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EXHIBIT 4.3

                           CERTIFICATE OF DESIGNATION
                                       OF
                      SERIES B CONVERTIBLE PREFERRED STOCK
                                       OF
                                 ISOLAGEN, INC.

         Pursuant to Section 151(g) of the General Corporation Law of the State
of Delaware ("DGCL"), Isolagen, Inc., a corporation organized and existing under
the laws of the State of Delaware (the "Company"), hereby certifies that the
following resolution was duly adopted by the Board of Directors of the Company
on May 7, 2003, pursuant to authority conferred upon the Board of Directors by
the Certificate of Incorporation of the Company, which authorizes the issuance
of up to 5,000,000 shares of preferred stock, par value $0.001 per share:

         RESOLVED, that pursuant to authority expressly granted to and vested in
the Board of Directors of the Company and pursuant to the provisions of the
Certificate of Incorporation, the Board of Directors hereby creates a series of
preferred stock, herein designated and authorized as Series B Convertible
Preferred Stock, par value $0.001 per share ("Series B Preferred Stock"), which
shall consist of 200,000 of the 5,000,000 shares of preferred stock which the
Company now has authority to issue, and the Board of Directors hereby fixes the
powers, designations, preferences and relative, participating, optional and
other special rights of the shares of such series and the qualifications,
limitations and restrictions thereof as follows:

         1.       NUMBER AND RANK. The number of shares constituting the Series
B Preferred Stock shall be 200,000. The Series B Preferred Stock shall rank
senior to the Common Stock (as defined below) with respect to the payment of
dividends and distributions on Liquidation (as defined below). The Series B
Preferred Stock shall rank junior to the Series A Preferred Stock (as defined
below) with respect to the payment of dividends and distributions on
Liquidation.

         2.       DEFINITIONS. Unless the context otherwise requires, when used
herein the following terms shall have the meaning indicated.

         "Board" means the Board of Directors of the Company.

         "Business Combination" means (i) any consolidation or merger of the
Company with or into any Person; (ii) any Change of Control Stock Issuance; or
(iii) the sale, assignment conveyance, transfer, lease or other disposition by
the Company of all or substantially all of its assets followed by a liquidation
of the Company.

         "Business Day" means any day except Saturday, Sunday and any day which
shall be a legal holiday or a day on which banking institutions in Houston,
Texas generally are authorized or required by law or other governmental actions
to close.

         "Capital Stock" means (i) with respect to any Person that is a
corporation, any and all shares, interests, participations or other equivalents
(however designated) of capital or capital stock of such Person and (ii) with
respect to any Person that is not a corporation, any and all partnership or
other equity interests of such Person.

         "Certificate" means the Certificate of Incorporation of the Company, as
amended (including any certificate of designation establishing a series of
preferred stock).

         "Certificate of Designation" means this Certificate of Designation of
Series B Preferred Stock.

         "Change of Control Stock Issuance" shall mean any issuance, in a single
transaction or series of related transactions, by the Company of shares of
Common Stock or Common Stock Equivalents in connection with the acquisition of
assets (including cash) or securities by the Company or a Subsidiary of the
Company (including by way of a merger of a Subsidiary of the Company with or
into a Person), except where (i) the shareholders of the Company immediately
prior to such issuance own (in substantially the same proportion relative to
each other as such

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shareholders owned the Common Stock or Voting Stock of the Company, as the case
may be, immediately prior to such consummation) (x) more than 50% of the Voting
Stock of the Company immediately after such issuance, and (y) more than 50% of
the outstanding Common Stock immediately after such issuance; or (ii) the
members of the Board immediately prior to entering into the agreement relating
to such issuance (or if no such agreement is entered into, then immediately
prior to the consummation of such issuance) constitute at least a majority of
the Board immediately after such issuance, with no agreements or arrangements in
place immediately after such consummation that would result in the members of
the Board immediately prior to the entering into the agreement relating to such
issuance ceasing to constitute at least a majority of the Board. In calculating
the percentage of the Voting Stock of the Company owned by the shareholders of
the Company immediately prior to an issuance of Common Stock or Common Stock
Equivalents in which there is more than one class or series of Voting Stock, the
percentage of the Voting Stock shall be calculated based on the number of votes
eligible to be cast in the election of the directors of the Company generally.
In calculating the percentages of Voting Stock and Common Stock owned for
purposes of this definition, such calculation shall be calculated on a basis
assuming the exercise or conversion in full of all Common Stock Equivalents and
on a basis disregarding all Common Stock Equivalents, and the percentage which
results in the lower percentage owned by the shareholders of the Company shall
apply in the application of clause (i) above.

         "Common Stock" means the Company's common stock, par value $0.001 per
share, and any Capital Stock for or into which such Common Stock hereafter is
exchanged, converted, reclassified or recapitalized by the Company or pursuant
to a Business Combination to which the Company is a party.

         "Common Stock Equivalents" means (without duplication with any other
Common Stock or Common Stock Equivalents) rights, warrants, options, convertible
securities or exchangeable securities, exercisable for or convertible or
exchangeable into, directly or indirectly, Common Stock.

         "Company" means Isolagen, Inc., a Delaware corporation.

         "Conversion Date" is defined in Section 6(E).

         "Conversion Price" means $3.50 per share of Series B Preferred Stock,
as adjusted from time to time in accordance with Section 7.

         "Conversion Ratio" is defined in Section 6(D).

         "DGCL" means the General Corporation Law of the State of Delaware, as
amended, or any successor statute or other legislation.

         "Dividend Payment Date" is defined in Section 3(A).

         "Dividend Period" is defined in Section 3(A).

         "Excluded Stock" means (i) shares of Series B Preferred Stock issued by
the Company as a stock dividend payable in shares of Series B Preferred Stock in
accordance with Section 3 or upon conversion of shares of Capital Stock (but not
the issuance of such Capital Stock, which will be subject to the provisions of
Section 7(A)(iii))], (ii) shares of Common Stock to be issued to employees,
directors, consultants and advisors of the Company pursuant to the Stock Plans
in accordance with their respective terms; and (iii) shares of Series A
Preferred Stock issued by the Company as a stock dividend payable in shares of
Series A Preferred Stock in accordance the Series A Preferred Stock Certificate
of Designation or upon conversion of shares of Capital Stock (but not the
issuance of such Capital Stock, which will be subject to the provisions of
Section 7(A)(iii)).

         "Final Mandatory Conversion Date" is defined in Section 6(C).

         "Holder" means a holder of record of Series B Preferred Stock.

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         "Issue Date" means with respect to any shares of Series B Preferred
Stock the original date of issuance of such shares of Series B Preferred Stock.

         "Junior Securities" means Capital Stock that, with respect to dividends
and distributions upon Liquidation, ranks junior to the Series B Preferred
Stock.

         "Liquidation" means the voluntary or involuntary liquidation,
dissolution or winding up of the Company; provided, however, that a merger or
consolidation shall not be deemed a Liquidation nor shall the sale of assets not
requiring shareholder approval be deemed to be a Liquidation.

         "Liquidation Preference" is defined in Section 5.

         "Mandatory Trading Conversion Date" is defined in Section 6(B).

         "Market Price" means, with respect to a particular security, on any
given day, the last reported sale price regular way or, in case no such reported
sale takes place on such day, the average of the last closing bid and asked
prices regular way, in either case on the principal national securities exchange
on which the applicable security is listed or admitted to trading, or if not
listed or admitted to trading on any national securities exchange, (i) the
closing sale price for such day reported by the Nasdaq Stock Market if such
security is traded over-the-counter and quoted in the Nasdaq Stock Market; or
(ii) if such security is so traded, but not so quoted, the average of the
closing reported bid and asked prices of such security as reported by the Nasdaq
Stock Market or any comparable system; or (iii) if such security is not listed
on the Nasdaq Stock Market or any comparable system but is actively traded, the
average of the closing bid and asked prices as furnished by two (2) members of
the National Association of Securities Dealers, Inc. selected from time to time
by the Company for that purpose. If such security is not listed and traded in a
manner that the quotations referred to above are available for the period
required hereunder, the Market Price shall be deemed to be the fair value per
share of such security as determined by a nationally recognized investment
banking firm selected by the Board and reasonably acceptable to the Holders of a
majority of the outstanding shares of Series B Preferred Stock.

         "Offering" means the offering of shares of Series B Preferred Stock
pursuant to that certain private placement memorandum of the Company, dated
March 10, 2003, as amended or supplemented.

         "Parity Securities" means Capital Stock that, with respect to dividends
or distributions upon Liquidation, is pari passu with the Series B Preferred
Stock.

         "Person" means an individual or a corporation, partnership, trust,
incorporated or unincorporated association, limited liability company, joint
venture, joint stock company, government (or an agency or political subdivision
thereof) or other entity of any kind.

         "Record Date" is defined in Section 3(A).

         "Securities Act" means the Securities Act of 1933, as amended, or any
successor statute, and the rules and regulations promulgated thereunder.

         "Senior Securities" means Capital Stock that, with respect to dividends
or distributions upon Liquidation, ranks senior to the Series B Preferred Stock.

         "Series A Preferred Stock" means the Series A Preferred Stock, par
value $0.001 per share, of the Company.

         "Series B Preferred Stock" means the Series B Preferred Stock, par
value $0.001 per share, of the Company.

         "Stated Value" is an amount equal to $28.00 per share of Series B
Preferred Stock.

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         "Stock Plans" means the Company's stock option, stock incentive,
restricted stock, employee stock purchase or other similar plans, in each case
that have been approved by the Company's shareholders.

         "Subsidiary" of a Person means (i) a corporation, a majority of whose
stock with voting power, under ordinary circumstances, to elect directors is at
the time of determination, directly or indirectly, owned by such Person or by
one or more Subsidiaries of such Person; or (ii) any other entity (other than a
corporation) in which such Person or one or more Subsidiaries of such Person,
directly or indirectly, at the date of determination thereof has a majority
ownership interest or, with respect to a limited partnership, is a general
partner of such limited partnership.

         "Trading Day" means a day on which the principal market with respect to
the security in question is regularly scheduled to be open for trading, or if
there is not such principal market, then a day on which the New York Stock
Exchange is regularly scheduled to be open for trading.

         "Voting Stock" of a Person means Capital Stock of such Person of the
class or classes pursuant to which the holders thereof have the general voting
power under ordinary circumstances to vote in the election of the board of
directors, managers or trustees of such Person.

         The foregoing definitions will be equally applicable to both the
singular and plural forms of the defined terms.

         3.       DIVIDENDS AND DISTRIBUTIONS.

                  (A)      The holders of Series B Preferred Stock shall be
         entitled to receive, out of the assets of the Company legally available
         for that purpose, cumulative preferential dividends in either shares of
         Series B Preferred Stock at its Stated Value or cash, as determined by
         the Board in its sole discretion, at a rate per annum of six percent
         (6%) of the Stated Value (equivalent to $1.68 per share per annum) for
         each share of Series B Preferred Stock, and, except as provided in
         Section 3(B), no more, to be paid in accordance with the terms of this
         Section 3. Such dividends shall be cumulative from the Issue Date and
         shall be payable in arrears, when and as declared by the Board, on
         December 31 of each year ("Dividend Payment Date"), commencing on the
         first such Dividend Payment Date following the Issue Date; provided
         that if any Dividend Payment Date shall not be a Business Day, then the
         Dividend Payment Date shall be on the next succeeding day that is a
         Business Day. The period from the Issue Date to the next Dividend
         Payment Date and each annual period between consecutive Dividend
         Payment Dates shall hereinafter be referred to as "Dividend Periods."
         Dividends for the initial Dividend Period shall be pro rated on a daily
         basis commencing on and including the Issue Date on the basis of a
         365-day year. Each such dividend shall be paid to the holders of record
         of the Series B Preferred Stock as their names appear on the share
         register of the Company on the corresponding Record Date. As used
         above, the term "Record Date" means, with respect to the dividend
         payable on the Dividend Payment Date of each year, the preceding
         December 15, or such other record date designated by the Board with
         respect to the dividend payable on such respective Dividend Payment
         Date not exceeding thirty (30) days preceding such Dividend Payment
         Date. Dividends on account of arrears for any past Dividend Periods may
         be declared and paid, together with any accrued but unpaid interest
         thereon to and including the date of payment, at any time, without
         reference to any Dividend Payment Date, to holders of record on a date
         designated by the Board, not exceeding thirty (30) days preceding the
         payment date thereof, as may be fixed by the Board.

                  (B)      If, on any Dividend Payment Date, the Company fails
         to pay dividends, then until the dividends that were scheduled to be
         paid on such date are paid, such dividends shall cumulate. Dividends
         for any period less than a full annual Dividend Period or for a period
         commencing on a Dividend Payment Date and ending on a Conversion Date
         shall cumulate on a day-to-day basis and shall be computed on the basis
         of a 365-day year.

                  (C)      So long as any shares of the Series B Preferred Stock
         shall be outstanding, (i) the Company shall not declare or pay any
         dividend whatsoever, whether in cash, property or otherwise, set aside
         any cash or property for the payment of dividends, or make any other
         distribution on any Junior Securities (except a dividend or
         distribution payable solely in shares of Junior Securities); (ii) the
         Company

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         shall not declare or pay any dividend whatsoever, whether in cash,
         property or otherwise, set aside any cash or property for the payment
         of dividends, or make any other distribution on any Parity Securities
         ranking on parity with the Series B Preferred Stock with respect to
         dividends or distributions (except a dividend or distribution payable
         solely in shares of Junior Securities), unless declared and paid pro
         rata with the Series B Preferred Stock in proportion to the full amount
         to which they would otherwise be respectively entitled; and (iii) the
         Company shall not and shall cause its Subsidiaries not to repurchase,
         redeem or otherwise acquire or set aside any cash or property for the
         repurchase or redemption of any Junior Securities or Parity Securities,
         unless in each such case all dividends to which the holders of the
         Series B Preferred Stock shall have been entitled for all previous
         Dividend Periods shall have been paid or declared and a sum of money
         sufficient for the payment thereof shall have been set aside.

         4.       VOTING RIGHTS. The Holders shall have the following voting
rights with respect to the Series B Preferred Stock:

                  (A)      Subject to applicable law, the shares of Series B
         Preferred Stock shall have no voting rights other than as set forth in
         this Section 4.

                  (B)      Holders of shares of the Series B Preferred Stock
         shall be entitled to vote upon all matters upon which holders of Common
         Stock and Series A Preferred Stock have the right to vote, and Holders
         shall have that number of votes on all such matters as is equal to the
         Conversion Ratio that would apply if such Holder's shares of Series B
         Preferred Stock were to be converted pursuant to Section 6(A) as of the
         record date for the determination of the shareholders entitled to vote
         on such matters, or, if no such record date is established as of the
         date such vote is taken or any written consent of shareholders is
         solicited, such votes to be counted together with all other shares of
         capital stock having general voting powers and not separately as a
         class. Fractional votes shall not, however, be permitted and any
         fractional voting rights resulting from the above formula (after
         aggregating all shares into which shares of Series B Preferred Stock
         held by each Holder could be converted) shall be rounded up to the
         nearest whole number.

                  (C)      The consent of the Holders of at least a majority of
         the Series B Preferred Stock, voting separately as a single class with
         one (1) vote per share, in person or by proxy, either in writing
         without a meeting or at an annual or a special meeting of shareholders
         called for the purpose, shall be necessary to:

                           (i)      amend, alter or repeal, by way of merger or
                  otherwise, any of the provisions of the Certificate so as to
                  authorize, create or issue any shares of Parity Securities or
                  Senior Securities (or amend the provisions of any existing
                  class of Capital Stock to make such class of Capital Stock a
                  class of Parity Securities or Senior Securities);

                           (ii)     issue any Parity Securities or Senior
                  Securities; or

                           (iii)    amend, alter or repeal, by way of merger or
                  otherwise, any of the provisions of (x) the Certificate of
                  Designation or any certificate of designation of terms of any
                  Parity Securities; or (y) the Certificate so as to affect
                  adversely any of the rights, preferences or privileges of the
                  Holders.

         5.       LIQUIDATION PREFERENCE. In the event of any Liquidation, after
payment or provision for payment by the Company of the debts and other
liabilities of the Company and the liquidation preference of any Senior
Securities that rank senior to the Series B Preferred Stock with respect to
distributions on Liquidation, each Holder shall be entitled to receive an amount
in cash for each share of the then outstanding Series B Preferred Stock held by
such Holder equal to the Stated Value per share, plus an amount equal to all
accrued but unpaid dividends thereon, whether or not earnings are available in
respect of such dividends or such dividends have been declared, to and including
the date full payment is tendered to the Holders with respect to such
Liquidation, and no more (such amount being referred to herein as the
"Liquidation Preference"), before any distribution shall be made to the holders
of any Junior Securities upon the Liquidation of the Company. In case the assets
of the Company available for payment to the Holders upon a Liquidation are
insufficient to pay the full Liquidation Preference on all outstanding shares of
the Series B Preferred Stock and all outstanding Senior Securities or Parity
Securities, in each case ranking on parity with the Series B Preferred Stock as
to distributions on Liquidation, in the amounts to which

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the holders of such shares are entitled, then the entire assets of the Company
available for payment to the Holders of Series B Preferred Stock and holders of
such Senior Securities or Parity Securities will be distributed ratably among
the Holders of the Series B Preferred Stock and the holders of such Senior
Securities or Parity Securities, based upon the aggregate amount due on such
shares upon Liquidation. Written notice of any Liquidation of the Company,
stating a payment date and the place where the distributable amounts shall be
payable, shall be given by mail, postage prepaid, not less than thirty (30) days
prior to the payment date stated therein, to the Holders of record of the Series
B Preferred Stock at their respective addresses as the same shall appear on the
books of the Company.

         6.       CONVERSION RIGHTS. The Series B Preferred Stock shall be
convertible as follows:

                  (A)      Conversion at Holder's Option. The Holder of any
         shares of Series B Preferred Stock shall have the right at such
         Holder's option, at any time prior to either the Mandatory Trading
         Conversion Date or the Final Mandatory Conversion Date and without the
         payment of any additional consideration, to convert any or all of such
         shares of Series B Preferred Stock into a number of fully paid and
         nonassessable shares of Common Stock for each such share of Series B
         Preferred Stock equal to the Conversion Ratio, upon the terms
         hereinafter set forth.

                  (B)      Mandatory Conversion in the Event of Certain Market
         Price of Common Stock. If after June 1, 2004 the shares of Common Stock
         are traded on a nationally recognized exchange, then at such time that
         the Market Price of shares of Common Stock for a period of twenty (20)
         consecutive Trading Days, as reported on such exchange, is equal to or
         greater than $8.00 per share (the "Mandatory Trading Conversion Date"),
         each outstanding share of Series B Preferred Stock shall, without any
         action on the part of the Holder of such share or the Company, be
         converted automatically into a number of full paid and nonassessable
         shares of Common Stock equal to the Conversion Ratio in effect on the
         Mandatory Trading Conversion Date.

                  (C)      Mandatory Conversion on June 1, 2008. On June 1, 2008
         (the "Final Mandatory Conversion Date"), each outstanding share of
         Series B Preferred Stock shall, without any action on the part of the
         Holder of such share or the Company, be converted automatically into a
         number of full paid and nonassessable shares of Common Stock equal to
         the Conversion Ratio in effect on the Final Mandatory Conversion Date.

                  (D)      Conversion Ratio. In the event of a conversion
         pursuant to Sections 6(A), (B) or (C), the "Conversion Ratio" shall be
         a number of shares of Common Stock calculated by dividing (a) the
         Stated Value plus any accrued and unpaid dividends to and including the
         applicable Conversion Date by (b) the Conversion Price in effect on the
         applicable Conversion Date.

                  (E)      Mechanics of Conversion. The Holder of any shares of
         Series B Preferred Stock may exercise the conversion right specified in
         Section 6(A) by surrendering to the Company or any transfer agent of
         the Company the certificate or certificates representing the shares of
         Series B Preferred Stock to be converted, accompanied by written notice
         specifying the number of such shares to be converted. Upon the
         occurrence of the Mandatory Trading Conversion Date or the Final
         Mandatory Conversion Date, all of the outstanding shares of Series B
         Preferred Stock shall be converted automatically without any further
         action by the Holders of such shares of the Company and whether or not
         the certificates representing such shares are surrendered to the
         Company or its transfer agent; provided that the Company shall not be
         obligated to issue to any such Holder certificates evidencing the
         shares of Common Stock issuable upon such conversion unless (i)
         certificates evidencing the shares of Series B Preferred Stock are
         either delivered to the Company or any transfer agent of the Company;
         or (ii) the holder notifies the Company or any transfer agent of the
         Company that the such certificates have been lost, stolen or destroyed
         and executes an agreement reasonably satisfactory to the Company to
         indemnify the Company from any loss incurred by it in connection
         therewith. If the certificates representing shares of Common Stock
         issuable upon conversion of shares of Series B Preferred Stock are to
         be issued in a name other than the name on the face of the certificates
         representing such shares of Series B Preferred Stock, such certificates
         shall be accompanied by such evidence of the assignment and such
         evidence of the signatory's authority with respect thereto as deemed
         appropriate by the Company or its transfer agent. Conversion shall be
         deemed to have been effected (i) on the date when the notice of an
         election to convert pursuant to Section 6(A) and certificates

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         representing the shares being converted are actually received by the
         Company or any transfer agent of the Company; (ii) on the Mandatory
         Trading Conversion Date; or (iii) on the Final Mandatory Conversion
         Date, as the case may be. Such dates that conversion shall be deemed to
         be effective shall be referred to herein as the "Conversion Date."
         Subject to the provisions of Section 7(E), as promptly as practicable
         after the Conversion Date, the Company shall issue and deliver to or
         upon the written order of such Holder a certificate or certificates for
         the number of shares of Common Stock to which such Holder is entitled
         upon such conversion and a check or cash with respect to any fractional
         interest in a share of Common Stock, as provided in Section 6(F). The
         person in whose name the certificate or certificates for shares of
         Common Stock are to be issued shall be deemed to have become a holder
         of record of such shares of Common Stock on the applicable Conversion
         Date. Upon conversion of only a portion of the shares covered by a
         certificate representing shares of Series B Preferred Stock surrendered
         for conversion pursuant to Section 6(A), the Company shall issue and
         deliver to or upon the written order of the Holder of the certificate
         so surrendered for conversion, at the expense of the Company, a new
         certificate representing the number of shares of Series B Preferred
         Stock representing the unconverted portion of the certificate so
         surrendered.

                  (F)      Fractional Shares. No fractional shares of Common
         Stock or scrip shall be issued upon conversion of shares of Series B
         Preferred Stock. If more than one (1) share of Series B Preferred Stock
         shall be surrendered for conversion at any one time by the same Holder,
         the number of shares of Common Stock issuable upon conversion thereof
         shall be computed on the basis of the aggregate number of shares of
         Series B Preferred Stock so surrendered. Instead of any fractional
         share of Common Stock which would otherwise be issuable upon conversion
         of any shares of Series B Preferred Stock, the Company shall pay a cash
         adjustment in respect of such fractional interest in an amount equal to
         that fractional interest of the Market Price of the Common Stock on the
         Conversion Date.

                  (G)      Authorization and Issuance. The Company covenants and
         agrees that:

                           (i)      the shares of Common Stock issuable upon any
                  conversion of any shares of Series B Preferred Stock will be
                  deemed to have been issued (i) to the Person exercising such
                  conversion rights under Section 6(A) on the Conversion Date or
                  (ii) the record holder of the shares of Series B Preferred
                  Stock to be converted, as reflected on the books and records
                  of the Company or its transfer agent, on the Mandatory Trading
                  Conversion Date or the Final Mandatory Conversion Date, as the
                  case may be, and such Person will be deemed for all purposes
                  to have become the record holder of such shares of Common
                  Stock on the Conversion Date;

                           (ii)     all shares of Common Stock which may be
                  issued upon any conversion of any Series B Preferred Stock
                  will, upon issuance, be fully paid and non-assessable and free
                  from all taxes, liens and charges with respect to the issue
                  thereof;

                           (iii)    the Company will take all such action as may
                  be necessary to assure that all shares of Common Stock
                  issuable upon conversion of shares of Series B Preferred Stock
                  may be issued without violation of any applicable law or
                  regulation or of any requirements of any domestic securities
                  exchange upon which securities of the same class may be
                  listed;

                           (iv)     the Company will not take any action which
                  would result in any adjustment of the Conversion Price if the
                  total number of shares of Common Stock issuable after such
                  action upon conversion of all shares of Series B Preferred
                  Stock, together with all shares of Common Stock then
                  outstanding and all shares of Common Stock then issuable upon
                  the exercise of all outstanding Common Stock Equivalents,
                  would exceed the total number of shares of Common Stock then
                  authorized by the Certificate;

                           (v)      the Company will at all times reserve and
                  keep available, out of its authorized but unissued shares of
                  Common Stock or out of shares of Common Stock held in its
                  treasury, the full number of shares of Common Stock into which
                  all shares of the Series B Preferred Stock having conversion
                  privileges from time to time outstanding are convertible; and

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                           (vi)     the Company will at no time close its
                  transfer books against the transfer of the Series B Preferred
                  Stock or of any share of Common Stock issued or issuable upon
                  the conversion of the Series B Preferred Stock in any manner
                  which interferes with the timely conversion of the Series B
                  Preferred Stock.

         7.       CONVERSION PRICE ADJUSTMENTS. The Conversion Price shall be
subject to adjustment from time to time as follows:

                  (A)      Common Stock Issued at Less than Conversion Price. If
         the Company issues or sells any Common Stock, other than Excluded
         Stock, without consideration or for a consideration per share less than
         the Conversion Price in effect immediately prior to such issuance or
         sale, the Conversion Price in effect immediately prior to each such
         issuance or sale will immediately (except as provided below) be reduced
         to the price determined by multiplying the Conversion Price in effect
         immediately prior to such issuance or sale, by a fraction, (1) the
         numerator of which shall be (i) the number of shares of Common Stock
         outstanding immediately prior to such issuance or sale plus (ii) the
         number of shares of Common Stock which the aggregate consideration
         received by the Company for the total number of such additional shares
         of Common Stock so issued or sold would purchase at the Conversion
         Price in effect immediately prior to such issuance or sale and (2) the
         denominator of which shall be the number of shares of Common Stock
         outstanding immediately after such issue or sale. For the purposes of
         any adjustment of the Conversion Price pursuant to this Section 7(A),
         the following provisions shall be applicable:

                           (i)      in the case of the issuance of Common Stock
                  for cash, the amount of the consideration received by the
                  Company shall be deemed to be the amount of the cash proceeds
                  received by the Company for such Common Stock before deducting
                  therefrom any discounts or commissions allowed, paid or
                  incurred by the Company for any underwriting or otherwise in
                  connection with the issuance and sale thereof;

                           (ii)     in the case of the issuance of Common Stock
                  (otherwise than upon the conversion of shares of Capital Stock
                  or other securities of the Company) for a consideration in
                  whole or in part other than cash, including securities
                  acquired in exchange therefor (other than securities by their
                  terms so exchangeable), the consideration other than cash
                  shall be deemed to be the fair value thereof as reasonably
                  determined by the Board, irrespective of any accounting
                  treatment;

                           (iii)    in the case of the issuance of (a) options,
                  warrants or other rights to purchase or acquire Common Stock,
                  (b) securities by their terms convertible into or exchangeable
                  for Common Stock or (c) options, warrants or rights to
                  purchase such convertible or exchangeable securities:

                                    (1)      the aggregate maximum number of
                           shares of Common Stock deliverable upon exercise of
                           such options, warrants or other rights to purchase or
                           acquire Common Stock shall be deemed to have been
                           issued at the time such options, warrants or rights
                           are issued and for a consideration equal to the
                           consideration (determined in the manner provided in
                           Section 7(A)(i) and (ii)), if any, received by the
                           Company upon the issuance of such options, warrants
                           or rights plus the minimum purchase price provided in
                           such options, warrants or rights for the Common Stock
                           covered thereby;

                                    (2)      the aggregate maximum number of
                           shares of Common Stock deliverable upon conversion of
                           or in exchange for any such convertible or
                           exchangeable securities, or upon the exercise of
                           options, warrants or other rights to purchase or
                           acquire such convertible or exchangeable securities
                           and the subsequent conversion or exchange thereof,
                           shall be deemed to have been issued at the time such
                           securities were issued or such options, warrants or
                           rights were issued and for a consideration equal to
                           the consideration, if any, received by the Company
                           for any such securities and related options, warrants
                           or rights (excluding any cash received on account of
                           accrued interest or accrued dividends), plus the
                           additional consideration (determined in the manner
                           provided

                                       8

<PAGE>

                           in Section 7(A)(i) and (ii)), if any, to be received
                           by the Company upon the conversion or exchange of
                           such securities, or upon the exercise of any related
                           options, warrants or rights to purchase or acquire
                           such convertible or exchangeable securities and the
                           subsequent conversion or exchange thereof;

                                    (3)      on any change in the number of
                           shares of Common Stock deliverable upon exercise of
                           any such options, warrants or rights or conversion or
                           exchange of such convertible or exchangeable
                           securities or any change in the consideration to be
                           received by the Company upon such exercise,
                           conversion or exchange, but excluding changes
                           resulting from the anti-dilution provisions thereof
                           (to the extent comparable to the anti-dilution
                           provisions contained herein), the Conversion Price as
                           then in effect shall forthwith be readjusted to such
                           Conversion Price as would have been obtained had an
                           adjustment been made upon the issuance of such
                           options, warrants or rights not exercised prior to
                           such change, or of such convertible or exchangeable
                           securities not converted or exchanged prior to such
                           change, upon the basis of such change;

                                    (4)      on the expiration or cancellation
                           of any such options, warrants or rights (without
                           exercise), or the termination of the right to convert
                           or exchange such convertible or exchangeable
                           securities (without exercise), if the Conversion
                           Price shall have been adjusted upon the issuance
                           thereof, the Conversion Price shall forthwith be
                           readjusted to such Conversion Price as would have
                           been obtained had an adjustment been made upon the
                           issuance of such options, warrants, rights or such
                           convertible or exchangeable securities on the basis
                           of the issuance of only the number of shares of
                           Common Stock actually issued upon the exercise of
                           such options, warrants or rights, or upon the
                           conversion or exchange of such convertible or
                           exchangeable securities; and

                                    (5)      if the Conversion Price shall have
                           been adjusted upon the issuance of any such options,
                           warrants, rights or convertible or exchangeable
                           securities, no further adjustment of the Conversion
                           Price shall be made for the actual issuance of Common
                           Stock upon the exercise, conversion or exchange
                           thereof;

                  provided, however, that no increase in the Conversion Price
                  shall be made pursuant to subclauses (1) or (2) of this
                  Section 7(A)(iii).

                  (B)      Stock Splits, Subdivisions, Reclassifications or
         Combinations. If the Company shall (1) declare a dividend or make a
         distribution on its Common Stock in shares of Common Stock, (2)
         subdivide or reclassify the outstanding shares of Common Stock into a
         greater number of shares, or (3) combine or reclassify the outstanding
         Common Stock into a smaller number of shares, the Conversion Price in
         effect at the time of the record date for such dividend or distribution
         or the effective date of such subdivision, combination or
         reclassification shall be proportionately adjusted so that the Holder
         of any shares of Series B Preferred Stock surrendered for conversion or
         exchange after such date shall be entitled to receive the number of
         shares of Common Stock which such holder would have owned or been
         entitled to receive after such date had such Series B Preferred Stock
         been converted or exchanged immediately prior to such date. Successive
         adjustments in the Conversion Price shall be made whenever any event
         specified above shall occur.

                  (C)      Business Combinations. In case of any Business
         Combination in which the holders of shares of Common Stock are entitled
         to receive stock, securities or property by virtue of their ownership
         of Common Stock or a reclassification of Common Stock (other than a
         reclassification of Common Stock referred to in Section 7(B)), each
         share of Series B Preferred Stock shall after the date of such Business
         Combination or reclassification be convertible into the number of
         shares of stock or other securities or property (including cash) to
         which the Common Stock issuable upon conversion of such share of Series
         B Preferred Stock immediately prior to such Business Combination or
         reclassification would have been entitled upon such Business
         Combination or reclassification; and in any such case, if necessary,
         the provisions set forth herein with respect to the rights and
         interests thereafter of the Holders of the shares of Series B Preferred
         Stock shall be appropriately adjusted so as to be applicable, as nearly
         as may reasonably

                                       9

<PAGE>

         be, to any shares of stock or other securities or property thereafter
         deliverable on the conversion of the shares of Series B Preferred
         Stock. In determining the kind and amount of stock, securities or the
         property receivable upon consummation of such Business Combination, if
         the holders of Common Stock have the right to elect the kind or amount
         of consideration receivable upon consummation of such Business
         Combination, then the Holder of the Series B Preferred Stock shall have
         the right to make a similar election as of the Conversion Date with
         respect to the number of shares of stock or other securities or
         property into which the Series B Preferred Stock shall be convertible.

                  (D)      Rounding of Calculations; Minimum Adjustments. All
         calculations under this Section 7 shall be made to the nearest one
         tenth (1/10th) of a cent or to the nearest one hundredth (1/100th) of a
         share, as the case may be. Any provision of this Section 7 to the
         contrary notwithstanding, no adjustment in the Conversion Price shall
         be made if the amount of such adjustment would be less than $0.01, but
         any such amount shall be carried forward and an adjustment with respect
         thereto shall be made at the time of and together with any subsequent
         adjustment which, together with such amount and any other amount or
         amounts so carried forward, shall aggregate $0.01 or more. In addition,
         in no event shall be Conversion Price be adjusted to less than the
         lesser of $0.01 per share or the par value of the Common Stock.

                  (E)      Timing of Issuance of Additional Common Stock Upon
         Certain Adjustments. In any case in which the provisions of this
         Section 7 shall require that an adjustment to the Conversion Price
         shall become effective immediately after a record date for an event,
         the Company may defer the following until the occurrence of such event:
         (1) issuing to the Holder of any share of Series B Preferred Stock
         converted after such record date and before the occurrence of such
         event the additional shares of Common Stock issuable upon such
         conversion by reason of the adjustment required by such event over and
         above the shares of Common Stock issuable upon such conversion before
         giving effect to such adjustment; and (2) paying to such Holder any
         amount of cash in lieu of a fractional share of such Common Stock;
         provided, however, that the Company upon request shall deliver to such
         Holder a due bill or other appropriate instrument evidencing such
         Holder's right to receive such additional shares, and such cash, upon
         the occurrence of the event requiring such adjustment.

                  (F)      Statement Regarding Adjustments. Whenever the
         Conversion Price shall be adjusted as provided in Section 7 the Company
         shall forthwith file, at the office of any transfer agent for the
         Series B Preferred Stock and at the principal office of the Company, a
         statement showing in reasonable detail the facts requiring such
         adjustment and the Conversion Price that shall be in effect after such
         adjustment and the Company shall also cause a copy of such statement to
         be sent by mail, first class postage prepaid, to each Holder at its
         address appearing in the Company's records.

                  (G)      Notices. In the event that the Company shall propose
         to take any action of the type described in Section 7 (but only if the
         action of the type described in Section 7 would result in an adjustment
         in the Conversion Price or a change in the type of securities or
         property to be delivered upon a conversion or exchange of Series B
         Preferred Stock), the Company shall give notice to each Holder, in the
         manner set forth in Section 7(F), which notice shall specify the record
         date, if any, with respect to any such action and the approximate date
         on which such action is to take place. Such notice shall also set forth
         the facts with respect thereto as shall be reasonably necessary to
         indicate the effect on the Conversion Price and the number, kind or
         class of shares or other securities or property which shall be
         deliverable upon conversion of shares of the Series B Preferred Stock.
         In the case of any action which would require the fixing or a record
         date, such notice shall be given at least ten (10) days prior to the
         date so fixed, and in case of all other action, such notice shall be
         given at least fifteen (15) days prior to the taking of such proposed
         action. Failure to give such notice, or any defect therein, shall not
         affect the legality or validity of any such action.

                  (H)      No Impairment. The Company will not, by amendment of
         the Certificate or through any reorganization, transfer of assets,
         consolidation, merger, dissolution, issue or sale of securities or any
         other voluntary action, avoid or seek to avoid the observance or
         performance of any of the terms to be observed or performed hereunder
         by the Company, but will at all times in good faith assist in the
         carrying out of all the provisions of Sections 6 and 7 and in taking of
         all such action as may be necessary or appropriate in order to protect
         the conversion rights of the Holders of the Series B Preferred Stock
         against impairment.

                                       10

<PAGE>

                  (I)      No Duplication of Adjustments. If any action would
         require adjustment of the Conversion Price pursuant to more than one of
         the provisions of this Section 7, only one adjustment shall be made and
         such adjustment shall be the adjustment that results in the lowest
         Conversion Price after giving effect to such adjustment.

         8.       LIMITATIONS ON SERIES B PREFERRED STOCK. No share or shares of
Series B Preferred Stock the Company acquires through conversion, redemption,
option, exchange or otherwise will be reissued as Series B Preferred Stock, and
all such shares will be canceled, retired and eliminated from the shares of
Series B Preferred Stock which the Company will be authorized to issue, and will
be restored to the status of authorized but undesignated preferred stock of the
Company eligible for designation and reissuance subject to the terms hereof and
the Certificate.

         9.       WAIVERS. With the written consent of Holders of a majority of
the Series B Preferred Stock, the obligations of the Company and the rights of
the Holders under this Certificate of Designation may be waived (either
generally or in a particular instance, either retroactively or prospectively and
either for a specified period of time or indefinitely). Upon the effectuation of
each such waiver, the Company will promptly give written notice thereof to the
Holders who have not previously consented thereto in writing.

         IN WITNESS WHEREOF, this Certificate of Designation has been signed on
behalf of the Company by its Chief Executive Officer and attested to by its
Chief Financial Officer and Secretary, all as of the 8th day of May, 2003.

                                   ISOLAGEN, INC.

                                   By: /s/ Michael Macaluso
                                       -----------------------------------------
                                       Michael Macaluso, Chief Executive Officer

ATTEST:

By: /s/ Jeffrey w. Tomz
    -------------------------------------------------------
     Jeffrey W. Tomz, Chief Financial Officer and Secretary

                                       11<PAGE>

EXHIBIT 4.4

No sale, offer to sell or transfer of the securities represented by this warrant
or any interest therein shall be made unless a registration statement under the
Federal Securities Act of 1933, as amended, with respect to such transaction is
then in effect, or the issuer has received an opinion of counsel satisfactory to
it that such transfer does not require registration under that Act.

         This Warrant will be void after 5:00 p.m. New York time on ___ ___,
200__ (i.e. five years from the first closing date of the Offering).

                          COMMON STOCK PURCHASE WARRANT

WARRANT NO. ___

                     To Subscribe for and Purchase Shares of

                                 ISOLAGEN, INC.

          (Transferability Restricted as Provided in Paragraph 2 Below)

                  THIS CERTIFIES THAT, for value received, FORDHAM FINANCIAL
MANAGEMENT, INC., or registered assigns, is entitled to subscribe for and
purchase from Isolagen, Inc., a corporation incorporated under the laws of the
State of Delaware (the "Company") _______ fully paid and non-assessable shares
of Common Stock of the Company at the "Warrant Price" as hereinafter defined and
during the period hereinafter set forth, subject, however, to the provisions and
upon the terms and conditions hereinafter set forth. This Warrant is one of an
issue of the Company's Common Stock purchase warrants (herein called the
"Warrants"), identical in all respects except as to the names of the holders
thereof and the number of Common Shares purchasable thereunder and issued
pursuant to the Placement Agent Agreement.

         1.       As used herein:

                  (a)      "Common Stock" or "Common Shares" shall initially
refer to the Company's Common Stock, $0.001 par value, per share as more fully
set forth in Section 5 hereof.

                  (b)      "Warrant Price" shall be $_______ which is subject to
adjustment pursuant to Section 4 hereof.

                  (c)      "Placement Agent" shall refer to FORDHAM FINANCIAL
MANAGEMENT, INC.

                  (d)      "Placement Agent Agreement" shall refer to the
Placement Agent Agreement dated _________ between the Company and the Placement
Agent.

                  (e)      "Warrants" shall refer to Warrants to purchase Common
Shares issued to the Placement Agent or its designees by the Company pursuant to
the Placement Agent Agreement, as such may be adjusted from time to time
pursuant to the terms of Section 4 and including any Warrants represented by any
certificate issued from time to time in connection with the transfer, partial
exercise, exchange of any Warrants or in connection with a lost, stolen,
mutilated or destroyed Warrant certificate, if any, or to reflect an adjusted
number of Common Shares.

                  (f)      "Underlying Securities" shall refer to and include
the Common Stock issuable or issued upon exercise of the Warrants.

                                       1

<PAGE>

                  (g)      "Holders" shall mean the registered holder of such
Warrants or any issued Underlying Securities.

                  (h)      "Memorandum" shall mean the Company's Confidential
Private Placement Memorandum dated ________, as amended and supplemented, which
is being used (or was used) in connection with the private offering of _________
pursuant to the Placement Agent Agreement.

                  (i)      "Placement Agent Securities" shall refer and mean the
warrants and shares of Common Stock issued and/or issuable upon exercise of the
Warrants.

                  (j)      "Offering" means the private offering of ___________
in accordance with the Memorandum.

                  (k)      "Series ____ Preferred Stock" means the Company's
Series ___ Convertible Preferred Stock, par value $0.001 per share.

         2.       The purchase rights represented by this Warrant may be
exercised by the holder hereof, in whole or in part at any time, and from time
to time, during the period commencing ________ (the "Commencement Date") until
_______ (the "Expiration Date"), by the presentation of this Warrant, with the
purchase form attached duly executed, at the Company's office (or such office or
agency of the Company as it may designate in writing to the Holder hereof by
notice pursuant to Section 14 hereof), and upon payment by the Holder to the
Company in cash, or by certified check or bank draft of the Warrant Price for
the Common Shares. At the option of the Holder of this Warrant, the Warrant
Price may be paid through a cashless exercise of this Warrant. The purchase
price of the Common Shares issuable pursuant to the Warrants, shall be payable
in cash, by certified bank check and/or in lieu of cash, a warrant holder may
exercise its Warrants through a cashless exercise. In this respect, at any time
prior to the Expiration Date, the Holder may, at its option, exchange the
Warrants, in whole or in part, into the number of fully paid and non-assessable
Common Shares determined in accordance with this Section 2, by surrendering the
Warrants which shall represent the right to subscribe for and acquire the number
of Common Shares (rounded to the next highest integer) equal to (A) the number
of Common Shares specified by the Holder in its purchase form (the "Total Share
Number") less (B) the number of Warrant Shares equal to the quotient obtained by
dividing (i) the product of the Total Share Number and the Warrant Price as of
the date hereof (i.e. $_____ per share) per share by (ii) the Market Price of a
share of Common Stock. The Market Price of any shares of Common Stock to
purchase shares so surrendered shall be based upon the value of the Common Stock
at the close of business on the day before exercise based upon the following:
(i) if the shares of Common Stock are not listed and traded upon a recognized
securities exchange and there is no report of stock prices with respect to the
shares of Common Stock published by a recognized stock quotation service, on the
basis of the most recent purchases and sales of the shares of Common Stock by
the Company in arms-length transactions; or (ii) if the shares of Common Stock
are not then listed and traded upon a recognized securities exchange or quoted
on the NASDAQ Stock Market, and there are reports of stock prices by a
recognized quotation service, upon the basis of the last reported sale or
transaction price of such stock as reported by a recognized quotation service,
or, if there is no last reported sale or transaction price on the day before
exercise, then upon the basis of the mean of the last reported closing bid and
closing asked prices for such stock on the date nearest preceding that day; or
(iii) if the shares of Common Stock shall be then listed and traded upon a
recognized securities exchange or quoted on the NASDAQ Stock Market, upon the
basis of the last reported sale or transaction price at which shares of Common
Stock were traded on such recognized securities exchange or NASDAQ Stock Market
or, if the shares of Common Stock were not traded on the day before exercise,
upon the basis of the last reported sale or transaction price on the date
nearest preceding that date. In the event the Company is acquired for either
stock, notes, securities, cash or any combination thereof, the holders of the
Warrants shall have the option to use the buyout price as the value of the
Common stock. All documentation and procedures to be followed in connection with
such "cashless exercise" shall be approved in advance by the Company, which
approval shall be expeditiously provided and not unreasonably withheld. The
Company agrees that the Holder hereof shall be deemed the record owner of such
Common Shares as of the close of business on the date on which this Warrant
shall have been presented and payment made for such Common Shares as aforesaid.
Certificates for the Common Shares so purchased shall be delivered to the Holder
hereof within a reasonable time, not exceeding five (5) days, after the rights
represented by this Warrant shall have been so exercised. If this Warrant shall
be exercised in part only, the Company shall, upon surrender of this Warrant for
cancellation, deliver a new Warrant evidencing the rights of the Holder hereof

                                       2

<PAGE>

to purchase the balance of the Common Shares which such Holder is entitled to
purchase hereunder. Exercise in full of the rights represented by this Warrant
shall not extinguish the registration rights granted under Section 9 hereof and
Section 2 of the Placement Agent Agreement.

         3.       Subject to the provisions of Section 8 hereof, (i) this
Warrant is exchangeable at the option of the Holder at the aforesaid office of
the Company for other Warrants of different denominations entitling the Holder
thereof to purchase in the aggregate the same number of Common Shares as are
purchasable hereunder; and (ii) this Warrant may be divided or combined with
other Warrants which carry the same rights, in either case, upon presentation
hereof at the aforesaid office of the Company together with a written notice,
signed by the Holder hereof, specifying the names and denominations in which new
Warrants are to be issued, and the payment of any transfer tax due in connection
therewith.

         4.       Subject and pursuant to the provisions of this Section 4, the
Warrant Price and number of Common Shares subject to this Warrant shall be
subject to adjustment from time to time as set forth hereinafter in this Section
4.

                  (a)      In case the Company shall sell or issue either any of
its Common Shares or any rights, options, warrants or obligations or securities
containing the right to subscribe for or purchase any Common Shares ("Options")
or exchangeable for or convertible into Common Shares ("Convertible
Securities"), at a price per share, as determined pursuant to Section 4(b), less
than the Warrant Price then in effect on the date of such sale or issuance, then
the number of Common Shares purchasable upon exercise of this Warrant shall be
determined by multiplying the number of Common Shares theretofore purchasable
upon exercise of this Warrant by a fraction, (a) the numerator of which shall be
the number of Common Shares outstanding on the date of issuance of such Common
Shares, Options or Convertible Securities and (b) the denominator of which shall
be the number of Common Shares outstanding on the date prior to the date of
issuance of such Common Shares or Convertible Securities plus the number of
Common Shares which the aggregate consideration received by the Company upon
such issuance would purchase on such date at the Warrant Price then in effect.

                  (b)      The following provisions, in addition to other
provisions of this Section 4, shall be applicable in determining any adjustment
under Section 4(a):

                           (1)      In case of the issuance or sale of Common
Shares part or all of which shall be for cash, the cash consideration received
by the Company therefor shall be deemed to be the amount of cash proceeds of
such sale of shares less any compensation paid or discount allowed in the sale,
underwriting or purchase thereof by underwriters or dealers or others performing
similar services or any expenses incurred in connection therewith, plus the
amounts, if any, determined as provided in Section 4(b)(2).

                           (2)      In case of the issuance or sale of Common
Shares wholly or partly for a consideration other than cash, the amount of the
consideration other than cash received by the Company for such shares shall be
deemed to be the fair value of such consideration as determined by a resolution
adopted by the Board of Directors of the Company acting in good faith, less any
compensation paid or incurred by the Company for any Underwriting of, or
otherwise in connection with such issuance, provided, however, the amount of
such consideration other than cash shall in no event exceed the cost thereof as
recorded on the books of the Company. In case of the issuance or sale of Common
Shares (otherwise than upon conversion or exchange) together with other stock or
securities or other assets of the Company for a consideration which is received
for both such Common Shares and other securities or assets, the Board of
Directors of the Company acting in good faith shall determine what part of the
consideration so received is to be deemed to be the consideration for the
issuance of such Common Shares, less any compensation paid or incurred by the
Company for any underwriting of, or otherwise in connection with such issuance,
provided, however, the amount of such consideration other than cash shall in no
event exceed the cost thereof as recorded on the books of the Company. In case
at any time the Company shall declare a dividend or make any other distribution
upon any stock of the Company payable in Common Stock, then such common stock
issuable in payment of such dividend or distribution shall be deemed to have
been issued or sold without consideration.

                           (3)      The price per share of any Common Shares
sold or issued by the Company (other than pursuant to Options or Convertible
Securities) shall be equal to a price calculated by dividing (A) the amount of
the

                                       3

<PAGE>

consideration received by the Company, as determined pursuant to Sections
4(b)(1) and 4(b)(2), upon such sale of issuance by (B) the number of Common
Shares sold or issued.

                           (4)      In case the Company shall at any time after
the date hereof issue any Options or Convertible Securities the following
provisions shall apply in making any adjustment pursuant to this Section 4:

                                    (i)      The price per share for which
Common Stock is issuable upon the exercise of the Options or upon conversion or
exchange of the Convertible Securities shall be determined by dividing (A) the
total amount, if any, received or receivable by the Company as consideration for
the issuance of such Options or Convertible Securities, plus the minimum
aggregate amount of additional consideration, if any, payable to the Company
upon the exercise of such Options or the conversion or exchange of such
Convertible Securities, by (B) the aggregate maximum number of shares of Common
Stock issuable upon the exercise of such Option or upon the conversion or
exchange of such Convertible Securities.

                                    (ii)     In determining the price per share
for which Common Stock is issuable upon exercise of the Options or conversion or
exchange of the Convertible Securities as set forth in Section 4(b)(4)(i) and in
computing any adjustment pursuant to Section 4(a): (A) the aggregate maximum
number of shares of Common Stock issuable upon the exercise of such Convertible
Securities shall be considered to be outstanding at the time such Options or
Convertible Securities were issued and to have been issued for such price per
share as determined pursuant to Section 4(b)(4)(i) and (B) the consideration for
the issuance of such Options or Convertible Securities and the amount of
additional consideration payable to the Company upon exercise of such Options or
upon the conversion or exchange of such Convertible Securities shall be
determined in the same manner as the consideration received upon the issuance or
sale of Common Shares as provided in Sections 4(b)(1) and 4(b)(2).

                                    (iii)    On the expiration of such Options
or the termination of any right to convert or exchange any Convertible
Securities, the number of Common Shares subject to this Warrant shall forthwith
be readjusted to such number of Common Shares as would have obtained had the
adjustments made upon the issuance of such Options or Convertible Securities
been made upon the basis of the delivery of only the number of shares of Common
Stock actually delivered upon the exercise of such Options or upon conversion or
exchange of such Convertible Securities.

                                    (iv)     If the minimum purchase price per
share of Common Stock provided for in any Option or the rate at which any
Convertible Securities are convertible into or exchangeable for Common Stock
shall change or a different purchase price or rate shall become effective at any
time or from time to time (other than pursuant to any anti-dilution provisions
of such Options or Convertible Securities) then, upon such change becoming
effective, the number of Common Shares subject to this Warrant shall forthwith
be increased or decreased to such number of shares as would have been obtained
had the adjustments made upon the granting or issuance of such Options or
Convertible Securities been made upon the basis of (l) the issuance of the
number of shares of Common Stock theretofore actually delivered upon the
exercise of such Options or upon the conversion or exchange of such Convertible
Securities, and the total consideration received therefor, and (2) the granting
or issuance at the time of such change of any such Options or Convertible
Securities then still outstanding for the consideration, if any, received by the
Company therefor and to be received on the basis of such changed price or rate
of exchange or conversion.

                           (5)      Except as otherwise specifically provided
herein the date of issuance or sale of Common Stock shall be deemed to be the
date the Company is legally obligated to issue such Common Shares, or pursuant
to paragraph 4(b)(4), the date the Company is legally obligated to issue any
Option or Convertible Security. In case at any time the Company shall take a
record date for the purpose of determining the Holders of Common Stock entitled
(i) to receive a dividend or other distribution payable in Common Stock or in
Options or Convertible Securities or (ii) to subscribe for or purchase Common
Stock, Options or Convertible Securities then such record date shall be deemed
to be the date of issue or sale of the Common Shares, Options or Convertible
Securities deemed to have been issued or sold upon the declaration of such
dividend or the making of such distribution or the granting of such right of
subscription or purchase, as the case may be.

                                       4

<PAGE>

                           (6)      The number of shares of Common Stock
outstanding at any given time shall not include treasury shares and the
disposition of any such treasury shares shall be considered an issue or sale of
Common Stock for the purposes of this Section 4.

                           (7)      Anything hereinabove to the contrary
notwithstanding, no adjustment shall be made pursuant to Section 4(a) to the
Warrant Price, or to the number of Underlying Securities upon:

                                    (i)      The issuance or sale by the Company
of any Common Shares, shares of Series B Preferred Stock (or Common Shares
issuable upon conversion of such Series B Preferred Stock), Options or
Convertible Securities pursuant to (A) the Warrants, (B) the Offering, (C) the
Placement Agent Agreement, (D) dividends on shares of Series A or Series B
Preferred Stock payable in shares of Series A or Series B Preferred Stock
(including the issuance of shares of Common Stock issuable upon the conversion
of such Series A or Series B Preferred Stock), (E) the conversion or exchange of
any security which is outstanding on any closing date of the Offering which is
convertible or exchangable into shares of Common Stock, (F) the exercise of any
right, warrant or option which is outstanding on any closing date of the
Offering or (G) the Stock Option Plans of the Company and its Subsidiaries as
described in the Memorandum.

                                    (ii)     The issuance or sale of Common
Shares pursuant to the exercise of Options or conversion or exchange of
Convertible Securities hereinafter issued for which an adjustment has been made
(or was not required to be made) pursuant to the provisions of Section 4 hereof.

                                    (iii)    The increase in the number of
Common Shares subject to any Option or Convertible Security referred to in
subsections (i) and (ii) hereof pursuant to the provisions of such Option or
Convertible Securities designed to protect against dilution.

                  (c)      If the Company shall at any time subdivide its
outstanding Common Shares by recapitalization, reclassification or split-up
thereof, the number of Common Shares subject to this Warrant immediately prior
to such subdivision shall be proportionately increased, and if the Company shall
at any time combine the outstanding Common Shares by recapitalization,
reclassification or combination thereof, the number of Common Shares subject to
this Warrant immediately prior to such combination shall be proportionately
decreased. Any such adjustment to the Warrant Price pursuant to this Section
shall become effective at the close of business on the record date for such
recapitalization, reclassification, subdivision or combination.

                  (d)      If the Company after the date hereof shall distribute
to all of the holders of its Common Shares any securities or other assets (other
than a distribution of Common Shares or a cash distribution made as a dividend
payable out of earnings or out of any earned surplus legally available for
dividends under the laws of the State of Delaware), the Board of Directors of
the Company shall be required to make such equitable adjustment in the Warrant
Price in effect immediately prior to the record date of such distribution as may
be necessary to preserve to the Holder of this Warrant rights substantially
proportionate to those enjoyed hereunder by such Holder immediately prior to the
happening of such distribution. Any such adjustment made in good faith by the
Board of Directors shall be final and binding upon the Holders and shall become
effective as of the record date for such distribution.

                  (e)      No adjustment in the number of Common Shares subject
to this Warrant shall be required under this Section 4 hereof unless such
adjustment would require an increase or decrease in such number of shares of at
least 1% of the then adjusted number of Common Shares issuable upon exercise of
this Warrant, provided, however, that any adjustments which by reason of the
foregoing are not required at the time to be made shall be carried forward and
taken into account and included in determining the amount of any subsequent
adjustment; and provided further, however, that in case the Company shall at any
time subdivide or combine the outstanding Common Shares or issue any additional
Common Shares as a dividend, said percentage shall forthwith be proportionately
increased in the case of a combination or decreased in the case of a subdivision
or dividend of Common Shares so as to appropriately reflect the same. If the
Company shall make a record of the Holders of its Common Shares for the purpose
of entitling them to receive any dividend or distribution and legally abandon
its plan to pay or deliver such dividend or distribution then no adjustment in
the number of Common Shares subject to the Warrant shall be required by reason
of the making of such record.

                                       5

<PAGE>

                  (f)      Whenever the number of Common Shares purchasable upon
the exercise of this Warrant is adjusted, as provided in Section 4, the Warrant
Price shall be adjusted (to the nearest one tenth of a cent by multiplying such
Warrant Price immediately prior to such adjustment by a fraction, the numerator
of which shall be the number of Common Shares purchasable upon the exercise of
this Warrant immediately prior to such adjustment, and the denominator of which
shall be the number of Common Shares so purchasable immediately thereafter.

                  (g)      In case of any reclassification of the outstanding
Common Shares (other than a change covered by Section 4(c) hereof or which
solely affects the par value of such Common Shares) or in the case of any merger
or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and
which does not result in any reclassification or capital reorganization of the
outstanding Common Shares), or in the case of any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially as an
entirety in connection with which the Company is dissolved, the Holder of this
Warrant shall have the right thereafter (until the expiration of the right of
exercise of this Warrant) to receive upon the exercise hereof, for the same
aggregate Warrant Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property receivable
upon such reclassification, capital reorganization, merger or consolidation, or
upon the dissolution following any sale or other transfer, by a Holder of the
number of Common Shares of the Company obtainable upon the exercise of this
Warrant immediately prior to such event; and if any reclassification also
results in a change in Common Shares covered by Section 4(c), the such
adjustment shall be made pursuant to both this Section 4(g) and Section 4(c).
The provisions of this Section 4(g) shall similarly apply to successive
re-classifications, or capital reorganizations, mergers or consolidations, sales
or other transfers.

         If the Company after the date hereof shall issue or agree to issue the
Common Shares, Options or Convertible Securities, other than as described in
this Section 4, and such issuance or agreement would materially affect the
rights of the Holder of this Warrant, the Warrant Price and the number of Common
Shares obtainable upon exercise of this Warrant shall be adjusted in such
manner, if any, and at such time, as the Board of Directors of the Company, in
good faith, may determine to be equitable in the circumstances. The minutes or
unanimous consent approving such action shall set forth the Board's
determination as to whether an adjustment is warranted and the manner of such
adjustment. In the absence of such determination, any Holder may request in
writing that the Board make such determination. Any such determination made in
good faith by the directors shall be final and binding upon the Holders. If the
Board fails, however, to make such determination within sixty (60) days after
such request, such failure shall be deemed a determination that an adjustment is
required.

                  (h)      (1)      Upon occurrence of each event requiring
an adjustment of the Warrant Price and of the number of Common Shares obtainable
upon exercise of this Warrant in accordance with, and as required by, the terms
of this Section 4, the Company shall forthwith employ a firm of certified public
accountants (who may be the regular accountants for the Company) who shall
compute the adjusted Warrant Price and the adjusted number of Common Shares
purchasable at such adjusted Warrant Price by reason of such event in accordance
with the provisions of this Section 4. The Company shall mail forthwith to the
Holder of this Warrant a copy of such computation which shall be conclusive and
shall be binding upon such Holder unless contested by such Holder by written
notice to the Company within thirty (30) days after receipt thereof by such
Holder.

                           (2)      In case the Company after the date hereof
shall propose (i) to pay any dividend payable in stock to the Holders of its
Common Shares or to make any other distribution (other than cash dividends) to
the Holders of its Common Shares rights to subscribe to or purchase any
additional shares of any class or any other rights or options, or (iii) to
effect any reclassification of Common Shares (other than a reclassification
involving merely the subdivision or combination of outstanding Common Shares) or
(iv) any capital reorganization or any consolidation or merger, or any sale,
transfer or other disposition of its property, assets and business substantially
as an entirety, or the liquidation, dissolution or winding up of the Company,
then in each such case, the Company shall obtain the computation described in
Section 4(h)(1) hereof and if an adjustment to the Warrant Price is required
under this Section 4, the Company shall notify the registered Holder of this
Warrant of such proposed action, which shall specify the record date for any
such action or if no record date is established with respect thereto, the date
on which such action shall occur or commence, or the date of participation
therein by the Holders of Common Shares if any such date is to be fixed, and
shall also set forth such facts with respect thereto as shall be reasonably
necessary to indicate the effect of such action on

                                       6

<PAGE>

the Warrant Price and the number, or kind, or class of shares or other
securities or property obtainable upon exercise of this Warrant after giving
affect to any adjustment which will be required as a result of such action. Such
notice shall be given at least twenty (20) days prior to the record date for
determining Holders of the Common Shares for purposes of any such action, and in
the case of any action for which a record date is not established then such
notice shall be mailed at least twenty (20) days prior to the taking of such
proposed action.

                           (3)      Failure to file any certificate or notice or
to mail any notice, or any defect in any certificate or notice, or any defect in
any certificate or notice, pursuant to this Section 4(h), shall not effect the
legality or validity of the adjustment in the Warrant Price or in the number, or
kind, or class or shares or other securities or property obtainable upon
exercise of this Warrant or of any transaction giving rise thereto.

                  (i)      The Company shall not be required to issue fractional
Common Shares upon any exercise of this Warrant. As to any final fraction of a
Common Share which the Holder of this Warrant would otherwise be entitled to
purchase upon such exercise, the Company shall pay the Holder the cash
equivalent of such fraction of a Common Share.

                  (j)      Irrespective of any adjustments pursuant to this
Section 4 in the Warrant Price or in the number, or kind, or class of shares or
other securities or other property obtainable upon exercise of this Warrant,
this Warrant may continue to express the Warrant Price and the number of Common
Shares obtainable upon exercise at the same price and number of Common Shares as
are stated herein.

         5.       For the purposes of this Warrant, the terms "Common Shares" or
"Common Stock" or "Warrant Shares" shall mean (i) the class of stock designated
as the common stock, $0.001 par value, of the Company on the date set forth on
the first page hereof or (ii) any other class of stock resulting from successive
changes or re-classifications of such Common Stock consisting solely of changes
in par value, or from no par value to par value, or from par value to no par
value. If at any time, as a result of an adjustment made pursuant to Section 4,
the securities or other property obtainable upon exercise of this Warrant shall
include shares or other securities of the Company other than Common Shares or
securities of another corporation or other property, thereafter, the number of
such other shares or other securities or property so obtainable shall be subject
to adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the Common Shares contained in
Section 4 and all other provisions of this Warrant with respect to Common Shares
shall apply on like terms to any such other shares or other securities or
property. Subject to the foregoing, and unless the context requires otherwise,
all references herein to Common Shares shall, in the event of an adjustment
pursuant to Section 4, be deemed to refer also to any other securities or
property then obtainable as a result of such adjustments.

         6.       The Company covenants and agrees that:

                  (a)      During the period within which the rights represented
by the Warrant may be exercised, the Company shall, at all times, reserve and
keep available out of its authorized capital stock, solely for the purposes of
issuance upon exercise of this Warrant, such number of its Common Shares as
shall be issuable upon the exercise of this Warrant; and if at any time the
number of authorized Common Shares shall not be sufficient to effect the
exercise of this Warrant, the Company will take such corporate action as may be
necessary to increase its authorized but unissued Common Shares to such number
of shares as shall be sufficient for such purpose; the Company shall have
analogous obligations with respect to any other securities or property issuable
upon exercise of this Warrant;

                  (b)      All Common Shares which may be issued upon exercise
of the rights represented by this Warrant will, upon issuance be validly issued,
fully paid, nonassessable and free from all taxes, liens and charges with
respect to the issuance thereof; and

                  (c)      All original issue taxes payable in respect of the
issuance of Common Shares upon the exercise of the rights represented by this
Warrant shall be borne by the Company but in no event shall the Company be
responsible or liable for income taxes or transfer taxes upon the transfer of
any Warrants.

                                       7

<PAGE>

         7.       Until exercised, this Warrant shall not entitle the Holder
hereof to any voting rights or other rights as a stockholder of the Company,
except that the Holder of this Warrant shall be deemed to be a stockholder of
this Company for the purpose of bringing suit on the ground that the issuance of
shares of stock of the Company is improper under the Delaware General
Corporation Law.

         8.       In no event shall this Warrant be sold, transferred, assigned
or hypothecated except in conformity with the applicable provisions of the
Securities Act of 1933, as amended and as then in force (the "Act"), or any
similar Federal statute then in force, and all applicable "Blue Sky" laws.

         9.       The Holder of this Warrant, by acceptance hereof, agrees that,
prior to the disposition of this Warrant or of any Common Shares theretofore
purchased upon the exercise hereof, under circumstances that might require
registration of such securities under the Act, or any similar Federal statute
then in force, such Holder will give written notice to the Company expressing
such Holder's intention of effecting such disposition, and describing briefly
such Holder's intention as to the disposition to be made of this Warrant and/or
the securities theretofore issued upon exercise hereof. Promptly upon receiving
such notice, the Company shall present copies thereof to its counsel and the
provisions of the following subdivisions shall apply:

                  (a)      If, in the opinion of such counsel, the proposed
disposition does not require registration under the Act or qualification
pursuant to Regulation A promulgated under the Act, or any similar Federal
statute then in force, of this Warrant and/or the securities issuable or issued
upon the exercise of this Warrant, the Company shall, as promptly as
practicable, notify the Holder hereof of such opinion, whereupon such Holder
shall be entitled to dispose of this Warrant and/or such Common Shares
theretofore issued upon the exercise hereof, all in accordance with the terms of
the notice delivered by such Holder to the Company.

                  (b)      If, in the opinion of either such counsel, such
proposed disposition requires such registration or qualification under the Act,
or similar Federal statute then in effect, of this Warrant and/or the Common
Shares issuable or issued upon the exercise of this Warrant, the Company shall
promptly give written notice to all then Holders of the Warrants, at the
respective addresses thereof shown on the books of the Company.

                  The last paragraph of Section 2 of the Placement Agent
Agreement provides for the following registration rights:

         "Commencing on the initial closing date of this Offering and expiring
five years thereafter, in the event that the Company should file a Registration
Statement with the Commission pursuant to the Act, the Company, at its own
expense, will offer to the holders of the Placement Agent securities the
opportunity to register the underlying Common Stock for resale to the public.
This paragraph is not applicable to a Registration Statement filed by the
Company with the SEC on Form S-8 or any other inappropriate form. The piggy-back
registration rights described in this paragraph shall be on two occasions
only."
         10.      The Company agrees to indemnify and hold harmless the holder
of this Warrant, or of Underlying Securities issuable or issued upon the
exercise hereof, from and against any claims and liabilities caused by any
untrue statement of a material fact, or omission to state a material fact
required to be stated, in any such registration statement, prospectus,
notification or offering circular under Regulation A, except insofar as such
claims or liabilities are caused by any such untrue statement or omission based
on information furnished in writing to the Company by such holder, or by any
other such holder affiliated with the holder who seeks indemnification, as to
which the holder hereof, by acceptance hereof, agrees to indemnify and hold
harmless the Company.

         11.      If this Warrant, or any of the Underlying Securities issuable
pursuant hereto, require qualification or registration with, or approval of, any
governmental official or authority (other than registration under the Act, or
any similar Federal statute at the time in force), before such shares may be
issued on the exercise hereof, the Company, at its expense, will take all
requisite action in connection with such qualification, and will use its best
efforts to cause such securities to be duly registered or approved, as may be
required.

                                       8

<PAGE>

         12.      This Warrant is exchangeable, upon its surrender by the
registered holder at such office or agency of the Company as may be designated
by the Company, for new Warrants of like tenor, representing, in the aggregate,
the right to subscribe for and purchase the number of Common Shares that may be
subscribed for and purchased hereunder, each of such new Warrants to represent
the right to subscribe for and purchase such number of Common Shares as shall be
designated by the registered holder at the time of such surrender. Upon receipt
of evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant, and, in the case of any such loss, theft or
destruction, upon delivery of a bond of indemnity satisfactory to the Company,
or in the case of such mutilation, upon surrender or cancellation of this
Warrant, the Company will issue to the registered holder a new Warrant of like
tenor, in lieu of this Warrant, representing the right to subscribe for and
purchase the number of Common Shares that may be subscribed for and purchased
hereunder. Nothing herein is intended to authorize the transfer of this Warrant
except as permitted by applicable law.

         13.      Every Holder hereof, by accepting the same, agrees with any
subsequent Holder hereof and with the Company that this Warrant and all rights
hereunder are issued and shall be held subject to all of the terms, conditions,
limitations and provisions set forth in this Warrant, and further agrees that
the Company and its transfer agent may deem and treat the registered Holder of
this Warrant as the absolute owner hereof for all purposes and shall not be
affected by any notice to the contrary.

         14.      All notices required hereunder shall be given by first-class
mail, postage prepaid; if given by the holder hereof, addressed to the Company
at 2500 Wilcrest, 5th Floor, Houston, Texas 77042 or such other address as the
Company may designate in writing to the holder hereof; and if given by the
Company, addressed to the holder at the address of the holder shown on the books
of the Company.

         15.      The Company will not merge or consolidate with or into any
other corporation, or sell or otherwise transfer its property assets and
business substantially as an entirety to another corporation, unless the
corporation resulting from such merger or consolidation (if not the Company), or
such transferee corporation, as the case may be, shall expressly assume, by
supplemental agreement satisfactory in form to the Placement Agent, the due and
punctual performance and observance of each and even covenant and condition of
this Warrant to be performed and observed by the Company.

         16.      The validity, construction and enforcement of this Warrant
shall be governed by the laws of the State of New York and jurisdiction is
hereby vested in the Courts of said State in the event of the institution of any
legal action under this Warrant.

         IN WITNESS WHEREOF, ISOLAGEN, INC. has caused this Warrant to be signed
by its duly authorized officers under its corporate seal, to be dated ____ __,
2003.

                                                  ISOLAGEN, INC.

                                                  By:  ______________________
                                                         Michael Macaluso
                                                         Chief Executive Officer

Witness:

_____________________
Jeffrey W. Tomz
Chief Financial Officer and Secretary

(Corporate Seal)

                                       9

<PAGE>

                                  PURCHASE FORM
                                 To Be Executed
             Upon Exercise of Warrant, except for Cashless Exercise

The undersigned hereby exercises the right to purchase _______ Common Shares
evidenced by the within Warrant, according to the terms and conditions thereof,
and herewith makes payment of the purchase price in full. The undersigned
requests that certificates for such shares shall be issued in the name set forth
below.

Dated:________ , 200__
                                               Signature

                                               ___________________________
                                               Print Name of Signatory

                                               Name to whom certificates are to
                                               be issued if different from above

                                               Address:
                                               _________________________________
                                               _________________________________
                                               _________________________________

                                               _________________________________
                                               Social Security No.
                                               or other identifying number

         If said number of shares shall not be all the shares purchasable under
the within Warrant, the undersigned requests that a new Warrant for the
unexercised portion shall be registered in the name of :

                                               _________________________________
                                                       (Please Print)

                                               Address:
                                               _________________________________
                                               _________________________________

                                               _________________________________
                                               Social Security No.
                                               or other identifying number
                                               _________________________________
                                                        Signature

                                       10

<PAGE>

                                  PURCHASE FORM
                             To Be Executed Upon
                        Cashless Exercise of this Warrant

         The undersigned hereby exercises the right to purchase _______ Common
Shares evidenced by the within Warrant No. __ according to the terms and
conditions thereof and the undersigned hereby submits warrants to purchase
________ Common Shares as evidenced by the within Warrant No. ___ to be in full
payment of the _______ Common Shares exercised and purchased herein. The
undersigned represents that certificates for such purchased shares shall be
issued in the name set forth below:

Dated:___________, 200__
                                               Signature

                                               ___________________________
                                               Print Name of Signatory

                                               Name to whom certificates are to
                                               be issued if different from above

                                               Address:
                                               _________________________________
                                               _________________________________
                                               _________________________________

                                               _________________________________
                                               Social Security No.
                                               or other identifying number

         If said number of shares shall not be all the shares purchasable under
the within Warrant, the undersigned requests that a new Warrant for the
unexercised portion shall be registered in the name of :

                                               _________________________________
                                                       (Please Print)

                                               Address:
                                               _________________________________
                                               _________________________________

                                               _________________________________
                                               Social Security No.
                                               or other identifying number
                                               _________________________________
                                                        Signature

                                       11

<PAGE>

FORM OF ASSIGNMENT

         FOR VALUE RECEIVED     , hereby
sells assigns and transfers to   , Soc. Sec. No.
[         ] the within Warrant, together with all rights, title and interest
therein, and does hereby irrevocably constitute and appoint          attorney to
transfer such Warrant on the register of the within named Company, with full
power of substitution.

                                               _______________________________
                                                          Signature

Dated: ___________________, 200__

Signature Guaranteed:

_______________________

                                       12

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