Document:

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                                                                    EXHIBIT 10.4

                           SEARCH RESULTS AGREEMENT

          This SEARCH RESULTS AGREEMENT ("Agreement") is made as of the 29'nd
day of March, 2000 ("Effective Date") between FINDWHAT.COM, INC., a Nevada
corporation with a principal place of business at 121 West 27/th/ Street, Suite
903, NY, NY 10001 ("FindWhat.com"), and The BigHub, Inc., a Florida corporation,
with a principal place of business at 3388 Via Lido, Newport Beach, CA
("Company").

       A.  FindWhat.com operates an Internet search engine (the "FindWhat.com
Website") and contracts directly with business entities worldwide that promote
their business and/or products on the Web.

       B.  Company is a megasearch engine that performs its searches through the
use of multiple independent Internet search engines to produce a larger list and
variety of results for individual consumers.

       C.  Company wishes to utilize FindWhat.com as an Internet search engine
and FindWhat.com wishes to be used as an Internet search engine in connection
with Company's megasearch engine website all upon the terms and conditions of
this Agreement.

Section 1.  Definitions.

       1.1    "Click Through Revenue" is the net revenue actually paid to
FindWhat.com by an entity represented in a Search Result generated by
FindWhat.com when a User clicks on such Search Result and visits the website of
such entity. For example, if Advertiser fee is $1.00 per click through and
FindWhat.com actually receives the entire $1.00 from the Advertiser for such
click through, then FindWhat.com's Click Through Revenue is $1.00 and
FindWhat.com will pay Company $.40 cents of such revenue (as provided in Section
5.1 hereof.

       1.2    "Company Content" shall mean the text, graphics, audio, video and
other content in any form contained in the Company Websites and each excluding
FindWhat.com Intellectual Property.

       1.3    "Company Websites" shall be the megasearch engine located at
http://www.thebighub.com or such subsequent website that Company locates the
------------------------
megasearch engine currently located at the Web address set forth above as well
as any other website that displays Company's Search Results.

       1.4    "End User Conversion Revenue" means certain revenue received from
Advertisers as follows:  a consumer ("End User") clicks on an advertisement on
the FindWhat.com Website and as a result of the click through to the
Advertiser's Website from FindWhat.com's Website, the Advertiser receives money
from the End User due to a purchase made by the End User; the Advertiser then
pays FindWhat.com a percentage of the revenue received from the End User.
FindWhat.com will only pay a percentage of the End User Conversion Revenue
actually received by FindWhat.com in accordance with the terms of this
Agreement.

       1.5    "FindWhat.com Intellectual Property" shall mean the FindWhat.com
Website, FindWhat.com Search Result Content, FindWhat.com Licensed Marks, any
FindWhat.com marketing materials and any other patents, patent rights, service
marks, trademarks, trademark rights, trade names, trade name rights, copyrights
(whether registered or not), know-how, technology and trade secrets, now owned
or hereafter acquired or developed by FindWhat.com.
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     1.6  "FindWhat.com Licensed Marks" shall mean the trademarks, trade names,
service marks and logos, including the FindWhat.com logo and the FindWhat.com/sm
/service mark, which are: (a) provided by FindWhat.com to Company as part of a
Search Result, and/or (b) provided to the Company pursuant to the terms of this
Agreement.

     1.7  "FindWhat.com Search Result Content" shall mean the entire content of
the Search Result obtained by FindWhat.com for Company including the appearance
and placement of all wording and any FindWhat.com Licensed Marks.

     1.8  "Query" shall mean a search initiated by a User on any Company
Websites.
     1.9  "Search Results" means the results obtained by a Search Engine in
response to a User Query.

     1.10 "Start Date" will be that date, not later than 30 business days
following the Effective Date, that FindWhat.com will begin to be utilized as a
Search Engine by Company under the terms and conditions of this Agreement.

     1.11 "Users" means users of any Company Websites.
     1.12 "Advertiser" shall mean the company or individual who has a pay for
placement listing in the FindWhat.com Website.

Section 2.  Search Result and Logo Placement.

     2.1  Placement of Search Results. With respect to 100% of the Queries
placed on the Company Websites, Company will only display FindWhat.com's Search
Results to the extent that FindWhat.com serves Search Results for which Click
Through Revenue is to be received. Results will be listed at a maximum set of 10
per page. Initial Query will return FindWhat.com's top paid results as found in
FindWhat.com's listings. FindWhat.com's Search Results shall be integrated and
listed in the number three position in all Search Result listings on the Company
Websites.

     2.2  Logo and Trademark Placement.

     a.   To the extent that FindWhat.com is included in a listing of search
     engines in connection with a summarized listing of Search Results (as shown
     on Exhibit A), FindWhat.com shall be listed in the third position, or if
     less than three search engines are listed then in the second or first
     position. With respect to any listings of the search engines utilized by
     the Company, FindWhat.com's logo, service mark or name will appear in the
     same format as other search engines' logos, service marks or names appear
     in such listing. For example if other search engines are listed by name and
     the name provides the User with the ability to click through to the search
     engine site, the FindWhat.com Website will also be identified by logo with
     associated click-through ability.

     b.   FindWhat.com shall be provided as a default search engine on any
     portion of the Company Websites that provides a listing of search engines
     that permit Users to limit queries to less than all of the search engines
     available through the Company Websites.

     c.   Company agrees to place the FindWhat.com/sm/ service mark or the
     FindWhat.com logo, or any subsequent trademark or service mark designated
     by FindWhat.com, at the beginning of any Search Result obtained by
     FindWhat.com and displayed on the Company Websites in the same format used
     by Company for attributing its other Search Results.

Section 3.  Search Result Format.  Company agrees:
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     a.   To display any Search Result obtained from FindWhat.com in the format
     received from FindWhat.com as displayed in EXHIBIT A, and not to alter the
     FindWhat.com Search Result Content or FindWhat.com Licensed Marks appearing
     in the Search Result provided by FindWhat.com.

     b.   To provide links to FindWhat.com Search Result Content from the Search
     Results obtained by FindWhat.com and displayed on the Company Websites, via
     the URLs designated by FindWhat.com; and

     c.   To transmit to Users via the Web the FindWhat.com Search Result
     Content along with other Search Results obtained from other search engines
     in response to a User Query on the Company Websites pursuant to the format
     and other terms and conditions contained in this Agreement.

Section 4. Duties of the Parties.

     4.1  FindWhat.com agrees to deliver to Company URL's providing the Company
and Users access to FindWhat.com Search Results Content in response to Queries
on the Company Websites throughout the term of this Agreement.

     4.2  Prior to the Start Date and throughout the term of this Agreement,
     Company will:

     a. Display the FindWhat.com Search Result Content, FindWhat.com logo and
     FindWhat.com/sm/ service mark, in accordance with the other terms and
     conditions of this Agreement.

     b.  Test the functionality and appearance of and assist FindWhat.com in
     verifying functionality and appearance of the FindWhat.com Search Result
     Content, test the links to the FindWhat.com Search Result Content and
     ensure that Users gain timely access to the FindWhat.com Search Result
     Content; and

     4.3  FindWhat.com may require, in its sole discretion, and Company agrees
to assist in, the removal or alteration of any portion of the FindWhat.com
Intellectual Property.

     4.4  Company will provide support to Users for questions and problems that
arise relating to FindWhat.com Search Result Content or refer such Users to
FindWhat.com's customer service in a timely manner.

     4.5  Company will not solicit any advertiser associated in any way with
FindWhat.com.

     4.6  Company will not save any Search Result provided by FindWhat.com and
agrees to initiate a new search through FindWhat.com for each User Query posed
on the Company Websites.

Section 5.  Payment.

     5.1  FindWhat.com agrees to pay Company forty percent (40%) of all Click
Through Revenue actually received by FindWhat.com resulting directly from User
click throughs on the FindWhat.com Search Result Content displayed on Company
Websites during the term of this Agreement.  When Search Results are returned in
a summarized format as shown on Exhibit A to this Agreement, click through
credit will be assigned to the first ordered search engine within the Search
Result and no Click Through Revenue will be due from FindWhat.com if
FindWhat.com is not listed in the first position of the list of search engines
that returned the Search Result.

     5.2  In the event that FindWhat.com is compensated by an Advertiser through
any means other than direct pay for placement advertising, The BigHub.com shall
be entitled to 40% of the end user conversion revenue paid to FindWhat.com.
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       5.3  FindWhat.com will track the Click Through Revenue and end user
conversion revenue received by FindWhat.com from Advertisers and pay the
percentage due to Company as described in Section 5.1 and 5.2 within 10 days
after the end of each calendar month.

       5.4  Company shall have the right, to audit FindWhat.com's books and
records for the purpose of verifying payments made under this Agreement.  Such
audits shall be made not more than twice per year, on not less than ten (10)
days written notice, during regular business hours, by such party's independent
auditors.  An audit can only be for the previous twelve-month period dating back
from the date of this audit.

Section 6. Ownership and Licenses.

       6.1   Except as set forth in this Agreement, nothing in this Agreement
will vest in Company any right, title or interest in the FindWhat.com
Intellectual Property or any copyright, trademark and other intellectual
property rights therein.

       6.2   Subject to the terms and conditions of this Agreement and only
during the Term of this Agreement, FindWhat.com hereby grants to Company a
limited, revocable, non-exclusive, worldwide license to use the FindWhat.com
Search Result Content and FindWhat.com Licensed Marks for the purpose of
utilizing FindWhat.com as a search engine and displaying FindWhat.com Search
Results on the Company Websites and to perform the duties set forth in Sections
2, 3 and 4 above.

       6.3   FindWhat.com gives Company the right to redistribute the
FindWhat.com search engine results as part of Companies private label portal
package or part of Megasearch tool, but not as a stand-alone piece of content.
All terms including but not limited to compensation and obligations as
illustrated throughout this Agreement will apply to any and all private label,
co-branding or link agreements that results in Company providing it's
megasearch.

       6.4   Each party reserves all rights in its intellectual property not
specifically granted herein.

Section 7. Confidentiality.  The parties each agree that the terms of this
Agreement are strictly confidential neither party will disclose the existence of
or terms of this Agreement to any third party without the prior written consent
of the other party to both the fact and content of such proposed disclosure.

Section 8. Term and Termination.

       8.1   Term.  This Agreement will be effective upon signature of an
authorized representative of all parties and continue for two years  ("Term"),
unless terminated earlier pursuant to the terms hereof. This Agreement shall be
automatically renewed for a one (1) year term ("Renewal Term") each subsequent
year thereafter unless either party gives the other written notice of
cancellation at least ninety (90) days prior to the expiration of the Initial
Term or any Term Year as hereinafter defined.  For purposes of this Agreement, a
Term Year shall be the same twelve (12) month period as the first twelve (12)
month period of the Initial Term.

       8.2   Termination.  Notwithstanding Section 8.1, this Agreement may be
sooner terminated as follows:

       a.  Either party may terminate this Agreement effective immediately if
       the other party is in default of any material obligation under this
       Agreement, and such default shall have continued unremedied for a period
       of 30 days following written notice of such default given by the
       nondefaulting party to the defaulting party.
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       b.  Either party may terminate this Agreement, effective immediately, if
       the other party is adjudicated bankrupt, becomes insolvent, voluntarily
       or involuntarily commences liquidation, if a receiver (temporary or
       permanent) for its property or a part thereof is appointed by a court of
       competent jurisdiction and not dismissed within 30 days after
       appointment, if it makes a general assignment for the benefit of
       creditors, or if execution is levied against substantially all of its
       property or which would have an adverse effect on the operation of its
       business and is not removed within 30 days.

       c.  FindWhat.com may terminate this Agreement effective immediately if:
       (i) Company ceases to provide Users access to the Company and such access
       denial has continued unremedied for 7 days after written notice from
       FindWhat.com; (ii) there is a change in the content, quality or
       functionality of the Company Websites that FindWhat.com determines in its
       sole discretion to be unfavorable to FindWhat.com; (iii) Company fails to
       perform any of the duties set forth in Section 2 of this Agreement.

       8.3 Effect of Termination.  Upon the effective date of termination, all
rights and obligations of the parties will terminate except:

       a.  Each party's duty of Confidentiality pursuant to Section 7 of this
       Agreement;

       b.  FindWhat.com's duty to pay Click-Through Revenue received through the
       date of termination and in accordance with the terms of Section 5 of this
       Agreement; and

       c.  Each party shall be obligated to remove the other party's
       Intellectual Property from its respective Website and any marketing
       materials.

Section 9.  Warranty Disclaimer.  ALL PARTIES HERETO EXPRESSLY DISCLAIM ANY
REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO
IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
AND NON-INFRINGEMENT. Furthermore, neither party makes any representation or
warranty to the other party that the performance of its obligations under this
Agreement will produce any level of profits or business for the other party.

Section 10. Mutual Indemnification.  Company agrees to indemnify, defend and
hold FindWhat.com, its successors officers, directors, employees and assigns
harmless from any and all actions, claims, demands, costs, liabilities, expenses
(including attorney fees) and damages that arise directly or indirectly out of
the existence, use and maintenance of the Company Websites.  FindWhat.com agrees
to indemnify, defend and hold Company, its successors, officers, directors,
employees and assigns harmless from any and all actions, claims, demands, costs,
liabilities, expenses (including attorney fees) and damages that arise directly
or indirectly out of the existence, use and maintenance of the FindWhat.com
Website.

Section 11. Limitation of Liability. FindWhat.com shall not be liable for any
special, indirect, consequential (including but not limited to lost profits),
incidental, exemplary or punitive damages arising, directly or indirectly, out
of its performance of this Agreement.

Section 12. Miscellaneous.

       12.1    Notices. Any notice required or permitted by this Agreement shall
be deemed given if delivered by certified mail, postage prepaid, addressed to
the other party at the address shown at the beginning of this Agreement or at
such other address for which such party gives
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notice hereunder. Delivery shall be deemed effective three (3) days after
deposit with the U.S. Post Office.

     12.2  Severability. If any clause or provision in this Agreement is
determined to be invalid or unenforceable by a court of competent jurisdiction
or by operation of any applicable law, it will not affect the validity of any
other clause or provision this Agreement, which will remain in full force and
effect.

     12.3  Complete Agreement. This Agreement constitutes the entire agreement
between the parties hereto relating to this specific subject matter thereof.
There are no terms, obligations, covenants, representations, statements, or
conditions relating to the subject matter thereof other than those contained in
this Agreement.  No variation or modification of this Agreement or waiver of any
of the terms or provisions hereof will be deemed valid unless in writing and
signed by both parties.

     12.4  Force Majeure.   Neither party shall be deemed in default hereunder,
nor shall it hold the other party responsible for, any cessation, interruption
or delay in the performance of its obligations hereunder due to causes beyond
its reasonable control including, but not limited to:  earthquake, flood, fire,
storm or other natural disaster, act of God, labor controversy or threat
thereof, civil disturbance or commotion, disruption of the public markets, war
or armed conflict or the inability to obtain sufficient material, supplies,
labor, transportation, power or other essential commodity or service required in
the conduct of its business, including internet access, or any change in or the
adoption of any law, ordinance, rule, regulation, order, judgement or decree.

     12.5  Independent Contractors.  The parties hereto are independent
contractors.  This Agreement shall not be construed to create a joint venture or
partnership between the parties.  Neither party shall be deemed to be an
employee, agent or legal representative of the other for any purpose and neither
shall have any right, power or authority to create any obligation or
responsibility on behalf of the other except as specifically set forth herein.

     12.6  Waiver. The failure by any party to exercise or enforce any of the
terms or conditions of this Agreement shall not constitute a waiver of that
party's rights hereunder to enforce each and every term and condition of this
Agreement.

     12.7  Assignment.  Neither this Agreement nor any rights or obligations
thereunder may be assigned by either party without first receiving prior written
consent of the other party, which consent shall not be unreasonably withheld.

     12.8  Interpretation.  The section headings contained in this Agreement are
solely for the purpose of reference, are not part of the agreement of the
parties, and will not in any way affect the meaning or interpretation of this
Agreement.

     12.9  Governing Law/Choice of Forum. This Agreement shall be governed by
the laws of the state of New York, U.S.A., without reference to it choice of law
rules. The parties agree that the forum for dispute resolution under this
Agreement shall be located exclusively in the courts of the state of New York.

     12.10 Authority of Parties and Signatories. Each party represents and
warrants that by entering into this Agreement with the other, it is not
breaching any duty or obligation to any third party and that the person
executing this Agreement on behalf of it is the duly authorized representative
of such party and authorized to bind it to the terms of this Agreement.

     12.11 Counterparts.  This Agreement may be signed in one or more
counterparts each of which will be deemed an original and all of which will be
deemed to be one instrument.
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AGREED AND ACCEPTED as of the Effective Date:

COMPANY:
THE BIGHUB.COM, INC.,                     FINDWHAT.COM, INC.,
A Florida Corporation                     A Nevada corporation

By:  /s/ Mark Doumani                     By:  /s/ Stacey Roarty
    --------------------------                ----------------------------------
Its: EVP                                  Its: Director of Business Development
    --------------------------                ----------------------------------
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                                   EXHIBIT A
                          FindWhat.com Search Results
                                 (sample page)

By Engine Results:
FindWhat.com

 1. Planet Toys! Best in the Universe.
    ----------------------------------
    The best toys on Earth at the best price! 100% secure ordering.
    http:/toysbhere.vstoretoys.com (Cost to advertiser: $0.45)
    ----------------------------------------------------------

 2. Great Toys For All Ages!!
    -------------------------
    From hot board and video games for big kids, to stuffed animals for little
    kids, we've got the toys that children get really excited about-and that
    parents get really excited about giving! Yes we have Pokemon and Beanie
    Babies!!
    http://smartetoys.vstoretoys.com (Cost to advertiser: $0.38)
    ------------------------------------------------------------

Summarized Results:

 1. Planet Toys! Best in the Universe.
    ----------------------------------
    The best toys on Earth at the best price! 100% secure ordering.
    http:/toysbhere.vstoretoys.com
    ------------------------------
    FindWhat.com (Cost to advertiser: $0.33)
                 ---------------------------
    AltaVista

 2. Great Toys For All Ages!!
    -------------------------
    From hot board and video games for big kids, to stuffed animals for little
    kids, we've got the toys that children get really excited about-and that
    parents get really excited about giving! Yes we have Pokemon and Beanie
    Babies!!
    http://smartetoys.vstoretoys.com
    --------------------------------
    Yahoo
    FindWhat.com (Cost to advertiser: $0.38)
                 ---------------------------<PAGE>

                                                                    EXHIBIT 10.1

                              PURCHASE AGREEMENT
                              ------------------

          THIS PURCHASE AGREEMENT ("Agreement") is made as of the 1st day of
June, 2000 by and between Boston Life Sciences Inc. a Delaware corporation
(the "Company"), and the Investor set forth on the signature page affixed hereto
(the "Investor").

                                   RECITALS

          A.  The Company and the Investor are executing and delivering this
Agreement in connection with an offering of an aggregate of 1,405,956 shares of
                                                            ---------
Common Stock, $.01 par value per share (the "Common Stock") at an aggregate
purchase price of $10,000,000 and certain Class C Warrants (as hereafter
defined) to purchase an aggregate of 300,000 shares of Common Stock and certain
Class D Warrants to purchase an aggregate of 200,000 shares of Common Stock, all
in reliance upon the exemption from securities registration afforded by the
provisions of Regulation D ("Regulation D"), as promulgated by the U.S.
Securities and Exchange Commission (the "SEC") under the Securities Act of 1933,
as amended;

          B.  The Investor wishes to purchase, and the Company wishes to sell
and issue to the Investor, upon the terms and conditions stated in this
Agreement, such number of shares of the common stock of the Company at a price
of $7.113 per share (the "Purchase Price"); and that number of Class
    -----
C warrants to purchase Common Stock at an exercise price equal to $8.00 per
share and that number of Class D Warrants (the "Class D Warrants") to purchase
Common Stock at an exercise price of $10.00 per share upon such other terms and
subject to the limitations and conditions set forth in the forms attached hereto
as Exhibit A and Exhibit B (the Class C Warrants and the Class D Warrants being
   -----------------------
hereafter referred to collectively as the "Warrants") as is set forth on the
signature page attached hereto and executed by the Investor; and

          C.  Contemporaneous with the execution and delivery of this Agreement,
the parties hereto are executing and delivering a Registration Rights Agreement,
in the form attached hereto as EXHIBIT C (the "Registration Rights Agreement"),
pursuant to which the Company has agreed to provide certain registration rights
under the Securities Act of 1933, as amended and the rules and regulations
promulgated thereunder, and applicable state securities laws;

          In consideration of the mutual promises made herein and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

     1.   Definitions.  In addition to those terms defined above and elsewhere
          -----------
in this Agreement, for the purposes of this Agreement, the following terms shall
have the meanings here set forth:

          1.1  "Affiliate" means, with respect to any person, any other person
                ---------
which directly or indirectly controls, is controlled by, or is under common
control with, such person.

          1.2  "Agreements" means this Agreement, the Registration Rights
                ----------
Agreement, and the Warrants.

          1.3  "Closing" means the consummation of the transactions contemplated
                -------
by this Agreement, and "Closing Date" means the date of such Closing.
                        ------------

<PAGE>

          1.4  "Control" means the possession , direct or indirect, of the
                -------
power to direct or cause the direction of the management and policies of a
person, whether through the ownership of voting securities, by contract or
otherwise.

          1.5  "Material Adverse Effect" means a material adverse effect on the
                -----------------------
(i) condition (financial or otherwise), business, assets, or results of
operations of the Company and its subsidiaries, taken as a whole; (ii) ability
of the Company to perform any of its material obligations under the terms of
this Agreement; or (iii) rights and remedies of the Investor under the terms of
this Agreement.

          1.6  "Person" means an individual, corporation, partnership, trust,
                ------
business trust, association, joint stock company, joint venture, pool,
syndicate, sole proprietorship, unincorporated organization, governmental
authority or any other form of entity not specifically listed herein.

          1.7  "SEC Filings" has the meaning set forth in Section 4.6.
                -----------

          1.8  "Securities" means the Shares, the Warrants and the Warrant
                ----------
Shares (defined below).

          1.9  "Shares" means the shares of Common Stock being purchased by the
                ------
Investor hereunder.

          1.10 "Warrant Shares" means the shares of Common Stock issuable upon
                --------------
exercise of or otherwise pursuant to the Warrants.

          1.11 "1933 Act" means the Securities Act of 1933, as amended, and the
                --------
rules and regulations promulgated thereunder.

          1.12 "1934 Act" means the Securities Exchange Act of 1934, as amended,
                --------
and the rules and regulations promulgated thereunder.

     2.   Purchase and Sale of the Shares and Warrants. Subject to the terms and
          --------------------------------------------
conditions of this Agreement, the Investor hereby agrees to purchase and the
Company hereby agrees to sell and issue to the Investor, the Warrants and that
number of Shares determined by dividing the aggregate purchase price of Ten
Million Dollars ($10,000,000), by the per share Purchase Price for the Shares,
which shall equal the "Market Price" defined as the average closing price of the
Company's Common Stock (as reported by Nasdaq) for the ten (10) trading days
ending May 26, 2000, subject to a maximum of $8.00 and a minimum of $7.00.

     3.   The Company shall promptly deliver to Investor's counsel, in trust, a
certificate or certificates, registered in such name or names as Investor may
designate, representing all of the Shares and all of the Warrants, with
instructions that such certificates are to be held for release to the Investor
only upon payment of the purchase price to the Company. Upon receipt by counsel

                                       2
<PAGE>

to the Investor of the certificates, the Investor shall promptly cause a wire
transfer in same day funds to be sent to the account of the Company as
instructed in writing by the Company, in an amount representing the entire
purchase price. On the date the Company receives such funds, the certificates
evidencing the Shares and the Warrants shall be released to the Investor (and
such date shall be deemed the "Closing Date").

     4.  Representations and Warranties of the Company.  The Company hereby
         ---------------------------------------------
represents and warrants to the Investor that:

          4.1  Organization, Good Standing and Qualification. The Company and
               ---------------------------------------------
each of its subsidiaries is a corporation duly incorporated, validly existing
and in good standing under the laws of its organization and has all requisite
power and authority to carry on its business and own its properties as now
conducted and owned. The Company and each of its subsidiaries is duly qualified
or licensed to do business as a foreign corporation and is in good standing in
each jurisdiction in which the conduct of its business or its ownership or
leasing of property makes such qualification or licensing necessary unless the
failure to so qualify or be licensed would not have a Material Adverse Effect.

          4.2  Authorization.  The Company has full power and authority and has
               -------------
taken all requisite action on the part of the Company, its officers, directors
and stockholders necessary for (i) the authorization, execution and delivery of
the Agreements, (ii) the performance of all obligations of the Company hereunder
or thereunder, and (iii) the authorization, issuance (or reservation for
issuance) and delivery of the Securities. The Agreements constitute the legal,
valid and binding obligations of the Company, enforceable against the Company in
accordance with their terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability,
relating to or affecting creditors' rights generally.

          4.3  Capitalization. Set forth on Schedule 4.3 hereto is (a) the
               --------------               ------------
authorized capital of the Company on the date hereof; (b) the number of shares
of capital stock issued and outstanding; (c) the number of shares of capital
stock issuable pursuant to the Company's stock plans; (d) the number of shares
of capital stock issuable and reserved for issuance pursuant to securities
(other than the Shares and the Warrants) exercisable for, or convertible into or
exchangeable for any shares of capital stock. To the best of the Company's
knowledge, all of the issued and outstanding shares of the Company's capital
stock have been duly authorized and validly issued and are fully paid,
nonassessable and free of preemptive rights, except to the extent that the
failure of the foregoing to be true and correct would not have a Material
Adverse Effect. Except as contemplated by this Agreement, the Company and its
subsidiaries do not have any present plan or intention to issue any equity
securities of any kind, or to transfer any equity securities of any kind owned
by them.

                                       3
<PAGE>

          4.4  Valid Issuance.  The Company has reserved a sufficient number of
               --------------
shares of Common Stock for issuance pursuant to this Agreement and upon exercise
of the Warrants. The Company will take such steps as may be necessary to reserve
sufficient shares for issuance pursuant to Section 7 below when such issuance is
determinable. The Shares and Warrants are duly authorized, and such securities,
along with the Warrant Shares when issued in accordance herewith and with the
terms of the Warrants, will be duly authorized, validly issued, fully paid, non-
assessable and free and clear of all encumbrances and restrictions, except for
restrictions on transfer imposed by applicable securities laws.

          4.5  Consents.  The execution, delivery and performance by the
               --------
Company of the Agreements and the offer, issue and sale of the Securities
require no consent of, action by or in respect of, or filing with, any Person,
governmental body, agency, or official, other than any such consents which have
been obtained, or other than filings that have been made pursuant to applicable
state securities laws and post-sale filings pursuant to applicable state and
federal securities laws and the requirements of the Nasdaq Stock Market, which
the Company undertakes to file within the applicable time periods.

          4.6  Delivery of SEC Filings; Business.  The Investor has reviewed the
               ---------------------------------
Company's most recent Annual Report on Form 10-K for the fiscal year ended
December 31, 1999, and all other reports filed by the Company pursuant to the
1934 Act since the filing of the Annual Report on Form 10-K (collectively, the
"SEC Filings"). The Company and its subsidiaries are engaged only in the
business described in the SEC Filings and the SEC Filings contain a complete and
accurate description, in all material respects, of the business of the Company
and its subsidiaries.

          4.7  Use of Proceeds.  The proceeds of the sale of the Securities
               ---------------
hereunder shall be used by the Company for working capital for general corporate
purposes.

          4.8  No Material Adverse Change.  Since the filing of the Company's
               --------------------------
most recent Annual Report on Form 10-K or as otherwise identified and described
in subsequent reports filed by the Company pursuant to the 1934 Act, there has
not been:

               (i)  any change in the consolidated assets, liabilities,
financial condition or operating results of the Company from that reflected in
the financial statements included in the Company's most recent Quarterly Report
on Form 10-Q, except changes in the ordinary course of business which have not
had, in the aggregate, a Material Adverse Effect;

               (ii) any declaration or payment of any dividend, or any
authorization or payment of any distribution, on any of the capital stock of the
Company, or any redemption or repurchase of any securities of the Company;

                                       4

<PAGE>

               (iii)  any material damage, destruction or loss, whether or not
covered by insurance to any assets or properties of the Company or any of its
subsidiaries;

               (iv)   any waiver by the Company or any of its subsidiaries of a
valuable right or of a material debt owed to it;

               (v)    any satisfaction or discharge of any lien, claim or
encumbrance or payment of any obligation by the Company or any of its
subsidiaries, except in the ordinary course of business and which is not
material to the assets, properties, financial condition, operating results or
business of the Company and its subsidiaries taken as a whole (as such business
is presently conducted and as it is proposed to be conducted);

               (vi)   any material change or amendment to a material contract or
arrangement by which the Company or any of their subsidiaries or any of its
assets or properties is bound or subject;

               (vii)  any labor difficulties or labor union organizing
activities with respect to employees of the Company or any of its subsidiaries;

               (viii) any transaction entered into by the Company or any of its
subsidiaries other than in the ordinary course of business; or

               (ix)   any other event or condition of any character that might
have a Material Adverse Effect.

          4.9  SEC Filings; Material Contracts.
               -------------------------------

               (a)  As of its filing date, each report filed by the Company with
the SEC pursuant to the 1934 Act, complied as to form in all material respects
with the requirements of the 1934 Act and did not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make
the statements made therein, in the light of the circumstances under which they
were made, not misleading.

               (b)  Each registration statement and any amendment thereto filed
by the Company pursuant to the 1933 Act and the rules and regulations
thereunder, as of the date such statement or amendment became effective,
complied as to form in all material respects with the 1933 Act and did not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading; and each prospectus filed pursuant to Rule 424(b) under the 1933
Act, as of its issue date and as of the closing of any sale of securities
pursuant thereto did not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made
therein, in the light of the circumstances under which they were made, not
misleading.

               (c)  Except as set forth on Schedule 4.3 hereto, there are no
                                           ------------
agreements or instruments currently in force and effect that constitute a
warrant, option, convertible security or other right, agreement or arrangement
of any character under which the Company is or may be

                                       5
<PAGE>

obligated to issue any material amounts of any equity security of any kind, or
to transfer any material amounts of any equity security of any kind.

          4.10  Registration Rights.  The Company is currently eligible to
                -------------------
register the resale of its Common Stock on a registration statement on Form S-3
under the 1933 Act.

          4.11  No Conflict, Breach, Violation or Default.  The execution,
                -----------------------------------------
delivery and performance of the Agreements and the issuance and sale of the
Securities will not conflict with or result in a breach or violation of any of
the terms and provisions of, or constitute a default under (i) the Company's
Amended and Restated Certificate of Incorporation dated March 29, 1996, as
amended on June 29, 1999 ("Articles") or Amended and Restated Bylaws as in
effect on the date hereof, or (ii) except where it would not have a Material
Adverse Effect, any statute, rule, regulation or order of any governmental
agency or body or any court, domestic or foreign, having jurisdiction over the
Company or any subsidiary of the Company or any of their properties, or any
agreement or instrument to which the Company or any such subsidiary is a party
or by which the Company or any such subsidiary is bound or to which any of the
properties of the Company or any such subsidiary is subject. With respect to the
matters set forth in subsection (ii) of this Section 4.11, the Company has made
diligent inquiry and is aware of no conflict with or breach or violation of any
such rule, regulation or order or any agreement or instrument by reason of the
execution, delivery or performance of the Agreements and the issuance and sale
of the Securities.

          4.12  Tax Matters.  The Company and its subsidiaries have correctly
                -----------
and timely prepared and filed all tax returns required to have been filed by it
with all appropriate governmental agencies and timely paid all taxes owed by
them. The charges, accruals and reserves on the books of the Company and its
subsidiaries in respect of taxes for all fiscal periods are adequate in all
material respects, and there are no material unpaid assessments of the Company
or any subsidiary nor, to the knowledge of the Company, any basis for the
assessment of any additional taxes, penalties or interest for any fiscal period
or audits by any federal, state or local taxing authority except such as which
are not material. All material taxes and other assessments and levies that the
Company or any subsidiary is required to withhold or to collect for payment have
been duly withheld and collected and paid to the proper governmental entity or
third party. There are no tax liens or claims pending or threatened against the
Company or any subsidiary or any of their respective assets or property. There
are no outstanding tax sharing agreements or other such arrangements between the
Company or any subsidiary and any other corporation or entity.

          4.13  Title to Properties.  Except as disclosed in the SEC Filings,
                -------------------
the Company and its subsidiaries have good and marketable title to all real
properties and all other properties and assets owned by them, in each case free
from liens, encumbrances and defects that would materially affect the value
thereof or materially interfere with the use made or currently planned to be
made thereof by them; and except as disclosed in the SEC Filings, the Company
and its subsidiaries hold any leased real or personal property under valid and
enforceable leases with no exceptions that would materially interfere with the
use made or currently planned to be made thereof by them.

                                       6
<PAGE>

          4.14  Certificates, Authorities and Permits.  The Company and its
                -------------------------------------
subsidiaries possess adequate certificates, authorities or permits issued by
appropriate governmental agencies or bodies necessary to conduct the business
now operated by them and have not received any notice of proceedings relating to
the revocation or modification of any such certificate, authority or permit
that, if determined adversely to the Company or any of its subsidiaries, would
individually or in the aggregate have a Material Adverse Effect.

          4.15  No Labor Disputes.  No labor dispute with the employees of the
                -----------------
Company or any subsidiary exists or, to the knowledge of the Company, is
imminent.

          4.16  Intellectual Property.  Except for sponsored research and
                ---------------------
license agreements between the Company and Harvard Medical School and its
affiliated institutions (the "Sponsored Agreements"), the Company and its
subsidiaries own or possess adequate trademarks and trade names and have all
other rights to inventions, know-how, patents, copyrights, trademarks, trade
names, confidential information and other intellectual property (collectively,
"Intellectual Property Rights"), free and clear of all liens, security
interests, charges, encumbrances, equities and other adverse claims, necessary
to conduct the business now operated by them, or presently employed by them, and
presently contemplated to be operated by them, and have not received any notice
of infringement of or conflict with asserted rights of others with respect to
any Intellectual Property Rights. Schedule 4.16 sets forth a list by serial
number and title of the six patents and/or patent applications most material to
the Company's business, owned or possessed by the Company or any of its
subsidiaries. Except for the Sponsored Agreements, no proprietary technology of
any Person was used in the design or development by the Company of (or otherwise
with respect to) any of the Intellectual Property Rights, which technology was
not properly acquired by the Company from such Person.

          4.17  Environmental Matters.  Neither the Company nor any of its
                ---------------------
subsidiaries is in violation of any statute, rule, regulation, decision or order
of any governmental agency or body or any court, domestic or foreign, relating
to the use, disposal or release of hazardous or toxic substances or relating to
the protection or restoration of the environment or human exposure to hazardous
or toxic substances (collectively, "Environmental Laws"), owns or operates any
real property contaminated with any substance that is subject to any
Environmental Laws, is liable for any off-site disposal or contamination
pursuant to any Environmental Laws, or is subject to any claim relating to any
Environmental Laws, which violation, contamination, liability or claim would
individually or in the aggregate have a Material Adverse Effect; and the Company
is not aware of any pending investigation that might lead to such a claim.

          4.18  Litigation.  Except as disclosed in the SEC Filings, there are
                ----------
no pending actions, suits or proceedings against or affecting the Company, any
of its subsidiaries or any of their respective properties that, if determined
adversely to the Company or any of its subsidiaries, would individually or in
the aggregate have a Material Adverse Effect or would materially and adversely
affect the ability of the Company to perform its obligations under this
Agreement, or which are otherwise material in the context of the sale of the
Securities; and to the Company's knowledge, no such actions, suits or
proceedings are threatened or contemplated.

                                       7
<PAGE>

          4.19  Financial Statements.  The financial statements included in
                --------------------
each SEC Filing present fairly and accurately the consolidated financial
position of the Company and its subsidiaries as of the dates shown and their
consolidated results of operations and cash flows for the periods shown, and
such financial statements have been prepared in conformity with generally
accepted accounting principles applied on a consistent basis. Except as set
forth in the financial statements of the Company included in the SEC Filings
filed prior to the date hereof, the Company has no liabilities, contingent or
otherwise, except those which individually or in the aggregate are not material
to the financial condition or operating results of the Company.

          4.20  Insurance Coverage.  The Company and its subsidiaries maintain
                ------------------
in full force and effect insurance coverage that is customary for comparably
situated companies for the business being conducted, and properties owned or
leased, by the Company and its subsidiaries, and the Company reasonably believes
such insurance coverage to be adequate against all liabilities, claims and risks
against which it is customary for comparably situated companies to insure.

          4.21  Compliance with Nasdaq Continued Listing Requirements.  The
                -----------------------------------------------------
Company is in compliance with all applicable Nasdaq National Market System
("NMS") continued listing requirements. There are no proceedings pending or to
the Company's knowledge threatened against the Company relating to the continued
listing of the Company's Common Stock on the NMS, and the Company has not
received any notice of, nor to the knowledge of the Company is there any basis
for, the delisting of the Common Stock from the NMS.

          4.22  Acknowledgement of  Dilution.  The number of shares of Common
                ----------------------------
Stock issuable pursuant to this Agreement may increase substantially. The
Company's executive officers and directors have studied and fully understand the
nature of the Securities being sold hereunder and recognize that they have a
potential dilutive effect. The board of directors of the Company has concluded
in its good faith business judgment that such issuance is in the best interests
of the Company. The Company acknowledges that its obligations to issue shares of
Common Stock and Warrants pursuant to this Agreement are binding upon it and
enforceable regardless of the dilution that such issuance may have on the
ownership interest of the other stockholders of the Company.

          4.23  Brokers and Finders.  The Investor shall have no liability or
                -------------------
responsibility for a finder's fee.

          4.24  No Directed Selling Efforts or General Solicitation.  Neither
                ---------------------------------------------------
the Company nor any Person acting on its behalf has conducted any general
solicitation or general advertising (as those terms are used in Regulation D) in
connection with the offer or sale of any of the Securities.

          4.25  No Integrated Offering.  Neither the Company nor any of its
                ----------------------
Affiliates, nor any Person acting on its or their behalf has, directly or
indirectly, within the six-month period prior to the closing made any offers or
sales of any security or solicited any offers to buy any security, under
circumstances that would require registration of the Securities under the 1933
Act, except for shelf registration statements currently in effect.

                                       8
<PAGE>

          4.26  Disclosures.  No representation or warranty made under any
                -----------
Section hereof and no information furnished by the Company pursuant hereto, or
in any other document, certificate or statement furnished by the Company to the
Investor or any authorized representative of the Investor, pursuant to the
Agreements or in connection therewith, contains any untrue statement of a
material fact or omits to state a material fact necessary to make the respective
statements contained herein or therein, in light of the circumstances under
which the statements were made, not misleading.

     5.   Representations and Warranties of the Investor.  The Investor hereby
          ----------------------------------------------
represents and warrants to the Company that:

          5.1  Organization and Existence.  The Investor is an undertaking for
               --------------------------
collective investment set up as an Investment Fund validly existing under
Luxembourg Law of March 30, 1988, and has all requisite power and authority to
invest in the Securities pursuant to this Agreement.

          5.2  Authorization.  The execution, delivery and performance by the
               -------------
Investor of the Agreements have been duly authorized and the Agreements will
each constitute the valid and legally binding obligation of the Investor,
enforceable against the Investor in accordance with their terms.

          5.3  Purchase Entirely for Own Account.  The Securities to be
               ---------------------------------
received by the Investor hereunder will be acquired for investment for the
Investor's own account, not as nominee or agent, and not with a view to the
resale or distribution of any part thereof, and the Investor has no present
intention of selling, granting any participation in, or otherwise distributing
the same. The Investor is not a registered broker dealer or an entity engaged in
the business of being a broker dealer.

          5.4  Investment Experience.  The Investor acknowledges that it can
               ---------------------
bear the economic risk and complete loss of its investment in the Securities and
has such knowledge and experience in financial or business matters that it is
capable of evaluating the merits and risks of the investment contemplated
hereby.

          5.5  Disclosure of Information.  The Investor has had an opportunity
               -------------------------
to receive any documents related to the Company and to ask questions of and
receive answers from the Company regarding the Company, its business and the
terms and conditions of the offering of the Securities. Neither such inquiries
nor any other due diligence investigation conducted by the Investor shall
modify, amend or affect the Investor's right to rely on the Company's
representations and warranties contained in this Agreement or made pursuant to
this Agreement.

          5.6  Restricted Securities.  The Investor understands that the
               ---------------------
Securities are characterized as "restricted securities" under the U.S. federal
securities laws inasmuch as they are being acquired from the Company in a
transaction not involving a public offering and that under such laws and
applicable regulations such securities may be resold without registration under
the 1933 Act only in certain limited circumstances.

                                       9
<PAGE>

          5.7  Legends. It is understood that, until registration for resale
               -------
pursuant to the Registration Rights Agreement, certificates evidencing the
Securities may bear one or all of the following legends:

               (a)  "These securities have not been registered under the
Securities Act of 1933, as amended (the "Act"), and may not be offered, sold,
pledged, hypothecated, assigned or transferred except (i) pursuant to a
registration statement under the Act which has become effective and is current
with respect to these securities, or (ii) pursuant to a specific exemption from
registration under the Act but only upon a holder hereof first having obtained
the written opinion of counsel to the Corporation, or other counsel reasonably
acceptable to the Corporation, that the proposed disposition is consistent with
all applicable provisions of the Act as well as any applicable "blue sky" or
similar securities laws."

               (b)  If required by the authorities of any state in connection
with the issuance of sale of the Securities, the legend required by such state
authority.

          5.8  Accredited Investor. The Investor is an accredited investor as
               -------------------
defined in Rule 501(a) of Regulation D, as amended, under the 1933 Act.

          5.9  No General Solicitation. The Investor did not learn of the
               -----------------------
investment in the Securities as a result of any public advertising or general
solicitation.

     6.   Registration Rights Agreement.  The parties acknowledge and agree that
          -----------------------------
part of the inducement for the Investor to enter into this Agreement is the
Company's execution and delivery of the Registration Rights Agreement.  The
parties acknowledge and agree that simultaneously with the execution hereof, the
Registration Rights Agreement is being duly executed and delivered by the
parties thereto.

     7.   Covenants and Agreements of the Company.
          ---------------------------------------

                                       10
<PAGE>
          7.1  Opinion of Counsel. On or prior to the Closing Date, the Company
               ------------------
will deliver to the Investor the opinion of legal counsel to the Company, in
form and substance reasonably acceptable to the Investor.

          7.2  Reservation of Common Stock Pursuant to Exercise of Warrants.
               ------------------------------------------------------------
The Company hereby agrees to reserve and keep available out of its authorized
but unissued shares of Common Stock such amount required pursuant to the
exercise of the Warrants.

          7.3  Reports. The Company will file and make available to the
               -------
Investor, as requested, the following reports:

               (a)  Quarterly Reports. As soon as available and in any event
                    -----------------
within 45 days after the end of each fiscal quarter of the Company, the
Company's quarterly report on Form 10-Q or, in the absence of such report,
consolidated balance sheets of the Company and its subsidiaries as at the end of
such period and the related consolidated statements of operations, stockholders'
equity and cash flows for such period and for the portion of the Company's
fiscal year ended on the last day of such quarter, all in reasonable detail and
certified by a principal financial officer of the Company to have been prepared
in accordance with generally accepted accounting principles, subject to year-end
and audit adjustments.

               (b)  Annual Reports. As soon as available and in any event within
                    --------------
90 days after the end of each fiscal year of the Company, the Company's Form 10-
K or, in the absence of a Form 10-K, consolidated balance sheets of the Company
and its subsidiaries as at the end of such year and the related consolidated
statements of earnings, stockholders' equity and cash flows for such year, all
in reasonable detail and accompanied by the report on such

                                      11
<PAGE>

consolidated financial statements of an independent certified public accountant
selected by the Company and reasonably satisfactory to the Investor.

               (c)  Securities Filings. As promptly as practicable and in any
                    ------------------
event within five days after the same are issued or filed, copies of (i) all
notices, proxy statements, financial statements, reports and documents as the
Company or any subsidiary shall send or make available generally to its
stockholders or to financial analysts, and (ii) all periodic and special
reports, documents and registration statements (other than on Form S-8) which
the Company or any subsidiary furnishes or files, or any officer or director of
the Company or any of its subsidiaries (in such person's capacity as such)
furnishes or files with the SEC.

               (d)  Other Information. Such other information relating to the
                    -----------------
Company or its subsidiaries as from time to time may reasonably be requested by
the Investor provided the Company produces such information in its ordinary
course of business, and further provided that the Company, solely in its own
discretion, determines that such information is not confidential in nature and
disclosure to the Investor would not be harmful to the Company.

          7.4  Press Releases. Any press release or other publicity concerning
               --------------
this Agreement or the transactions contemplated by this Agreement shall be
submitted to the Investor for comment at least two (2) business days prior to
issuance, unless the release is required to be issued within a shorter period of
time by law or pursuant to the rules of a national securities exchange. Any
press release issued by the Company, subsequent to the closing date, will be
submitted to the Investor for comment at least one (1) business day prior to
issuance, unless the release is required to be issued within a shorter period of
time by law or pursuant to the rules of a national securities exchange. The
Investor will receive press releases for comment until such time as the Investor
holds less than 50% of its original shares of Common Stock.

          7.5  No Conflicting Agreements. The Company will not, and will not
               -------------------------
permit its subsidiaries to, take any action, enter into any agreement or make
any commitment that would conflict or interfere in any material respect with the
obligations to the Investor under the Agreements.

          7.6  Insurance. The Company shall, and shall cause each subsidiary to,
               ---------
have in full force and effect (a) insurance reasonably believed to be adequate
on all assets and activities of a type customarily insured, covering property
damage and loss of income by fire or other casualty, and (b) insurance
reasonably believed to be adequate protection against all liabilities, claims
and risks against which it is customary for companies similarly situated as the
Company and the subsidiaries to insure.

          7.7  Compliance with Laws. The Company will use reasonable efforts,
               --------------------
and will cause each of its subsidiaries to use reasonable efforts, to comply
with all applicable laws, rules, regulations, orders and decrees of all
governmental authorities, except to the extent non-compliance (in one instance
or in the aggregate) would not have a Material Adverse Effect.

          7.8  Listing of Underlying Shares and Related Matters. The Company
               ------------------------------------------------
hereby agrees, promptly following the Closing of the transactions contemplated
by this Agreement, to take such action to cause the Shares and the Warrant
Shares to be listed on the Nasdaq National Market as promptly as possible but
no later than the effective date of the registration contemplated by the
Registration Rights Agreement. The Company further agrees that if the Company
applies to have its Common Stock or other securities traded on any other
principal

                                       12

<PAGE>

stock exchange or market, it will include in such application the Common Stock
underlying the Warrants, and will take such other action as is necessary to
cause such Common Stock to be so listed. The Company will take all action
necessary to continue the listing and trading of its Common Stock on the Nasdaq
National Market and will comply in all respects with the Company's reporting,
filing and other obligations under the bylaws or rules of such exchange, as
applicable, to ensure the continued eligibility for trading of the Shares and
the Warrant Shares thereon. So long as the Investor beneficially owns any of the
Shares, the Company shall provide promptly to the Investor copies of any notice
it receives regarding the continued eligibility of the Common Stock for trading
on any securities exchange (including the Nasdaq) on which the securities of the
same class or series issued by the Company are then listed or quoted, if any.

     8.   Survival.  All representations, warranties, covenants and agreements
          --------
contained in this Agreement shall be deemed to be representations, warranties,
covenants and agreements as of the date hereof and shall survive the execution
and delivery of this Agreement for a period of three years from the date of this
Agreement; provided, however, that the provisions contained in Section 7 hereof
shall survive in accordance therewith.

                                       13
<PAGE>

     9.   Arbitration.
          -----------

          9.1  Scope. Resolution of any and all disputes arising from or in
               -----
connection with the Agreements, whether based on contract, tort, common law,
equity, statute, regulation, order or otherwise ("Disputes"), including disputes
arising in connection with claims by third persons, shall be exclusively
governed by and settled in accordance with the provisions of this Section 9;
provided, that the foregoing shall not preclude equitable or other judicial
relief to enforce the provisions hereof or to preserve the status quo pending
resolution of Disputes hereunder.

          9.2. Binding Arbitration. The parties hereby agree to submit all
               -------------------
Disputes to arbitration for final and binding resolution. Either party may
initiate such arbitration by delivery of a demand therefor (the "Arbitration
Demand") to the other party. The arbitration shall be conducted in New York, New
York by a sole arbitrator selected by agreement of the parties not later than 10
days after delivery of the Arbitration Demand, or, failing such agreement,
appointed pursuant to the Commercial Arbitration Rules of the America
Arbitration Association, as amended from time to time (the "AAA Rules"). If the
arbitrator becomes unable to serve, his successor(s) shall be similarly selected
or appointed.

          9.3. Procedure. The arbitration shall be conducted pursuant to the
               ---------
Federal Arbitration Act and such procedures as the parties may agree or, in the
absence of or failing such agreement, pursuant to the AAA Rules. Notwithstanding
the foregoing, (a) each party shall have the right to audit the books and
records of the other party that are reasonably related to the Dispute; (b) each
party shall provide to the other, reasonably in advance of any hearing, copies
of all documents that a party intends to present in such hearing; (c) all
hearings shall be conducted on an expedited schedule; and (d) all proceedings
shall be confidential, except that either party may at its expense make a
stenographic record thereof.

          9.4. Timing. The arbitrator shall complete all hearings not later than
               ------
90 days after his or her selection or appointment, and shall make a final award
not later than 30 days thereafter. The arbitrator shall apportion all costs and
expenses of the arbitration, including the arbitrator's fees and expenses, and
fees and expenses of experts ("Arbitration Costs") between the prevailing and
non-prevailing party as the arbitrator shall deem fair and reasonable. In
circumstances where a Dispute has been asserted or defended against on grounds
that the arbitrator deems manifestly unreasonable, the arbitrator may assess all
Arbitration Costs against the non-prevailing party and may include in the award
the prevailing party's attorney's fees and expenses in connection with any and
all proceedings under this Section 9. Notwithstanding the foregoing, in no event
may the arbitrator award multiple or punitive damages.

     10.  Miscellaneous.
          -------------

          10.1 Successors and Assigns. This Agreement may not be assigned by a
               ----------------------
party hereto without the prior written consent of the other party hereto, except
that without the prior written consent of the Company, but after notice duly
given, an Investor may assign its rights and delegate its duties hereunder to an
Affiliate, and without the prior written consent of the Investor, but after
notice duly given and in compliance with this Agreement, the Company may assign
its

                                       14
<PAGE>

rights and delegate its duties hereunder to any successor-in-interest
corporation in the event of a merger or consolidation of the Company with or
into another corporation, or any merger or consolidation of another corporation
with or into the Company that results directly or indirectly in an aggregate
change in the ownership or control of more than 50% of the voting rights of the
equity securities of the Company, or the sale of all or substantially all of the
Company's assets. The terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective permitted successors and assigns
of the parties. Nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations, or liabilities under
or by reason of this Agreement, except as expressly provided in this Agreement.

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

          10.3  Titles and Subtitles. The titles and subtitles used in this
                --------------------
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

          10.4  Notices. Unless otherwise provided, any notice required or
                -------
permitted under this Agreement shall be given in writing and shall be deemed
effectively given only upon delivery to each party to be notified by (i)
personal delivery, (ii) telex or telecopier, upon receipt of the correct answer
back, or (iii) an internationally recognized overnight air courier, addressed to
the party to be notified at the address as follows, or at such other address as
such party may designate by ten days' advance written notice to the other party:

          If to the Company:

               Boston Life Sciences, Inc.
               137 Newbury St., 8th Floor
               Boston, MA 02116
               Attn: Joseph P. Hernon

               with a copy to:

               Ropes & Gray
               One International Place
               39th Floor
               Boston, MA 02110
               Attn:  Steve Wilcox

          If to the Investor:

               Pictet Global Sector Fund-Biotech
               c/o Pictet & Cie
               Bd Georges-Favon 29
               CH-1204 Geneva
               Switzerland
               Attn:  Dr. Vincent Ossipow

               with a copy to:

               Mr. Yves Martignier
               c/o Pictet & Cie
               Bd Georges-Favon 29
               CH-1204 Geneva
               Switzerland

                                       15
<PAGE>

          10.5  Fees and Expenses. The parties hereto shall pay their own costs
                -----------------
and expenses in connection herewith.

          10.6  Amendments and Waivers. Any term of this Agreement may be
                ----------------------
amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and the Investor.
Any amendment or waiver effected in accordance with this paragraph shall be
binding upon each holder of any Securities purchased under this Agreement at the
time outstanding, each future holder of all such securities, and the Company.

          10.7  Severability. If one or more provisions of this Agreement are
                ------------
held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of this Agreement shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance with its
terms.

          10.8  Entire Agreement. This Agreement, including the Exhibits and
                ----------------
Schedules hereto, and the Registration Rights Agreement constitute the entire
agreement among the parties hereof with respect to the subject matter hereof and
thereof and supersede all prior agreements and understandings, both oral and
written, between the parties with respect to the subject matter hereof and
thereof.

          10.9  Further Assurances. The parties shall execute and deliver all
                ------------------
such further instruments and documents and take all such other actions as may
reasonably be required to carry out the transactions contemplated hereby and to
evidence the fulfillment of the agreements herein contained.

          10.10 Applicable Law. This Agreement shall be governed by, and
                --------------
construed in accordance with, the laws of the Commonwealth of Massachusetts
without regard to principles of conflicts of laws.

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date indicated above.

The Company:

                              BOSTON LIFE SCIENCES , INC.

                              By: /s/ Marc Lanser
                                 -------------------------
                              Name: Marc Lanser
                              Title: Executive VP & Chief Scientific Officer

                                       16
<PAGE>

The Investor:                 PICTET GLOBAL SECTOR FUND-BIOTECH

                              By: /s/ Jean Pilloud
                                 ------------------------
                              Name: Mr. Jean Pilloud
                              Title: Director

                              By: /s/ Yves Martignier
                                 -------------------------
                              Name: Mr. Yves Martignier
                              Title: Director

Number of Shares of Common Stock: 1,405,956
Effective per share Purchase Price of Shares:  $7.113
Number of Warrants:
Class C:   300,000
Class D:   200,000
Exercise price of Warrants:
Class C: $8.00
Class D: $10.00

                                       17

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