Document:

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                                                                     EXHIBIT 4.3

                                                                       EXHIBIT B
                                                                     TO EXCHANGE
                                                                       AGREEMENT

        VOID AFTER 5:00 P.M., NEW YORK CITY
        TIME, ON SEPTEMBER 25, 2006
        (UNLESS EXTENDED PURSUANT TO SECTION 2 HEREOF)

        THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
        NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
        "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED
        STATES OR ANY OTHER JURISDICTION. THE SECURITIES REPRESENTED HEREBY MAY
        NOT BE OFFERED, SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
        REGISTRATION STATEMENT FOR THE SECURITIES UNDER APPLICABLE SECURITIES
        LAWS UNLESS OFFERED, SOLD OR TRANSFERRED PURSUANT TO AN AVAILABLE
        EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS.

                                            Right to Purchase ________ Shares of
                                         Common Stock, par value $.001 per share

Date: ________, 200_

                                 VIROLOGIC, INC.
                             STOCK PURCHASE WARRANT

        THIS CERTIFIES THAT, for value received, _______________________, or its
registered assigns, is entitled to purchase from ViroLogic, Inc., a corporation
organized under the laws of the State of Delaware (the "COMPANY"), at any time
or from time to time during the period specified in Section 2 hereof,
_____________________________________ fully paid and nonassessable shares of the
Company's common stock, par value $.001 per share (the "COMMON STOCK"), at an
exercise price per share (the "EXERCISE PRICE") equal to [insert "Exercise
Price" of the Series C Warrants in effect on the Approval Date]. The number of
shares of Common Stock purchasable hereunder (the "WARRANT SHARES") and the
Exercise Price are subject to adjustment as provided in Section 4 hereof. The
term "WARRANTS" means this Warrant and the other warrants of the Company issued
pursuant to that certain Exchange Agreement, dated as of November 14, 2002, by
and among the Company and the other signatories thereto (the "EXCHANGE
AGREEMENT").

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        This Warrant is subject to the following terms, provisions and
conditions:

        1. Manner of Exercise; Issuance of Certificates; Payment for Shares.
Subject to the provisions hereof, including, without limitation, the limitations
contained in Section 7 hereof, this Warrant may be exercised by the holder
hereof, in whole or in part, by the surrender of this Warrant, together with a
completed exercise agreement in the form attached hereto (the "EXERCISE
AGREEMENT"), to the Company during normal business hours on any business day at
the Company's principal executive offices (or such other office or agency of the
Company as it may designate by notice to the holder hereof), and (i) payment to
the Company in cash, by certified or official bank check or by wire transfer for
the account of the Company, of the Exercise Price for the Warrant Shares
specified in the Exercise Agreement or (ii) if the holder is effectuating a
Cashless Exercise (as defined in Section 11(c) hereof) pursuant to Section 11(c)
hereof, delivery to the Company of a written notice of an election to effect a
Cashless Exercise for the Warrant Shares specified in the Exercise Agreement.
The Warrant Shares so purchased shall be deemed to be issued to the holder
hereof or such holder's designee, as the record owner of such shares, as of the
close of business on the date on which this Warrant shall have been surrendered,
the completed Exercise Agreement shall have been delivered, and payment shall
have been made for such shares as set forth above or, if such date is not a
business date, on the next succeeding business date. The Warrant Shares so
purchased, representing the aggregate number of shares specified in the Exercise
Agreement, shall (by the Company or through its transfer agent) be delivered
(i.e., deposited with a nationally-recognized overnight courier service postage
prepaid) to the holder hereof within a reasonable time, not exceeding two
business days, after this Warrant shall have been so exercised (the "DELIVERY
PERIOD"). If the Company's transfer agent is participating in the Depository
Trust Company ("DTC") Fast Automated Securities Transfer program, and so long as
the certificates therefor do not bear a legend (pursuant to the terms of the
Exchange Agreement) and the holder is not obligated to return such certificate
for the placement of a legend thereon (pursuant to the terms of the Exchange
Agreement), the Company shall cause its transfer agent to electronically
transmit the Warrant Shares so purchased to the holder by crediting the account
of the holder or its nominee with DTC through its Deposit Withdrawal Agent
Commission system ("DTC TRANSFER"). If the aforementioned conditions to a DTC
Transfer are not satisfied, the Company shall deliver as provided herein to the
holder physical certificates representing the Warrant Shares so purchased.
Further, the holder may instruct the Company to deliver to the holder physical
certificates representing the Warrant Shares so purchased in lieu of delivering
such shares by way of DTC Transfer. Any certificates so delivered shall be in
such denominations as may be reasonably requested by the holder hereof, shall be
registered in the name of such holder or such other name as shall be designated
by such holder and, following the date on which the Warrant Shares have been
registered under the Securities Act pursuant to that certain Registration Rights
Agreement, dated as of November 14, 2002, by and between the Company and the
other signatories thereto (the "REGISTRATION RIGHTS AGREEMENT") or otherwise may
be sold by the holder pursuant to Rule 144 promulgated under the Securities Act
(or a successor rule), shall not bear any restrictive legend. If this Warrant
shall have been exercised only in part, then the Company shall, at its expense,
at the time of delivery of such certificates, deliver to the holder a new
Warrant representing the number of shares with respect to which this Warrant
shall not then have been exercised.

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        If, at any time, a holder of this Warrant submits this Warrant, an
Exercise Agreement and payment to the Company of the Exercise Price for each of
the Warrant Shares specified in the Exercise Agreement (including pursuant to a
Cashless Exercise), and the Company fails for any reason to deliver, on or prior
to the fourth business day following the expiration of the Delivery Period for
such exercise, the number of shares of Common Stock to which the holder is
entitled upon such exercise (an "EXERCISE DEFAULT"), then the Company shall pay
to the holder payments ("EXERCISE DEFAULT PAYMENTS") for an Exercise Default in
the amount of (a) (N/365), multiplied by (b) the amount by which the Market
Price (as defined in Section 4(l) hereof) on the date the Exercise Agreement
giving rise to the Exercise Default is transmitted in accordance with this
Section 1 (the "EXERCISE DEFAULT DATE") exceeds the Exercise Price in respect of
such Warrant Shares, multiplied by (c) the number of shares of Common Stock the
Company failed to so deliver in such Exercise Default, multiplied by (d) .24,
where N = the number of days from the Exercise Default Date to the date that the
Company effects the full exercise of this Warrant which gave rise to the
Exercise Default. The accrued Exercise Default Payment for each calendar month
shall be paid in cash and shall be made to holder by the fifth day of the month
following the month in which it has accrued. Nothing herein shall limit the
holder's right to pursue actual damages for the Company's failure to maintain a
sufficient number of authorized shares of Common Stock as required pursuant to
the terms of Section 3(b) hereof or to otherwise issue shares of Common Stock
upon exercise of this Warrant in accordance with the terms hereof, and the
holder shall have the right to pursue all remedies available at law or in equity
(including a decree of specific performance and/or injunctive relief).

        2. Period of Exercise. This Warrant shall be exercisable at any time or
from time to time during the period beginning on the date hereof and ending at
5:00 p.m., New York City time, on September 25, 2006 (the "EXERCISE PERIOD").
The Exercise Period shall automatically be extended by one (1) day for each day
on which the Company does not have a number of shares of Common Stock reserved
for issuance upon exercise hereof at least equal to the number of shares of
Common Stock issuable upon exercise hereof.

        3. Certain Agreements of the Company. The Company hereby covenants and
agrees as follows:

           (a) Shares to be Fully Paid. All Warrant Shares will, upon issuance
in accordance with the terms of this Warrant, be validly issued, fully paid, and
nonassessable and free from all taxes, liens, claims and encumbrances.

           (b) Reservation of Shares. During the Exercise Period, the Company
shall at all times have authorized, and reserved for the purpose of issuance
upon exercise of this Warrant, a sufficient number of shares of Common Stock to
provide for the exercise in full of this Warrant (without giving effect to the
limitations on exercise set forth in Section 7(g) hereof).

           (c) Listing. The Company shall promptly secure the listing of the
shares of Common Stock issuable upon exercise of this Warrant upon each national
securities exchange or automated quotation system, if any, upon which shares of
Common Stock are then listed or become listed (subject to official notice of
issuance upon exercise of this Warrant) and shall maintain, so long as any other
shares of Common Stock shall be so listed, such listing of all shares of Common

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Stock from time to time issuable upon the exercise of this Warrant; and the
Company shall so list on each national securities exchange or automated
quotation system, as the case may be, and shall maintain such listing of, any
other shares of capital stock of the Company issuable upon the exercise of this
Warrant if and so long as any shares of the same class shall be listed on such
national securities exchange or automated quotation system.

           (d) Certain Actions Prohibited. The Company will not, by amendment of
its charter or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed by it hereunder, but will at all times in good faith
assist in the carrying out of all the provisions of this Warrant and in the
taking of all such action as may reasonably be requested by the holder of this
Warrant in order to protect the economic benefit inuring to the holder hereof
and the exercise privilege of the holder of this Warrant against dilution or
other impairment, consistent with the tenor and purpose of this Warrant. Without
limiting the generality of the foregoing, the Company (i) will not increase the
par value of any shares of Common Stock receivable upon the exercise of this
Warrant above the Exercise Price then in effect, and (ii) will take all such
actions as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable shares of Common Stock upon the
exercise of this Warrant.

           (e) Successors and Assigns. This Warrant will be binding upon any
entity succeeding to the Company by merger, consolidation, or acquisition of all
or substantially all of the Company's assets.

           (f) Blue Sky Laws. The Company shall, on or before the date of
issuance of any Warrant Shares, take such actions as the Company shall
reasonably determine are necessary to qualify the Warrant Shares for, or obtain
exemption for the Warrant Shares for, sale to the holder of this Warrant upon
the exercise hereof under applicable securities or "blue sky" laws of the states
of the United States, and shall provide evidence of any such action so taken to
the holder of this Warrant prior to such date; provided, however, that the
Company shall not be required in connection therewith or as a condition thereto
to (a) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section 3(f), (b) subject itself to general
taxation in any such jurisdiction or (c) file a general consent to service of
process in any such jurisdiction.

        4. Antidilution Provisions. During the Exercise Period, the Exercise
Price and the number of Warrant Shares issuable hereunder shall be subject to
adjustment from time to time as provided in this Section 4.

        In the event that any adjustment of the Exercise Price as required
herein results in a fraction of a cent, such Exercise Price shall be rounded up
or down to the nearest cent.

        (a) [Intentionally Omitted]

        (b) [Intentionally Omitted]

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        (c) Subdivision or Combination of Common Stock. If the Company, at any
time during the Exercise Period, subdivides (by any stock split, stock dividend,
recapitalization, reorganization, reclassification or otherwise) its shares of
Common Stock into a greater number of shares, then, after the date of record for
effecting such subdivision, the Exercise Price in effect immediately prior to
such subdivision will be proportionately reduced. If the Company, at any time
during the Exercise Period, combines (by reverse stock split, recapitalization,
reorganization, reclassification or otherwise) its shares of Common Stock into a
smaller number of shares, then, after the date of record for effecting such
combination, the Exercise Price in effect immediately prior to such combination
will be proportionately increased.

        (d) Adjustment in Number of Shares. Upon each adjustment of the Exercise
Price pursuant to the provisions of this Section 4, the number of shares of
Common Stock issuable upon exercise of this Warrant at each such Exercise Price
shall be adjusted by multiplying a number equal to the Exercise Price in effect
immediately prior to such adjustment by the number of shares of Common Stock
issuable upon exercise of this Warrant at such Exercise Price immediately prior
to such adjustment and dividing the product so obtained by the adjusted Exercise
Price.

        (e) Consolidation, Merger or Sale. In case of (i) any consolidation of
the Company with, or merger of the Company into, any other entity, (ii) any sale
or conveyance of all or substantially all of the assets of the Company other
than in connection with a plan of complete liquidation of the Company or (iii)
any share exchange pursuant to which all of the outstanding shares of Common
Stock are converted into other securities or property (each of (i) - (iii) above
being a "CORPORATE CHANGE") at any time during the Exercise Period, then as a
condition of such Corporate Change, adequate provision will be made whereby the
holder hereof will have the right to acquire and receive upon exercise of this
Warrant in lieu of the shares of Common Stock immediately theretofore acquirable
upon the exercise of this Warrant, such shares of stock, securities, cash or
assets as may be issued or payable with respect to or in exchange for the number
of shares of Common Stock immediately theretofore acquirable and receivable upon
exercise of this Warrant had such Corporate Change not taken place. In any such
case, the Company will make appropriate provision to insure that the provisions
of this Section 4 hereof will thereafter be applicable as nearly as may be in
relation to any shares of stock or securities thereafter deliverable upon the
exercise of this Warrant. The Company will not effect any Corporate Change
unless prior to the consummation thereof, the successor corporation (if other
than the Company) assumes by written instrument the obligations under this
Warrant and the obligations to deliver to the holder hereof such shares of
stock, securities or assets as, in accordance with the foregoing provisions, the
holder may be entitled to acquire. Notwithstanding the foregoing, in the event
of any Corporate Change at any time during the Exercise Period, the holder
hereof shall, at its option, have the right to receive, in connection with such
transaction, cash consideration equal to the fair market value of this Warrant
as determined in accordance with customary valuation methodology used in the
investment banking industry.

        (f) Distribution of Assets. In case the Company shall declare or make
any distribution of its assets (or rights to acquire its assets) to holders of
Common Stock as a partial liquidating dividend, stock repurchase by way of
return of capital or otherwise (including any dividend or distribution to the
Company's stockholders of cash or shares (or rights to acquire shares) of
capital stock of a subsidiary) (a "DISTRIBUTION"), at any time during the
Exercise Period, then the

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holder hereof shall be entitled upon exercise of this Warrant for the purchase
of any or all of the shares of Common Stock subject hereto, to receive the
amount of such assets (or rights) which would have been payable to the holder
had such holder been the holder of such shares of Common Stock on the record
date for the determination of stockholders entitled to such Distribution. If the
Company distributes rights, warrants, options or any other form of convertible
securities and the right to exercise or convert such securities would expire in
accordance with their terms prior to the expiration of the Exercise Period, then
the terms of such securities shall provide that such exercise or convertibility
right shall remain in effect until 30 days after the date the holder hereof
receives such securities pursuant to the exercise hereof.

           (g) Notice of Adjustment. Upon the occurrence of any event which
requires any adjustment of the Exercise Price, then, and in each such case, the
Company shall give notice thereof to the holder hereof, which notice shall state
the Exercise Price resulting from such adjustment and the increase or decrease
in the number of Warrant Shares purchasable at such price upon exercise, setting
forth in reasonable detail the method of calculation and the facts upon which
such calculation is based. Such calculation shall be certified by the chief
financial officer of the Company.

           (h) Minimum Adjustment of Exercise Price. No adjustment of the
Exercise Price shall be made in an amount of less than $.01, but any such lesser
adjustment shall be carried forward and shall be made at the time and together
with the next subsequent adjustment which, together with any adjustments so
carried forward, shall amount to not less than $.01.

           (i) No Fractional Shares. No fractional shares of Common Stock are to
be issued upon the exercise of this Warrant, but the Company shall pay a cash
adjustment in respect of any fractional share which would otherwise be issuable
in an amount equal to the same fraction of the Market Price of a share of Common
Stock on the date of such exercise.

           (j) Other Notices. In case at any time:

               (i) the Company shall declare any dividend upon the Common Stock
payable in shares of stock of any class or make any other distribution (other
than dividends or distributions payable in cash out of retained earnings
consistent with the Company's past practices with respect to declaring dividends
and making distributions) to the holders of the Common Stock;

               (ii) the Company shall offer for subscription pro rata to the
holders of the Common Stock any additional shares of stock of any class or other
rights;

               (iii) there shall be any capital reorganization of the Company,
or reclassification of the Common Stock, or consolidation or merger of the
Company with or into, or sale of all or substantially all of its assets to,
another corporation or entity; or

               (iv) there shall be a voluntary or involuntary dissolution,
liquidation or winding-up of the Company;

then, in each such case, the Company shall give to the holder of this Warrant
(a) notice of the date or estimated date on which the books of the Company shall
close or a record shall be taken for determining the holders of Common Stock
entitled to receive any such dividend, distribution, or

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subscription rights or for determining the holders of Common Stock entitled
to vote in respect of any such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding-up and (b) in the case of any
such reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding-up, notice of the date (or, if not then known, a
reasonable estimate thereof by the Company) when the same shall take place. Such
notice shall also specify the date on which the holders of Common Stock shall be
entitled to receive such dividend, distribution, or subscription rights or to
exchange their Common Stock for stock or other securities or property
deliverable upon such reorganization, reclassification, consolidation, merger,
sale, dissolution, liquidation, or winding-up, as the case may be. Such notice
shall be given at least fifteen (15) days prior to the record date or the date
on which the Company's books are closed in respect thereto. Failure to give any
such notice or any defect therein shall not affect the validity of the
proceedings referred to in clauses (i), (ii), (iii) and (iv) above.
Notwithstanding the foregoing, the Company shall publicly disclose the substance
of any notice delivered hereunder prior to delivery of such notice to the holder
hereof.

           (k) Certain Events. If, at any time during the Exercise Period, any
event occurs of the type contemplated by the adjustment provisions of this
Section 4 but not expressly provided for by such provisions, the Company will
give notice of such event as provided in Section 4(g) hereof, and an appropriate
adjustment in the Exercise Price and the number of shares of Common Stock
acquirable upon exercise of this Warrant at each such Exercise Price shall be
made so that the rights of the holder shall be neither enhanced nor diminished
by such event.

           (l) Certain Definitions.

               (i) "MARKET PRICE," as of any date, (i) means the average of the
closing sales prices for the shares of Common Stock on the Nasdaq National
Market or other trading market where such security is listed or traded as
reported by Bloomberg Financial Markets (or a comparable reporting service of
national reputation selected by the Company and reasonably acceptable to the
holders if Bloomberg Financial Markets is not then reporting sales prices of
such security)(collectively, "BLOOMBERG") for the ten (10) consecutive trading
days immediately preceding such date, or (ii) if the Nasdaq National Market is
not the principal trading market for the shares of Common Stock, the average of
the reported sales prices reported by Bloomberg on the principal trading market
for the Common Stock during the same period, or, if there is no sales price for
such period, the last sales price reported by Bloomberg for such period, or
(iii) if the foregoing do not apply, the last sales price of such security in
the over-the-counter market on the pink sheets or bulletin board for such
security as reported by Bloomberg, or if no sales price is so reported for such
security, the last bid price of such security as reported by Bloomberg, or (iv)
if market value cannot be calculated as of such date on any of the foregoing
bases, the Market Price shall be the average fair market value as reasonably
determined by an investment banking firm selected by the Company and reasonably
acceptable to the holder, with the costs of the appraisal to be borne by the
Company. The manner of determining the Market Price of the Common Stock set
forth in the foregoing definition shall apply with respect to any other security
in respect of which a determination as to market value must be made hereunder.

               (ii) "COMMON STOCK," for purposes of this Section 4, includes the
Common Stock and any additional class of stock of the Company having no
preference as to

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dividends or distributions on liquidation, provided that the shares purchasable
pursuant to this Warrant shall include only Common Stock in respect of which
this Warrant is exercisable, or shares resulting from any subdivision or
combination of such Common Stock, or in the case of any reorganization,
reclassification, consolidation, merger, or sale of the character referred to in
Section 4(e) hereof, the stock or other securities or property provided for in
such Section.

        5. Issue Tax. The issuance of certificates for Warrant Shares upon the
exercise of this Warrant shall be made without charge to the holder of this
Warrant or such shares for any issuance tax or other costs in respect thereof,
provided that the Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any
certificate in a name other than the holder of this Warrant.

        6. No Rights or Liabilities as a Stockholder. This Warrant shall not
entitle the holder hereof to any voting rights or other rights as a stockholder
of the Company. No provision of this Warrant, in the absence of affirmative
action by the holder hereof to purchase Warrant Shares, and no mere enumeration
herein of the rights or privileges of the holder hereof, shall give rise to any
liability of such holder for the Exercise Price or as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors of
the Company.

        7. Transfer, Exchange and Replacement of Warrant.

           (a) Restriction on Transfer. This Warrant and the rights granted to
the holder hereof are transferable, in whole or in part, upon surrender of this
Warrant, together with a properly executed assignment in the form attached
hereto, at the office or agency of the Company referred to in Section 7(e)
below, provided, however, that any transfer or assignment shall be subject to
the conditions set forth in Sections 7(f) and (g) hereof and to the provisions
of Sections 2(f) and 2(g) of the Exchange Agreement. Until due presentment for
registration of transfer on the books of the Company, the Company may treat the
registered holder hereof as the owner and holder hereof for all purposes, and
the Company shall not be affected by any notice to the contrary. Notwithstanding
anything to the contrary contained herein, the registration rights described in
Section 8 hereof are assignable only in accordance with the provisions of the
Registration Rights Agreement.

           (b) Warrant Exchangeable for Different Denominations. This Warrant is
exchangeable, upon the surrender hereof by the holder hereof at the office or
agency of the Company referred to in Section 7(e) below, for new warrants of
like tenor of different denominations representing in the aggregate the right to
purchase the number of shares of Common Stock which may be purchased hereunder,
each of such new warrants to represent the right to purchase such number of
shares (at the Exercise Price therefor) as shall be designated by the holder
hereof at the time of such surrender, and all such warrants thereafter
constituting the Warrant referenced herein.

           (c) Replacement of Warrant. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction, or mutilation of
this Warrant and, in the case of any such loss, theft, or destruction, upon
delivery of an indemnity agreement reasonably satisfactory in form and amount to
the Company, or, in the case of any such mutilation, upon surrender and
cancellation of this Warrant, the Company, at its expense, will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

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           (d) Cancellation; Payment of Expenses. Upon the surrender of this
Warrant in connection with any transfer, exchange, or replacement as provided in
this Section 7, this Warrant shall be promptly canceled by the Company. The
Company shall pay all taxes (other than securities transfer taxes) and all other
expenses (other than legal expenses, if any, incurred by the Holder or
transferees) and charges payable in connection with the preparation, execution,
and delivery of any Warrant pursuant to this Section 7.

           (e) Warrant Register. The Company shall maintain, at its principal
executive offices (or such other office or agency of the Company as it may
designate by notice to the holder hereof), a register for this Warrant, in which
the Company shall record the name and address of the person in whose name this
Warrant has been issued, as well as the name and address of each transferee and
each prior owner of this Warrant.

           (f) Exercise or Transfer Without Registration. If, at the time of the
surrender of this Warrant in connection with any exercise, transfer, or exchange
of this Warrant, this Warrant (or, in the case of any exercise, the Warrant
Shares issuable hereunder), shall not be registered under the Securities Act and
under applicable state securities or blue sky laws, the Company may require, as
a condition of allowing such exercise, transfer, or exchange, (i) that the
holder or transferee of this Warrant, as the case may be, furnish to the Company
a written opinion of counsel (which opinion shall be in form, substance and
scope customary for opinions of counsel in comparable transactions) to the
effect that such exercise, transfer, or exchange may be made without
registration under the Securities Act and under applicable state securities or
blue sky laws (the cost of which shall be borne by the Company if the Company's
counsel renders such an opinion and up to $500 of such cost shall be borne by
the Company if the holder's counsel is requested to render such opinion), (ii)
that the holder or transferee execute and deliver to the Company an investment
letter in form and substance acceptable to the Company and (iii) that the
transferee be an "ACCREDITED INVESTOR" as defined in Rule 501(a) promulgated
under the Securities Act; provided that no such opinion, letter, or status as an
"accredited investor" shall be required in connection with a transfer pursuant
to Rule 144 under the Securities Act.

           (g) Additional Restrictions on Exercise or Transfer. In no event
shall the holder hereof have the right to exercise any portion of this Warrant
for shares of Common Stock or to dispose of any portion of this Warrant to the
extent that such right to effect such exercise or disposition would result in
the holder or any of its affiliates together beneficially owning more than (i)
19.99% of the outstanding shares of Common Stock, in the case of Biotech Target
N.V. and its affiliates for so long as they continue to hold Warrants, or (b)
4.99% of the outstanding shares of Common Stock, in the case of all other
holders of Warrants. For purposes of this Section 7(g), beneficial ownership
shall be determined in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended, and Regulation 13D-G thereunder. The restriction
contained in this Section 7(g) may not be altered, amended, deleted or changed
in any manner whatsoever unless the holders of a majority of the outstanding
shares of Common Stock and the holder hereof shall approve, in writing, such
alteration, amendment, deletion or change.

        8. Registration Rights. The initial holder of this Warrant (and certain
assignees thereof) is entitled to the benefit of such registration rights in
respect of the Warrant Shares as are set forth in

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the Registration Rights Agreement, including the right to assign such rights to
certain assignees, as set forth therein.

        9. Notices. Any notices required or permitted to be given under the
terms of this Warrant shall be sent by certified or registered mail (return
receipt requested) or delivered personally or by courier or by confirmed
telecopy, and shall be effective five days after being placed in the mail, if
mailed, or upon receipt or refusal of receipt, if delivered personally or by
courier, or by confirmed telecopy, in each case addressed to a party. The
addresses for such communications shall be:

                      If to the Company:

                      ViroLogic, Inc.
                      270 East Grand Avenue
                      South San Francisco, California 94080
                      Telephone:  (650) 635-1100
                      Attn:  Chief Executive Officer

                      with a copy simultaneously transmitted by like means to:

                      Cooley Godward LLP
                      4401 Eastgate Mall
                      San Diego, California 92121
                      Telephone:  (858) 550-6000

If to the holder, at such address as such holder shall have provided in writing
to the Company, or at such other address as such holder furnishes by notice
given in accordance with this Section 9.

        10. Governing Law; Jurisdiction. This Warrant shall be governed by and
construed in accordance with the laws of the State of Delaware. The Company
irrevocably consents to the jurisdiction of the United States federal courts and
state courts located in the State of Delaware in any suit or proceeding based on
or arising under this Warrant and irrevocably agrees that all claims in respect
of such suit or proceeding may be determined in such courts. The Company
irrevocably waives any objection to the laying of venue and the defense of an
inconvenient forum to the maintenance of such suit or proceeding. The Company
further agrees that service of process upon the Company mailed by certified or
registered mail shall be deemed in every respect effective service of process
upon the Company in any such suit or proceeding. Nothing herein shall affect the
holder's right to serve process in any other manner permitted by law. The
Company agrees that a final non-appealable judgment in any such suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on such judgment or in any other lawful manner.

        11. Miscellaneous.

            (a) Amendments. Except as provided in Section 7(g) hereof, this
Warrant and any provision hereof may only be amended by an instrument in writing
signed by the Company and the holder hereof.

                                       10
<PAGE>

            (b) Descriptive Headings. The descriptive headings of the several
Sections of this Warrant are inserted for purposes of reference only, and shall
not affect the meaning or construction of any of the provisions hereof.

            (c) Cashless Exercise. This Warrant may be exercised at any time
after March 25, 2003 and before the expiration of the Exercise Period by
presentation and surrender of this Warrant to the Company at its principal
executive offices with a written notice of the holder's intention to effect a
cashless exercise, including a calculation of the number of shares of Common
Stock to be issued upon such exercise in accordance with the terms hereof (a
"CASHLESS EXERCISE"). In the event of a Cashless Exercise, in lieu of paying the
Exercise Price in cash, the holder shall surrender this Warrant for that number
of shares of Common Stock determined by multiplying the number of Warrant Shares
to which it would otherwise be entitled by a fraction, the numerator of which
shall be the difference between the then current Market Price of a share of the
Common Stock on the date of exercise and the Exercise Price, and the denominator
of which shall be the then current Market Price per share of Common Stock.

            (d) Trading Day. For purposes of this Warrant, the term "trading
day" means any day on which the principal United States securities exchange or
trading market where the Common Stock is then listed is open for trading.

            (e) Redemption of Warrant by Company.

                  (i) In the event that the Company consummates a Corporate
Change in which the holders of the Company's Common Stock immediately prior to
such Corporate Change hold fifty percent (50%) or less of the outstanding voting
power of the entity surviving such Corporate Change, then the Company may elect,
upon delivery of at least twenty (20) days' prior written notice (the
"REDEMPTION NOTICE") to the holder hereof, to redeem all or a portion of the
Warrant for a redemption amount (the "REDEMPTION AMOUNT") equal to the value of
the Warrant derived using the Black-Scholes formula (using Bloomberg), assuming
that the volatility of the Company's Common Stock equals 60% and the risk-free
interest rate equals 5% per annum. In the event the Company elects to redeem
only some of the outstanding Warrants pursuant to this Section 11(e), such
Warrants shall be redeemed pro rata among all the holders of the Warrants based
upon the percentage of Warrants held by such holders against the total
outstanding Warrants.

                  (ii) [Intentionally Omitted]

                  (iii) The Company may not deliver a Redemption Notice pursuant
to clause (i) above unless on or prior to the date of delivery of a Redemption
Notice, the Company shall have segregated on the books and records of the
Company an amount of cash sufficient to pay all amounts to which holders of the
Warrants that are being redeemed are entitled pursuant to this Section 11(e).
Any Redemption Notice delivered shall be irrevocable and shall be accompanied by
a statement executed by a duly authorized officer of the Company.

                  (iv) The Redemption Amount shall be paid to the holder within
three (3) business days of the date of redemption set forth in the Redemption
Notice pursuant to clause (i) above; provided, however, that the Company shall
not be obligated to deliver any portion of the

                                       11
<PAGE>

Redemption Amount until either this Warrant is delivered to the Company or the
holder notifies the Company that the Warrant has been lost, stolen or destroyed
and delivers the documentation in accordance with Section 7(c) hereof. In the
event only a portion of this Warrant is being redeemed, the Company shall issue,
at its expense, a new Warrant representing the number of shares with respect to
which this Warrant shall not then have been redeemed or exercised.

                  (v) Notwithstanding the delivery of a Redemption Notice
pursuant to clause (i) above, the holder may exercise all or a portion of this
Warrant subject to such Redemption Notice by the delivery prior to the date of
redemption set forth in such notice of an Exercise Agreement pursuant to the
procedures set forth in Section 1.

            (f) Indemnification by Company.

                  (i) The Company shall hold harmless and indemnify the holder
of this Warrant from and against, and shall compensate and reimburse such holder
for, any damages which are directly or indirectly suffered or incurred by such
holder or to which such holder may otherwise become subject (regardless of
whether or not such damages relate to any third-party claim) and which arise
from or as a result of, or are directly or indirectly connected with any breach
of any of the Company's covenants set forth herein.

                  (ii) In the event of the assertion or commencement by any
person of any claim or legal proceeding with respect to which the holder may
have indemnification rights pursuant to this Section 11(f)(i), the holder shall
promptly notify the Company thereof in writing, but the failure to so notify the
Company will not limit the holder's rights to indemnification hereunder, except
to the extent the Company demonstrates that the defense of such action is
prejudiced by the failure to so give such notice.

                                       12
<PAGE>

        IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer.

                                       VIROLOGIC, INC.

                                       By: ____________________________________
                                           Name:_______________________________
                                           Title:______________________________

                                       13
<PAGE>

                           FORM OF EXERCISE AGREEMENT

         (TO BE EXECUTED BY THE HOLDER IN ORDER TO EXERCISE THE WARRANT)

To:     ViroLogic,Inc.
        270 East Grand Avenue
        South San Francisco, California 94080
        Telephone:  (650) 635-1100
        Attn:  Chief Executive Officer

        The undersigned hereby irrevocably exercises the right to purchase
_____________ shares of the Common Stock of ViroLogic, Inc., a corporation
organized under the laws of the State of Delaware (the "COMPANY"), evidenced by
the attached Warrant, and herewith [makes payment of the Exercise Price with
respect to such shares in full][elects to effect a Cashless Exercise (as defined
in Section 11(c) of such Warrant)], all in accordance with the conditions and
provisions of said Warrant.

        The undersigned agrees not to offer, sell, transfer or otherwise dispose
of any Common Stock obtained on exercise of the Warrant, except under
circumstances that will not result in a violation of the Securities Act of 1933,
as amended, or any state securities laws. The undersigned represents that it is
an "accredited investor" as that term is defined in Rule 501(a) of Regulation D
under the Securities Act of 1933, as amended.

[ ]     The undersigned requests that the Company cause its transfer agent to
        electronically transmit the Common Stock issuable pursuant to this
        Exercise Agreement to the account of the undersigned or its nominee
        (which is _________________) with DTC through its Deposit Withdrawal
        Agent Commission System ("DTC TRANSFER"), provided that such transfer
        agent participates in the DTC Fast Automated Securities Transfer
        program.

[ ]     In lieu of receiving the shares of Common Stock issuable pursuant to
        this Exercise Agreement by way of DTC Transfer, the undersigned hereby
        requests that the Company cause its transfer agent to issue and deliver
        to the undersigned physical certificates representing such shares of
        Common Stock.

        The undersigned requests that a Warrant representing any unexercised
portion hereof be issued, pursuant to the Warrant, in the name of the Holder and
delivered to the undersigned at the address set forth below:

Dated:_________________                     ____________________________________
                                            Signature of Holder

                                            ____________________________________
                                            Name of Holder (Print)

                                            Address:

                                            ____________________________________
                                            ____________________________________
                                            ____________________________________

                                       14
<PAGE>

                               FORM OF ASSIGNMENT

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers
all the rights of the undersigned under the within Warrant, with respect to the
number of shares of Common Stock covered thereby set forth hereinbelow, to:

Name of Assignee                Address                           No. of Shares

, and hereby irrevocably constitutes and appoints
_____________________________________ as agent and attorney-in-fact to transfer
said Warrant on the books of the within-named corporation, with full power of
substitution in the premises.

Dated: _____________________, ____

In the presence of

___________________________

                                            Name: _____________________________

                                               Signature: _____________________
                                               Title of Signing Officer or
                                               Agent (if any):

                                                        _______________________
                                               Address: _______________________
                                                        _______________________

                                               Note: The above signature should
                                                     correspond exactly with the
                                                     name on the face of the
                                                     within Warrant.

                                       15<PAGE>
                                                                     EXHIBIT 4.4

                          CERTIFICATE OF DESIGNATIONS,
                             PREFERENCES AND RIGHTS

                                       OF

                      SERIES C CONVERTIBLE PREFERRED STOCK

                                       OF

                                 VIROLOGIC, INC.

                         (Pursuant to Section 151 of the
                        Delaware General Corporation Law)

        ViroLogic, Inc., a corporation organized and existing under the laws of
the State of Delaware (the "CORPORATION"), hereby certifies that the Board of
Directors of the Corporation (the "BOARD OF DIRECTORS" or the "BOARD") pursuant
to authority of the Board of Directors as required by Section 151 of the
Delaware General Corporation Law, and in accordance with the provisions of its
Certificate of Incorporation and Bylaws, each as amended and restated through
the date hereof, has and hereby authorizes a series of the Corporation's
previously authorized Preferred Stock, par value $.001 per share (the "PREFERRED
STOCK"), and hereby states the designation and number of shares, and fixes the
relative rights, preferences, privileges, powers and restrictions thereof as
follows:

                            I. DESIGNATION AND AMOUNT

        The designation of this series, which consists of 1911 shares of
Preferred Stock, is the Series C Convertible Preferred Stock (the "SERIES C
PREFERRED STOCK") and the face amount shall be Ten Thousand U.S. Dollars
($10,000.00) per share (the "FACE AMOUNT").

                                II. NO DIVIDENDS

        The Series C Preferred Stock will bear no dividends, and the holders of
the Series C Preferred Stock shall not be entitled to receive dividends on the
Series C Preferred Stock.

                            III. CERTAIN DEFINITIONS

        For purposes of this Certificate of Designation, the following terms
shall have the following meanings:

        A. "CLOSING SALES PRICE" means, for any security as of any date, the
last sales price of such security on the Nasdaq National Market ("NNM") or other
trading market where such security is listed or traded as reported by Bloomberg
Financial Markets (or a comparable reporting service of national reputation
selected by the Corporation and reasonably acceptable to holders of a majority
of the then outstanding shares of Series C Preferred Stock ("MAJORITY HOLDERS")
if Bloomberg Financial Markets is not then reporting closing sales prices of
such security) (collectively,

<PAGE>

"BLOOMBERG"), or if the foregoing does not apply, the last reported sales price
of such security on a national exchange or in the over-the-counter market on the
electronic bulletin board for such security as reported by Bloomberg, or, if no
such price is reported for such security by Bloomberg, the average of the bid
prices of all market makers for such security as reported in the "pink sheets"
by the National Quotation Bureau, Inc., in each case for such date or, if such
date was not a trading day for such security, on the next preceding date which
was a trading day. If the Closing Sales Price cannot be calculated for such
security as of either of such dates on any of the foregoing bases, the Closing
Sales Price of such security on such date shall be the fair market value as
reasonably determined by an investment banking firm selected by the Corporation
and reasonably acceptable to the Majority Holders, with the costs of such
appraisal to be borne by the Corporation.

        B. "COMMON STOCK DEEMED OUTSTANDING" shall mean the number of shares of
Common Stock actually outstanding (not including shares of Common Stock held in
the treasury of the Corporation).

        C. "CONVERSION DATE" means, (i) for any Optional Conversion (as defined
below), the date specified in the notice of conversion in the form attached
hereto (the "NOTICE OF CONVERSION"), so long as a copy of the Notice of
Conversion is faxed (or delivered by other means resulting in notice) to the
Corporation before 11:59 p.m., New York City time, on the Conversion Date
indicated in the Notice of Conversion; provided, however, that if the Notice of
Conversion is not so faxed or otherwise delivered before such time, then the
Conversion Date shall be the date the holder faxes or otherwise delivers the
Notice of Conversion to the Corporation, and (ii) for any Mandatory Conversion,
that date specified in the notice delivered to the holders of the Series C
Preferred Stock being converted pursuant to Article IV.C in the event that such
Mandatory Conversion occurs.

        D. "CONVERSION PRICE" means $1.21, and shall be subject to adjustment as
provided herein.

        E. "EXCHANGE AGREEMENT" means the Exchange Agreement by and among the
Corporation and the purchasers named therein.

        F. "ISSUANCE DATE" means the date of the closing under the Securities
Purchase Agreement by and among the Corporation and the purchasers named therein
(the "SECURITIES PURCHASE AGREEMENT").

        G. "N" means the number of days from, but excluding, the Issuance Date
or the date that the last payment of the Premium was made in full, whichever is
less.

        H. "PREMIUM" means initially an amount equal to (the
Rate)x(N/365)x(10,000). The "RATE" shall initially be equal to .08. Thereafter,
on June 30, 2004, the Rate will increase by .01, and the Rate shall thereafter
continue to increase by .01 on the last day of each successive calendar quarter
until the Series C Preferred Stock is converted or redeemed in full; provided,
however, that the Rate shall not exceed .14. Notwithstanding the foregoing
(including the limit on the Rate set forth in the preceding sentence), in the
event that at any time and from time to time (i) the Common Stock is suspended
from trading on any of, or is not listed (and authorized) for trading on at
least one of, the NYSE (as defined below), the AMEX (as defined below), the NNM
or SmallCap (as defined

                                       2
<PAGE>

below) at any time, or (ii) the Closing Sales Price of the Common Stock is less
than 65% of the Conversion Price (as adjusted to reflect any stock dividends,
distributions, combinations, reclassifications and other similar transactions
effected by the Corporation in respect to its Common Stock) for at least
seventy-five (75) consecutive calendar days (each of (i) and (ii) being a
"PREMIUM DEFAULT"), then, commencing on the first day of the calendar quarter
next succeeding the calendar quarter in which such Premium Default occurs and
continuing until the Company has cured such Premium Default, the Rate shall be
increased to equal .15, and upon cure of such Premium Default (provided that no
other Premium Default has occurred and is continuing), the Rate shall be
automatically decreased to equal such amount as it would have equaled but for
the occurrence of such Premium Default(s) (including all increases to the Rate
that would have occurred during the term of such Premium Default pursuant to the
preceding sentence).

        I. "WARRANTS" shall mean the warrants issued by the Corporation to the
initial holders of Series C Preferred Stock pursuant to the Securities Purchase
Agreement.

                       IV. CONVERSION; PAYMENT OF PREMIUM

        A. Premium; Conversion at the Option of the Holder.

               (i) The Premium shall be payable, at the applicable Rate, (a)
upon any conversion (regardless of whether it is an Optional Conversion or a
Mandatory Conversion) of each share of Series C Preferred Stock and (b) as to
each outstanding share of Series C Preferred Stock on March 31, June 30,
September 30 and December 31 of each year, commencing on December 31, 2002,
until such share is fully converted or fully redeemed. Payment of the Premium
shall be made in cash.

               (ii) Subject to the limitations on conversions contained in
Paragraph D of this Article IV, each holder of shares of Series C Preferred
Stock may, at any time and from time to time, convert (an "OPTIONAL CONVERSION")
each of its shares of Series C Preferred Stock into a number of fully paid and
nonassessable shares of Common Stock determined in accordance with the following
formula:

                                     $10,000
                                CONVERSION PRICE

        B. Mechanics of Conversion. In order to effect an Optional Conversion, a
holder shall: (x) fax (or otherwise deliver) a copy of the fully executed Notice
of Conversion to the Corporation (Attention: Secretary) and (y) surrender or
cause to be surrendered the original certificates representing the Series C
Preferred Stock being converted (the "PREFERRED STOCK CERTIFICATES"), duly
endorsed, along with a copy of the Notice of Conversion as soon as practicable
thereafter to the Corporation. Upon receipt by the Corporation of a facsimile
copy of a Notice of Conversion from a holder, the Corporation shall promptly
send, via facsimile, a confirmation to such holder stating that the Notice of
Conversion has been received, the date upon which the Corporation expects to
deliver the Common Stock issuable upon such conversion and the name and
telephone number of a contact person at the Corporation regarding the
conversion. The Corporation shall not be obligated to issue shares of Common
Stock upon a conversion unless either the Preferred Stock Certificates are
delivered to the Corporation as provided above, or the holder notifies the
Corporation that such

                                       3
<PAGE>

Preferred Stock Certificates have been lost, stolen or destroyed and delivers
the documentation to the Corporation required by Article XV.B hereof.

               (i) Delivery of Common Stock Upon Conversion. Upon the surrender
of Preferred Stock Certificates accompanied by a Notice of Conversion, the
Corporation (itself, or through its transfer agent) shall, no later than the
later of (a) the second business day following the Conversion Date and (b) the
business day following the date of such surrender (or, in the case of lost,
stolen or destroyed certificates, after provision of indemnity pursuant to
Article XV.B) (the "DELIVERY PERIOD"), issue and deliver (i.e., deposit with a
nationally recognized overnight courier service postage prepaid) to the holder
or its nominee (x) that number of shares of Common Stock issuable upon
conversion of such shares of Series C Preferred Stock being converted and (y) a
certificate representing the number of shares of Series C Preferred Stock not
being converted, if any. Notwithstanding the foregoing, if the Corporation's
transfer agent is participating in the Depository Trust Company ("DTC") Fast
Automated Securities Transfer program, and so long as the certificates therefor
do not bear a legend (pursuant to the terms of the Securities Purchase
Agreement) and the holder thereof is not then required to return such
certificate for the placement of a legend thereon (pursuant to the terms of the
Securities Purchase Agreement), the Corporation shall cause its transfer agent
to promptly electronically transmit the Common Stock issuable upon conversion to
the holder by crediting the account of the holder or its nominee with DTC
through its Deposit Withdrawal Agent Commission system ("DTC TRANSFER"). If the
aforementioned conditions to a DTC Transfer are not satisfied, the Corporation
shall deliver as provided above to the holder physical certificates representing
the Common Stock issuable upon conversion. Further, a holder may instruct the
Corporation to deliver to the holder physical certificates representing the
Common Stock issuable upon conversion in lieu of delivering such shares by way
of DTC Transfer.

               (ii) Taxes. The Corporation shall pay any and all taxes that may
be imposed upon it with respect to the issuance and delivery of the shares of
Common Stock upon the conversion of the Series C Preferred Stock.

               (iii) No Fractional Shares. If any conversion of Series C
Preferred Stock would result in the issuance of a fractional share of Common
Stock, such fractional share shall be payable in cash based upon the ten (10)
day average Closing Sales Price at such time, and the number of shares of Common
Stock issuable upon conversion of the Series C Preferred Stock shall be the next
lower whole number of shares.

               (iv) Conversion Disputes. In the case of any dispute with respect
to a conversion, the Corporation shall promptly issue such number of shares of
Common Stock as are not disputed in accordance with subparagraph (i) above. If
such dispute involves the calculation of the Conversion Price, and such dispute
is not promptly resolved by discussion between the relevant holder and the
Corporation, the Corporation shall submit the disputed calculations to an
independent outside accountant via facsimile within three business days of
receipt of the Notice of Conversion. The accountant, at the Corporation's sole
expense, shall promptly audit the calculations and notify the Corporation and
the holder of the results no later than three business days from the date it
receives the disputed calculations. The accountant's calculation shall be deemed
conclusive, absent manifest error. The Corporation shall then issue the
appropriate number of shares of Common Stock in accordance with subparagraph (i)
above.

                                       4
<PAGE>

        C. Mandatory Conversion. Subject to the limitations on conversion
contained in paragraph D of this Article IV, if at any time all of the Required
Conditions (as defined herein) are satisfied and (i) at any time after the first
anniversary of the Issuance Date, the Closing Sales Price of the Common Stock is
greater than $2.42 (as adjusted to reflect any stock dividends, distributions,
combinations, reclassifications and other similar transactions effected by the
Corporation in respect to its Common Stock) for at least twenty (20) consecutive
trading days, or (ii) the holders of a majority of the then-outstanding shares
of Series C Preferred Stock shall consent thereto in writing, then, at the
option of the Corporation exercisable by the delivery of written notice to the
holders of the Series C Preferred Shares, delivered no more than ten (10) days
prior to and no less than three (3) days prior to the Conversion Date stated in
such notice, convert all or any shares of Series C Preferred Shares into a
number of fully paid and nonassessable shares of Common Stock determined in
accordance with the formula set forth in Paragraph A of this Article IV (a
"MANDATORY CONVERSION"). Thereafter, the Corporation and the holders shall
follow the applicable conversion procedures set forth in Article IV.B (including
the requirement that the Holder deliver the Preferred Stock Certificates
representing the Series C Preferred Stock being converted to the Corporation);
provided, however, the Holder shall not be required to deliver a Notice of
Conversion to the Corporation. In the event the Corporation elects to convert
only a portion of the outstanding shares of Series C Preferred Stock pursuant to
this Article IV.C, the outstanding shares of Series C Preferred Stock shall be
converted pro rata among the holders based upon their aggregate relative
ownership of outstanding shares of Series C Preferred Stock as of the Conversion
Date.

               (i) The "REQUIRED CONDITIONS" shall consist of the following:

                      (a) the registration statements required to be filed by
the Corporation pursuant to Section 2(a) of the Registration Rights Agreement,
dated as of the Issuance Date, by and among the Corporation and the initial
holders of Series C Preferred Stock (the "REGISTRATION RIGHTS AGREEMENT") shall
have been declared effective by the Securities and Exchange Commission (it being
understood that the Corporation shall comply with its obligations under Article
3 of the Registration Rights Agreement relating to the effectiveness of such
registration statements);

                      (b) all shares of Common Stock issuable upon conversion of
the Series C Preferred Stock and exercise of the Warrants are then (a)
authorized and reserved for issuance, (b) registered under the Securities Act of
1933, as amended (the "SECURITIES ACT"), for resale by the holders and (c)
eligible to be listed or traded on any of the New York Stock Exchange ("NYSE"),
the American Stock Exchange ("AMEX"), the NNM, or the NASDAQ SmallCap Market
("SMALLCAP") (or the successor to any of them);

                      (c) no Redemption Event (as defined in Article VIII below)
shall have occurred without having been cured;

                      (d) all amounts, if any, then accrued or payable under
this Certificate of Designation (including, without limitation, all Premiums) or
the Registration Rights Agreement shall have been paid.

                                       5
<PAGE>

        D. Limitations on Conversions. The conversion of shares of Series C
Preferred Stock shall be subject to the following limitations (each of which
limitations shall be applied independently):

               (i) Cap Amount. If, notwithstanding the representations and
warranties of the Corporation contained in Section 3(c) of the Securities
Purchase Agreement and the Exchange Agreement, the Corporation is prohibited by
Rule 4350(i) of the National Association of Securities Dealers, Inc. ("NASD"),
or any successor or similar rule, or the rules or regulations of any other
securities exchange on which the Common Stock is then listed or traded, from
issuing a number of shares of Common Stock upon conversion of Series C Preferred
Stock (together with any shares of Common Stock, or securities convertible into
Common Stock, issued pursuant to the Securities Purchase Agreement, the Exchange
Agreement or other agreements entered in connection therewith) in excess of a
prescribed amount (the "CAP AMOUNT") (without stockholder approval or
otherwise), then the Corporation shall not issue shares upon conversion of
Series C Preferred Stock in excess of the Cap Amount. Assuming solely for
purposes of this paragraph (D) that such Rule 4350(i) or similar rule is
applicable, the Cap Amount shall be 4,962,589 shares. The Cap Amount shall be
allocated pro rata to the holders of Series C Preferred Stock as provided in
Article XV.C. In the event the Corporation is prohibited from issuing shares of
Common Stock as a result of the operation of this subparagraph (i), the
Corporation shall comply with Article VII.

               (ii) Additional Restrictions on Conversion or Transfer. In no
event shall a holder of shares of Series C Preferred Stock of the Corporation
have the right to convert shares of Series C Preferred Stock into shares of
Common Stock or to dispose of any shares of Series C Preferred Stock to the
extent that such right to effect such conversion or disposition would result in
the holder or any of its affiliates together beneficially owning more than (a)
19.99% of the outstanding shares of Common Stock, in the case of Biotech Target
N.V. and its affiliates for so long as they continue to hold shares of Series C
Preferred Stock, or (b) 4.99% of the outstanding shares of Common Stock, in the
case of all other holders of shares of Series C Preferred Stock. For purposes of
this subparagraph, beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
13D-G thereunder. The restriction contained in this subparagraph may not be
altered, amended, deleted or changed in any manner whatsoever unless the holders
of a majority of the outstanding shares of Common Stock and the Majority Holders
shall approve, in writing, such alteration, amendment, deletion or change.

                    V. RESERVATION OF SHARES OF COMMON STOCK

        A. Reserved Amount. On or prior to the Issuance Date, the Corporation
shall reserve 5,834,711 shares of its authorized but unissued shares of Common
Stock for issuance upon conversion of the Series C Preferred Stock and
thereafter the number of authorized but unissued shares of Common Stock so
reserved (the "RESERVED AMOUNT") shall at all times be sufficient to provide for
the conversion of all of the Series C Preferred Stock outstanding at the then
current Conversion Price thereof. The Reserved Amount shall be allocated to the
holders of Series C Preferred Stock as provided in Article XV.C. In the event
that the Corporation receives the Authorized Stock Approval and the NASD Rule
Approval (as such terms are defined in the Exchange Agreement), then the
Reserved Amount shall be automatically increased to 15,793,389, or such higher
number as shall then be necessary to provide for the conversion of all of the
Series C

                                       6
<PAGE>

Preferred Stock outstanding at the then current Conversion Price thereof
(including, without limitation, all shares of Series C Preferred Stock issued
upon conversion of the Notes (as such term is defined in the Exchange Agreement)
issued to the former holders of the Corporation's Series B Convertible Preferred
Stock pursuant to the Exchange Agreement), and the Corporation shall immediately
take such corporate action as shall be necessary to reserve such additional
number of shares of its authorized but unissued shares of Common Stock for
issuance upon conversion of the Series C Preferred Stock.

        B. Increases to Reserved Amount. If the Reserved Amount for any three
consecutive trading days (the last of such three trading days being the
"AUTHORIZATION TRIGGER DATE") shall be less than 100% of the number of shares of
Common Stock issuable upon conversion of the then outstanding shares of Series C
Preferred Stock and upon exercise of the then outstanding Warrants, the
Corporation shall immediately notify the holders of Series C Preferred Stock of
such occurrence and shall take immediate action (including, if necessary,
seeking stockholder approval to authorize the issuance of additional shares of
Common Stock) to increase the Reserved Amount to 100% of the number of shares of
Common Stock then issuable upon conversion of all of the outstanding Series C
Preferred Stock at the then current Conversion Price. In the event the
Corporation fails to so increase the Reserved Amount within 90 days after an
Authorization Trigger Date, each holder of Series C Preferred Stock shall
thereafter have the option, exercisable in whole or in part at any time and from
time to time by delivery of a Redemption Notice (as defined in Article VIII.D)
to the Corporation, to require the Corporation to purchase for cash, at an
amount per share equal to the Redemption Amount (as defined in Article VIII.B),
a portion of the holder's Series C Preferred Stock such that, after giving
effect to such purchase, the holder's allocated portion of the Reserved Amount
exceeds 100% of the total number of shares of Common Stock issuable to such
holder upon conversion of its Series C Preferred Stock. If the Corporation fails
to redeem any of such shares within five (5) business days after its receipt of
such Redemption Notice, then such holder shall be entitled to the remedies
provided in Article VIII.D.

                       VI. FAILURE TO SATISFY CONVERSIONS

        A. Conversion Defaults. If, at any time, (x) a holder of shares of
Series C Preferred Stock submits a Notice of Conversion and the Corporation
fails for any reason (other than because such issuance would exceed such
holder's allocated portion of the Reserved Amount or Cap Amount, for which
failures the holders shall have the remedies set forth in Articles V and VII,
respectively) to deliver, on or prior to the fifth business day following the
expiration of the Delivery Period for such conversion, such number of freely
tradable shares of Common Stock to which such holder is entitled upon such
conversion, or (y) the Corporation provides written notice to any holder of
Series C Preferred Stock (or makes a public announcement via press release) at
any time of its intention not to issue freely tradable shares of Common Stock
upon exercise by any holder of its conversion rights in accordance with the
terms of this Certificate of Designation (other than because such issuance would
exceed such holder's allocated portion of the Reserved Amount or Cap Amount)
(each of (x) and (y) being a "CONVERSION DEFAULT") then the holder may elect at
any time and from time to time prior to the Default Cure Date (as defined below)
for such Conversion Default, by delivery of a Redemption Notice to the
Corporation, to have all or any portion of such holder's outstanding shares of
Series C Preferred Stock purchased by the Corporation for cash, at an amount per
share equal to the Redemption Amount (as defined in Article VIII.B). If the
Corporation fails to redeem any of such

                                       7
<PAGE>

shares within five business days after its receipt of such Redemption Notice,
then such holder shall be entitled to the remedies provided in Article VIII.D.

               "DEFAULT CURE DATE" means, as applicable, (i) with respect to a
Conversion Default described in clause (x) of its definition, the date the
Corporation effects the conversion of the full number of shares of Series C
Preferred Stock, and (ii) with respect to a Conversion Default described in
clause (y) of its definition, the date the Corporation issues freely tradable
shares of Common Stock in satisfaction of all conversions of Series C Preferred
Stock in accordance with Article IV.A, or (iii) with respect to either type of a
Conversion Default, the date on which the Corporation redeems shares of Series C
Preferred Stock held by such holder pursuant to this Article VI.A.

        B. Buy-In Cure. Unless the Corporation has notified the applicable
holder in writing prior to the delivery by such holder of a Notice of Conversion
that the Corporation is unable to honor conversions, if (i) (a) the Corporation
fails to promptly deliver during the Delivery Period shares of Common Stock to a
holder upon a conversion of shares of Series C Preferred Stock or (b) there
shall occur a Legend Removal Failure (as defined in Article VIII.A(ii) below)
and (ii) thereafter, such holder purchases (in an open market transaction or
otherwise) shares of Common Stock to make delivery in satisfaction of a sale by
such holder of the unlegended shares of Common Stock (the "SOLD SHARES") which
such holder anticipated receiving upon such conversion (a "BUY-IN"), the
Corporation shall pay such holder (in addition to any other remedies available
to the holder) the amount by which (x) such holder's total purchase price
(including brokerage commissions, if any) for the unlegended shares of Common
Stock so purchased exceeds (y) the net proceeds received by such holder from the
sale of the Sold Shares. For example, if a holder purchases unlegended shares of
Common Stock having a total purchase price of $11,000 to cover a Buy-In with
respect to shares of Common Stock it sold for $10,000, the Corporation will be
required to pay the holder $1,000. A holder shall provide the Corporation
written notification and supporting documentation indicating any amounts payable
to such holder pursuant to this Paragraph B. The Corporation shall make any
payments required pursuant to this Paragraph B in accordance with and subject to
the provisions of Article XV.E.

                   VII. INABILITY TO CONVERT DUE TO CAP AMOUNT

        A. Obligation to Cure. If at any time after the Issuance Date the then
unissued portion of any holder's Cap Amount is less than 100% of the number of
shares of Common Stock then issuable upon conversion of such holder's shares of
Series C Preferred Stock, the Corporation shall immediately notify the holders
of Series C Preferred Stock of such occurrence and each holder of Series C
Preferred Stock shall thereafter have the option, exercisable in whole or in
part at any time and from time to time, by delivery of a Redemption Notice (as
defined in Article VIII.D) to the Corporation, to require the Corporation to
purchase for cash, at an amount per share equal to the Redemption Amount (as
defined in Article VIII.B), a number of the holder's shares of Series C
Preferred Stock such that, after giving effect to such redemption, the then
unissued portion of such holder's Cap Amount exceeds 100% of the total number of
shares of Common Stock issuable upon conversion of such holder's shares of
Series C Preferred Stock. If the Corporation fails to redeem any of such shares
within five (5) business days after its receipt of such Redemption Notice, then
such holder shall be entitled to the remedies provided in Article VIII.D.

                                       8
<PAGE>

                     VIII. REDEMPTION DUE TO CERTAIN EVENTS

        A. Redemption by Holder. In the event (each of the events described in
clauses (i)-(vii) below after expiration of the applicable cure period (if any)
being a "REDEMPTION EVENT"):

               (i) the registration statement required to be filed by the
Corporation pursuant to Section 2(a) of the Registration Rights Agreement has
not been declared effective by the 130th day following the Issuance Date or such
registration statement, after being declared effective, cannot be utilized by
the holders of Series C Preferred Stock for the resale of all of their
Registrable Securities (as defined in the Registration Rights Agreement) for an
aggregate of more than 30 days (other than as permitted under the Registration
Rights Agreement);

               (ii) the Corporation fails to remove any restrictive legend on
any certificate or any shares of Common Stock issued to the holders of Series C
Preferred Stock upon conversion of the Series C Preferred Stock as and when
required by this Certificate of Designation, the Securities Purchase Agreement,
the Exchange Agreement or the Registration Rights Agreement (a "LEGEND REMOVAL
FAILURE"), and any such failure continues uncured for five business days after
the Corporation has been notified thereof in writing by the holder that the
holder has complied with the terms of the Securities Purchase Agreement or the
Exchange Agreement, as applicable, with respect to such legend removal;

               (iii) the Corporation provides written notice (or otherwise
indicates) to any holder of Series C Preferred Stock, or states by way of public
announcement distributed via a press release, at any time, of its intention not
to issue, or otherwise refuses to issue, shares of Common Stock to any holder of
Series C Preferred Stock upon conversion in accordance with the terms of this
Certificate of Designation (other than due to the circumstances contemplated by
Articles V or VII for which the holders shall have the remedies set forth in
such Articles);

               (iv) the Corporation or any subsidiary of the Corporation shall
make an assignment for the benefit of creditors, or apply for or consent to the
appointment of a receiver or trustee for it or for a substantial part of its
property or business, or such a receiver or trustee shall otherwise be
appointed;

               (v) bankruptcy, insolvency, reorganization or liquidation
proceedings or other proceedings for the relief of debtors shall be instituted
by the Corporation or any subsidiary of the Corporation;

               (vi) the Corporation shall:

                      (a) sell, convey or dispose of all or substantially all of
its assets (the presentation of any such transaction for stockholder approval
being conclusive evidence that such transaction involves the sale of all or
substantially all of the assets of the Corporation);

                      (b) merge, consolidate or engage in any other business
combination with any other entity (other than pursuant to a migratory merger
effected solely for the purpose of changing the jurisdiction of incorporation of
the Corporation and other than pursuant to a merger in which the Corporation is
the surviving or continuing entity and its capital stock is unchanged)

                                       9
<PAGE>

provided that such merger, consolidation or business combination is required to
be reported by the Company on a Current Report pursuant to Item 1 of Form 8-K,
or any successor form;

                      (c) either (i) fail to pay, when due, or within any
applicable grace period, any payment with respect to any indebtedness of the
Corporation in excess of $350,000 due to any third party, other than payments
contested by the Corporation in good faith, or otherwise is in breach or
violation of any agreement for monies owed or owing in an amount in excess of
$350,000 which breach or violation permits the other party thereto to declare a
default or otherwise accelerate amounts due thereunder, or (ii) suffer to exist
any other default or event of default under any agreement binding the
Corporation which default or event of default would or is likely to have a
material adverse effect on the business, operations, properties, prospects or
financial condition of the Corporation; or

                      (d) on or prior to the second anniversary of the Issuance
Date, issue or agree to issue any future equity or equity-linked securities or
debt which is convertible into equity or in which there is an equity component
(as the case may be, "ADDITIONAL SECURITIES"), except for any Excluded Issuance
(as defined herein); or

               (vii) except with respect to matters covered by subparagraphs (i)
-- (vi) above, as to which such applicable subparagraphs shall apply, the
Corporation otherwise shall breach any material term hereunder or under the
Securities Purchase Agreement, the Exchange Agreement, the Registration Rights
Agreement or the Warrants, including, without limitation, the representations
and warranties contained therein (i.e., in the event of a material breach as of
the date such representation and warranty was made) and if such breach is
curable, shall fail to cure such breach within 10 business days after the
Corporation has been notified thereof in writing by the holder;

then, upon the occurrence of any such Redemption Event, each holder of shares of
Series C Preferred Stock shall thereafter have the option, exercisable in whole
or in part at any time and from time to time by delivery of a Redemption Notice
(as defined in Paragraph D below) to the Corporation while such Redemption Event
continues, to require the Corporation to purchase for cash any or all of the
then outstanding shares of Series C Preferred Stock held by such holder for an
amount per share equal to the Redemption Amount (as defined in Paragraph B
below) in effect at the time of the redemption hereunder. For the avoidance of
doubt, the occurrence of any event described in clauses (i), (iii), (iv) or
(vi)(d) above shall immediately constitute a Redemption Event and there shall be
no cure period. Upon the Corporation's receipt of any Redemption Notice
hereunder (other than during the three trading day period following the
Corporation's delivery of a Redemption Announcement (as defined below) to all of
the holders in response to the Corporation's initial receipt of a Redemption
Notice from a holder of Series C Preferred Stock), the Corporation shall
immediately (and in any event within one business day following such receipt)
deliver a written notice (a "REDEMPTION ANNOUNCEMENT") to all holders of Series
C Preferred Stock stating the date upon which the Corporation received such
Redemption Notice and the amount of Series C Preferred Stock covered thereby.
The Corporation shall not redeem any shares of Series C Preferred Stock during
the three trading day period following the delivery of a required Redemption
Announcement hereunder. At any time and from time to time during such three
trading day period, each holder of Series C Preferred Stock may request (either
orally or in writing) information from the Corporation with respect to the
instant redemption (including, but not limited to, the aggregate number of
shares of

                                       10
<PAGE>

Series C Preferred Stock covered by Redemption Notices received by the
Corporation) and the Corporation shall furnish (either orally or in writing) as
soon as practicable such requested information to such requesting holder.

        B. Definition of Redemption Amount. The "REDEMPTION AMOUNT" with respect
to a share of Series C Preferred Stock means an amount equal to the greater of:

               (i)        V      X      M
                        -----
                         C P

        and    (ii)       V      X      R

where:

               "V" means the Face Amount thereof plus the accrued Premium
thereon through the date of payment of the Redemption Amount;

               "CP" means the Conversion Price in effect on the date on which
the Corporation receives the Redemption Notice;

               "M" means (i) with respect to all redemptions other than
redemptions pursuant to Article VIII.A(vi) hereof, the highest Closing Sales
Price of the Corporation's Common Stock during the period beginning on the date
on which the Corporation receives the Redemption Notice and ending on the date
immediately preceding the date of payment of the Redemption Amount and (ii) with
respect to redemptions pursuant to Article VIII.A(vi) hereof, the greater of (a)
the amount determined pursuant to clause (i) of this definition or (b) the fair
market value, as of the date on which the Corporation receives the Redemption
Notice, of the consideration payable to the holder of a share of Common Stock
pursuant to the transaction which triggers the redemption. For purposes of this
definition, "fair market value" shall be determined by the mutual agreement of
the Corporation and holders of a majority-in-interest of the shares of Series C
Preferred Stock then outstanding, or if such agreement cannot be reached within
five business days prior to the date of redemption, by an investment banking
firm selected by the Corporation and reasonably acceptable to holders of a
majority-in-interest of the then outstanding shares of Series C Preferred Stock,
with the costs of such appraisal to be borne by the Corporation; and

               "R" means 120%.

        C. [Intentionally omitted].

        D. Redemption Defaults. If the Corporation fails to pay any holder the
Redemption Amount with respect to any share of Series C Preferred Stock within
five business days after its receipt of a notice requiring such redemption (a
"REDEMPTION NOTICE"), then the holder of Series C Preferred Stock entitled to
redemption shall be entitled to interest on the Redemption Amount at a per annum
rate equal to the lower of twenty-four percent (24%) and the highest interest
rate permitted by applicable law from the date on which the Corporation receives
the Redemption Notice

                                       11
<PAGE>

until the date of payment of the Redemption Amount hereunder. In the event the
Corporation is not able to redeem all of the shares of Series C Preferred Stock
subject to Redemption Notices delivered prior to the date upon which such
redemption is to be effected, the Corporation shall redeem shares of Series C
Preferred Stock from each holder pro rata, based on the total number of shares
of Series C Preferred Stock outstanding at the time of redemption included by
such holder in all Redemption Notices delivered prior to the date upon which
such redemption is to be effected relative to the total number of shares of
Series C Preferred Stock outstanding at the time of redemption included in all
of the Redemption Notices delivered prior to the date upon which such redemption
is to be effected.

                                    IX. RANK

        All shares of the Series C Preferred Stock shall rank (i) prior to (a)
the Corporation's Common Stock; and (b) any class or series of capital stock of
the Corporation hereafter created (unless, with the consent of the holders of a
majority of the Series C Preferred Stock obtained in accordance with Article
XIII hereof, such class or series of capital stock specifically, by its terms,
ranks senior to or pari passu with the Series C Preferred Stock) (collectively
with the Common Stock, "JUNIOR SECURITIES"); (ii) pari passu with the
Corporation's Series A Convertible Preferred Stock, Series B Convertible
Preferred Stock and any other class or series of capital stock of the
Corporation hereafter created (with the written consent of the holders of a
majority of the Series C Preferred Stock obtained in accordance with Article
XIII hereof) specifically ranking, by its terms, on parity with the Series C
Preferred Stock (the "PARI PASSU SECURITIES"); and (iii) junior to any class or
series of capital stock of the Corporation hereafter created (with the written
consent of the holders of a majority of the Series C Preferred Stock obtained in
accordance with Article XIII hereof) specifically ranking, by its terms, senior
to the Series C Preferred Stock (collectively, the "SENIOR SECURITIES"), in each
case as to distribution of assets upon liquidation, dissolution or winding up of
the Corporation, whether voluntary or involuntary.

                            X. LIQUIDATION PREFERENCE

        A. If the Corporation shall commence a voluntary case under the U.S.
Federal bankruptcy laws or any other applicable bankruptcy, insolvency or
similar law, or consent to the entry of an order for relief in an involuntary
case under any law or to the appointment of a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or other similar official) of the Corporation
or of any substantial part of its property, or make an assignment for the
benefit of its creditors, or admit in writing its inability to pay its debts
generally as they become due, or if a decree or order for relief in respect of
the Corporation shall be entered by a court having jurisdiction in the premises
in an involuntary case under the U.S. Federal bankruptcy laws or any other
applicable bankruptcy, insolvency or similar law resulting in the appointment of
a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other
similar official) of the Corporation or of any substantial part of its property,
or ordering the winding up or liquidation of its affairs, and any such decree or
order shall be unstayed and in effect for a period of 60 consecutive days and,
on account of any such event, the Corporation shall liquidate, dissolve or wind
up, or if the Corporation shall otherwise liquidate, dissolve or wind up,
including, but not limited to, the sale or transfer of all or substantially all
of the Corporation's assets in one transaction or in a series of related
transactions (only in the event a holder does not elect its rights with respect
to such sale of transfer as set forth in Article XI.B. if applicable) (a
"LIQUIDATION EVENT"), no distribution shall be made to the holders of any shares
of capital stock

                                       12
<PAGE>

of the Corporation (other than Senior Securities pursuant to the rights,
preferences and privileges thereof) upon liquidation, dissolution or winding up
unless prior thereto the holders of shares of Series C Preferred Stock shall
have received the Liquidation Preference with respect to each share. If, upon
the occurrence of a Liquidation Event, the assets and funds available for
distribution among the holders of the Series C Preferred Stock and holders of
Pari Passu Securities, if any, shall be insufficient to permit the payment to
such holders of the preferential amounts payable thereon, then the entire assets
and funds of the Corporation legally available for distribution to the Series C
Preferred Stock and the Pari Passu Securities, if any, shall be distributed
ratably among such shares in proportion to the ratio that the Liquidation
Preference payable on each such share bears to the aggregate Liquidation
Preference payable on all such shares.

        B. The purchase or redemption by the Corporation of stock of any class,
in any manner permitted by law, shall not, for the purposes hereof, be regarded
as a liquidation, dissolution or winding up of the Corporation. Neither the
consolidation or merger of the Corporation with or into any other entity nor the
sale or transfer by the Corporation of less than substantially all of its assets
shall, for the purposes hereof, be deemed to be a liquidation, dissolution or
winding up of the Corporation.

        C. The "LIQUIDATION PREFERENCE" with respect to a share of Series C
Preferred Stock means an amount equal to the greater of (i) the Face Amount
thereof plus the accrued Premium thereon through the date of final distribution
or (ii) such amount as would have been payable per share of Series C Preferred
Stock had each share of Series C Preferred Stock been converted into Common
Stock in accordance with Article IV immediately prior to such liquidation,
dissolution or winding up. The Liquidation Preference with respect to any Pari
Passu Securities, if any, shall be as set forth in the Certificate of
Designation filed in respect thereof.

                     XI. ADJUSTMENTS TO THE CONVERSION PRICE

        The Conversion Price shall be subject to adjustment from time to time as
follows:

        A. Stock Splits, Stock Dividends, Etc. If, at any time on or after the
Issuance Date, the number of outstanding shares of Common Stock is increased by
a stock split, stock dividend, combination, reclassification or other similar
event, the Conversion Price shall be proportionately reduced, or if the number
of outstanding shares of Common Stock is decreased by a reverse stock split,
combination or reclassification of shares, or other similar event, the
Conversion Price shall be proportionately increased. In such event, the
Corporation shall notify the Corporation's transfer agent of such change on or
before the effective date thereof.

        B. Adjustment Due to Merger, Consolidation, Etc. If, at any time after
the Issuance Date, there shall be (i) any reclassification or change of the
outstanding shares of Common Stock (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), (ii) any consolidation or merger of the
Corporation with any other entity (other than a merger in which the Corporation
is the surviving or continuing entity and its capital stock is unchanged), (iii)
any sale or transfer of all or substantially all of the assets of the
Corporation or (iv) any share exchange pursuant to which all of the outstanding
shares of Common Stock are converted into other securities or property (each of
(i) - (iv) above

                                       13
<PAGE>

being a "CORPORATE CHANGE"), then the holders of Series C Preferred Stock shall
thereafter have the right to receive upon conversion, in lieu of the shares of
Common Stock otherwise issuable, such shares of stock, securities and/or other
property as would have been issued or payable in such Corporate Change with
respect to or in exchange for the number of shares of Common Stock which would
have been issuable upon conversion had such Corporate Change not taken place,
and in any such case, appropriate provisions (in form and substance reasonably
satisfactory to the holders of a majority of the Series C Preferred Stock then
outstanding) shall be made with respect to the rights and interests of the
holders of the Series C Preferred Stock to the end that the economic value of
the shares of Series C Preferred Stock are in no way diminished by such
Corporate Change and that the provisions hereof (including, without limitation,
in the case of any such consolidation, merger or sale in which the successor
entity or purchasing entity is not the Corporation, an immediate adjustment of
the Conversion Price so that the Conversion Price immediately after the
Corporate Change reflects the same relative value as compared to the value of
the surviving entity's common stock that existed between the Conversion Price
and the value of the Corporation's Common Stock immediately prior to such
Corporate Change shall thereafter be applicable, as nearly as may be practicable
in relation to any shares of stock or securities thereafter deliverable upon the
conversion thereof). The Corporation shall not effect any Corporate Change
unless (i) each holder of Series C Preferred Stock has received written notice
of such transaction at least 45 days prior thereto, but in no event later than
15 days prior to the record date for the determination of stockholders entitled
to vote with respect thereto, (ii) if required by Section 4(j) of the Securities
Purchase Agreement, the consent of the Purchasers (as defined in the Securities
Purchase Agreement) shall have been obtained in accordance with such Section
4(j), and (iii) the resulting successor or acquiring entity (if not the
Corporation) assumes by written instrument (in form and substance reasonable
satisfactory to the holders of a majority of the Series C Preferred Stock) the
obligations of this Certificate of Designation (including, without limitation,
the obligation to make payments of Premium accrued but unpaid through the date
of such consolidation, merger or sale and accruing thereafter). The above
provisions shall apply regardless of whether or not there would have been a
sufficient number of shares of Common Stock authorized and available for
issuance upon conversion of the shares of Series C Preferred Stock outstanding
as of the date of such transaction, and shall similarly apply to successive
reclassifications, consolidations, mergers, sales, transfers or share exchanges.

        C. [Intentionally omitted].

        D. Adjustment Due to Distribution. If, at any time after the Issuance
Date, the Corporation shall declare or make any distribution of its assets (or
rights to acquire its assets) to holders of Common Stock as a partial
liquidating dividend, by way of return of capital or otherwise (including any
dividend or distribution to the Corporation's stockholders in cash or shares (or
rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off))
(a "DISTRIBUTION"), then the holders of Series C Preferred Stock shall be
entitled, upon any conversion of shares of Series C Preferred Stock after the
date of record for determining stockholders entitled to such Distribution, to
receive the amount of such assets which would have been payable to the holder
with respect to the shares of Common Stock issuable upon such conversion had
such holder been the holder of such shares of Common Stock on the record date
for the determination of stockholders entitled to such Distribution. If the
Distribution involves rights, warrants, options or any other form of convertible
securities and the right to exercise or convert such securities would expire in
accordance with its terms prior to the conversion of the Series C Preferred
Stock, then the terms of such securities shall

                                       14
<PAGE>

provide that such exercise or convertibility right shall remain in effect until
30 days after the date the holder of Series C Preferred Stock receives such
securities pursuant to the conversion hereof.

        E. [Intentionally omitted].

        F. Purchase Rights. If, at any time after the Issuance Date, the
Corporation issues any securities which are convertible into or exercisable or
exchangeable for Common Stock ("CONVERTIBLE SECURITIES") or rights to purchase
stock, warrants, securities or other property (the "PURCHASE RIGHTS") pro rata
to the record holders of any class of Common Stock, then the holders of Series C
Preferred Stock will be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which such holder could have
acquired if such holder had held the number of shares of Common Stock acquirable
upon complete conversion of the Series C Preferred Stock (without giving effect
to the limitations contained in Article IV.D) immediately before the date on
which a record is taken for the grant, issuance or sale of such Purchase Rights,
or, if no such record is taken, the date as of which the record holders of
Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights.

        G. [Intentionally omitted].

        H. Exceptions to Adjustment of Conversion Price. No adjustment to the
Conversion Price will be made (i) upon the exercise of any warrants, options or
convertible securities issued and outstanding on the Issuance Date that are set
forth on Schedule 3(d) of the Securities Purchase Agreement and the Exchange
Agreement in accordance with the terms of such securities as of such date; (ii)
upon the grant or exercise of any stock or options to employees, directors or
consultants of the Corporation which may hereafter be granted to or exercised by
any employee, director or consultant under any stock option or similar benefit
plan of the Corporation now existing or to be implemented in the future, so long
as the issuance of such stock or options is approved by a majority of the Board
of Directors of the Corporation or a majority of the members of a committee of
non-employee directors established for such purpose; (iii) upon issuance or
conversion of the Series C Preferred Stock or exercise of the Warrants, (iv) the
issuance of securities in connection with strategic business partnerships or
joint ventures (including, without limitation, such transactions with major
pharmaceutical lab or life sciences companies), the primary purpose of which
transactions, in the reasonable judgment of the Board of Directors, is not to
raise additional capital, or (v) the issuance of securities pursuant to any
equipment financing from a bank or similar financial or lending institution
approved by the Board of Directors (any such issuance in accordance with one of
the foregoing clauses (i) through (v), an "EXCLUDED ISSUANCE").

        I. Notice of Adjustments. Upon the occurrence of each adjustment or
readjustment of the Conversion Price pursuant to this Article XI amounting to a
more than 5% change in such Conversion Price, the Corporation, at its expense,
shall promptly compute such adjustment or readjustment and prepare and furnish
to each holder of Series C Preferred Stock a certificate setting forth such
adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based. The Corporation shall, upon the written
request at any time of any holder of Series C Preferred Stock, furnish to such
holder a like certificate setting forth (i) such adjustment or readjustment,
(ii) the Conversion Price at the time in effect and (iii) the number of shares
of

                                       15
<PAGE>

Common Stock and the amount, if any, of other securities or property which at
the time would be received upon conversion of a share of Series C Preferred
Stock.

        J. Other Action Affecting Conversion Price. If the Corporation takes any
action affecting the Common Stock after the date hereof that would be covered by
Article XI.A through H, but for the manner in which such action is taken or
structured, which would in any way diminish the value of the Series C Preferred
Stock, then the Conversion Price shall be adjusted in such manner as the Board
of Directors of the Corporation shall in good faith determine to be equitable
under the circumstances.

                               XII. VOTING RIGHTS

        The holders of the Series C Preferred Stock have no voting power
whatsoever, except as otherwise provided by the Delaware General Corporation Law
(the "BUSINESS CORPORATION Law"), in this Article XII and in Article XIII below.

        Notwithstanding the above, the Corporation shall provide each holder of
Series C Preferred Stock with prior notification of any meeting of the
stockholders (and copies of proxy materials and other information sent to
stockholders). If the Corporation takes a record of its stockholders for the
purpose of determining stockholders entitled to (a) receive payment of any
dividend or other distribution, any right to subscribe for, purchase or
otherwise acquire (including by way of merger, consolidation or
recapitalization) any share of any class or any other securities or property, or
to receive any other right, or (b) to vote in connection with any proposed sale,
lease or conveyance of all or substantially all of the assets of the
Corporation, or any proposed merger, consolidation, liquidation, dissolution or
winding up of the Corporation, the Corporation shall mail a notice to each
holder, at least 15 days prior to the record date specified therein (or 45 days
prior to the consummation of the transaction or event, whichever is earlier, but
in no event earlier than public announcement of such proposed transaction), of
the date on which any such record is to be taken for the purpose of such vote,
dividend, distribution, right or other event, and a brief statement regarding
the amount and character of such vote, dividend, distribution, right or other
event to the extent known at such time.

        To the extent that under the Business Corporation Law the vote of the
holders of the Series C Preferred Stock, voting separately as a class or series,
as applicable, is required to authorize a given action of the Corporation, the
affirmative vote or consent of the holders of at least a majority of the then
outstanding shares of the Series C Preferred Stock represented at a duly held
meeting at which a quorum is present or by written consent of the holders of at
least a majority of the then outstanding shares of Series C Preferred Stock
(except as otherwise may be required under the Business Corporation Law) shall
constitute the approval of such action by the class. To the extent that under
the Business Corporation Law holders of the Series C Preferred Stock are
entitled to vote on a matter with holders of Common Stock, voting together as
one class, each share of Series C Preferred Stock shall be entitled to a number
of votes equal to the number of shares of Common Stock into which it is then
convertible (subject to the limitations contained in Article IV.D(ii)) using the
record date for the taking of such vote of stockholders as the date as of which
the Conversion Price is calculated.

                                       16
<PAGE>

                           XIII. PROTECTION PROVISIONS

        So long as any shares of Series C Preferred Stock are outstanding, the
Corporation shall not take any of the following corporate actions (whether by
merger, consolidation or otherwise) without first obtaining the approval (by
vote or written consent, as provided by the Business Corporation Law) of the
holders of a majority of the then outstanding shares of Series C Preferred
Stock:

                      (a) alter or change the rights, preferences or privileges
of the Series C Preferred Stock;

                      (b) alter or change the rights, preferences or privileges
of any capital stock of the Corporation so as to affect adversely the Series C
Preferred Stock;

                      (c) create any Senior Securities;

                      (d) create any Pari Passu Securities;

                      (e) increase the authorized number of shares of Series C
Preferred Stock;

                      (f) issue any shares of Senior Securities or Pari Passu
Securities;

                      (g) issue any shares of Series C Preferred Stock other
than pursuant to the Securities Purchase Agreement or the Notes issued pursuant
to the Exchange Agreement;

                      (h) redeem, or declare or pay any cash dividend or
distribution on, any Junior Securities;

                      (i) increase the par value of the Common Stock; or

                      (j) issue any debt securities that would have any
preferences over the Series C Preferred Shares upon liquidation of the
Corporation.

Notwithstanding the foregoing, no change pursuant to this Article XIII shall be
effective to the extent that, by its terms, it applies to less than all of the
holders of shares of Series C Preferred Stock then outstanding.

                            XIV. PARTICIPATION RIGHT

        A. Participation Right. Subject to the terms and conditions specified in
this Article XIV, until the second anniversary of the Issuance Date, the holders
of shares of Series C Preferred Stock shall have a right to participate with
respect to the issuance or possible issuance of any Additional Securities on the
same terms and conditions as offered by the Corporation to the other purchasers
of such Additional Securities. Each time the Corporation proposes to offer any
Additional Securities, the Corporation shall make an offering of such Additional
Securities to each holder of shares of Series C Preferred Stock in accordance
with the following provisions:

               (i) The Corporation shall deliver a notice (the "ISSUANCE
NOTICE") to the holders of shares of Series C Preferred Stock stating (a) its
bona fide intention to offer such Additional

                                       17
<PAGE>

Securities, (b) the number of such Additional Securities to be offered, (c) the
price and terms, if any, upon which it proposes to offer such Additional
Securities, and (d) the anticipated closing date of the sale of such Additional
Securities.

               (ii) By written notification received by the Corporation, within
twenty (20) days after giving of the Issuance Notice, any holder of shares of
Series C Preferred Stock may elect to purchase or obtain, at the price and on
the terms specified in the Issuance Notice, up to that number of such Additional
Securities which equals such holder's Pro Rata Amount (as defined below). The
"PRO RATA AMOUNT" for any given holder of shares of Series C Preferred Stock
shall equal that portion of the Additional Securities that the Corporation
proposes to offer which equals the proportion that the number of shares of
Common Stock that such holder owns or has the right to acquire (without giving
effect to the limitations contained in Article IV.D) bears to the total number
of shares of Common Stock then outstanding (assuming in each case the full
conversion and exercise of all convertible and exercisable securities then
outstanding); provided, however, that in the event that any such holder
exercises its right to redeem its shares of Series C Preferred Stock in
connection with the issuance of such Additional Securities (as provided in
Article VIII.A(vi)(d)), then such holder's Pro Rata Amount shall be increased
(but not decreased) to the extent necessary to equal (x) such number of shares
of Common Stock (if the Additional Securities being issued are Common Stock) or
(y) that number of Additional Securities as are convertible into or exchangeable
for such number of shares of Common Stock (if the Additional Securities being
issued are Convertible Securities), as is obtained by dividing (a) the
Redemption Amount attributable to such holder's shares of Series C Preferred
Stock being redeemed by (b) (i) the price per share at which such Common Stock
is being issued (if the Additional Securities being issued are Common Stock) or
(ii) the conversion or exchange price at which such Additional Securities are
convertible into or exchangeable for shares of Common Stock (if the Additional
Securities being issued are Convertible Securities), and in such event the
Corporation shall be obligated to sell such number of Additional Securities to
each such holder, even if the aggregate Pro Rata Amount for all such holders
exceeds the aggregate amount of Additional Securities that the Corporation had
initially proposed to offer. The Corporation shall promptly, in writing, inform
each holder of shares of Series C Preferred Stock which elects to purchase all
of the Additional Shares available to it ("FULLY-EXERCISING HOLDER") of any
other holder's failure to do likewise. During the five-day period commencing
after such information is given, each Fully-Exercising Holder shall be entitled
to obtain that portion of the Additional Securities for which the holders of
shares of Series C Preferred Stock were entitled to subscribe but which were not
subscribed for by such holders which is equal to the proportion that the number
of shares of Series C Preferred Stock held by such Fully-Exercising Holder bears
to the total number of shares of Series C Preferred Stock held by all
Fully-Exercising Holders who wish to purchase some of the unsubscribed shares.

               (iii) If all Additional Securities which the holders of shares of
Series C Preferred Stock are entitled to obtain pursuant to Article XIV.A(ii)
are not elected to be obtained as provided in Article XIV.A(ii) hereof, the
Corporation may, during the 75-day period following the expiration of the period
provided in Article XIV.A(ii) hereof, offer the remaining unsubscribed portion
of such Additional Securities to any person or persons at a price not less than,
and upon terms no more favorable to the offeree than, those specified in the
Issuance Notice. If the Corporation does not consummate the sale of such
Additional Securities within such period, the right provided hereunder shall be
deemed to be revived and such Additional Securities shall not be offered or sold
unless first

                                       18
<PAGE>

reoffered to the holders of shares of Series C Preferred Stock in accordance
herewith.

               (iv) The participation right in this Article XIV shall not be
applicable to (a) any Excluded Issuance, or (b) any issuance of securities as to
which the holders of a majority of the then outstanding shares of Series C
Preferred Stock shall have executed a written waiver of the rights contained in
this Article XIV.

               (v) The participation right set forth in this Article XIV may not
be assigned or transferred, except that such right is assignable by each holder
of shares of Series C Preferred Stock to any wholly-owned subsidiary or parent
of, or to any corporation or entity that is, within the meaning of the
Securities Act, controlling, controlled by or under common control with, any
such holder.

        B. Prohibition on Issuance of Additional Securities. Notwithstanding any
other provision in this Certificate of Designation to the contrary, the
Corporation shall not be permitted to issue any Additional Securities to any
party (including, without limitation, the holders of Series C Preferred Stock
pursuant to this Article XIV) in the event that the Corporation is currently in
default (or an event has occurred that, with notice or lapse of time or both,
would put the Corporation in default) of its redemption obligations pursuant to
this Certificate of Designation.

                                XV. MISCELLANEOUS

        A. Cancellation of Series C Preferred Stock. If any shares of Series C
Preferred Stock are converted pursuant to Article IV or redeemed or repurchased
by the Corporation, the shares so converted or redeemed shall be canceled, shall
return to the status of authorized, but unissued preferred stock of no
designated series, and shall not be issuable by the Corporation as Series C
Preferred Stock.

        B. Lost or Stolen Certificates. Upon receipt by the Corporation of (i)
evidence of the loss, theft, destruction or mutilation of any Preferred Stock
Certificate(s) and (ii) (y) in the case of loss, theft or destruction, of
indemnity (without any bond or other security) reasonably satisfactory to the
Corporation, or (z) in the case of mutilation, upon surrender and cancellation
of the Preferred Stock Certificate(s), the Corporation shall execute and deliver
new Preferred Stock Certificate(s) of like tenor and date. However, the
Corporation shall not be obligated to reissue such lost or stolen Preferred
Stock Certificate(s) if the holder contemporaneously requests the Corporation to
convert such Series C Preferred Stock.

        C. Allocation of Cap Amount and Reserved Amount. The initial Cap Amount
and Reserved Amount shall be allocated pro rata among the holders of Series C
Preferred Stock based on the number of shares of Series C Preferred Stock issued
to each holder. Each increase to the Cap Amount and the Reserved Amount shall be
allocated pro rata among the holders of Series C Preferred Stock based on the
number of shares of Series C Preferred Stock held by each holder at the time of
the increase in the Cap Amount or Reserved Amount. In the event a holder shall
sell or otherwise transfer any of such holder's shares of Series C Preferred
Stock, each transferee shall be allocated a pro rata portion of such
transferor's Cap Amount and Reserved Amount. Any portion of the Cap Amount or
Reserved Amount which remains allocated to any person or entity which does

                                       19
<PAGE>

not hold any Series C Preferred Stock shall be allocated to the remaining
holders of shares of Series C Preferred Stock, pro rata based on the number of
shares of Series C Preferred Stock then held by such holders.

        D. Quarterly Statements of Available Shares. For each calendar quarter
beginning in the quarter in which the initial registration statement required to
be filed pursuant to Section 2(a) of the Registration Rights Agreement is
declared effective and thereafter so long as any shares of Series C Preferred
Stock are outstanding, the Corporation shall deliver (or cause its transfer
agent to deliver) to each holder a written report notifying the holders of any
occurrence which prohibits the Corporation from issuing Common Stock upon any
such conversion. The report shall also specify (i) the total number of shares of
Series C Preferred Stock outstanding as of the end of such quarter, (ii) the
total number of shares of Common Stock issued upon all conversions of Series C
Preferred Stock prior to the end of such quarter, (iii) the total number of
shares of Common Stock which are reserved for issuance upon conversion of the
Series C Preferred Stock as of the end of such quarter and (iv) the total number
of shares of Common Stock which may thereafter be issued by the Corporation upon
conversion of the Series C Preferred Stock before the Corporation would exceed
the Cap Amount and the Reserved Amount. The Corporation (or its transfer agent)
shall use its best efforts to deliver the report for each quarter to each holder
prior to the tenth day of the calendar month following the quarter to which such
report relates. In addition, the Corporation (or its transfer agent) shall
provide, as promptly as practicable delivery to the Corporation of a written
request by any holder, any of the information enumerated in clauses (i) - (iv)
of this Paragraph D as of the date of such request.

        E. Payment of Cash; Defaults. Whenever the Corporation is required to
make any cash payment to a holder under this Certificate of Designation (as
payment of any Premium, upon redemption or otherwise), such cash payment shall
be made to the holder within five business days after delivery by such holder of
a notice specifying that the holder elects to receive such payment in cash and
the method (e.g., by check, wire transfer) in which such payment should be made
and any supporting documentation reasonably requested by the Corporation to
substantiate the holder's claim to such cash payment or the amount thereof. If
such payment is not delivered within such five business day period, such holder
shall thereafter be entitled to interest on the unpaid amount at a per annum
rate equal to the lower of eighteen percent (18%) and the highest interest rate
permitted by applicable law until such amount is paid in full to the holder.

        F. Status as Stockholder. Upon submission of a Notice of Conversion by a
holder of Series C Preferred Stock, (i) the shares covered thereby (other than
the shares, if any, which cannot be issued because their issuance would exceed
such holder's allocated portion of the Reserved Amount or Cap Amount) shall be
deemed converted into shares of Common Stock and (ii) the holder's rights as a
holder of such converted shares of Series C Preferred Stock shall cease and
terminate, excepting only the right to receive certificates for such shares of
Common Stock and to any remedies provided herein or otherwise available at law
or in equity to such holder because of a failure by the Corporation to comply
with the terms of this Certificate of Designation. In situations where Article
VI.B is applicable, the number of shares of Common Stock referred to in clauses
(i) and (ii) of the immediately preceding sentence shall be determined on the
date on which such shares of Common Stock are delivered to the holder.
Notwithstanding the foregoing, if a holder has not received certificates for all
shares of Common Stock prior to the sixth business day after the

                                       20
<PAGE>

expiration of the Delivery Period with respect to a conversion of Series C
Preferred Stock for any reason, then (unless the holder otherwise elects to
retain its status as a holder of Common Stock by so notifying the Corporation
within five business days after the expiration of such 6 business day period
after expiration of the Delivery Period) the holder shall regain the rights of a
holder of Series C Preferred Stock with respect to such unconverted shares of
Series C Preferred Stock and the Corporation shall, as soon as practicable,
return such unconverted shares to the holder. In all cases, the holder shall
retain all of its rights and remedies for the Corporation's failure to convert
Series C Preferred Stock.

        G. Remedies Cumulative. The remedies provided in this Certificate of
Designation shall be cumulative and in addition to all other remedies available
under this Certificate of Designation, at law or in equity (including a decree
of specific performance and/or other injunctive relief), and nothing herein
shall limit a holder's right to pursue actual damages for any failure by the
Corporation to comply with the terms of this Certificate of Designation. The
Corporation acknowledges that a breach by it of its obligations hereunder will
cause irreparable harm to the holders of Series C Preferred Stock and that the
remedy at law for any such breach may be inadequate. The Corporation therefore
agrees, in the event of any such breach or threatened breach, that the holders
of Series C Preferred Stock shall be entitled, in addition to all other
available remedies, to an injunction restraining any breach, without the
necessity of showing economic loss and without any bond or other security being
required.

        H. Waiver. Notwithstanding any provision in this Certificate of
Designation to the contrary, any provision contained herein and any right of the
holders of Series C Preferred Stock granted hereunder may be waived as to all
shares of Series C Preferred Stock (and the holders thereof) upon the written
consent of the holders of not less than a majority of the shares of Series C
Preferred Stock then outstanding, unless a higher percentage is required by
applicable law, in which case the written consent of the holders of not less
than such higher percentage shall be required.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       21
<PAGE>

        IN WITNESS WHEREOF, this Certificate of Designation is executed on
behalf of the Corporation this 15th day of November, 2002.

                                            VIROLOGIC, INC.

                                            By: /s/ WILLIAM D. YOUNG
                                               ---------------------------------
                                               Name: William D. Young
                                               Title: Chairman & CEO

                                       22
<PAGE>

                              NOTICE OF CONVERSION

                    (To be Executed by the Registered Holder
                in order to Convert the Series C Preferred Stock)

        The undersigned hereby irrevocably elects to convert ____________ shares
of Series C Preferred Stock (the "CONVERSION"), represented by stock certificate
No(s). ___________ (the "PREFERRED STOCK CERTIFICATES"), into shares of common
stock ("COMMON STOCK") of ViroLogic, Inc. (the "CORPORATION") according to the
conditions of the Certificate of Designations, Preferences and Rights of Series
C Convertible Preferred Stock (the "CERTIFICATE OF DESIGNATION"), as of the date
written below. If securities are to be issued in the name of a person other than
the undersigned, the undersigned will pay all transfer taxes payable with
respect thereto. No fee will be charged to the holder for any conversion, except
for transfer taxes, if any. Each Preferred Stock Certificate is attached hereto
(or evidence of loss, theft or destruction thereof).

        Except as may be provided below, the Corporation shall electronically
transmit the Common Stock issuable pursuant to this Notice of Conversion to the
account of the undersigned or its nominee (which is _________________) with DTC
through its Deposit Withdrawal Agent Commission System ("DTC TRANSFER").

        The undersigned acknowledges and agrees that all offers and sales by the
undersigned of the securities issuable to the undersigned upon conversion of the
Series C Preferred Stock have been or will be made only pursuant to an effective
registration of the transfer of the Common Stock under the Securities Act of
1933, as amended (the "ACT"), or pursuant to an exemption from registration
under the Act.

[ ]     In lieu of receiving the shares of Common Stock issuable pursuant to
        this Notice of Conversion by way of DTC Transfer, the undersigned hereby
        requests that the Corporation issue and deliver to the undersigned
        physical certificates representing such shares of Common Stock.

                               Date of Conversion:
                                                  ------------------------------

                               Applicable Conversion Price:
                                                           ---------------------

                               Signature:
                                         ---------------------------------------

                               Name:
                                    --------------------------------------------

                               Address:
                                       -----------------------------------------

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

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

                                       23

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