Document:

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                                                                   EXHIBIT 10.22

                         FIRST EXCHANGE OPTION AGREEMENT

                FIRST EXCHANGE OPTION AGREEMENT (THE "AGREEMENT")

                          dated as of December 3l, 1997

   by and between American Pharmed Labs, Inc., a Delaware corporation ("APL"),

                                       and

   tbg Technologie-Beteiligungs-Gesellschaft mbh der Deutschen Ausgleichsbank,
                   a German limited liability company ("tbg"),

WHEREAS; on October 31, 1997 APL sold to certain investors certain shares of
Series A Convertible Preferred Stock, $.01 par value per share ("Series A
Preferred Stock"), and warrants to purchase additional shares of Series A
Preferred Stock pursuant to a Series A Convertible Preferred Stock Purchase
Agreement dated as of such date (the "Stock Purchase Agreement"), and

WHEREAS; tbg desires to participate in the financing contemplated by the Stock
Purchase Agreement but cannot currently do so due to restrictions and
constraints currently applicable to it, and

WHEREAS; instead of participating in such Series A Preferred Stock financing tbg
acquired an equity interest in APL's subsidiary, Pharmed Labs GmbH, a German
limited liability company ("Pharmed GmbH"), in the amount of 8.59 % of the
nominal share capital of Pharmed GmbH, and

WHEREAS; APL is the holder of the remaining share capital of Pharmed GmbH, and

WHEREAS; tbg and APL desire to provide for the exchange of all of tbg's equity
interest in Pharmed GmbH for shares of Series A Preferred Stock in certain
circumstances;

NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained in this Agreement; the Parties agree as follows:

1.    Exchange of Securities

(a)   APL shall have the right, (i) at any time after November 1, 1998, or (ii)
      in connection with the occurrence of a Triggering Event (as hereafter
      defined), to require tbg to exchange all of tbg's equity interest in
      Pharmed GmbH, (the "GmbH Share") for 829,901 shares of Series A Preferred
      Stock (the "Series A Share"). The term "Triggering Event" shall mean (i) a
      sale of all or substantially all of the assets of APL; (ii) a sale of more
      than 50% in voting power of the

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      outstanding equity securities of APL; (iii) a merger or consolidation
      involving APL in which the stockholders of APL immediately before such
      merger or consolidation do not own, immediately after such merger or
      consolidation, capital stock or other equity interests of the surviving
      corporation or entity representing more than 50 % of the voting power of
      the capital stock or other equity interests of such surviving corporation
      or entity outstanding at such time; (iv) the automatic conversion of the
      Series A Preferred Stock pursuant to Article FOURTH, Section 2 of APL's
      Certificate of Incorporation; (v) a public offering of APL's Common Stock,
      $.01 par value per share (the "Common Stock") pursuant to an effective
      registration statement under the Securities Act of 1933, as amended (the
      "Securities Act"), in which the public offering price per share is not
      less than $8.08 and the gross proceeds to APL arte not less than
      $15,000,000.00; or (vi) a transfer by tbg of the GmbH Share, with or
      without consideration.

(b)   tbg shall have the right, at any time after the date hereof and on or
      before the occurrence of a Triggering Event, to require APL to issue the
      Series A Shares, or the shares of APL Common Stock issuable upon
      conversion of the Series A Shares pursuant to Article FOURTH, Section 2 of
      APL's Certificate of Incorporation if the outstanding Series A Preferred
      Stock has previously been converted into Common Stock, in exchange for the
      GmbH Share.

(c)   The rights of APL and tbg under this Section 1 are hereafter referred to
      as the "Exchange Option."

2.    Adjustments in Securities

      In the event that after the date hereof there shall be any stock dividend,
      stock split, reverse stock split, combination of shares, reclassification
      or other similar event with respect to the Series A Preferred Stock, the
      number of shares of Series A Preferred Stock issuable upon exercise of the
      Exchange Option in exchange for the GmbH Share shall be proportionately
      adjusted, and the term "Series A Shares" shall be deemed to mean such
      number as so adjusted. In addition, if the Exchange Option is being
      exercised in connection with a Triggering Event; then at the option of APL
      the cash, securities or other property that would be issuable upon
      exchange or conversion of the Series A Shares in connection with the
      closing of such Triggering Event may be issued to tbg directly in exchange
      for the GmbH Share instead of the Series A Shares.

3.    Exercise of Exchange Option; Closing

(a)   The party desiring to exercise the Exchange Option shall give the other
      party written notice of its intention to exercise the Exchange Option (the
      "Exercise Notice").

(b)   A closing (the "Exchange Option Closing") with respect to the exercise of
      the Exchange Option shall be held on such date as may be agreed upon by
      APL and

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      tbg but in any event (i) in the case of any exercise of the Exchange
      Option in connection with the occurrence of a Triggering Event, not later
      than the closing of the Triggering Event, unless APL otherwise agrees in
      writing, and (ii) in all other cases, not later than twenty (20) business
      days after the date of the Exchange Notice, unless both parties otherwise
      agree in writing. At the Exchange Option Closing:

            (i)   if necessary, tbg shall make all declarations, conclude all
                  agreements, render all resolutions and take all further
                  actions necessary to transfer the GmbH Share to APL, free and
                  clear of all liens, claims and encumbrances;

            (ii)  tbg shall deliver to APL a certificate dated the Exchange
                  Option Closing date and confirming, as of the Exchange Option
                  Closing date, its representations and warranties as set forth
                  in Section 5;

            (iii) APL shall deliver to tbg a stock certificate representing the
                  Series A Shares; and

            (iv)  APL shall give notice to Pharmed GmbH of the transfer of the
                  GmbH Share from tbg to APL having become effective upon
                  satisfaction of the condition provided for under the agreement
                  attached hereto as Exhibit 4(a) in accordance with Section 16
                  German Code on Limited Liability Companies ("GmbHGesetz").

4.    Restrictions on Transfer

(a)   As of the date hereof tbg and APL will enter into a separate agreement in
      the form attached hereto as Exhibit 4(a) providing for the assignment of
      the GmbH Share by tbg to APL such assignment becoming effective with the
      Exchange Option Closing and being conditional upon the delivery of the
      stock certificate pursuant to Section 3 (b)(iii) hereof.

(b)   For so long as the Exchange Option remains in effect, tbg shall not
      transfer the GmbH Share, with or without consideration, without the prior
      written consent of APL.

(c)   If tbg desires to transfer the GmbH Share, with or without consideration,
      while the Exchange Option remains in effect, tbg shall immediately give
      written notice to APL, specifying;

            (i)   the address and registered office, if any, of the prospective
                  transferee;

            (ii)  the purchase price, if any, or other consideration to be paid
                  or given for the intended transfer;

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            (iii) the date for the closing of such intended transfer;

            (iv)  the representations and warranties, if any, made or to be made
                  by tbg in connection with the intended transfer.

(d)   tbg agrees that for a period of up to one hundred eighty (180) days from
      the effective date of any registration of securities of APL under the
      Securities Act (upon request of APL or the underwriters managing any
      underwritten offering of APL's securities), tbg will not sell, make any
      short sale or loan or grant any option for the purchase of, or otherwise
      dispose of any GmbH Share, Series A Shares, shares of Common Stock or
      other securities of APL or Pharmed GmbH held by tbg without the prior
      written consent of APL or such underwriters, as the case may be.

(e)   Any purported transfer of the GmbH Share in violation of this Section 4
      shall be null and void and Pharmed GmbH shall not be required to record on
      its books any such purported transfer or to recognize the purported
      transferee as the owner of the GmbH Share.

5.    Representations and Warranties of tbg

      tbg represents and warrants to APL as follows:

      (a)  (i) The individual executing this Agreement on behalf of tbg has been
               duly authorized to execute and deliver this Agreement;

           (ii)  the signature of such individual is binding upon tbg;

           (iii) tbg is duly organized, validly existing and in good standing in
                 its jurisdiction of incorporation or organization and has all
                 requisite power and authority to execute and deliver this
                 Agreement;

           (iv)  and the execution and delivery of this Agreement will not
                 result in the violation of, constitute a breach or default
                 under, or conflict with, any term or provision of the Charter,
                 Bylaws, or other governing document of tbg or any material
                 agreement judgment, decree, order, statute or regulation by
                 which it is bound or applicable to it.

(b)   tbg is acquiring the GmbH Share, and upon any exercise of the Exchange
      Option will be acquiring the Series A Shares, for its own account, for
      investment and not for, with a view to, or in connection with, any
      distribution or public offering thereof within the meaning of the
      Securities Act;

(c)   tbg understand that the GmbH Share has not been, and the Series A Shares
      and the shares of Common Stock issuable upon conversion of the Series A
      Shares will not, be registered under the Securities Act or any state
      securities law, by reason of

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      their issuance in a transaction exempt from the registration requirements
      of the Securities Act and such laws, and that they must be held
      indefinitely unless they are subsequently registered under the Securities
      Act and such laws or subsequent disposition thereof is exempt from
      registration. tbg further understands that such exemption depends upon,
      among other things, the bona fide nature of tbg's investment intent
      expressed herein. tbg acknowledges that the certificates for the Series A
      Shares and the shares of the Common Stock issuable upon conversion thereof
      shall bear a legend to such effect, and that appropriate stop transfer
      instructions may be issued.

(d)   tbg has not been formed for the specific purpose of acquiring the GmbH
      Share or the Series A Shares. tbg understands the term "accredited
      investor" as used in Regulation D promulgated under the Securities Act and
      represents and warrants that it is an "accredited investor."

(e)   tbg has sufficient knowledge and experience in business and financial
      matters and with respect to investment in securities of privately held
      companies so as to enable it to analyze and evaluate the merits and risks
      of the investment contemplated hereby and is capable of protecting its
      interest in connection with this transaction. tbg is able to bear the
      economic risk of such investment, including a complete loss of the
      investment.

(f)   tbg acknowledges that it and its representatives have had the opportunity
      to ask questions and receive answers from officers and representatives of
      APL and Pharmed GmbH concerning its investment in the GmbH Share and the
      Series A Shares, and to obtain any additional information which it desires
      regarding APL and Pharmed GmbH.

(g)   tbg understands that the exemption from registration afforded by Rule 144
      (the provisions of which are known to tbg) promulgated by the Securities
      and Exchange Commission under the Securities Act depends upon the
      satisfaction of various conditions, that such exemption is not currently
      available and that, if applicable, Rule 144 affords the basis for sales
      only in limited amounts.

6.    Representations and Warranties of APL

      APL represents and warrants to tbg as follows:

      (a)   (i) The individual executing this Agreement on behalf of APL has
                 been duly authorized to execute and deliver this Agreement;

            (ii)  the signature of such individual is binding upon APL;

            (iii) APL is duly organized, validly existing and in good standings
                  in its jurisdiction of incorporation or organization and has
                  all requisite power and authority to execute and deliver this
                  Agreement;

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            (iv)  and the execution and delivery of this Agreement will not
                  result in the violation of, constitute a breach or default
                  under, or conflict with, any term or provision of the Charter,
                  Bylaws, or other governing document of APL or any material
                  agreement, judgment decree, order, statute or regulation by
                  which it is bound or applicable to it.

(b)   The entire authorized capital stock of APL consists of:

            (i)   20,000,000.00 shares of Common Stock; and

            (ii)  5,049,507 shares of Series A Convertible Preferred Stock, par
                  value $.01 per start ( the "Series A Preferred Stock").

(c)   The number of shares of Common Stock and Series A Preferred Stock that are
      issued and outstanding, held as treasury shares or issuable upon the
      exercise of outstanding options, warrants, convertible securities or
      rights to purchase such capital stock as of the date hereof is as set
      forth in Exhibit 6 (c).

7.    Amendment of Articles of Association of Pharmed Labs GmbH

(a)   In the event that the holders of shares of Series A Preferred Stock shall
      be entitled to be paid first out of the assets of APL available for
      distribution for holders of APL's capital stock of all classes the amount
      per share of the Series A Preferred Stock had all shares of Preferred
      Stock been converted to Common Stock immediately prior to an event of
      liquidation, dissolution or winding up, plus all dividends declared but
      unpaid on each share of the Series A Preferred Stock to and including the
      date full payment shall be tendered to the holders of the Series A
      Preferred Stock with respect to such liquidation, dissolution or winding
      up, the amount of DEM 63.829,79 payable to tbg per DEM 100.00 of the
      nominal amount of the GmbH Share pursuant to Section 5 of the Articles of
      Association of Pharmed GmbH as amended shall be adjusted; the respective
      provisions of Section 2 of APL's certificate of incorporation shall apply
      accordingly.

(b)   In the event of a merger or consolidation of Pharmed GmbH into or with
      another corporation (except one in which the holders of capital stock of
      Pharmed Labs GmbH immediately prior to such merger or consolidation
      continue to hold at least 80 % in voting power of the capital stock of the
      surviving corporation) or the sale of all or substantially all of the
      assets of Pharmed GmbH the parties hereto agree that the proceeds from
      such transaction shall be distributed among them in accordance with
      Section 6 of the articles of association of Pharmed GmbH. Whenever the
      distributions shall be payable in property other than cash, the value of
      such distributions shall be the fair market value of such property which
      shall be in the case of shares registered at a stock exchange the stock
      price quoted on the effective date of the transfer of the consideration
      paid or in the case of other property as determined by the auditor of
      Pharmed GmbH.

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8.    Expenses

      Each party hereto will pay its own expenses in connection with the
      transactions contemplated hereby.

9.    Survival of Agreements

      All covenants, agreements, representations anti warranties made herein or
      in any agreement, certificate or instruments delivered to APL or tbg, as
      the case may be, pursuant to or in connection with this Agreement shall
      survive the execution and delivery of this Agreement.

10.   Parties in Interest

      All representations, warranties, covenants and agreements contained in
      this Agreement by or on behalf of any of the parties hereto shall bind and
      inure to the benefit of the receptive successors and assigns of the
      parties hereto whether so expressed or not.

11.   Notices

      All notices, requests, consents and other communications hereunder shall
      be deemed to be sufficient if contained in a written instrument delivered
      in person or duly sent by facsimile or DHL, Federal Express, or any other
      recognized express international courier service; addressed to such party
      at the address set forth below or such other address as may hereafter be
      designated in writing by the addressee to the addressor listing all
      parties:

(a) if to APL:

            American Pharmed Labs, Inc.
            270 Sylvan Avenue
            Englewood Cliffs, NJ 07632
            USA
            Attention: President
            Fax: (201) 575 - 9244

(b) if to tbg:

            tbg-Techno1ogie-Beteiligungsgesellschaft mbH
            der Deutschen Ausgleichsbank
            Ludwig-Erhard-Platz I-3
            53170 Bonn Bad Godesberg
            Germany
            Fax: 0228-831-2493

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12.   Governing Law

      This Agreement shall be governed by, and construed and enforced in
      accordance with, the substantive laws of the State of Delaware, USA,
      without regard to its principles of conflicts of laws.

13.   Entire Agreement

      This Agreement constitutes the sole and entire agreement of the parties
      with respect to the subject matter hereof and supersedes all prior
      negotiations, commitments, agreements and understandings among them with
      respect thereto.

14.   Counterparts

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

15.   Amendments and Waivers

      This Agreement may be amended or modified, and provisions hereof may be
      waived, only with the written consent of APL and tbg.

16.   Titles and Subtitles

      The title and subtitles used in this Agreement are for convenience only
      and are not to be considered in construing or interpreting any provision
      of this Agreement.

17.   No Waiver, Cumulative Remedies

      No failure or delay on the part of any party to this Agreement in
      exercising any right, power or remedy hereunder shall operate as a waiver
      thereof nor shall any single or partial exercise of any such right, power
      or remedy preclude any other or further exercise of any other remedy
      hereunder. The remedies herein provided are cumulative and not exclusive
      of any remedies provided by law, agreement or otherwise.

18.   Specific Enforcement

      Each party expressly agrees that a violation of this Agreement by such
      party could not be adequately compensated by money damages alone and the
      parties agree that they will not claim an adequate remedy at law. Upon a
      breach or threatened breach of the terms, covenants and/or conditions of
      this Agreement by any party, the other party shall, in addition to all
      other remedies, be entitled to a temporary or permanent injunction, and/or
      decree for specific performance, in accordance with the provisions hereof.

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In witness whereof, APL and tbg have executed this Agreement as of the day and
year first above written,

                                   American Pharmed Labs, Inc.

                                   by: /s/ Henrik Aagaard
                                       -------------------------------------
                                   tbg Technologie-Beteiligungs-Gesellschaft mbH
                                   der Deutschen Ausgleichsbank

                                   by: ______________________________________

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                                                                   EXHIBIT 10.23

                        SECOND EXCHANGE OPTION AGREEMENT

               SECOND EXCHANGE OPTION AGREEMENT (THE "AGREEMENT")

                          dated as of February 17, 1998

                                 BY AND BETWEEN

          American Pharmed Labs, Inc., a Delaware corporation ("APL"),

                                       AND

   tbg Technologie-Beteiligungs-Gesellschaft mbh der Deutschen Ausgleichsbank,
                   a German limited liability company ("tbg").

WHEREAS; on October 31, 1997 APL, Inc. sold to certain investors certain shares
of its Series A Convertible Preferred Stock, $.01 par value per share ("Series A
Preferred Stock"), and warrants to purchase additional shares of Series A
Preferred Stock pursuant to a Series A Convertible Preferred Stock Purchase
Agreement dated as of such date (the "Stock Purchase Agreement"), and

WHEREAS; tbg desires to participate in the financing contemplated by the Stock
Purchase Agreement but cannot currently do so due to restrictions and
constraints currently applicable to it, and

WHEREAS; instead of participating in such Series A Preferred Stock financing tbg
is establishing a silent partnership with APL's subsidiary, Pharmed Labs GmbH, a
German limited liability company ("Pharmed GmbH") in the principal amount of DEM
4,000,000.00 (the "Principal amount") (the "Silent Partnership II"), and

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WHEREAS; tbg acquired shares in Pharmed GmbH in the nominal amount of DEM
4,700.00 and APL is the holder of the remaining share capital of Pharmed GmbH
after such acquisition, and

WHEREAS; tbg and APL desire to provide for the exchange of the Principal Amount
of the Silent Partnership II for shares of Stock in certain circumstances;

NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained in this Agreement, the Parties agree as follows:

1.    Exchange of Silent Partnership and Securities

(a)   APL shall have the right in connection with the occurrence of a Triggering
      Event (as hereafter defined), to require tbg to terminate the Silent
      Partnership II and to exchange the claim for the Principal Amount of the
      Silent Partnership II for shares of Common Stock, the number of which is
      to be calculated in accordance with Section 1(b) hereafter. The term
      "Triggering Event" shall mean (i) a sale of all or substantially all of
      the assets of APL; (ii) a sale of more than 50% in voting power of the
      outstanding equity securities of APL; (iii) a merger or consolidation
      involving APL in which the stockholders of APL immediately before such
      merger or consolidation do not own, immediately after such merger or
      consolidation, capital stock or other equity interests of the surviving
      corporation or entity representing more than 50% of the voting power of
      the capital stock or other equity interest of such surviving corporation
      or entity outstanding at such time; (iv) the automatic conversion of the
      Series A Preferred Stock pursuant to article FOURTH, Section 2 of APL's
      Certificate of Incorporation; (v) a public offering of APL's Common Stock,
      $.01 par value per share (the "Common Stock") pursuant to an effective
      registration statement under the Securities Act of 1933, as amended (the
      "Securities Act").

(b)   The number of shares of Common Stock to be exchanged pursuant to Section
      1(a) (the "Call Shares") shall be the greatest whole number less than or
      equal to the

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      quotient calculated as follows: (i) in the case of Section 1 (a)(iv) and
      (v) by dividing the Principal Amount of the Silent Partnership II by the
      arithmetic mean of $2.02 and the price to the public per share provided
      for in the respective public offerings (the "Calculated IPO Price") or
      (ii) in the case of Section 1(a)(i) to (iii) by dividing the Principal
      Amount of the Silent Partnership II by the arithmetic mean of $2.02 and
      the consideration paid per share in the respective transaction such
      consideration per share being calculated on a Common Stock equivalent
      basis at the time of the exchange, assuming conversion of all outstanding
      and reserved (pursuant to the First Exchange Option Agreement) shares of
      convertible preferred stock into Common Stock at the then applicable
      conversion rates for such convertible preferred stock (the "Calculated
      Trade Sale Price"); provided, however, that if the Calculated IPO Price or
      the Calculated Trade Sale Price are less than $2.02, the Calculated IPO
      Price or the Calculated Trade Sale Price, respectively, shall be adjusted
      upward for purposes of such calculation to the Minimum Share Price, and if
      the Calculated IPO Price or the Calculated Trade Sale Price are higher
      than $7.07 (the "Maximum Share Price"), the Calculated IPO Price or the
      Calculated Trade Sale Price, respectively, shall be adjusted downward for
      purposes of such calculation to the Maximum Share Price.

(c)   tbg shall have the right, at any time after the date hereof and on or
      before the occurrence of a Triggering Event, to terminate the Silent
      Partnership II and to require APL to issue shares of Common Stock the
      number of which is to be calculated in accordance with Section 1(d)
      hereafter in exchange for the claim for the Principal Amount of the Silent
      Partnership II.

(d)   The number of shares of Common Stock to be exchanged pursuant to Section
      1(c) (the "Put Shares") shall be the greatest whole number less than or
      equal to the quotient of the Principal Amount of the Silent Partnership II
      divided by $7.07.

(e)   The rights of APL and tbg under this Section 1 are hereafter referred to
      as the "Exchange Option." The Call Shares and the Put Shares are each
      referred to as the "Exchange Shares".

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(f)   In the event that tbg has not entirely contributed the Principal Amount to
      Pharmed GmbH or has been repaid the Principal Amount entirely or in part
      by the Exchange Option Closing date tbg will pay any outstanding balance
      to APL in cash.

(g)   For the purpose of calculation of the number of shares to be exchanged
      pursuant to this Section 1 the Deutschmark to US-Dollar exchange rate
      shall be $1 equals DEM1.75.

2.    Adjustments in Securities

      In the event that after the date hereof there shall be any stock dividend,
      stock split, reverse stock split, combination of shares, reclassification
      or other similar event with respect to the Common Stock, the number of
      shares of Common Stock issuable upon exercise of the Exchange Option in
      exchange for the Principal Amount of the Silent Partnership II shall be
      proportionately adjusted, and the term Exchange Shares shall be deemed to
      mean such number as so adjusted. In addition, if the Exchange Option is
      being exercised in connection with a Triggering Event, then at the option
      of APL the cash, securities or other property that would be issuable upon
      exchange or conversion of the Series A Shares in connection with the
      closing of such Triggering Event may be issued to tbg directly in exchange
      for the Principal Amount instead of the Series A Shares.

3.    Exercise of Exchange Option; Closing

(a)   The party desiring to exercise the Exchange Option shall give the other
      party written notice of its intention to exercise the Exchange Option (the
      "Exercise Notice").

(b)   A closing (the "Exchange Option Closing") with respect to the exercise of
      the Exchange Option shall be held on such date as may be agreed upon by
      APL and tbg but in any event (i) in the case of any exercise of the
      Exchange Option in connection with the occurrence of a Triggering Event,
      not later than the closing of

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      the Triggering Event, unless APL otherwise agrees in writing, and (ii) in
      all other cases, not later than twenty (20) business days after the date
      of the Exchange Notice, unless both parties otherwise agree in writing. At
      the Exchange Option Closing:

      (i)   tbg shall make all declarations, conclude all agreements, render all
            resolutions and take all further actions necessary to transfer the
            Principal Amount to APL, free and clear of all liens, claims and
            encumbrances, and in the event of Section 1(f) pay such respective
            amount outstanding to APL;

      (ii)  tbg shall deliver to APL a certificate dated the Exchange Option
            Closing date and confirming, as of the Exchange Option Closing date,
            its representations and warranties as set forth in Section 5; and

      (iii) APL shall deliver to tbg a stock certificate representing the Series
            A Shares.

4.    Transfer; Restrictions on Transfer

(a)   As of the date hereof tbg and APL will enter into a separate agreement in
      the form attached hereto as Exhibit 4(a) providing for the assignment of
      the claim for the Principal Amount by tbg to APL such assignment becoming
      effective with the Exchange Option Closing and being conditional upon the
      delivery of the stock certificate pursuant to Section 3(b)(iii).

(b)   For so long as the Exchange Option remains in effect, tbg shall not
      transfer the Silent Partnership II, with or without consideration, without
      the prior written consent of APL.

(c)   If tbg desires to transfer the Silent Partnership II, with or without
      consideration, while the Exchange Option remains in effect, tbg shall
      immediately give written notice to APL, specifying:

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      (i)   the address and registered office, if any, of the prospective
            transferee;

      (ii)  the purchase price, if any, or other consideration to be paid or
            given for the intended transfer;

      (iii) the date for the closing of such intended transfer;

      (iv)  the nominal amount of shares intended to be transferred;

      (v)   the representations and warranties, if any, made or to be made by
            tbg in connection with the intended transfer.

(d)   tbg agrees that for a period of up to one hundred eighty (180) days from
      the effective date of any registration of securities of APL under the
      Securities Act (upon request of APL or the underwriters managing any
      underwritten offering of APL's securities), tbg will not sell, make any
      short sale or loan of, grant any option for the purchase of, or otherwise
      dispose of the Silent Partnership II, Series A Shares, shares of Common
      Stock or other securities of APL or Pharmed GmbH held by tbg without the
      prior written consent of APL or such underwriters, as the case may be.

(e)   Any purported transfer of the Silent Partnership II in violation of this
      Section 4 shall be null and void, and Pharmed GmbH shall not be required
      to record on its books any such purported transfer or to recognize the
      purported transferee as the holder of title of the Silent Partnership II.

5.    Representations and Warranties of tbg

      tbg represents and warrants to APL as follows:

(a)   (i) The individual executing this Agreement on behalf of tbg has been duly
          authorized to execute and deliver this Agreement;

      (ii)  the signature of such individual is binding upon tbg;

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      (iii) tbg is duly organized, validly existing and in good standing in its
            jurisdiction of incorporation or organization and has all requisite
            power and authority to execute and deliver this Agreement;

      (iv)  and the execution and delivery of this Agreement will not result in
            the violation of, constitute a breach or default under, or conflict
            with, any term or provision of the Charter, Bylaws, or other
            governing document of tbg or any material agreement, judgment,
            decree, order, statute or regulation by which it is bound or
            applicable to it.

(b)   Upon any exercise of the Exchange Option tbg will be acquiring the Common
      Shares, for its own account, for investment and not for, with a view to,
      or in connection with, any distribution or public offering thereof within
      the meaning of the Securities Act.

(c)   tbg understands that the Series A Shares and the shares of Common Stock
      issuable upon conversion of the Series A Shares will not be registered
      under the Securities Act or any state securities law, by reason of their
      issuance in a transaction exempt from the registration requirements of the
      Securities Act and such laws, and that they must be held indefinitely
      unless they are subsequently registered under the Securities Act and such
      laws or a subsequent disposition thereof is exempt from registration. tbg
      further understands that such exemption depends upon, among other things,
      the bona fide nature of tbg's investment intent expressed herein. tbg
      acknowledges that the certificates for the Series A Shares and the shares
      of the Common Stock issuable upon conversion thereof shall bear a legend
      to such effect, and that appropriate stop transfer instructions may be
      issued.

(d)   tbg has not been formed for the specific purpose of acquiring the Series A
      Shares. tbg understands the term "accredited investor" as used in
      Regulation D promulgated under the Securities Act and represents and
      warrants that it is an "accredited investor."

                                       7
<PAGE>

(e)   tbg has sufficient knowledge and experience in business and financial
      matters and with respect to investment in securities of privately held
      companies so as to enable it to analyze and evaluate the merits and risks
      of the investment contemplated hereby and is capable of protecting its
      interest in connection with this transaction. tbg is able to bear the
      economic risk of such investment, including a complete loss of the
      investment.

(f)   tbg acknowledges that it and its representatives have had the opportunity
      to ask questions and receive answers from officers and representatives of
      APL and Pharmed GmbH concerning its investment in the GmbH Shares and the
      Series A Shares, and to obtain any additional information which it desires
      regarding APL and Pharmed GmbH.

(g)   tbg understands that the exemption from registration afforded by Rule 144
      (the provisions of which are known to tbg) promulgated by the Securities
      and Exchange Commission under the Securities Act depends upon the
      satisfaction of various conditions, that such exemption is not currently
      available and that, if applicable, Rule 144 affords the basis for sales
      only in limited amounts.

6.    Representations and Warranties of APL

      APL represents and warrants to tbg as follows:

(a)   (i) The individual executing this Agreement on behalf of APL has been duly
          authorized to execute and deliver this Agreement;

      (ii)  the signature of such individual is binding upon APL;

      (iii) APL is duly organized, validly existing and in good standing in its
            jurisdiction of incorporation or organization and has all requisite
            power and authority to execute and deliver this Agreement;

      (iv)  and the execution and delivery of this Agreement will not result in
            the violation of, constitute a breach or default under, or conflict
            with, any term

                                       8
<PAGE>

            or provision of the Charter, Bylaws, or other governing document of
            APL or any material agreement, judgment, decree, order, statute or
            regulation by which it is bound or applicable to it.

(b)   The entire authorized capital stock of APL consists of:

      (i)   20,000,000 shares of Common Stock; and

      (ii)  3,424,150 shares of Series A Convertible Preferred Stock, par value
            $.01 per share (the "Series A Preferred Stock").

(c)   The number of shares of Common Stock and Series A Preferred Stock that are
      issued and outstanding, held as treasury shares or issuable upon the
      exercise of outstanding options, warrants, convertible securities or
      rights to purchase such capital stock as of the date hereof is as set
      forth in Exhibit 6(c); no additional Series A Preferred Stock may be
      issued or reserved without the consent of the preferred shareholders.

7.    Expenses.

      Each party hereto will pay its own expenses in connection with the
      transactions contemplated hereby.

8.    Survival of Agreements

      All covenants, agreements, representations and warranties made herein or
      in any agreement, certificate or instruments delivered to APL or tbg, as
      the case may be, pursuant to or in connection with this Agreement shall
      survive the execution and delivery of this Agreement.

9.    Parties in Interest

      All representations, warrants, covenants and agreements contained in this
      Agreement by or on behalf of any of the parties hereto shall bind and
      inure to the

                                       9
<PAGE>

      benefit of the respective successors and assigns of the parties hereto
      whether so expressed or not.

10.   Notices

      All notices, requests, consents and other communications hereunder shall
      be deemed to be sufficient if contained in a written instrument delivered
      in person or duly sent by facsimile or DHL, Federal Express, or any other
      recognized express international courier service, addressed to such party
      at the address set forth below or such other address as may hereafter be
      designated in writing by the addressee to the addressor listing all
      parties:

      (a)   if to APL:

            American Pharmed Labs, Inc.
            270 Sylvan Avenue
            Englewood Cliffs
            NJ 07632
            USA
            Attention: President
            Fax: 001 (201) 575-9244

      (b)   if to tbg:

            tbg Technologie-Beteiligungs-Gesellschaft mbH
            der Deutschen Ausgleichsbank
            Ludwig-Erhard-Platz 1-3
            53170 Bonn Bad Godesberg
            Germany
            Fax: 0228-831-2493

                                      10
<PAGE>

11.   Governing Law

      This Agreement shall be governed by, and construed and enforced in
      accordance with, the substantive laws of the State of Delaware, USA,
      without regard to its principles of conflicts of laws.

12.   Entire Agreement

      This agreement constitutes the sole and entire agreement of the parties
      with respect to the subject matter hereof and supersedes all prior
      negotiations, commitments, agreements and understandings among them with
      respect thereto.

13.   Counterparts

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

14.   Amendments and Waivers

      This Agreement may be amended or modified, and provisions hereof may be
      waived, only with the written consent of APL and tbg.

15.   Titles and Subtitles

      The titles and subtitles used in this Agreement are for convenience only
      and are not to be considered in construing or interpreting any provision
      of this Agreement.

16.   No Waiver; Cumulative Remedies

      No failure or delay on the part of any party to this Agreement in
      exercising any right, power or remedy hereunder shall operate as a waiver
      thereof, nor shall any single or partial exercise of any such right, power
      or remedy preclude any other or further exercise of any other remedy
      hereunder. The remedies herein provided

                                      11
<PAGE>

      are cumulative and not exclusive of any remedies provided by law,
      agreement or otherwise.

17.   Specific Enforcement

      Each party expressly agrees that a violation of this Agreement by such
      party could not be adequately compensated by money damages alone and the
      parties agree that they will not claim an adequate remedy at law. Upon a
      breach or threatened breach of the terms, covenants and/or conditions of
      this Agreement by any party, the other party shall, in addition to all
      other remedies, be entitled to a temporary or permanent injunction, and/or
      decree for specific performance, in accordance with the provisions hereof.

In witness whereof, APL and tbg have executed this Agreement as of the day and
year first above written,

                                      American Pharmed Labs, Inc.

                                      by: /s/ Rainer K. Liedtke
                                          -----------------------------

                                      tbg Technologie-Beteiligungs-Gesellschaft
                                      mbH der Deutschen Ausgleichsbank

                                      by: /s/ Illegible
                                          -----------------------------

                                      12
<PAGE>

EXHIBIT 4 (a)

                                    AGREEMENT

                                     BETWEEN

American Pharmed Labs, Inc., 270 Sylvan Avenue, Englewood Cliffs, NJ 07632, USA

                                                   - in the following:  "APL" -

                                       AND

tbg Technologie-Beteiligungs-Gesellschaft mbH der Deutschen Ausgleichsbank,
Ludwig- Erhard-Platz 1-3, 53179 Bonn

                                                   - in the following:  "tbg" -

The parties have entered into a separate Second Exchange Option Agreement as of
the date hereof.

tbg and Pharmed Labs GmbH have entered into a "Beteiligungsvertrag" on the
establishment of a silent partnership pursuant to which tbg has paid an amount
of DM 4.000.000,-- as contribution to Pharmed Labs GmbH (in the following:
"Principal Amount").

Pursuant to Section 4 (a) of the Second Exchange Option Agreement tbg has
undertaken to assign its claim for the Principal Amount to APL in exchange for
Shares of Common Stock in APL the number of which is to be calculated on the
basis of Section 1 of the Second Exchange Option Agreement.

<PAGE>

                                                                      EXHIBIT 6C

Therefore the parties hereto agree as follows:

                                    SECTION 1
                                   ASSIGNMENT

tbg herewith assigns to APL its claim for the Principal Amount pursuant to
Section 4 para. 3 of the Beteiligungsvertrag between tbg, APL and Pharmed Labs
GmbH as of the date hereof provided, however, that the transfer shall be
conditional upon (i) the occurrence of the Exchange Option Closing as defined in
the Second Exchange Option Agreement and (ii) the delivery of a stock
certificate representing the Common Shares to be transferred from APL to tbg
pursuant to the Second Exchange Option Agreement. APL herewith accepts such
transfer.

                                    SECTION 2
                                  MISCELLANEOUS

(1)   This Agreement shall be governed by and construed under the laws of the
      Federal Republic of Germany.

(2)   Any amendment to this Agreement shall be in writing.

   Munchen, 17.2.1998

  /s/ Rainer K. Liedtke
-------------------------------------
American Pharmed Labs, Inc.

  /s/ Illegible
-------------------------------------
tbg Technologie-Beteiligungs-Gesellschaft mbH
der Deutschen Ausgleichsbank

                                       14
<PAGE>

                                                                      EXHIBIT 6C

                              HOLDERS OF SECURITIES

<TABLE>
<CAPTION>
                                                                                                                  % OF TOTAL
                                                                    NO. SHARES      OPTION                         COMMON &
                                      OPTIONS &     DATE ISSUED      COMMON        EXERCISE      NO. OF CONV.       PREFERRED
             NAME                     WARRANTS      OR ACQUIRED       STOCK         PRICE        PFD. SHARES       OUTSTANDING
             ----                     --------      -----------       -----         -----        -----------       -----------
<S>                                 <C>            <C>              <C>            <C>           <C>              <C>
Dr. Rainer K. Liedtke-I                            10/93 - 6/94     2,580,000                                        26.50%
                                     60,000               04/97                      3.00

Techno Venture Enterprises
No. III, L.P.                        74,259                1997                      2.02         1,485,164          15.25%

Mrs. Hanne Liedtke                                  5/94 - 6/94     1,066,667                                        10.95%

Dr. Rainer K. Liedtke -II(2)                             -          1,003,610                                        10.31%
                                                       T.B.D                                        829,901(3)        8.52%
tbg Technologie-Beteiligungs-
Gesellschaft mbH der
Deutschen Ausgleichsbank

Alpinvest International B.V.         24,753                1997                      2.02           495,054           5.08%

Pharmed Dr. Liedtke GmbH                                8/29/97                                     199,357           2.05%

Silent partners of Pharmed                                            443,789(4)                                      4.56%
Dr. Liedtke GmbH

Mr. Johann Pogadl                                       5/19/95       294,667                                         3.03%

Mr. Henrik Aagaard                  300,000(5)(6)       9/18/97                      2.02

Mr. Hans Dickand                                       10/31/97                                     250,000           2.57%

Mrs. Marlise Schaefer                               6/94 - 5/95       248,889                                         2.56%

Mr. Wolfgang Seidel                                     1/13/97       233,333                                         2.40%

Dr. Hellmut Kirchner                                   11/30/97       125,000                                         1.28%

Mr. Alan N. Alpern                                      9/21/95       110,000                                         1.13%
                                     50,000(6)          9/21/95                      0.75
                                     90,000(6)         12/12/96                      1.50

Dr. Gerhard Waldheim                                   10/31/97                                     100,000           1.03%

Mr. Bastian P. Liedtke                                  1/13/97        50,000                                         0.51%

Mr. Alexander F. Liedtke                                1/13/97        50,000                                         0.51%

Mrs. Teresa Munk                     43,320(6)          9/21/95                      0.75
                                     30,000(6)         12/12/96                      1.50
                                                        5/04/97        31,333                                         0.32%

Mr. James H. Godfrey, Jr.                               4/16/97        25,000                                         0.26%

Mr. Michael R. Fromer                                  12/12/96        20,000                                         0.21%

Dr. Joel C. Newman                   50,000(6)          1/13/97                      1.50

Prof. Christian Flaemig                                 9/21/95        16,667                                         0.17%

Mr. Patrick Brosnan                  25,000(6)          4/30/97                      2.02

Mrs. Brigitte Basten                                    1/13/97        10,000                                         0.10%

Dr. Fred McIlreath                                      9/21/95        10,000                                         0.10%

Mr. John Softness                                      12/12/96         7,500                                         0.08%

Donald Softness                                        12/12/96         7,500                                         0.08%

Family Trust

Dr. Rainer Hoffmann                                     9/21/95         6,667                                         0.07%

Mr. Christopher Owen                                    4/02/97        10,000                                         0.10%

Ms. Tjasa Owen                                          4/02/97        12,500                                         0.13%

Mrs. Irina Owen                                         4/02/97         2,500                                         0.03%

Dr. Wm. Greenspan                                       4/02/97        12,500                                         0.13%

Mrs. Hanne Andersen                  10,000(6)         10/29/97                      2.02
                                    -------                         ---------                     ---------         ------
                                    757,332(7)                      6,378,122                     3,359,476         100.00%
</TABLE>

1.    Issued in consideration for assignment of personal intellectual property
      rights.

2.    Acquired from former stockholders.

3.    8.59% equity interest in Pharmed Labs GmbH reserved for conversion into
      APL Preferred.

4.    Shares result from conversion of an equal number of Preferred Shares
      previously held by Pharmed Dr. Liedtke GmbH.

5.    Based on Employment Contract and Stock Option Plan.

6.    Issued under Stock Option Plan covering a total of 1,036,320 Shares.

7.    598,320 Shares issued under Stock Option Plan.

                                       15

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