Document:

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                                                                     EXHIBIT 4.7

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE NOT TRANSFERABLE WITHOUT THE
EXPRESS WRITTEN CONSENT OF LARAKO BIOPHARMACEUTICALS, INC. (THE "COMPANY") AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY APPLICABLE
STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT
IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN EXEMPTION
THEREFROM. ANY SUCH TRANSFER MAY ALSO BE SUBJECT TO APPLICABLE STATE SECURITIES
LAWS.

                        LAKARO BIOPHARMACEUTICALS, INC.

                     Warrant for the Purchase of Shares of
                     -------------------------------------
                                 Common Stock
                                 ------------

No. 1                                                             125,000 Shares

     FOR VALUE RECEIVED, LAKARO BIOPHARMACEUTICALS, INC., a Delaware corporation
(the "Company"), hereby certifies that CHILDREN'S MEDICAL CENTER CORPORATION or
its registered assigns (the "Holder") is entitled to purchase from the Company,
subject to the provisions of this Warrant, at any time commencing upon date (the
"Vesting Date") of approval of the first Investigational New Drug Application by
the United States Food and Drug Administration for the technologies granted to
the Company by the Holder pursuant to a license agreement entered into by and
among the Company and the Holder on November 18 1999, and prior to 5:00 P.M.,
New York City time, on the date that is ten (10) years after the Vesting Date
(the "Termination Date"), One Hundred Twenty-Five Thousand (125,000) fully paid
and non-assessable shares of the Common Stock, $.001 par value, of the Company
("Common Stock") at an initial per share exercise price equal to $.01, or an
initial aggregate exercise price of $1,250.  The number of shares of Common
Stock to be received upon exercise of this Warrant and the price to be paid for
each share of Common Stock are subject to possible adjustment from time to time
as hereinafter set forth.  The shares of Common Stock or other securities or
property deliverable upon such exercise as adjusted from time to time is
hereinafter sometimes referred to as the "Warrant Shares," the exercise price of
a share of Common Stock in effect at any time and as adjusted from time to time
is hereinafter sometimes referred to as the "Per Share Exercise Price" and the
aggregate purchase price payable for the Warrant Shares hereunder is hereinafter
sometimes referred to as the "Aggregate Exercise Price."  The Aggregate Exercise
Price is not subject to adjustment.  The Per Share Exercise Price is subject to
adjustment as hereinafter provided; in the event of any such adjustment, the
number of Warrant Shares shall be adjusted by dividing the Aggregate Exercise
Price by the Per Share Exercise Price in effect immediately after such
adjustment.  This Warrant is one of a duly authorized issue of Warrants
constituting components of units being sold by the Company on the date hereof
(collectively, the "Warrants").
<PAGE>

          1.   Exercise of Warrant.
               -------------------

          (a)  This Warrant is not transferable and may not be assigned or
     otherwise disposed of by the Holder until the Vesting Date.

          (b)  This Warrant may be exercised in whole or in part, at any time by
     the Holder commencing upon the Vesting Date and prior to the Termination
     Date:

               (i)  by presentation and surrender of this Warrant (with the
          subscription form at the end hereof duly executed) at the address set
          forth in Subsection 8(a) hereof, together with payment, by certified
          or official bank check payable to the order of the Company, of the
          Aggregate Exercise Price or the proportionate part thereof if
          exercised in part.

               (ii) by the surrender of this Warrant (with the cashless exercise
          form at the end hereof duly executed) (a "Cashless Exercise") at the
          address set forth in Section 8(a) hereof.  Such presentation and
          surrender shall be deemed a waiver of the Holder's obligation to pay
          the Aggregate Exercise Price, or the proportionate part thereof if
          this Warrant is exercised in part.  In the event of a Cashless
          Exercise, the Holder shall exchange its Warrant for that number of
          Warrant Shares subject to such Cashless Exercise multiplied by a
          fraction, the numerator of which shall be the difference between (A)
          the last sale price of the Common Stock on the trading day prior to
          such date or, in case no such reported sales take place on such day,
          the average of the last reported bid and asked prices of the Common
          Stock on such day, in either case on the principal national securities
          exchange on which the Common Stock is admitted to trading or listed,
          or if not listed or admitted to trading on any such exchange, the
          representative closing sale price of the Common Stock as reported by
          the National Association of Securities Dealers, Inc. Automated
          Quotations System ("NASDAQ"), or other similar organization if NASDAQ
          is no longer reporting such information, or, if the Common Stock is
          not reported on NASDAQ, the high per share sale price for the Common
          Stock in the over-the-counter market as reported by the National
          Quotation Bureau or similar organization, or if not so available, the
          fair market value of the Common Stock as determined in good faith by
          the Board of Directors (the "Current Market Price") and (B) the Per
          Share Exercise Price, and the denominator of which shall be the then
          Current Market Price. For purposes of any computation under this
          Section 1(a), the then Current Market Price shall be based on the
          trading day immediately prior to the Cashless Exercise.

          (c)  If this Warrant is exercised in part only, the Company shall,
     upon presentation of this Warrant upon such exercise, execute and deliver
<PAGE>

     (with the certificate for the Warrant Shares purchased) a new Warrant
     evidencing the rights of the Holder hereof to purchase the balance of the
     Warrant Shares purchasable hereunder upon the same terms and conditions as
     herein set forth. Upon proper exercise of this Warrant, the Company
     promptly shall deliver certificates for the Warrant Shares to the Holder
     duly legended as authorized by the subscription form. No fractional shares
     shall be issued upon exercise of this Warrant. With respect to any fraction
     of a share called for upon exercise hereof, the Company shall pay to the
     Holder an amount in cash equal to such fraction multiplied by the Current
     Market Price of one (1) share of Common Stock.

     2.   Reservation of Warrant Shares; Fully Paid Shares; Taxes.  The Company
          -------------------------------------------------------
hereby undertakes until expiration of this Warrant to reserve for issuance or
delivery upon exercise of this Warrant, such number of shares of the Common
Stock as shall be required for issuance and/or delivery upon exercise of this
Warrant in full, and agrees that all Warrant Shares so issued and/or delivered
will be validly issued, fully paid and non-assessable, and further agrees to pay
all taxes and charges that may be imposed upon such issuance and/or delivery.

     3.   Protection Against Dilution.
          ---------------------------

          (a)  In case the Company shall hereafter (i) pay a dividend or make a
     distribution on its capital stock in shares of Common Stock, (ii) subdivide
     its outstanding shares of Common Stock into a greater number of shares,
     (iii) combine its outstanding shares of Common Stock into a smaller number
     of shares or (iv) issue by reclassification of its Common Stock any shares
     of capital stock of the Company, the Per Share Exercise Price shall be
     adjusted to be equal to a fraction, the numerator of which shall be the
     Aggregate Exercise Price and the denominator of which shall be the number
     of shares of Common Stock or other capital stock of the Company which the
     Holder would have owned immediately following such action had this Warrant
     been exercised immediately prior thereto.  An adjustment made pursuant to
     this Subsection 3(a) shall become effective immediately after the record
     date in the case of a dividend or distribution and shall become effective
     immediately after the effective date in the case of a subdivision,
     combination or reclassification.

          (b)  In the event of any capital reorganization or reclassification,
     or any consolidation or merger to which the Company is a party other than a
     merger or consolidation in which the Company is the continuing corporation,
     or in case of any sale or conveyance to another entity of the property of
     the Company as an entirety or substantially as an entirety, or in the case
     of any statutory exchange of securities with another corporation (including
     any exchange effected in connection with a merger of a third corporation
     into the Company), the Holder of this Warrant shall have the right
     thereafter to receive on the exercise of this Warrant the kind and amount
     of securities, cash or other property which the Holder would have owned or
     have been entitled to receive immediately after such reorganization,
     reclassification,
<PAGE>

     consolidation, merger, statutory exchange, sale or conveyance had this
     Warrant been exercised immediately prior to the effective date of such
     reorganization, reclassification, consolidation, merger, statutory
     exchange, sale or conveyance and in any such case, if necessary,
     appropriate adjustment shall be made in the application of the provisions
     set forth in this Section 3 with respect to the rights and interests
     thereafter of the Holder of this Warrant to the end that the provisions set
     forth in this Section 3 shall thereafter correspondingly be made
     applicable, as nearly as may reasonably be, in relation to any shares of
     stock or other securities or property thereafter deliverable on the
     exercise of this Warrant. The above provisions of this Subsection 3(b)
     shall similarly apply to successive reorganizations, reclassifications,
     consolidations, mergers, statutory exchanges, sales or conveyances. The
     issuer of any shares of stock or other securities or property thereafter
     deliverable upon the exercise of this Warrant shall be responsible for all
     of the agreements and obligations of the Company hereunder. Notice of any
     such reorganization, reclassification, consolidation, merger, statutory
     exchange, sale or conveyance and of said provisions so proposed to be made,
     shall be mailed to the Holders of the Warrants not less than 30 days prior
     to such event. A sale of all or substantially all of the assets of the
     Company for a consideration consisting primarily of securities shall be
     deemed a consolidation or merger for the foregoing purposes.

          (c)  No adjustment in the Per Share Exercise Price shall be required
     unless such adjustment would require an increase or decrease of at least
     $0.05 per share of Common Stock; provided, however, that any adjustments
                                      --------  -------
     that by reason of this Subsection 3(c) are not required to be made shall be
     carried forward and taken into account in any subsequent adjustment;
     provided, further, however, that adjustments shall be required and made in
     --------  -------
     accordance with the provisions of this Section 3 (other than this
     Subsection 3(c)) not later than such time as may be required in order to
     preserve the tax-free nature of a distribution to the Holder of this
     Warrant or Common Stock issuable upon the exercise hereof.  All
     calculations under this Section 3 shall be made to the nearest cent or to
     the nearest 1/100th of a share, as the case may be.  Anything in this
     Section 3 to the contrary notwithstanding, the Company shall be entitled to
     make such reductions in the Per Share Exercise Price, in addition to those
     required by this Section 3, as it in its discretion shall deem to be
     advisable in order that any stock dividend, subdivision of shares or
     distribution of rights to purchase stock or securities convertible or
     exchangeable for stock hereafter made by the Company to its stockholders
     shall not be taxable.

          (d)  Whenever the Per Share Exercise Price is adjusted as provided in
     this Section 3 and upon any modification of the rights of a Holder of
     Warrants in accordance with this Section 3, the Company shall promptly
     provide a certificate of its Chief Accounting Officer setting forth the Per
     Share Exercise Price and the number of Warrant Shares after such adjustment
     or the effect of such modification, a brief statement of the facts
<PAGE>

     requiring such adjustment or modification and the manner of computing the
     same and cause copies of such certificate to be mailed to the Holders of
     the Warrants.

          (e)  If, as a result of an adjustment made pursuant to this Section 3,
     the Holder of any Warrant thereafter surrendered for exercise shall become
     entitled to receive shares of two or more classes of capital stock or
     shares of Common Stock and other capital stock of the Company, the Board of
     Directors (whose determination shall be conclusive and shall be described
     in a written notice to the Holder of any Warrant promptly after such
     adjustment) shall determine the allocation of the adjusted Per Share
     Exercise Price between or among shares or such classes of capital stock or
     shares of Common Stock and other capital stock.

     4.   Limited Transferability. In addition to the limitation on
          -----------------------
transferability set forth in Section 1(a) hereof, this Warrant may not be sold,
transferred, assigned or hypothecated by the Holder except in compliance with
the provisions of the Act and the applicable state securities "blue sky" laws,
and is so transferable only upon the books of the Company which it shall cause
to be maintained for such purpose.  The Company may treat the registered Holder
of this Warrant as he or it appears on the Company's books at any time as the
Holder for all purposes.  The Company shall permit any Holder of a Warrant or
his duly authorized attorney, upon written request during ordinary business
hours, to inspect and copy or make extracts from its books showing the
registered holders of Warrants.  All Warrants issued upon the transfer or
assignment of this Warrant will be dated the same date as this Warrant, and all
rights of the holder thereof shall be identical to those of the Holder.

     5.   Loss, etc., of Warrant.  Upon receipt of evidence satisfactory to the
          ----------------------
Company of the loss, theft, destruction or mutilation of this Warrant, and of
indemnity reasonably satisfactory to the Company, if lost, stolen or destroyed,
and upon surrender and cancellation of this Warrant, if mutilated, the Company
shall execute and deliver to the Holder a new Warrant of like date, tenor and
denomination.

     6.   Status of Holder.  This Warrant does not confer upon the Holder any
          ----------------
right to vote or to consent to or receive notice as a stockholder of the
Company, as such, in respect of any matters whatsoever, or any other rights or
liabilities as a stockholder, prior to the exercise hereof.

     7.   Notices.  No notice or other communication under this Warrant shall be
          -------
effective unless, but any notice or other communication shall be effective and
shall be deemed to have been given, if the same is in writing and is mailed by
first-class mail, postage prepaid, addressed to:

If to the Holder:        300 Longwood Avenue, Boston, MA 02115 Attn. Donald P.
                         Lombardi; or
<PAGE>

If to the Company:       216 Jaffa Road, Sha'arei Ha'ir, Jerusalem, Israel 94383
                         Attn: General Counsel

     8.   Headings.  The headings of this Warrant have been inserted as a matter
          --------
of convenience and shall not affect the construction hereof.

     9.   Applicable Law.  This Warrant shall be governed by and construed in
          --------------
accordance with the laws of the State of New York, without regard to principles
of conflicts of law.  Notwithstanding anything to the contrary contained herein,
in no event may the effective rate of interest collected or received by the
Holder exceed that which may be charged, collected or received by the Holder
under applicable law.  The parties agree to settle any disputes through binding
arbitration in the city, county and State of New York.

          IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
by its Chief Executive Officer and its corporate seal to be hereunto affixed and
attested by its Secretary this ___ day of November, 1999.

                                   LRK BIOPHARMACEUTICALS, INC.

                                   By:    /s/ Morris Laster, M.D.
                                          ---------------------------
                                   Name:  Morris Laster, M.D.
                                   Title: Chief Executive Officer

ATTEST:

____________________
     Secretary

[Corporate Seal]
<PAGE>

(NOT PERMITTED UNTIL INITIAL VESTING DATE)

                                 SUBSCRIPTION
                                 ------------

     The undersigned, ___________________, pursuant to the provisions of the
foregoing Warrant, hereby elects to exercise the within Warrant to the extent of
purchasing ____________________ shares of Common Stock thereunder and hereby
makes payment of $___________ by certified or official bank check in payment of
the exercise price therefor.

     The undersigned hereby represents and warrants to the Company that the
undersigned is acquiring the shares of the Company's Common Stock pursuant to
exercise of the within Warrant for investment purposes only.  The undersigned
hereby further acknowledges that the undersigned understands that such shares
(a) have not been registered under the Securities Act of 1933, as amended, and
are being issued to the undersigned by the Company in reliance upon the
foregoing representation and warranty and (b) may not be resold except in
accordance with the requirements of the Act, including Rule 144 thereunder, if
applicable.  The undersigned further consents to the placing of a legend on the
certificates for the shares being purchased to the foregoing effect.

Dated:_______________                   Signature:____________________

                                        Address:______________________

                                  ASSIGNMENT
                                  ----------

     FOR VALUE RECEIVED _______________ hereby sells, assigns and transfers unto
____________________ the foregoing Warrant and all rights evidenced thereby, and
does irrevocably constitute and appoint _____________________, attorney, to
transfer said Warrant on the books of SignalSite, Inc.

Dated:_______________                   Signature:____________________

                                        Address:______________________
<PAGE>

                               CASHLESS EXERCISE
                               -----------------

     The undersigned ___________________, pursuant to the provisions of the
foregoing Warrant, hereby elects to exchange its Warrant for ___________________
shares of Common Stock, par value $.001 per share, of SignalSite, Inc. pursuant
to the Cashless Exercise provisions of the Warrant.

Dated:_______________                        Signature:____________________

                                             Address:______________________

                              PARTIAL ASSIGNMENT
                              ------------------

     FOR VALUE RECEIVED _______________ hereby assigns and transfers unto
____________________ the right to purchase _______ shares of the Common Stock,
no par value per share, of SignalSite, Inc. covered by the foregoing Warrant,
and a proportionate part of said Warrant and the rights evidenced thereby, and
does irrevocably constitute and appoint ____________________, attorney, to
transfer that part of said Warrant on the books of SignalSite, Inc.

Dated:_______________                        Signature:____________________

                                             Address:______________________<PAGE>

                                                                     EXHIBIT 4.8

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE NOT TRANSFERABLE WITHOUT THE
EXPRESS WRITTEN CONSENT OF SIGNALSITE, INC. (THE "COMPANY") AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY APPLICABLE STATE SECURITIES
LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH
RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN EXEMPTION THEREFROM. ANY SUCH
TRANSFER MAY ALSO BE SUBJECT TO APPLICABLE STATE SECURITIES LAWS.

                         LAKARO BIOPHARMACEUTICALS, INC.

                     Warrant for the Purchase of Shares of
                     -------------------------------------
                                  Common Stock
                                  ------------

No. 2                                                             125,000 Shares

     FOR VALUE RECEIVED, SIGNALSITE, INC., a Delaware corporation (the
"Company"), hereby certifies that CHILDREN'S MEDICAL CENTER CORPORATION or its
registered assigns (the "Holder") is entitled to purchase from the Company,
subject to the provisions of this Warrant, at any time commencing upon date (the
"Vesting Date") of approval of the first New Drug Application by the United
States Food and Drug Administration for the technologies granted to the Company
by the Holder pursuant to a license agreement entered into by and among the
Company and the Holder on August 18, 1997 and prior to 5:00 P.M., New York City
time, on the date that is ten (10) years after the Vesting Date (the
"Termination Date"), One Hundred Twenty-Five Thousand (125,000) fully paid and
non-assessable shares of the Common Stock, $.001 par value, of the Company
("Common Stock") at an initial per share exercise price equal to $.01, or an
initial aggregate exercise price of $1,250.  The number of shares of Common
Stock to be received upon exercise of this Warrant and the price to be paid for
each share of Common Stock are subject to possible adjustment from time to time
as hereinafter set forth.  The shares of Common Stock or other securities or
property deliverable upon such exercise as adjusted from time to time is
hereinafter sometimes referred to as the "Warrant Shares," the exercise price of
a share of Common Stock in effect at any time and as adjusted from time to time
is hereinafter sometimes referred to as the "Per Share Exercise Price" and the
aggregate purchase price payable for the Warrant Shares hereunder is hereinafter
sometimes referred to as the "Aggregate Exercise Price."  The Aggregate Exercise
Price is not subject to adjustment.  The Per Share Exercise Price is subject to
adjustment as hereinafter provided; in the event of any such adjustment, the
number of Warrant Shares shall be adjusted by dividing the Aggregate Exercise
Price by the Per Share Exercise Price in effect immediately after such
adjustment.  This Warrant is one of a duly authorized issue of Warrants
constituting components of units being sold by the Company on the date hereof
(collectively, the "Warrants").
<PAGE>

          1.   Exercise of Warrant.
               -------------------

          (a)  This Warrant is not transferable and may not be assigned or
     otherwise disposed of by the Holder until the Vesting Date.

          (b)  This Warrant may be exercised in whole or in part, at any time by
     the Holder commencing upon the Vesting Date and prior to the Termination
     Date:

               (i) by presentation and surrender of this Warrant (with the
          subscription form at the end hereof duly executed) at the address set
          forth in Subsection 8(a) hereof, together with payment, by certified
          or official bank check payable to the order of the Company, of the
          Aggregate Exercise Price or the proportionate part thereof if
          exercised in part.

               (ii) by the surrender of this Warrant (with the cashless exercise
          form at the end hereof duly executed) (a "Cashless Exercise") at the
          address set forth in Section 8(a) hereof.  Such presentation and
          surrender shall be deemed a waiver of the Holder's obligation to pay
          the Aggregate Exercise Price, or the proportionate part thereof if
          this Warrant is exercised in part.  In the event of a Cashless
          Exercise, the Holder shall exchange its Warrant for that number of
          Warrant Shares subject to such Cashless Exercise multiplied by a
          fraction, the numerator of which shall be the difference between (A)
          the last sale price of the Common Stock on the trading day prior to
          such date or, in case no such reported sales take place on such day,
          the average of the last reported bid and asked prices of the Common
          Stock on such day, in either case on the principal national securities
          exchange on which the Common Stock is admitted to trading or listed,
          or if not listed or admitted to trading on any such exchange, the
          representative closing sale price of the Common Stock as reported by
          the National Association of Securities Dealers, Inc. Automated
          Quotations System ("NASDAQ"), or other similar organization if NASDAQ
          is no longer reporting such information, or, if the Common Stock is
          not reported on NASDAQ, the high per share sale price for the Common
          Stock in the over-the-counter market as reported by the National
          Quotation Bureau or similar organization, or if not so available, the
          fair market value of the Common Stock as determined in good faith by
          the Board of Directors (the "Current Market Price") and (B) the Per
          Share Exercise Price, and the denominator of which shall be the then
          Current Market Price. For purposes of any computation under this
          Section 1(a), the then Current Market Price shall be based on the
          trading day immediately prior to the Cashless Exercise.

          (c)  If this Warrant is exercised in part only, the Company shall,
     upon presentation of this Warrant upon such exercise, execute and deliver
<PAGE>

     (with the certificate for the Warrant Shares purchased) a new Warrant
     evidencing the rights of the Holder hereof to purchase the balance of the
     Warrant Shares purchasable hereunder upon the same terms and conditions as
     herein set forth. Upon proper exercise of this Warrant, the Company
     promptly shall deliver certificates for the Warrant Shares to the Holder
     duly legended as authorized by the subscription form. No fractional shares
     shall be issued upon exercise of this Warrant. With respect to any fraction
     of a share called for upon exercise hereof, the Company shall pay to the
     Holder an amount in cash equal to such fraction multiplied by the Current
     Market Price of one (1) share of Common Stock.

     2.   Reservation of Warrant Shares; Fully Paid Shares; Taxes.  The Company
          -------------------------------------------------------
hereby undertakes until expiration of this Warrant to reserve for issuance or
delivery upon exercise of this Warrant, such number of shares of the Common
Stock as shall be required for issuance and/or delivery upon exercise of this
Warrant in full, and agrees that all Warrant Shares so issued and/or delivered
will be validly issued, fully paid and non-assessable, and further agrees to pay
all taxes and charges that may be imposed upon such issuance and/or delivery.

     3.   Protection Against Dilution.
          ---------------------------

          (a)  In case the Company shall hereafter (i) pay a dividend or make a
     distribution on its capital stock in shares of Common Stock, (ii) subdivide
     its outstanding shares of Common Stock into a greater number of shares,
     (iii) combine its outstanding shares of Common Stock into a smaller number
     of shares or (iv) issue by reclassification of its Common Stock any shares
     of capital stock of the Company, the Per Share Exercise Price shall be
     adjusted to be equal to a fraction, the numerator of which shall be the
     Aggregate Exercise Price and the denominator of which shall be the number
     of shares of Common Stock or other capital stock of the Company which the
     Holder would have owned immediately following such action had this Warrant
     been exercised immediately prior thereto.  An adjustment made pursuant to
     this Subsection 3(a) shall become effective immediately after the record
     date in the case of a dividend or distribution and shall become effective
     immediately after the effective date in the case of a subdivision,
     combination or reclassification.

          (b)  In the event of any capital reorganization or reclassification,
     or any consolidation or merger to which the Company is a party other than a
     merger or consolidation in which the Company is the continuing corporation,
     or in case of any sale or conveyance to another entity of the property of
     the Company as an entirety or substantially as an entirety, or in the case
     of any statutory exchange of securities with another corporation (including
     any exchange effected in connection with a merger of a third corporation
     into the Company), the Holder of this Warrant shall have the right
     thereafter to receive on the exercise of this Warrant the kind and amount
     of securities, cash or other property which the Holder would have owned or
     have been entitled to receive immediately after such reorganization,
     reclassification,
<PAGE>

     consolidation, merger, statutory exchange, sale or conveyance had this
     Warrant been exercised immediately prior to the effective date of such
     reorganization, reclassification, consolidation, merger, statutory
     exchange, sale or conveyance and in any such case, if necessary,
     appropriate adjustment shall be made in the application of the provisions
     set forth in this Section 3 with respect to the rights and interests
     thereafter of the Holder of this Warrant to the end that the provisions set
     forth in this Section 3 shall thereafter correspondingly be made
     applicable, as nearly as may reasonably be, in relation to any shares of
     stock or other securities or property thereafter deliverable on the
     exercise of this Warrant. The above provisions of this Subsection 3(b)
     shall similarly apply to successive reorganizations, reclassifications,
     consolidations, mergers, statutory exchanges, sales or conveyances. The
     issuer of any shares of stock or other securities or property thereafter
     deliverable upon the exercise of this Warrant shall be responsible for all
     of the agreements and obligations of the Company hereunder. Notice of any
     such reorganization, reclassification, consolidation, merger, statutory
     exchange, sale or conveyance and of said provisions so proposed to be made,
     shall be mailed to the Holders of the Warrants not less than 30 days prior
     to such event. A sale of all or substantially all of the assets of the
     Company for a consideration consisting primarily of securities shall be
     deemed a consolidation or merger for the foregoing purposes.

          (c)  No adjustment in the Per Share Exercise Price shall be required
     unless such adjustment would require an increase or decrease of at least
     $0.05 per share of Common Stock; provided, however, that any adjustments
                                      --------  -------
     that by reason of this Subsection 3(c) are not required to be made shall be
     carried forward and taken into account in any subsequent adjustment;
     provided, further, however, that adjustments shall be required and made in
     --------  -------
     accordance with the provisions of this Section 3 (other than this
     Subsection 3(c)) not later than such time as may be required in order to
     preserve the tax-free nature of a distribution to the Holder of this
     Warrant or Common Stock issuable upon the exercise hereof.  All
     calculations under this Section 3 shall be made to the nearest cent or to
     the nearest 1/100th of a share, as the case may be.  Anything in this
     Section 3 to the contrary notwithstanding, the Company shall be entitled to
     make such reductions in the Per Share Exercise Price, in addition to those
     required by this Section 3, as it in its discretion shall deem to be
     advisable in order that any stock dividend, subdivision of shares or
     distribution of rights to purchase stock or securities convertible or
     exchangeable for stock hereafter made by the Company to its stockholders
     shall not be taxable.

          (d)  Whenever the Per Share Exercise Price is adjusted as provided in
     this Section 3 and upon any modification of the rights of a Holder of
     Warrants in accordance with this Section 3, the Company shall promptly
     provide a certificate of its Chief Accounting Officer setting forth the Per
     Share Exercise Price and the number of Warrant Shares after such adjustment
     or the effect of such modification, a brief statement of the facts
<PAGE>

     requiring such adjustment or modification and the manner of computing the
     same and cause copies of such certificate to be mailed to the Holders of
     the Warrants.

          (e)  If, as a result of an adjustment made pursuant to this Section 3,
     the Holder of any Warrant thereafter surrendered for exercise shall become
     entitled to receive shares of two or more classes of capital stock or
     shares of Common Stock and other capital stock of the Company, the Board of
     Directors (whose determination shall be conclusive and shall be described
     in a written notice to the Holder of any Warrant promptly after such
     adjustment) shall determine the allocation of the adjusted Per Share
     Exercise Price between or among shares or such classes of capital stock or
     shares of Common Stock and other capital stock.

     4.   Limited Transferability.  In addition to the limitation on
          -----------------------
transferability set forth in Section 1(a) hereof, this Warrant may not be sold,
transferred, assigned or hypothecated by the Holder except in compliance with
the provisions of the Act and the applicable state securities "blue sky" laws,
and is so transferable only upon the books of the Company which it shall cause
to be maintained for such purpose.  The Company may treat the registered Holder
of this Warrant as he or it appears on the Company's books at any time as the
Holder for all purposes.  The Company shall permit any Holder of a Warrant or
his duly authorized attorney, upon written request during ordinary business
hours, to inspect and copy or make extracts from its books showing the
registered holders of Warrants.  All Warrants issued upon the transfer or
assignment of this Warrant will be dated the same date as this Warrant, and all
rights of the holder thereof shall be identical to those of the Holder.

     5.   Loss, etc., of Warrant.  Upon receipt of evidence satisfactory to the
          ----------------------
Company of the loss, theft, destruction or mutilation of this Warrant, and of
indemnity reasonably satisfactory to the Company, if lost, stolen or destroyed,
and upon surrender and cancellation of this Warrant, if mutilated, the Company
shall execute and deliver to the Holder a new Warrant of like date, tenor and
denomination.

     6.   Status of Holder.  This Warrant does not confer upon the Holder any
          ----------------
right to vote or to consent to or receive notice as a stockholder of the
Company, as such, in respect of any matters whatsoever, or any other rights or
liabilities as a stockholder, prior to the exercise hereof.

     7.   Notices.  No notice or other communication under this Warrant shall be
          -------
effective unless, but any notice or other communication shall be effective and
shall be deemed to have been given, if the same is in writing and is mailed by
first-class mail, postage prepaid, addressed to:

If to the Holder:                         300 Longwood Avenue, Boston, MA 02115
                                          Attn. Donald P. Lombardi; or
<PAGE>

If to the Company:                   c/o Partec, Ltd., 216 Jaffa Road, Sha'arei
                                     Ha'ir, Jerusalem, Israel 94383 Attn: Dr.
                                     Morris Laster

     9.   Headings.  The headings of this Warrant have been inserted as a matter
          --------
of convenience and shall not affect the construction hereof.

     10.  Applicable Law.  This Warrant shall be governed by and construed in
          --------------
accordance with the laws of the State of New York, without regard to principles
of conflicts of law.  Notwithstanding anything to the contrary contained herein,
in no event may the effective rate of interest collected or received by the
Holder exceed that which may be charged, collected or received by the Holder
under applicable law.  The parties agree to settle any disputes through binding
arbitration in the city, county and State of New York.

          IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
by its Chief Executive Officer and its corporate seal to be hereunto affixed and
attested by its Secretary this 25th day of August, 1997.

                                             LAKARO BIOPHARMACEUTICALS, INC.

                                             By:  /S/ Morris Laster, M.D.
                                                  ___________________________
                                             Name:  Morris Laster, M.D.
                                             Title: Chief Executive Officer

ATTEST:

/s/ Bob Trachtenberg
____________________
     Secretary

[Corporate Seal]
<PAGE>

(NOT PERMITTED UNTIL INITIAL VESTING DATE)

                                  SUBSCRIPTION
                                  ------------

     The undersigned, ___________________, pursuant to the provisions of the
foregoing Warrant, hereby elects to exercise the within Warrant to the extent of
purchasing ____________________ shares of Common Stock thereunder and hereby
makes payment of $___________ by certified or official bank check in payment of
the exercise price therefor.

     The undersigned hereby represents and warrants to the Company that the
undersigned is acquiring the shares of the Company's Common Stock pursuant to
exercise of the within Warrant for investment purposes only.  The undersigned
hereby further acknowledges that the undersigned understands that such shares
(a) have not been registered under the Securities Act of 1933, as amended, and
are being issued to the undersigned by the Company in reliance upon the
foregoing representation and warranty and (b) may not be resold except in
accordance with the requirements of the Act, including Rule 144 thereunder, if
applicable.  The undersigned further consents to the placing of a legend on the
certificates for the shares being purchased to the foregoing effect.

Dated:_______________               Signature:____________________

                                    Address:______________________

                                   ASSIGNMENT
                                   ----------

     FOR VALUE RECEIVED _______________ hereby sells, assigns and transfers unto
____________________ the foregoing Warrant and all rights evidenced thereby, and
does irrevocably constitute and appoint _____________________, attorney, to
transfer said Warrant on the books of SignalSite, Inc.

Dated:_______________               Signature:____________________

                                    Address:______________________
<PAGE>

                               CASHLESS EXERCISE
                               -----------------

     The undersigned ___________________, pursuant to the provisions of the
foregoing Warrant, hereby elects to exchange its Warrant for ___________________
shares of Common Stock, par value $.001 per share, of SignalSite, Inc. pursuant
to the Cashless Exercise provisions of the Warrant.

Dated:_______________                Signature:____________________

                                     Address:______________________

                               PARTIAL ASSIGNMENT
                               ------------------

     FOR VALUE RECEIVED _______________ hereby assigns and transfers unto
____________________ the right to purchase _______ shares of the Common Stock,
no par value per share, of SignalSite, Inc. covered by the foregoing Warrant,
and a proportionate part of said Warrant and the rights evidenced thereby, and
does irrevocably constitute and appoint ____________________, attorney, to
transfer that part of said Warrant on the books of SignalSite, Inc.

Dated:_______________               Signature:____________________

                                    Address:______________________

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