Document:

Exhibit 4.19

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR
UNDER ANY APPLICABLE STATE SECURITIES LAWS. ALL SUCH SECURITIES ARE SUBJECT TO
RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE OFFERED FOR SALE,
SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED (A "TRANSFER")
WITHOUT REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR
WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION
IS NOT REQUIRED BECAUSE THE TRANSFER IS EXEMPT FROM REGISTRATION OR THE TRANSFER
MAY BE MADE PURSUANT TO RULE 144 OR RULE 144A UNDER THE ACT. INVESTORS SHOULD BE
AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT
FOR AN INDEFINITE PERIOD OF TIME.

                              COMMON STOCK WARRANT

                   For the Purchase of Shares of Common Stock
                                       of

                                 CYTOMEDIX, INC.

                                 October 1, 2003

         THIS CERTIFIES THAT, Carmen Group, Inc., for value received, and its
successors and assigns (collectively, "Warrantholder"), is entitled to subscribe
for and purchase, subject to the terms hereof, from Cytomedix, Inc., a Delaware
corporation (the "Company"), ONE HUNDRED THOUSAND (100,000) fully-paid and
non-assessable shares (the "Shares") of the Company's Common Stock, par value
$0.0001 per share ("Common Stock"), at a price per share equal to $1.25 (the
"Warrant Exercise Price"), such price and such number of shares being subject to
adjustment upon the occurrence of the contingencies set forth in this Warrant.

         This Warrant is granted in connection with the Agreement Between Carmen
Group, Inc. and Cytomedix, Inc. effective on October 1, 2003 (the "Agreement").

         1. Term. Except as otherwise provided for herein, this Warrant shall be
exercisable, in whole or in part, at any time and from time to time, after the
original issuance date of this Warrant and ending at 5:00 p.m., Central time, on
October 1, 2008 (the "Expiration Date").

         2. Number of Shares; Vesting of Shares. Subject to the terms and
conditions set forth herein, including the Expiration Date, the Warrantholder is
entitled, upon surrender of this Warrant and payment of the Warrant Exercise
Price, to purchase from the Company the Shares represented by this Warrant. This
Warrant shall be exercisable, in whole or in part, at any time and from time to
time, after the original issuance date of this Warrant until the Expiration
Date. Such numbers of Shares are subject to adjustment upon the occurrence of
the contingencies set forth in this Warrant.

         3. Method of Exercise; Net Issue Exercise.

                  (a) Method of Exercise; Payment; Issuance of New Warrant. The
purchase right represented by this Warrant may be exercised by the holder
hereof, in whole or in part and from time to time, by the surrender of this
Warrant (together with the notice of exercise form attached hereto as Exhibit A,
duly executed) at the principal office of the Company and by the payment to the
Company, by check or bank draft, of an amount equal to the then applicable
Warrant Exercise Price per share multiplied by the number of Shares then being
purchased. The person or persons in whose name(s) any certificate(s)
representing the Shares shall be issuable upon exercise of this Warrant shall be
deemed to have become the holder(s) of record of, and shall be treated for all
purposes as the record holder(s) of, the Shares represented thereby (and such
Shares shall be deemed to have been issued) immediately prior to the close of
business on the date or dates upon which this Warrant is exercised. In the event
of any exercise of the rights represented by this Warrant, certificates for the
Shares of stock so purchased shall be delivered to the holder hereof as soon as
possible and in any event within 30 days of receipt of such notice and, unless
this Warrant has been fully exercised or expired, a new Warrant representing the
portion of the Shares, if any, with respect to which this Warrant shall not then
have been exercised shall also be issued to the holder hereof as soon as
possible and in any event within such 30-day period.

<PAGE>

                  (b) Net Issue Exercise. In lieu of exercising this Warrant
pursuant to subsection (a) above, the Warrantholder may from time to time elect
to receive, without the payment by the Warrantholder of any additional
consideration, shares of Common Stock equal to the value of this Warrant (or the
portion thereof being canceled, which number of shares being canceled pursuant
to this subsection 3(b) may not exceed the number of shares that the
Warrantholder would be entitled to exercise at such time pursuant to subsection
(a) above) by surrender of this Warrant at the principal office of the Company
together with notice of such election, in which event the Company shall issue to
the Warrantholder a number of shares of Common Stock computed using the
following formula:

                                  X = Y(A - B)
                                      --------
                                         A

                  Where:   X = The number of shares of Common Stock to be issued
                           to the Warrantholder.

                           Y = The number of Shares purchasable under this
                           Warrant at the time of such exercise.

                           A = The fair market value of one share of Common
                           Stock, at the time of such exercise.

                           B = The Warrant Exercise Price (as adjusted to the
                           date of such calculation).

For purposes of this Section 3(b), the fair market value of one share of Common
Stock as of a particular date shall be, (i) in the event a public market exists
for the Company's Common Stock on the date of exercise, the closing bid price of
one share of Common Stock on the date of exercise or, (ii) if no public market
exists for the Common Stock, as mutually determined in good faith upon a review
of all factors deemed appropriate by the Company's Board of Directors and the
Warrantholder; provided, that if the Warrant is being exercised upon the closing
of an initial public offering, the value shall be the initial "price to the
public" of one share of such Common Stock specified in the final prospectus with
respect to such offering.

         4. Stock Fully Paid; Reservation of Shares. All Shares that may be
issued upon the exercise of the rights represented by this Warrant shall, upon
issuance, be fully paid and nonassessable, and free from all taxes, liens and
charges with respect to the issue thereof. During the period within which the
rights represented by the Warrant may be exercised, the Company shall at all
times have authorized and reserved for the purpose of issuance upon exercise of
the purchase rights evidenced by this Warrant, a sufficient number of shares of
its Common Stock to provide for the exercise of the rights represented by this
Warrant.

<PAGE>

         5. Adjustment of Warrant Exercise Price and Number of Shares. The
number and kind of securities purchasable upon the exercise of the Warrant and
the Warrant Exercise Price shall be subject to adjustment from time to time upon
the occurrence of certain events, as follows:

                  (a) Reclassification or Merger. In case of any
reclassification, change or conversion of securities of the class issuable upon
exercise of this Warrant (other than a change in par value, or from par value to
no par value, or from no par value to par value, or as a result of a subdivision
or combination), or in case of any merger of the Company with or into another
corporation (other than a merger with another corporation in which the Company
is a continuing corporation and which does not result in any reclassification or
change of outstanding securities issuable upon exercise of this Warrant), or in
case of any sale of all or substantially all of the assets of the Company, the
Company, or such successor or purchasing corporation, as the case may be, shall
execute a new Warrant (in form and substance satisfactory to the Warrantholder)
providing that the holder of this Warrant shall have the right to exercise such
new Warrant and upon such exercise to receive, the kind and amount of shares of
stock, other securities, money and property receivable upon such
reclassification, change or merger by a holder of one share of Common Stock.
Such new Warrant shall provide for adjustments that shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Section
5, and appropriate adjustments shall be made to the purchase price per share
payable hereunder, provided the aggregate purchase price shall remain the same.
The provisions of this subsection (a) shall similarly apply to successive
reclassification, changes, mergers and transfers.

                  (b) Subdivisions or Combination of Shares. If the Company at
any time while this Warrant remains outstanding and unexpired shall subdivide or
combine its Common Stock, the Warrant Exercise Price and the number of shares of
Common Stock issuable upon exercise hereof shall be proportionately adjusted
such that the aggregate exercise price of this Warrant shall at all times
remains equal. Any adjustments under this subsection (b) shall become effective
at the close of business on the date the subdivision or combination becomes
effective.

                  (c) Stock Dividends. If the Company at any time while this
Warrant is outstanding and unexpired shall pay a dividend payable in shares of
Common Stock (except any distribution specifically provided for in the foregoing
subsections (a) and (b)), then the Warrant Exercise Price shall be adjusted,
from and after the date of determination of shareholders entitled to receive
such dividend or distribution, to that price determined by multiplying the
Warrant Exercise Price in effect immediately prior to such date of determination
by a fraction, (i) the numerator of which shall be the total number of shares of
Common Stock outstanding immediately prior to such dividend or distribution and
(ii) the denominator of which shall be the total number of shares of Common
Stock outstanding immediately after such dividend or distribution and the number
of shares of Common Stock subject to this Warrant shall be proportionately
adjusted. Any adjustment under this subsection (c) shall become effective as of
the record date of such dividend, or in the event that no record date is fixed,
upon the making of such dividend.

                  (d) No Impairment. The Company will not, by amendment of its
Articles of Incorporation (as amended, restated, supplemented or otherwise
modified from time) or through any reorganization, recapitalization, 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
this Section 5 and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the holder of this Warrant against
impairment.

<PAGE>

         6. Notice of Adjustments. Whenever the Warrant Exercise Price shall be
adjusted pursuant to the provisions hereof, the Company shall within 10 days of
such adjustment deliver a certificate signed by its chief executive officer or
chief financial officer to the registered holder(s) hereof setting forth, in
reasonable detail, the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated and the Warrant
Exercise Price after giving effect to such adjustment.

         7. Fractional Shares. No fractional shares will be issued in connection
with any exercise hereunder, but in lieu of such fractional shares the Company
shall make a cash payment therefor upon the basis of the Warrant Exercise Price
then in effect.

         8. Transfers and Exchanges. This Warrant may be transferred upon the
prior written consent of the Company, which consent shall not be unreasonably
withheld, provided that no such consent shall be required for the transfer of
this Warrant by operation of law.

         9. Rights as Shareholders. No holder of this Warrant, as such, shall be
entitled to vote or receive dividends or be deemed the holder of Common Stock,
nor shall anything contained herein be construed to confer upon the holder of
this Warrant, as such, any of the rights of a shareholder of the Company or any
right to vote for the election of directors or upon any matter submitted to
shareholders at any meeting thereof, or to receive notice of meetings, or to
receive dividends or subscription rights or otherwise until this Warrant shall
have been exercised and the shares of Common Stock purchasable upon the exercise
hereof shall have become deliverable, as provided herein. However, nothing in
this Section 9 shall limit the right of the Warrantholder to be provided the
notices required under this Warrant.

         10. Modification and Waiver. Any term of this Warrant may be amended
and the observance of any term of this Warrant may be waived (either generally
or in a particular instance and either retroactively or prospectively), with the
written consent of the Company and the holders of a majority of shares of Common
Stock issued or issuable upon exercise of this Warrant. Any waiver or amendment
effected in accordance with this Section shall be binding upon each holder of
any Shares issuable upon exercise of this Warrant.

         11. Notices. Any notice, request or other document required or
permitted to be given or delivered to the holder hereof or the Company shall be
delivered, or shall be sent by certified or registered mail, postage prepaid, to
each such holder at his, her or its address as shown on the books of the Company
or to the Company at the address indicated on the signature page of this
Warrant.

         12. Assumption of Warrant. If at any time, while this Warrant, or any
portion thereof, is outstanding and unexpired there shall be (i) an acquisition
of the Company by another entity by means of a merger, consolidation or other
transaction or series of related transactions resulting in the exchange of the
outstanding shares of the Company's capital stock such that shareholders of the
Company prior to such transaction own, directly or indirectly, less than 50% of
the voting power of the surviving entity or (ii) a sale or transfer of all or
substantially all of the Company's assets to any other person, then, as a part
of such acquisition, sale or transfer, lawful provision shall be made so that
the Warrantholder shall thereafter be entitled to receive upon exercise of this
Warrant, during the period specified herein and upon payment of the Warrant
Exercise Price then in effect, the number of shares of stock or other securities
or property of the successor corporation resulting from such acquisition, sale
or transfer which a holder of the shares deliverable upon exercise of this
Warrant would have been entitled to receive in such acquisition, sale or
transfer if this Warrant had been exercised immediately before such acquisition,
sale or transfer, all subject to further adjustment as provided in this Section
12; and in any such case, appropriate adjustment (as determined in good faith by
the Company's Board of Directors) shall be made in the application of the
provisions herein set forth with respect to the rights and interests thereafter
of the Warrantholder to the end that the provisions set forth herein (including
provisions with respect to changes in and other adjustments of the number of
Shares of the Warrantholder is entitled to purchase) shall thereafter by
applicable, as nearly as possible, in relation to any shares of Common Stock or
other securities or other property thereafter deliverable upon the exercise of
this Warrant.

<PAGE>

         13. Binding Effect on Successors. This Warrant shall be binding upon
any corporation succeeding the Company by merger, consolidation or acquisition
of all or substantially all of the Company's assets, and all of the obligations
of the Company relating to the Common Stock issuable upon the exercise of this
Warrant shall survive the exercise and termination of this Warrant and all of
the covenants and agreements of the Company shall inure to the benefit of the
successors and assigns of the Warrantholder. The Company will, at the time of
the exercise of this Warrant, in whole or in part, upon request of the
Warrantholder but at the Company's expense, acknowledge in writing its
continuing obligation to the Warrantholder in respect of any rights to which the
Warrantholder shall continue to be entitled after such exercise in accordance
with this Warrant; provided, that the failure of the Warrantholder to make any
such request shall not affect the continuing obligation of the Company to the
Warrantholder in respect of such rights.

         14. Lost Warrants or Stock Certificates. The Company covenants to the
holder hereof that upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant or any
stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity reasonably satisfactory to the Company, or in the case
of any such mutilation upon surrender and cancellation of such Warrant or stock
certificate, the Company will make and deliver a new Warrant or stock
certificate, or like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant or stock certificate.

         15. Legend on Warrant Shares. The certificates representing the Warrant
Shares shall bear a legend substantially similar to the following:

         THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
         SECURITIES ACT OF 1933 OR THE SECURITIES LAW OF ANY STATE AND ARE BEING
         OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION
         REQUIREMENTS OF THE SECURITIES ACT OF 1933 AND SUCH LAWS. THE
         SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE
         AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE
         SECURITIES ACT OF 1933 AND SUCH LAWS PURSUANT TO REGISTRATION OR
         EXEMPTION THEREFROM.

         16. Descriptive Headings. The descriptive headings of the several
sections of this Warrant are inserted for convenience only and do not constitute
a part of this Warrant.

         17. Governing Law. This Warrant shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of
the State of Delaware.

         18. Counterparts. This Common Stock Warrant may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. IN WITNESS WHEREOF, this
Common Stock Warrant is executed effective as of the date first above written.

<PAGE>

                        CYTOMEDIX, INC.

                        By:_____________________________________________
                              Mark E. Cline
                              President

                        Accepted and Agreed:

                        CARMEN GROUP, INC.

                        By:_____________________________________________

                        Its:  ____________________________________________

<PAGE>

                                    EXHIBIT A

                               NOTICE OF EXERCISE

To:
   ---------------------------

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

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

Attn:
   ---------------------------

         1. The undersigned hereby elects to purchase ___________ shares of
Common Stock of Cytomedix, Inc. pursuant to the terms of the attached Warrant,
and tenders herewith payment of the purchase price of such shares in full.

         2. Specify method of exercise by check mark:

                  __ a. Such payment is hereby made in the amount of ___________
by wire transfer or by certified or bank check.

                  __ b. The holder elects to receive shares for the value (as
determined pursuant to Section 3(b) of the Warrant) of the Warrant.

         3. Please issue a certificate or certificates representing said shares
in the name of the undersigned or in such other name or names as are specified
below

                  Name:
                          ---------------------------
                  Address:
                          ---------------------------

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

---------------------------             --------------------------
(Date)                                  (Signature)EXHIBIT 4.20

THIS WARRANT AND THE  SECURITIES  ISSUABLE UPON THE  CONVERSION  HEREOF HAVE NOT
BEEN  REGISTERED  UNDER THE SECURITIES  ACT OF 1933, AS AMENDED (THE "ACT"),  OR
UNDER ANY APPLICABLE  STATE  SECURITIES LAWS. ALL SUCH SECURITIES ARE SUBJECT TO
RESTRICTIONS  ON  TRANSFERABILITY  AND RESALE  AND MAY NOT BE OFFERED  FOR SALE,
SOLD, ASSIGNED,  PLEDGED,  HYPOTHECATED OR OTHERWISE  TRANSFERRED (A "TRANSFER")
WITHOUT  REGISTRATION  UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR
WITHOUT AN OPINION OF COUNSEL  SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION
IS NOT REQUIRED BECAUSE THE TRANSFER IS EXEMPT FROM REGISTRATION OR THE TRANSFER
MAY BE MADE PURSUANT TO RULE 144 OR RULE 144A UNDER THE ACT. INVESTORS SHOULD BE
AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL  RISKS OF THIS  INVESTMENT
FOR AN INDEFINITE PERIOD OF TIME.

                              COMMON STOCK WARRANT

         For the Purchase of Shares of Common Stock of CYTOMEDIX, INC.

                                October 1, 2003

     THIS CERTIFIES THAT, IVC GROUP, for value received,  and its successors and
assigns  (collectively,  "Warrantholder"),  is  entitled  to  subscribe  for and
purchase,  subject  to the  terms  hereof,  from  Cytomedix,  Inc.,  a  Delaware
corporation (the  "Company"),  FOUR HUNDRED  THOUSAND  (400,000)  fully-paid and
non-assessable  shares (the "Shares") of the Company's  Common Stock,  par value
$0.0001  per share  ("Common  Stock"),  at a price per share equal to $1.00 (the
"Warrant Exercise Price"), such price and such number of shares being subject to
adjustment upon the occurrence of the  contingencies  set forth in this Warrant.
This Warrant is granted in connection with the Services Agreement,  of even date
herewith,   by  and  between  the  Company  and  Warrantholder   (the  "Services
Agreement").

     1. Term. Except as otherwise provided for herein, the FOUR HUNDRED THOUSAND
(400,000) Shares  represented by this Warrant shall be exercisable,  in whole or
in part, at any time and from time to time, after the original  issuance date of
this  Warrant  and  ending at 5:00 p.m.,  central  standard  time,  on the third
anniversary  of the original  issuance  date of this  Warrant  (the  "Expiration
Date").

     2. Number of Shares; Vesting of Shares. Subject to the terms and conditions
set forth herein,  including the Expiration Date, the Warrantholder is entitled,
upon  surrender of this Warrant and payment of the Warrant  Exercise  Price,  to
purchase from the Company the Shares  represented by this Warrant.  This Warrant
shall be  exercisable,  in whole or in part,  at any time and from time to time,
after the original issuance date of this Warrant until the Expiration Date. Such
numbers  of  Shares  are  subject  to  adjustment  upon  the  occurrence  of the
contingencies set forth in this Warrant.

                                       1

<PAGE>

     3. Method of Exercise; Payment; Issuance of New Warrant. The purchase right
represented by this Warrant may be exercised by the holder  hereof,  in whole or
in part and from time to time, by the surrender of this Warrant  (together  with
the notice of exercise form attached  hereto as Exhibit A, duly executed) at the
principal  office of the Company and by the payment to the Company,  by check or
bank draft, of an amount equal to the then applicable Warrant Exercise Price per
share  multiplied  by the number of Shares then being  purchased.  The person or
persons in whose  name(s) any  certificate(s)  representing  the Shares shall be
issuable  upon  exercise  of this  Warrant  shall be deemed to have  become  the
holder(s)  of record  of, and shall be treated  for all  purposes  as the record
holder(s) of, the Shares represented thereby (and such Shares shall be deemed to
have been  issued)  immediately  prior to the close of  business  on the date or
dates upon which this Warrant is exercised.  In the event of any exercise of the
rights  represented  by this  Warrant,  certificates  for the Shares of stock so
purchased shall be delivered to the holder hereof as soon as possible and in any
event within 30 days of receipt of such notice and, unless this Warrant has been
fully  exercised  or  expired,  a new  Warrant  representing  the portion of the
Shares,  if any,  with  respect to which this  Warrant  shall not then have been
exercised  shall also be issued to the holder  hereof as soon as possible and in
any event within such 30-day period.

     4. Stock Fully Paid;  Reservation of Shares.  All Shares that may be issued
upon  the  exercise  of the  rights  represented  by this  Warrant  shall,  upon
issuance,  be fully paid and  nonassessable,  and free from all taxes, liens and
charges with respect to the issue  thereof.  During the period  within which the
rights  represented  by the Warrant may be  exercised,  the Company shall at all
times have  authorized and reserved for the purpose of issuance upon exercise of
the purchase rights evidenced by this Warrant,  a sufficient number of shares of
its Common Stock to provide for the exercise of the rights  represented  by this
Warrant.

     5.  Adjustment of Warrant  Exercise Price and Number of Shares.  The number
and kind of  securities  purchasable  upon the  exercise  of the Warrant and the
Warrant Exercise Price shall be subject to adjustment from time to time upon the
occurrence of certain events, as follows:

     (a) Reclassification or Merger. In case of any reclassification,  change or
conversion  of  securities  of the class  issuable upon exercise of this Warrant
(other than a change in par value, or from par value to no par value, or from no
par value to par value, or as a result of a subdivision or  combination),  or in
case of any merger of the Company with or into another corporation (other than a
merger with another corporation in which the Company is a continuing corporation
and which  does not  result  in any  reclassification  or change of  outstanding
securities  issuable upon exercise of this  Warrant),  or in case of any sale of
all or  substantially  all of the assets of the Company,  the  Company,  or such
successor or  purchasing  corporation,  as the case may be, shall  execute a new
Warrant (in form and substance satisfactory to the Warrantholder) providing that
the holder of this Warrant shall have the right to exercise such new Warrant and
upon such  exercise  to receive,  the kind and amount of shares of stock,  other
securities, money and property receivable upon such reclassification,  change or

                                       2
<PAGE>

merger by a holder of one share of Common Stock.  Such new Warrant shall provide
for adjustments that shall be as nearly  equivalent as may be practicable to the
adjustments provided for in this Section 5, and appropriate adjustments shall be
made to the purchase price per share payable  hereunder,  provided the aggregate
purchase  price shall remain the same.  The  provisions of this  subsection  (a)
shall  similarly  apply to  successive  reclassification,  changes,  mergers and
transfers.

     (b) Subdivisions or Combination of Shares. If the Company at any time while
this Warrant  remains  outstanding  and unexpired shall subdivide or combine its
Common  Stock,  the  Warrant  Exercise  Price and the number of shares of Common
Stock issuable upon exercise hereof shall be proportionately  adjusted such that
the aggregate  exercise  price of this Warrant shall at all times remains equal.
Any adjustments under this subsection (b) shall become effective at the close of
business on the date the subdivision or combination becomes effective.

     (c) Stock  Dividends.  If the  Company at any time  while  this  Warrant is
outstanding and unexpired shall pay a dividend payable in shares of Common Stock
(except any distribution  specifically provided for in the foregoing subsections
(a) and (b)), then the Warrant Exercise Price shall be adjusted,  from and after
the date of determination  of shareholders  entitled to receive such dividend or
distribution, to that price determined by multiplying the Warrant Exercise Price
in effect immediately prior to such date of determination by a fraction, (i) the
numerator  of which  shall  be the  total  number  of  shares  of  Common  Stock
outstanding  immediately  prior to such  dividend or  distribution  and (ii) the
denominator  of which  shall be the total  number  of  shares  of  Common  Stock
outstanding  immediately  after such dividend or distribution  and the number of
shares  of  Common  Stock  subject  to this  Warrant  shall  be  proportionately
adjusted.  Any adjustment under this subsection (c) shall become effective as of
the record date of such dividend,  or in the event that no record date is fixed,
upon the making of such dividend.

     (d) No  Impairment.  The Company  will not, by amendment of its Articles of
Incorporation  (as amended,  restated,  supplemented or otherwise  modified from
time) or  through  any  reorganization,  recapitalization,  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 this
Section  5 and in the  taking  of  all  such  action  as  may  be  necessary  or
appropriate in order to protect the rights of the holder of this Warrant against
impairment.

     6. Notice of  Adjustments.  Whenever  the Warrant  Exercise  Price shall be
adjusted pursuant to the provisions  hereof, the Company shall within 10 days of
such adjustment  deliver a certificate  signed by its chief executive officer or
chief  financial  officer to the registered  holder(s)  hereof setting forth, in
reasonable  detail,  the  event  requiring  the  adjustment,  the  amount of the
adjustment,  the method by which such  adjustment was calculated and the Warrant
Exercise Price after giving effect to such adjustment.

     7.  Fractional  Shares.  No fractional  shares will be issued in connection
with any exercise  hereunder,  but in lieu of such fractional shares the Company
shall make a cash payment  therefor upon the basis of the Warrant Exercise Price
then in effect.

                                       3
<PAGE>

     8. Transfers and Exchanges.  This Warrant may be transferred upon the prior
written  consent  of the  Company,  which  consent  shall  not  be  unreasonably
withheld,  provided  that no such consent  shall be required for the transfer of
this Warrant by operation of law.

     9. Rights as  Shareholders.  No holder of this Warrant,  as such,  shall be
entitled to vote or receive  dividends or be deemed the holder of Common  Stock,
nor shall  anything  contained  herein be construed to confer upon the holder of
this Warrant,  as such, any of the rights of a shareholder of the Company or any
right to vote for the  election of  directors  or upon any matter  submitted  to
shareholders  at any meeting  thereof,  or to receive notice of meetings,  or to
receive  dividends or subscription  rights or otherwise until this Warrant shall
have been exercised and the shares of Common Stock purchasable upon the exercise
hereof shall have become deliverable,  as provided herein.  However,  nothing in
this  Section 9 shall limit the right of the  Warrantholder  to be provided  the
notices required under this Warrant.

     10.  Modification  and Waiver.  Any term of this Warrant may be amended and
the observance of any term of this Warrant may be waived (either generally or in
a  particular  instance and either  retroactively  or  prospectively),  with the
written consent of the Company and the holders of a majority of shares of Common
Stock issued or issuable upon exercise of this Warrant.  Any waiver or amendment
effected in  accordance  with this Section  shall be binding upon each holder of
any Shares issuable upon exercise of this Warrant.

     11. Notices. Any notice, request or other document required or permitted to
be given or delivered to the holder hereof or the Company shall be delivered, or
shall be sent by certified or registered  mail,  postage  prepaid,  to each such
holder at his, her or its address as shown on the books of the Company or to the
Company at the address indicated on the signature page of this Warrant.

     12.  Assumption  of Warrant.  If at any time,  while this  Warrant,  or any
portion thereof,  is outstanding and unexpired there shall be (i) an acquisition
of the Company by another  entity by means of a merger,  consolidation  or other
transaction or series of related  transactions  resulting in the exchange of the
outstanding  shares of the Company's capital stock such that shareholders of the
Company prior to such transaction own, directly or indirectly,  less than 50% of
the voting  power of the  surviving  entity or (ii) a sale or transfer of all or
substantially  all of the Company's assets to any other person,  then, as a part
of such  acquisition,  sale or transfer,  lawful provision shall be made so that
the Warrantholder  shall thereafter be entitled to receive upon exercise of this
Warrant,  during the period  specified  herein and upon  payment of the  Warrant
Exercise Price then in effect, the number of shares of stock or other securities
or property of the successor corporation  resulting from such acquisition,  sale
or  transfer  which a holder of the shares  deliverable  upon  exercise  of this
Warrant  would  have been  entitled  to  receive  in such  acquisition,  sale or
transfer if this Warrant had been exercised immediately before such acquisition,
sale or transfer,  all subject to further adjustment as provided in this Section
12; and in any such case, appropriate adjustment (as determined in good faith by
the  Company's  Board  of  Directors)  shall be made in the  application  of the
provisions herein set forth with respect to the rights and interests  thereafter
of the  Warrantholder to the end that the provisions set forth herein (including
provisions  with  respect to changes in and other  adjustments  of the number of
                                       4
<PAGE>

Shares of the  Warrantholder  is  entitled  to  purchase)  shall  thereafter  by
applicable,  as nearly as possible, in relation to any shares of Common Stock or
other securities or other property  thereafter  deliverable upon the exercise of
this Warrant.

 13. Binding  Effect on Successors.  This Warrant shall be binding
upon  any  corporation  succeeding  the  Company  by  merger,  consolidation  or
acquisition of all or substantially all of the Company's assets,  and all of the
obligations  of the  Company  relating  to the Common  Stock  issuable  upon the
exercise of this Warrant  shall  survive the exercise  and  termination  of this
Warrant and all of the  covenants  and  agreements of the Company shall inure to
the  benefit of the  successors  and assigns of the  Warrantholder.  The Company
will,  at the time of the exercise of this  Warrant,  in whole or in part,  upon
request  of the  Warrantholder  but at the  Company's  expense,  acknowledge  in
writing its continuing  obligation to the Warrantholder in respect of any rights
to which the Warrantholder  shall continue to be entitled after such exercise in
accordance with this Warrant; provided, that the failure of the Warrantholder to
make any such request shall not affect the continuing  obligation of the Company
to the Warrantholder in respect of such rights.

     14. Lost  Warrants or Stock  Certificates.  The  Company  covenants  to the
holder  hereof that upon  receipt of  evidence  reasonably  satisfactory  to the
Company of the loss,  theft,  destruction  or  mutilation of this Warrant or any
stock certificate and, in the case of any such loss, theft or destruction,  upon
receipt of an indemnity  reasonably  satisfactory to the Company, or in the case
of any such mutilation upon surrender and  cancellation of such Warrant or stock
certificate,  the  Company  will  make  and  deliver  a  new  Warrant  or  stock
certificate,  or like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant or stock certificate.

     15. Legend on Warrant Shares.  The  certificates  representing  the Warrant
Shares shall bear a legend substantially similar to the following:

THE SECURITIES  OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933 OR THE  SECURITIES  LAW OF ANY STATE AND ARE BEING  OFFERED  AND SOLD IN
RELIANCE ON EXEMPTIONS FROM THE REGISTRATION  REQUIREMENTS OF THE SECURITIES ACT
OF  1933  AND  SUCH  LAWS.  THE  SECURITIES  ARE  SUBJECT  TO   RESTRICTIONS  ON
TRANSFERABILITY  AND  RESALE  AND MAY NOT BE  TRANSFERRED  OR  RESOLD  EXCEPT AS
PERMITTED   UNDER  THE  SECURITIES  ACT  OF  1933  AND  SUCH  LAWS  PURSUANT  TO
REGISTRATION OR EXEMPTION THEREFROM.

     16.  Registration  Rights.  The Holder  shall be entitled  to  registration
rights  pursuant  to the terms of that  certain  Registration  Rights  Agreement
between the Company and the signatories thereto of even date herewith.

     17. Descriptive Headings.  The descriptive headings of the several sections
of this Warrant are inserted for  convenience  only and do not constitute a part
of this Warrant.

     18.  Governing  Law.  This  Warrant  shall be  construed  and  enforced  in
accordance with, and the rights of the parties shall be governed by, the laws of
the State of Arkansas.

                                       5
<PAGE>

     19.   Counterparts.   This  Common   Stock   Warrant  may  be  executed  in
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same instrument.

IN WITNESS  WHEREOF,  this Common Stock Warrant is executed  effective as of the
date first above written.

                    CYTOMEDIX, INC.

                    By: ______________________________________

                    Address:
                    1523 South Bowman Rd., Suite A
                    Little Rock, Arkansas 72211

                    Accepted and Agreed:

                    --------------------------------------
                    Mark N. Tompkins, Chairman of IVC Group

                    Address:
                    802 Grand Pavilion
                    P.O. Box 30543 SMB
                    Grand Cayman,Cayman Islands
                    British West Indies

                                       6

<PAGE>

                                   EXHIBIT A
                                   ---------

                               NOTICE OF EXERCISE

To: ___________________

    ___________________

    ___________________

Attn: _________________

     1. The undersigned  hereby elects to purchase  ___________ shares of Common
Stock of  Cytomedix,  Inc.  pursuant to the terms of the attached  Warrant,  and
tenders  herewith  payment of the  purchase  price of such shares in full in the
amount of ___________ by wire transfer or by certified or bank check.

     2. Please issue a certificate or certificates  representing  said shares in
the name of the  undersigned  or in such  other  name or names as are  specified
below

        Name: __________________

        Address:  ______________

                  ______________

----------                                                     -----------------
(Date)                                                         (Signature)

                                      A-1

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