  Attorney  to  transfer  its respective right on the books of
Endovasc  Ltd.,  Inc.  with  full  power  of  substitution  in  the  premises.

                                Percentage                    Number
     Transferees                Transferred                Transferred
     -----------               -------------               -----------

Dated:
      ------------, --------            ---------------------------------------
                                        (Signature must conform to name of
                                        holder as specified on the face of the
                                        Warrant)

Signed  in  the  presence  of:

-------------------------------         ----------------------------------------
     (Name)                             (address)

                                        ----------------------------------------
ACCEPTED  AND  AGREED:                  (address)
[TRANSFEREE]

-------------------------------
     (Name)

                                       16
<PAGE>

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