Document:

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                                                                    Exhibit 4.18

                                     WARRANT

Warrant No. W-5

THIS WARRANT (AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT) HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES
LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO
DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR
OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
SECURITIES UNDER THE SECURITIES ACT OF 1933 AND ANY APPLICABLE STATE SECURITIES
STATUTE, OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE THEREUNDER AS
EVIDENCED BY AN OPINION OF COUNSEL OR NO-ACTION LETTER FROM THE SECURITIES AND
EXCHANGE COMMISSION, IN EITHER CASE IN FORM AND SUBSTANCE SATISFACTORY TO THE
COMPANY.

                               WARRANT TO PURCHASE
                             SHARES OF COMMON STOCK

                             Expires AUGUST 10, 2005

        THIS CERTIFIES THAT, for value received, Trust under Article Fourth of
The Rolf S. Stutz Trust - 199, Cornelia G. Stutz, Trustee (the "Holder"), is
entitled to subscribe for and purchase up to Two thousand three hundred thirty
and 54/100 (2,330.54) shares (the "Shares") of the fully paid and nonassessable
Common Stock of Point Therapeutics, Inc., a Delaware corporation (the
"Company"), for an exercise price per share determined pursuant to the terms of
Section 4.1 hereof (the "Warrant Price"), subject to the provisions and upon the
terms and conditions hereinafter set forth.

        As used herein, the term "Shares" shall mean the Company's presently
authorized Common Stock and the term "Grant Date" shall mean August 10, 1998.

        1.      Term. Subject to the provisions of this Warrant, the purchase
right represented by this Warrant is exercisable, in whole or in part, at any
time and from time to time after the date hereof and prior to the seventh
anniversary of the Grant Date.

        2.      Method of Exercise.

                2.1.    Standard Method. The purchase right represented by this
Warrant may be exercised by the holder hereof, in whole or in part and from time
to time, by the surrender of this Warrant (with the notice of exercise form
attached hereto as Exhibit A duly executed) at the Principal office of the
Company and by the payment to the Company, by certified or bank check or by wire
transfer, of an amount equal to the then applicable Warrant Price per share
multiplied by the number of Shares then being purchased, The person or persons
in whose name(s) any

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certificate(s) representing Shares shall be issuable upon exercise of this
Warrant shall be deemed to have become the holder(s) of record of, and shall be
treated for all purposes as the record holder(s) of, the shares represented
thereby (and such shares shall be deemed to have been issued) immediately prior
to the close of business on the date or dates upon which this Warrant is
exercised and the then applicable Warrant Price paid. In the event of any
exercise of the rights represented by this Warrant, certificates for the shares
of stock so purchased shall be delivered to the holder hereof as soon as
possible and in any event within thirty days of receipt of such notice and
payment of the then applicable Warrant Price and, unless this Warrant has been
fully exercised or expired, a new Warrant representing the portion of the
Shares, if any, with respect to which this Warrant shall not then have been
exercised shall also be issued to the holder hereof as soon as possible and in
any event within such thirty-day period.

                2.2.    Net Issue Exercise.

                        (a)     In lieu of exercising this Warrant, holder may
elect to receive shares equal to the value of this Warrant (or the portion
thereof being canceled) by surrender of this Warrant at the principal office of
the Company together with notice of such election in which event the Company
shall issue to Holder a number of shares of the Company's Common Stock computed
using the following formula:

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

Where

        X =     the number of Shares to be issued to Holder.

        Y =     the number of Shares purchasable under this Warrant.

        A =     the fair market value of one Share.

        B =     the Warrant Price

                        (b)     For purposes of this Section, fair market value
of one share of the Company's Common Stock shall be the average of the closing
per share bid and asked prices of the Company's Common Stock quoted in the
Over-The-Counter Market Summary or the closing price quoted on Nasdaq or any
exchange on which the Common Stock is listed, whichever is applicable, as
published in the Eastern Edition of The Wall Street Journal for the ten trading
days prior to the date of determination of fair market value. If the Common
Stock is not traded Over-The-Counter or on Nasdaq or an exchange, the fair
market value of the Company's Common Stock shall be the price per share which
the Company could obtain from a willing buyer for shares sold by the Company
from authorized but unissued shares, as such price shall be agreed by the
Company and the Holder, and if they fail to agree within 15 days after the
exercise of this Warrant, as determined by arbitration. Such arbitration shall
be conducted in Boston. Massachusetts in accordance with the commercial
arbitration rules of the American Arbitration Association and the costs of
arbitration shall be shared equally by the parties. The arbitrator shall be a
person selected by the Company and the holder who shall have experience in
valuing companies similar to the Company. If the Company and the holder are
unable to agree on a

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single arbitrator, each shall select an arbitrator and the two arbitrators so
selected shall select a third arbitrator. The determination of the arbitrator(s)
shall be binding on the Company and the holder.

                2.3.    Automatic Exercise.

                        (a)     If the Company has publicly traded stock as of
the expiration date of this Warrant, if the fair market value of one share of
the Company's Common Stock (determined in the same manner as is set forth in
Section 2.2(b)) is as of the expiration date greater than the Warrant Price, as
adjusted, this Warrant shall be deemed automatically exercised pursuant to
Section 2.2 above (even if not surrendered) immediately prior to its expiration.

                        (b)     If as of April 24, 2005, the Company has no
publicly traded stock, the Company shall notify the holder in writing that this
Warrant will expire on July 24, 2005 and shall endeavor to determine what is the
fair market value of one share of the Company's Common Stock in the manner
described in Section 2.2(b), and if the fair market value of one share of the
Company's Common Stock, as so determined is as of the expiration date greater
than the Warrant Price, as adjusted, this Warrant shall be deemed automatically
exercised pursuant to Section 2.2 above (even if not surrendered) immediately
prior to its expiration. If the Company shall fail to give the notice set forth
in this Section 2.3(b), the expiration date of the Warrant shall be postponed
for one day for each day that the Company shall have failed to give such notice,
and shall be extended until ten days after the determination of the fair market
value of one share of Common Stock if such determination shall be made after the
date on which this Warrant otherwise shall have expired, whether pursuant to
Section 1 above or this Section 2.2(b) as a result of the Company's failure to
give notice.

                        (c)     To the extent this Warrant or any portion
thereof is deemed automatically exercised pursuant to this Section 2.3, the
Company agrees to promptly notify the holder hereof of the number of shares of
the Company's Common Stock, if any, the holder is entitled to receive by reason
of such automatic exercise.

        3.      Stock Fully Paid Reservation of Shares. The Shares have been
duly authorized and reserved for issuance by the Company. All Shares that may be
issued upon the exercise of the rights represented by this Warrant, will, upon
issuance, be fully paid and nonassessable, and free from all taxes, liens and
charges with respect to the issue thereof. During the period within which the
rights represented by the Warrant may be exercised, the Company will at all
times have authorized and reserved for the purpose of issuance upon exercise of
the purchase rights evidenced by this Warrant, a sufficient number of Shares to
provide for the exercise of the unexercised rights represented by this Warrant.
The Company covenants that it will from time to time take all such action as may
be requisite to assure that in the event the Common Stock shall have a par
value, such par value per share of the Common Stock shall at all times be equal
to or less than the Warrant Price in effect at the time.

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

                        (a)     Initial Warrant Price. The initial Warrant Price
shall be $2.90.

                4.2.    Reclassification or Merger. Subject to Section 1, in
case of any reclassification, change or, conversion of securities of the class
issuable upon exercise of this Warrant (other than a change in par value, or
from par value to no par value, or from no par value to par value, or as a
result of a subdivision or combination), or in case of any merger of the Company
with or into another corporation (other than a merger with another corporation
in which the Company is a continuing corporation and which does not result in
any reclassification or change of outstanding securities issuable upon exercise
of this Warrant), or in case of any sale of all or substantially all of the
assets of the Company, the Company, or such successor or purchasing corporation,
as the case may be, shall execute a new Warrant (in form and substance,
satisfactory to the holder of this Warrant) providing that the holder of this
Warrant shall have the right to exercise such new Warrant and upon such exercise
to receive, in lieu of each share of Common Stock theretofore issuable upon
exercise of this Warrant, the kind and amount of shares of stock, other
securities, money and property receivable upon such reclassification, change or
merger by a holder of one share of Common Stock. Such new Warrant shall provide
for adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Paragraph 4. The provisions of this Section 4.2
shall similarly apply to successive reclassifications, changes, mergers and
transfers.

                4.3.    Subdivisions or Combination of Shares. If the Company at
any time while this Warrant remains outstanding and unexpired shall subdivide or
combine its Common Stock, the Warrant Price shall be proportionately adjusted.

                4.4.    Stock Dividends. If the Company at any time while this
warrant is outstanding and unexpired shall pay a dividend payable in shares of
Common Stock (except any distribution specifically provided for in the foregoing
Sections 4.2 and 4.3), then the Warrant Price shall be adjusted, from and after
the date of determination of shareholders entitled to receive such dividend or
distribution, to that price determined by multiplying the Warrant Price in
effect immediately prior to such date of determination by a fraction (a) the
numerator of which shall be the total number of shares of Common Stock
outstanding immediately prior to such dividend or distribution (assuming the
conversion, exchange or exercise of all securities convertible into,
exchangeable for or exercisable for Common Stock), and (b) the denominator of
which shall be the total number of shares of Common Stock outstanding
immediately after such dividend or distribution (assuming the conversion,
exchange or exercise of all securities convertible into, exchangeable for or
exercisable for Common Stock).

                4.5.    Dilutive Issuances. If and whenever the Company shall
issue or sell, or is, in accordance with subparagraphs (a) through (r) below,
deemed to have issued or sold, any shares of Common Stock for a consideration
per share less than the Warrant Price in effect immediately prior to the time of
such issue or sale, then, forthwith upon such issue or sale, the Warrant Price
shall be reduced to the price determined by dividing (i) an amount equal to the

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sum of (x) the number of shares of Common Stock outstanding immediately prior to
such issue or sale multiplied by the then existing Warrant Price and (y) the
consideration, if any, received by the Company upon such issue or sale, by (ii)
the total number of shares of Common Stock outstanding immediately after such
issue or sale. For purposes of this Section 4.5, the following subparagraphs (a)
through (h) shall also be applicable:

                        (a)     Issuance of Rights or Options. In case at any
time the Company shall in any manner grant (whether directly or by assumption in
a merger or otherwise) any warrants or other rights to subscribe for or to
purchase, or any options for the purchase of, Common Stock or any stock or
security directly or indirectly convertible into or exchangeable for Common
Stock (such warrants, rights or options being called "Options" and such
convertible or exchangeable stock or securities being called "Convertible
Securities") whether or not such Options or the right to convert or exchange any
such Convertible Securities are immediately exercisable, and the price per share
for which Common Stock is issuable upon the exercise of such Options or upon the
conversion or exchange of such Convertible Securities (determined by dividing
(x) the total amount, if any, received or receivable by the Company as
consideration for the granting of such Options, plus the minimum aggregate
amount of additional consideration payable to the Company upon the exercise of
all such Options, plus, in the case of such Options which relate to Convertible
Securities, the minimum aggregate amount of additional consideration, if any,
payable upon the issue or sale of such Convertible Securities and upon the
conversion or exchange thereof, by (y) the total maximum number of shares of
Common Stock issuable upon the exercise of such Options or upon the conversion
or exchange of all such Convertible Securities issuable upon the exercise of
such Options) shall be less than the Warrant Price in effect immediately prior
to the time of the granting of such options, then, in calculating the
adjustments to the Warrant Price, the total maximum number of shares of Common
Stock issuable upon the exercise of such Options or upon conversion or exchange
of the total maximum amount of such Convertible Securities issuable upon the
exercise of such Options shall be deemed to have been issued for such price per
share as of the date of granting of such Options or the issuance of such
Convertible Securities and thereafter shall be deemed to be outstanding. Except
as otherwise provided in subparagraph (c) below, no adjustment of the Warrant
Price shall be made upon the actual issue of such Common Stock or of such
Convertible Securities upon exercise of such options or upon the actual issue of
such Common Stock upon conversion or exchange of such Convertible Securities.

                        (b)     Issuance of Convertible Securities. In case the
Company shall in any manner issue (whether directly or by assumption in a merger
or otherwise) or sell any Convertible Securities, whether or not the rights to
exchange or convert any such Convertible Securities are immediately exercisable,
and the price per share for which Common Stock is issuable upon such conversion
or exchange (determined by dividing (x) the total amount received or receivable
by the Company as consideration for the issue or sale of such Convertible
Securities, plus the minimum aggregate amount of additional consideration, if
any, payable to the Company upon the conversion or exchange thereof, by (y) the
total maximum number of shares of Common Stock issuable upon the conversion or
exchange of all such Convertible Securities) shall be less than the Warrant
Price in effect immediately prior to the time of such issue or sale, then, in
calculating the adjustment(s) to the Warrant Price, the total maximum number of
shares of Common Stock issuable upon conversion or exchange of all such
Convertible Securities shall be deemed to have been issued for such price per
share as of the date of the issue or sale of such

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Convertible Securities and thereafter shall be deemed to be outstanding,
provided that (i) except as otherwise provided in subparagraph (c), no
adjustment of the Warrant Price shall be made upon the actual issue of such
Common Stock upon conversion or exchange of such Convertible Securities and (ii)
if any such issue or sale of such Convertible Securities is made upon exercise
of any Options to purchase any such Convertible Securities for which adjustments
of the Warrant Price have been or are to be made pursuant to other provisions of
this paragraph 4, no further adjustment of the Warrant Price shall be made by
reason of such issue or sale.

                        (c)     Change in Option Price or Conversion Rate. Upon
the happening of any of the following events, namely, if the purchase price
provided for in any Option referred to in subparagraph (a), the additional
consideration, if any, payable upon the conversion or exchange of any
Convertible Securities referred to in subparagraphs (a) or (b), or the rate at
which convertible Securities referred to in subparagraphs (a) or (b) are
convertible into or exchangeable for Common Stock shall change at any time
(including, but not limited to, changes under or by reason of provisions
designed to protect against dilution), the Warrant Price in effect at the time
of such event shall forthwith be readjusted to the Warrant Price which would
have been in effect at such time had such Options or Convertible Securities
still outstanding provided for such changed purchase price, additional
consideration or conversion rate, as the case may be, at the time initially
granted, issued or sold; and on the termination of any such Option or any such
right to convert or exchange such Convertible Securities, the Warrant Price then
in effect hereunder shall forthwith be increased to the Warrant Price which
would have been in effect at the time of such termination had such Option or
Convertible Securities, to the extent outstanding immediately prior to such
termination, never been issued.

                        (d)     Stock Dividends. In case the Company shall
declare a dividend or make any other distribution upon any stock of the Company
payable in Common Stock (except for dividends or distributions upon the Common
Stock), Options or Convertible Securities, any Common Stock, Options or
Convertible Securities, as the case may be, issuable in payment of such dividend
or distribution shall be deemed to have been issued or sold without
consideration.

                        (e)     Consideration for Stock. In case any shares of
Common Stock, Options or Convertible Securities shall be issued or sold for
cash, the consideration received therefor shall be deemed to be the amount
received by the Company therefor, after deduction therefrom of any reasonable
expenses incurred or reasonable underwriting commissions or concessions paid or
allowed by the Company in connection therewith. In case any shares of Common
Stock, Options or Convertible Securities shall be issued or sold for a
consideration other than cash, the amount of the consideration other than cash
received by the Company shall be deemed to be the fair value of such
consideration as determined in good faith by the Board of Directors of the
Company, without deduction of any expenses incurred or any underwriting
commissions or concessions paid or allowed by the Company in connection
therewith. In case any Options shall be issued in connection with the issue and
sale of other securities of the Company, together comprising one integral
transaction in which no specific consideration is allocated to such Options by
the parties thereto, such Options shall be deemed to have been issued for such
consideration as determined in good faith by the Board of Directors of the
Company.

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                        (f)     Record Date. In case the Company shall take a
record of the holders of its Common Stock for the purpose of entitling them (i)
to receive a dividend or other distribution payable in Common Stock, Options or
Convertible Securities or (ii) to subscribe for or purchase Common Stock;
Options or Convertible Securities, then such record date shall be deemed to be
the date of the issue or sale of the shares of Common Stock deemed to have been
issued or sold upon the declaration of such dividend or the making of such other
distribution or the date of the granting of such right of subscription or
purchase, as the case may be.

                        (g)     Treasury Shares. The number of shares of Common
Stock outstanding at any given time shall not include shares owned or held by or
for the account of the Company, and the disposition of any such shares shall be
considered an issue or sale of Common Stock for the purpose of this Section 4.5.

                        (h)     Minimum Adjustment. If any adjustment of the
Warrant Price pursuant to this Section 4.5 shall result in an adjustment of less
than ten percent (10%) of the Warrant Price in effect immediately prior to such
adjustment, no such adjustment shall be made, 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 ten percent (10%) or more of the Warrant Price in
effect immediately prior to such adjustment.

                        (i)     Exceptions. No adjustments of the Warrant Price
shall be made by reason of or in connection with the issuance of up to an
aggregate of 1,248,504 shares of Common Stock (including options to purchase
such shares) pursuant to warrants, stock option agreements, stock option plans,
stock purchase plans or management incentive plans approved by the Board of
Directors or the Compensation Committee to employees, directors, customers,
suppliers or consultants (whether issued on or after July 24, 1998).

                        (j)     Notice of Adjustment. Upon any adjustment of the
Warrant Price, then and in each such case the Company shall give written notice
thereof, by delivery in person, certified or registered mail, return receipt
requested, telecopier or telex, addressed to the Holder at the address or
telecopier number of such holder as shown on the books of the Company, which
notice shall state the Warrant Price resulting from such adjustment, setting
forth in reasonable detail the method upon which such calculation is based.

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

                                (i)     the Company shall declare any dividend
upon its Common Stock payable in cash or stock or make any other distribution to
the holders of its Common Stock;

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

                                (iii)   there shall be any capital
reorganization or reclassification of the capital stock of the Company, or a
consolidation or merger of the Company with or into another entity or entities,
or a sale, lease, abandonment, transfer or other disposition of all or
substantially all of the assets of the Company; or

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                                (iv)    there shall be a voluntary or
involuntary dissolution, liquidation or winding up of the Company; then, in any
one or more of said cases, the Company shall give, by delivery in person,
certified or registered mail, return receipt requested, telecopier or telex,
addressed to the Holder at the address or telecopier number of such holder as
shown on the books of the Company, (a) at least 20 days' prior written notice of
the date on which the books of the Company shall close or a record shall be
taken for such dividend, distribution or subscription rights or for determining
rights to vote in respect of any such reorganization, reclassification,
consolidation, merger, disposition, dissolution, liquidation or winding up and
(b) in the case of any such reorganization, reclassification, consolidation,
merger, disposition, dissolution, liquidation or winding up, at least 20 days'
prior written notice of the date when the same shall take place. Such notice in
accordance with the foregoing clause (a) shall also specify, in the case of any
such dividend, distribution or subscription rights, the date on which the
holders of Common Stock shall be entitled thereto and such notice in accordance
with the foregoing clause (b) shall also specify the date on which the holders
of Common Stock shall be entitled to exchange their Common Stock for securities
or other property deliverable upon such reorganization, reclassification,
consolidation, merger, disposition, dissolution, liquidation or winding up, as
the case may be.

                        (l)     Issue Tax. The issuance of certificates for
shares of Common Stock upon exercise of this Warrant shall be made without
charge to the holders thereof for any issuance tax 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 that of the Holder.

                        (m)     Closing of Books. The Company will at no time
close its transfer books against the transfer of any shares of Common Stock
issued or issuable upon the exercise of this Warrant in any manner which
interferes with the timely exercise of this Warrant, except as may otherwise be
required to comply with applicable securities laws.

                        (n)     Definition of Common Stock. As used in this
Section 4.5, the term "Common Stock" shall mean and include the Company's
authorized Common Stock, without par value, as constituted on the date of this
Warrant, and shall also include any capital stock of any class of the Company
thereafter authorized which shall neither be limited to a fixed sum or
percentage in respect of the rights of the holders thereof to participate in
dividends nor entitled to a preference in the distribution of assets upon the
voluntary or involuntary liquidation, dissolution or winding up of the Company;
provided that the shares of Common Stock receivable upon exercise of this
Warrant shall include only shares designated as Common Stock of the Company on
the date of this Warrant or in case of any reorganization or reclassification of
the outstanding shares thereof, the stock, securities or assets provided for in
Section 4.2.

                        (o)     "Person" Defined. For the purposes of this
Section 4.5, the term "Person" shall mean an individual, a Company, an
association, a limited liability company, a joint-stock company, a business
trust or other similar organization, a partnership, a joint venture, a trust, an
unincorporated organization or a government or any agency, instrumentality or
political subdivision thereof.

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                4.6.    No Impairment. The Company will not, by amendment of its
Charter or through any reorganization, recapitalization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed hereunder by the Company, but will at all
times in good faith assist in the carrying out of all the provisions of this
Paragraph 4 and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the holder of this Warrant against
impairment.

        5.      Notice of Adjustments. Whenever the Warrant Price or number of
Shares shall be adjusted pursuant to the provisions hereof, the Company shall
within 30 days of such adjustment deliver a certificate signed by its chief
financial officer to the registered holder(s) hereof setting forth, in
reasonable detail, the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated, and the Warrant
Price after giving effect to such adjustment.

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

        7.      Compliance with Securities Act; Disposition of Warrant or Shares
of Common Stock.

                7.1.    Compliance with Securities Act. The holder of this
Warrant, by acceptance hereof, agrees that this Warrant and the Shares to be
issued upon exercise hereof are being acquired for investment and that such
holder will not offer, sell or otherwise dispose of this Warrant or any Shares
to be issued upon exercise hereof except under circumstances which will not
result in a violation of the Securities Act of 1933, as amended (the "Act").
This Warrant and all Shares issued upon exercise of this Warrant (unless
registered under the Act) shall be stamped or imprinted with a legend in
substantially the following form:

THIS WARRANT (AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT) HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES
LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO
DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR
OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
SECURITIES UNDER THE SECURITIES ACT OF 1933 AND ANY APPLICABLE STATE SECURITIES
STATUTE, OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE THEREUNDER AS
EVIDENCED BY AN OPINION OF COUNSEL OR NO-ACTION LETTER FROM THE SECURITIES AND
EXCHANGE COMMISSION, IN EITHER CASE IN FORM AND SUBSTANCE SATISFACTORY TO THE
COMPANY.

                7.2.    Disposition of Warrant and Shares. With respect to any
offer, sale or other disposition of this Warrant, any of the Shares or any of
the shares issuable upon conversion of the Shares and until registration of this
Warrant or such Shares or shares, the holder hereof and each subsequent holder
of the Warrant agrees to give written notice to the Company prior thereto,
describing briefly the manner thereof together with a written opinion of
counsel, if

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requested by the Company, reasonably acceptable to the Company, to the effect
that such offer, sale or other disposition may be effected without registration
or qualification (under the Act as then in effect or any federal or state law
then in effect) of this Warrant or such Shares or shares and indicating whether
or not under the Act certificates for this Warrant or such Shares or shares to
be sold or otherwise disposed of require any restrictive legend as to applicable
restrictions on transferability in order to insure compliance with the Act. Each
certificate representing this Warrant or the Shares or such shares thus
transferred shall bear a legend as to the applicable restrictions on
transferability in order to insure compliance with the Act, unless in the
aforesaid opinion of counsel for the holder, such legend is not required in
order to insure compliance with the Act. Nothing herein shall restrict the
transfer of this Warrant, the Shares or such shares or any portion hereof by the
initial holder hereof to any entity affiliated with the initial holder, or to
any partner, member or stockholder of any such entity provided such transfer may
be made in compliance with applicable federal and state securities laws. The
Company may issue stop transfer instructions to its transfer agent in connection
with the foregoing restrictions.

        8.      Rights as Shareholder; Information.

                8.1.    Shareholder Rights. No holder of the Warrant, as such,
shall be entitled to vote or receive dividends or be deemed the holder of Shares
or any other securities of the Company which may at any time be issuable on the
exercise thereof for any purpose, nor shall anything contained herein be
construed to confer upon the holder of this Warrant, as such, any of the rights
of a shareholder of the Company or any right to vote for the election of
directors or upon any matter submitted to shareholders at any meeting thereof,
or to receive notice of meetings (except as otherwise provided in Section 4.6 of
this Warrant), or to receive dividends or subscription rights or otherwise until
this Warrant shall have been exercised and the Shares purchasable upon the
exercise hereof shall have become deliverable, as provided herein.

                8.2.    Financial Statements and Information. The Company shall
deliver to the registered holder hereof (i) within 120 days after the end of the
fiscal year of the Company, a consolidated balance sheet of the Company as of
the end of such year and a consolidated statement of income, retained earnings
and cash flows for such year, which year-end financial reports shall be in
reasonable detail and certified by independent public accountants of nationally
recognized standing selected by the Company (it being agreed that Ernst & Young
is an acceptable firm of independent public accountants) and (ii) within 30 days
after the end of each month other than the last month of the fiscal year,
unaudited consolidated statements of income, retained earnings and cash flows
for such month and a consolidated balance sheet as of the end of such month. If
the Company has a class of securities registered under the Securities Exchange
Act of 1934, the provisions of this Section 8.2 shall be satisfied by the
delivery to the holder, within 120 days after the end of the Company's fiscal
year, of a report on Form 10-K, or such fiscal year, and with respect to the
first three fiscal quarters in each fiscal year, within 45 days after the end of
each such fiscal quarter, of a report on Form 10-Q for such fiscal quarter. In
addition, the Company shall deliver to the registered holder hereof any other
information or data provided generally to the shareholders of the Company.

        9.      Additional Rights.

                                      -10-

<PAGE>

                9.1.    Mergers. The Company will provide the holder of this
Warrant with at least the greater of (a) 20 days' notice or (b) such greater
amount of notice as Delaware law requires be given to shareholders with power to
vote at a meeting on any transaction described hereinafter of the terms and
conditions of the proposed transaction, if the Company proposes to (i) sell,
lease, exchange, convey or otherwise dispose of all or substantially all of its
property or business, or (ii) merge into or consolidate with any other
corporation (other than a wholly-owned subsidiary of the Company), or effect any
transaction including a merger or other reorganization) or series of related
transactions, in which more than 50% of the voting power of the Company is
disposed of. Subject to the provisions of Section 1 above, in connection with
any transaction described in this Section 9.2 either (a) the sale of this
Warrant shall be arranged in connection with any such transaction on terms
satisfactory to the holder hereof or (b) the holder hereof shall receive in
connection with such transaction either (i) a new Warrant (on the same terms as
set forth herein or otherwise in form and substance satisfactory; to the holder
of this Warrant exercisable for the kind and amount of shares of stock, other
securities, money and property receivable upon such transaction by a holder of
Common Stock or (ii) the remainder of (x) securities, money or other property
receivable upon such transaction by a holder of Common Stock having the same
number of shares of Common Stock as the number issuable on the exercise of this
Warrant, minus (y) the aggregate Warrant Price for such shares.

        10.     Representations and Warranties. This Warrant is issued and
delivered on the basis of the following:

                10.1.   Authorization and Delivery. This Warrant has been duly
authorized and executed by the Company and when delivered will be the valid and
binding obligation of the Company enforceable in accordance with its terms.

                10.2.   Rights and Privileges. The rights, preferences,
privileges and restrictions granted to or imposed upon the Shares and the
holders thereof are as set forth herein and in the Company's Articles of
Organization, true and complete copies of which have been delivered to the
original warrant holder.

                10.3.   No Inconsistency. The execution and delivery of this
Warrant are not, and the issuance of the Warrant upon exercise of this Warrant
in accordance with the terms hereof will not be, inconsistent with the Company's
Certificate of Incorporation or by-laws, do not and will not contravene any law,
governmental rule or regulation, judgment or order applicable to the Company,
and do not and will not contravene any provision of, or constitute a default
under, any indenture, mortgage, contract or other instrument of which the
Company is a party or by which it is bound or require the consent or approval
of, the giving of notice to, the registration with or the taking of any action
in respect of or by, any Federal, state or local government authority or agency
or other person.

        11.     Modification and Waiver. This Warrant and any provision hereof
may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought.

        12.     Notices. Any notice, request or other document required or
permitted to be given or delivered to the holder hereof or the Company shall be
delivered by facsimile where

                                      -11-

<PAGE>

confirmation of receipt by the receiving party's receiver can be documented, or
delivered by hand, or shall be sent by reputable overnight courier, certified or
registered mail, postage prepaid, to each such holder at its address as shown on
the books of the Company or to the Company at the address indicated therefore on
the signature page of this Warrant.

        13.     Binding Effect on Successors. This Warrant shall be binding upon
any corporation succeeding the Company by merger or consolidation, and all of
the obligations of the Company relating to the Shares issuable upon the exercise
of this Warrant shall be as set forth in the Company's Certificate of
Incorporation and the Company's by-laws (each as amended from time to time) and
shall survive the exercise and termination of this Warrant and all of the
covenants and agreements herein and in such other documents and instruments of
the Company shall inure to the benefit of the successors and assigns of the
holder hereof. The Company will, at the time of the exercise of this Warrant, in
whole or in part, upon request of the holder hereof but at the Company's
expense, acknowledge in writing its continuing obligation to the holder hereof
in respect of any rights to which the holder hereof shall continue to be
entitled after such exercise in accordance with this Warrant; provided, that the
failure of the holder hereof to make any such request shall not affect the
continuing obligation of the Company to the holder hereof in respect of such
rights.

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

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

        16.     Governing Law. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF
THE STATE OF DELAWARE.

                                  POINT THERAPEUTICS, INC.

                                  By: /s/ Donald R. Kiepert, Jr.
                                      ----------------------------
                                    Title: President and Chief Executive Officer

                                    Address:
                                    125 Summer Street
                                    Boston, MA  02111

Date:  JULY 31, 2002

                                      -12-

<PAGE>

                                    EXHIBIT A

                               Notice of Exercise

To:

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

        2.      Please issue a certificate or certificates representing said
shares in the name of the undersigned or, subject to compliance with the
restrictions on transfer set forth in Section 7 of the Warrant, in such other
name or names as are specified below:

                                        _________________________________
                                                      (Name)

                                        _________________________________

                                        _________________________________

                                        _________________________________
                                                    (Address)

        3.      The undersigned represents that the aforesaid shares being
acquired for the account of the undersigned for investment and not with a view
to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares.

                                        _________________________________
                                                    Signature

Date:______________

                                      -13-<PAGE>

                                                                   Exhibit 10.16

                         EXECUTIVE EMPLOYMENT AGREEMENT

        This Executive Employment Agreement (hereafter referred to as this
"Agreement") is made by and between Point Therapeutics, Inc, a Delaware
corporation, (the "Company") and Barry Jones, Ph.D. (the "Executive") as of the
1st day of January, 2003 (the "Effective Date").

        WHEREAS, subject to the terms and conditions hereinafter set forth, the
Company wishes to employ the Executive as Senior Vice President, Research, and
the Executive wishes to serve the Company in that capacity;

        NOW, THEREFORE, in consideration of the foregoing premises and the
mutual promises, terms, provisions and conditions set forth in this Agreement,
the parties hereby agree:

        1.      Employment. Subject to the terms and conditions set forth in
this Agreement, the Company hereby offers to continue to employ the Executive
and the Executive hereby agrees to continue in the service of the Company.

        2.      Term. Subject to earlier termination as hereafter provided, the
Executive's employment hereunder shall be for a term of three (3) years,
commencing on the Effective Date, and shall automatically be extended thereafter
for successive terms of one year each. The term of this Agreement, as from time
to time extended, is hereafter referred to as "the term of this Agreement" or
"the term hereof."

        3.      Capacity and Performance.

                (a)     During the term hereof, the Executive shall serve the
Company as its Senior Vice President, Research. In addition, and without further
compensation, the Executive shall serve as a director and/or officer of one or
more of the Company's Affiliates if so elected or appointed from time to time.

                (b)     During the term hereof, the Executive shall be employed
by the Company on a full-time basis.

                (c)     During the term hereof, the Executive shall perform the
duties and responsibilities of his positions and such other duties and
responsibilities on behalf of the Company and its Affiliates, reasonably
consistent with his positions, as may be designated from time to time by the
President and Chief Executive Officer (the "President and CEO") or his designee
or the Board of Directors (the "Board"). Without limiting the generality of the
foregoing, the Executive, subject to the direction and control of the President
and CEO or his designee and the Board, shall be responsible for (i) managing all
of the Company's preclinical research efforts, including, without limitation,
the Company's laboratory scientist employees and

                                       -1

<PAGE>

external vendors who support the Company's preclinical research efforts, and
(ii) managing, with the General Counsel of the Company, the intellectual
property portfolio of the Company.

                (c)     During the term hereof, the Executive shall devote his
full business time and his best efforts, business judgment, skill and knowledge
exclusively to the advancement of the business and interests of the Company and
its Affiliates and to the discharge of his duties and responsibilities for them.
It is agreed, however, that the provisions of this Section 3(c) shall not be
violated (i) by the Executive's holding of directorships or other positions in
charitable, educational or other not-for-profit organizations which do not
involve continuous or substantial time commitments or (ii) by the Executive's
holding of directorships or other positions with for-profit organizations with
the approval of the Board or (iii) by passive personal investment activities,
provided that such positions and activities are not in conflict, and do not
otherwise interfere, with the Executive's duties and responsibilities to the
Company and its Affiliates.

        4.      Compensation and Benefits. As compensation for all services
performed by the Executive under and during the term hereof:

                (a)     Base Salary. During the term hereof, the Company shall
pay the Executive a base salary at the rate of One Hundred and Ninety Thousand
Dollars ($190,000) per year, payable in accordance with the payroll practices of
the Company for its executives. The Board, in consultation with the President
and CEO, shall review the Executive's base salary annually and the base salary
shall be subject to increase from time to time by the Board in its sole
discretion. The Executive's base salary, as from time to time increased, is
hereafter referred to as the "Base Salary."

                (b)     Incentive and Bonus Compensation. If an incentive or
bonus compensation program is made available to executives of the Company
generally and the Executive is not then covered by any incentive or bonus
compensation program, the Executive shall be entitled during the term hereof to
participate in such program in accordance with the terms thereof, as such terms
may be modified or amended by the Company from time to time; provided that the
maximum bonus opportunity for the Executive under any such program shall be not
less than thirty percent (30%) of the Base Salary; and provided further,
however, that nothing contained herein shall obligate the Company to adopt or
continue such an incentive or bonus compensation program. In the absence of such
a program, however, the Executive shall be considered annually by the Board for
a bonus of up to thirty percent (30%) of the Base Salary, based on the
assessment of the Board, in consultation with the President and CEO and in its
discretion, of the Executive's performance and that of the Company against
appropriate and reasonably obtainable goals established annually by the
Compensation Committee of the Board in consultation with the Executive and the
President and CEO; which bonus, if any, shall be payable not later than the end
of the first quarter of the fiscal year following that for which the bonus was
earned. Any bonus or incentive compensation paid to the Executive shall be in
addition to the Base Salary.

                (c)     Vacations. During the term hereof, the Executive shall
be entitled to earn vacation at the rate of four (4) weeks per annum, in all
cases to be taken at such times and

                                       -2

<PAGE>

intervals as shall be determined by the Executive, subject to the reasonable
business needs of the Company. Vacation shall otherwise to subject to the
policies of the Company, as in effect from time to time.

                (d)     Other Benefits. During the term hereof, and subject to
any contribution therefor required of Company employees generally, the Executive
shall be entitled to participate in any and all employee benefit plans from time
to time in effect for employees of the Company generally, except to the extent
such plans are in a category of benefit otherwise provided to the Executive
(e.g., severance pay). Such participation shall be subject to the terms of the
applicable plan documents and generally applicable Company policies. As used
herein, "employee benefit plans" mean health and welfare and retirement plans
which are subject to the federal Employee Retirement Income Security Act of 1974
or any successor statute, as amended.

                (e)     Business Expenses. The Company shall pay or reimburse
the Executive for all reasonable business expenses incurred or paid by the
Executive in the performance of his duties and responsibilities hereunder,
subject to such reasonable substantiation and documentation as may be specified
by the Company from time to time.

        5.      Termination of Employment and Severance Benefits.
Notwithstanding the provisions of Section 2 hereof, the term of this Agreement,
and the Executive's employment hereunder, shall terminate under the following
circumstances:

                (a)     Death. In the event of the Executive's death during the
term hereof, the Executive's employment hereunder shall immediately and
automatically terminate. In that event, the Company shall pay to the Executive's
designated beneficiary or, if no beneficiary has been designated by the
Executive, to his estate, (i) the Base Salary earned but not paid through the
date of termination, (ii) pay for any vacation time earned but not used through
the date of termination, (iii) any bonus compensation awarded but unpaid on the
date of termination and (iv) any business expenses incurred by the Executive but
un-reimbursed on the date of termination, provided that such expenses and
required substantiation and documentation are submitted within thirty (30) days
of termination and that such expenses are reimbursable under Company policy (all
of the foregoing, "Final Compensation"). The Company shall have no further
obligation to the Executive, his heirs, executors or administrators hereunder.

                (b)     Disability.

                        (i)     The Company may terminate the Executive's
        employment hereunder, upon notice to the Executive, in the event that
        the Executive becomes disabled during his employment hereunder through
        any illness, injury, accident or condition of either a physical or
        psychological nature and, as a result, is unable to perform
        substantially all of his duties and responsibilities hereunder for one
        hundred and twenty (120) business days during any period of three
        hundred and sixty-five (365) consecutive calendar days. In the event of
        such termination, the Company shall have no further obligation to the
        Executive, other than for payment of Final Compensation.

                                       -3

<PAGE>

                        (ii)    The Board may designate another employee to act
        in the Executive's place during any period of the Executive's
        disability. Notwithstanding any such designation, the Executive shall
        continue to receive the Base Salary in accordance with Section 4(a)
        hereof, and benefits in accordance with Section 4(d) to the extent
        permitted by the then-current terms of the applicable benefit plans,
        until the Executive becomes eligible for disability income benefits
        under the Company's disability income plan or until the termination of
        his employment, whichever shall first occur.

                        (iii)   While receiving disability income payments under
        the Company's disability income plan, the Executive shall not be
        entitled to receive any Base Salary under Section 4(a) hereof, but shall
        continue to participate in Company benefit plans in accordance with
        Section 4(d) and the terms of such plans until the termination of his
        employment.

                        (iv)    If any question shall arise as to whether during
        any period the Executive is disabled through any illness, injury,
        accident or condition of either a physical or psychological nature so as
        to be unable to perform substantially all of his duties and
        responsibilities hereunder, the Executive may, and at the request of the
        Company shall, submit to a medical examination by a physician selected
        by mutual agreement of the Company and the Executive (or his duly
        appointed guardian, if any) to determine whether the Executive is so
        disabled and such determination shall for the purposes of this Agreement
        be conclusive of the issue. If such question shall arise and the
        Executive shall fail to reasonably cooperate in the selection of a
        physician or to submit to such medical examination, the Company's
        determination of the issue shall be binding on the Executive.

                (c)     By the Company for Cause. The Company may terminate the
Executive's employment hereunder for Cause at any time upon notice to the
Executive; provided that, prior to such termination, the Board shall provide the
Executive an initial notice setting forth in reasonable detail the nature of the
Cause alleged and a reasonable opportunity for the Executive (and, at the
Executive's option, his counsel) to be heard by the Board prior to its final
determination as to whether or not Cause exists. The Board may elect to place
the Executive on unpaid administrative leave at the time of such initial notice
and pending the final determination by the Board; provided, however, that, if
Cause is not found to exist, the Executive shall be paid the Base Salary for the
period of administrative leave. Only the following, as determined by the Board
in its reasonable judgment, shall constitute Cause for termination:

                        (i)     The Executive's willful failure to perform, or
        gross negligence in the performance of, his duties and responsibilities
        to the Company or any of its Affiliates, which failure or neglect
        remains uncured, continues or recurs after ten (10) business days'
        notice from the Board setting forth in reasonable detail the nature of
        such failure or neglect;

                        (ii)    Commission by the Executive of a felony or other
        crime involving moral turpitude;

                                       -4

<PAGE>

                        (iii)   Fraud, embezzlement or other material dishonesty
        by the Executive with respect to the Company or any of its Affiliates;
        or

                        (iv)    Material breach by the Executive of any of his
        obligations under Section 7, 8 or 9 hereof.

Upon termination of the Executive's employment for Cause in accordance herewith,
the Company shall have no further obligation to the Executive, other than for
Final Compensation.

                (d)     By the Company Other than for Cause. The Company may
terminate the Executive's employment hereunder other than for Cause at any time
upon notice to the Executive. In the event of such termination, in addition to
Final Compensation, the Company shall continue to pay the Executive the Base
Salary for the period of twelve (12) months following the date of termination
and, in lieu of continuation of the Executive's participation, or that of any of
his eligible dependents, in any of the Company's employee benefit plans
following termination of his employment, shall provide the Executive a single
lump sum payment in the amount of Twenty-Five Thousand Dollars ($25,000). Base
Salary to which the Executive is entitled hereunder shall be payable in
accordance with the normal payroll practices of the Company and shall begin at
the Company's next regular payroll period following the date of termination. The
lump sum payment to which the Executive is entitled hereunder shall be paid at
the Company's next regular payday following the date of termination.

                (e)     By the Executive for Good Reason. The Executive may
terminate his employment hereunder for Good Reason, upon notice to the Company
setting forth in reasonable detail the nature of such Good Reason. The following
shall constitute Good Reason for termination by the Executive:

                        (i)     Failure of the Company to continue the Executive
        in the position of Vice President, Research;

                        (ii)    Material diminution or other material adverse
        change in the nature or scope of the Executive's responsibilities,
        duties or authority which remains uncured, continues or recurs after ten
        (10) business days' notice from the Executive setting forth in
        reasonable detail the nature of such diminution or change; or

                        (iii)   Material failure of the Company to provide the
        Executive the Base Salary and other compensation and benefits in
        accordance with the terms of Section 4 hereof, other than any
        inadvertent failure which is cured within ten (10) business days
        following notice from the Executive setting forth in reasonable detail
        the nature of such failure.

In the event of termination for Good Reason in accordance with this Section
5(e), in addition to Final Compensation, the Company shall continue to pay the
Executive the Base Salary for the period of twelve (12) months following the
date of termination and, in lieu of continuation of the Executive's
participation, or that of any of his eligible dependents, in any of the
Company's

                                       -5

<PAGE>

employee benefit plans following termination of his employment, shall provide
the Executive a single lump sum payment in the amount of Twenty-Five Thousand
Dollars ($25,000). Base Salary to which the Executive is entitled hereunder
shall be payable in accordance with the normal payroll practices of the Company
and will begin at the Company's next regular payroll period following the date
of termination. The lump sum payment to which the Executive is entitled
hereunder shall be paid at the Company's next regular payday following the date
of termination.

                (f)     By the Executive Other than for Good Reason. The
Executive may terminate his employment hereunder at any time upon sixty (60)
days' notice to the Company. In the event of termination by the Executive
pursuant to this Section 5(f), the Board may elect to waive the period of
notice, or any portion thereof, and, if the Board so elects, the Company shall
pay the Executive the Base Salary for the notice period (or for any remaining
portion of the period).

                (g)     Upon a Change of Control.

                        (i)     If a Change of Control occurs and, within two
        years following such Change of Control, the Company terminates the
        Executive's employment other than for Cause, or the Executive terminates
        his employment for Good Reason, then, in lieu of any payments to the
        Executive under Section 5(c) or 5(d) hereof, the Company (A) shall pay
        the Executive, within ten (10) business days following the date his
        employment terminates, a lump sum payment equal to one and one-half
        times the sum of the Base Salary at the rate in effect on the date of
        termination and the amount of any incentive and bonus compensation paid
        to him pursuant to Section 4(b) hereof during the preceding twelve (12)
        months and (B) in lieu of continuation of the Executive's participation,
        or that of any of his eligible dependents, in any of the Company's
        employee benefit plans following termination of his employment, shall
        provide the Executive a single lump sum payment in the amount of
        Thirty-Seven Thousand, Five Hundred Dollars ($37,500).

                        (ii)    In the event that payments or other benefits to
        which the Executive is entitled under this Agreement constitute an
        "excess parachute payment" as that term is defined in Section 280G of
        the Internal Revenue Code of 1986, or any successor provision, to the
        extent any agreement by, or policy of, the Company is put in place to
        address possible excess parachute payments for any other senior
        executive (a "Parachute Arrangement"), Executive shall have a similar
        arrangement, the terms and conditions of which shall be no less
        favorable to the Executive than the terms and conditions of such
        Parachute Arrangement.

                        (iii)   "Change of Control" means the occurrence after
        the Effective Date of one of the following: (A) any "Person," as such
        term is used in Section 13(d) and 14(d) of the Securities Exchange Act
        of 1934, as amended (the "Exchange Act"), other than the Company or one
        of its Affiliates or any trustee or other fiduciary holding securities
        under an employee benefit plan or other employee plan of the Company or
        one of its Affiliates, becomes a beneficial owner (within the meaning of
        Rule 13d-3, as amended, as

                                       -6

<PAGE>

        promulgated under the Exchange Act), directly or indirectly, in one or a
        series of transactions, of securities representing more than fifty
        percent (50%) of the combined voting power of the Company's then
        outstanding securities; (B) during any period of two consecutive years
        (not including any period prior to the Effective Date), individuals who
        at the beginning of such period constitute the Board, and any new
        director (other than a director designated by a Person, as hereinabove
        defined, who has entered into an agreement with the Company to effect a
        transaction described in clause (A), (C) or (D) of this Section
        5(g)(iii)) whose election by the Board or nomination for election by the
        Company's stockholders was approved by a vote of at least two-thirds of
        the directors then still in office who either were directors at the
        beginning of the period or whose election or nomination for election was
        previously so approved, cease for any reason to constitute at least a
        majority thereof; or (C) there occurs a merger or consolidation of the
        Company with any other corporation, other than a merger or consolidation
        which would result in the voting securities of the Company outstanding
        immediately prior thereto continuing to represent (either by remaining
        outstanding or by being converted into voting securities of the
        surviving entity) more than fifty percent (50%) of the combined voting
        power of the voting securities of the Company or such surviving entity
        outstanding immediately after such merger or consolidation; or (D) the
        stockholders of the Company approve a plan of a complete liquidation of
        the Company; or (E) there occurs a closing of a sale or other
        disposition by the Company of all or substantially all of the assets of
        the Company other than to one or more of the Company's Affiliates or any
        trustee or other fiduciary holding securities under an employee benefit
        plan or other employee plan of the Company or any of its Affiliates.

                        (iv)    The Company shall promptly reimburse the
        Executive for the amount of all reasonable attorneys' fees and expenses
        incurred by the Executive in seeking to obtain or enforce any right or
        benefit provided the Executive under this Section 5(g).

        6.      Effect of Termination. The provisions of this Section 6 shall
apply to any termination of this Agreement, pursuant to Section 5 or otherwise.

                (a)     Payment by the Company of any Final Compensation, Base
Salary, incentive or bonus compensation and any lump sum payment in lieu of
benefits that is due the Executive in each case in accordance with the
applicable termination provision of Section 5 shall constitute the entire
obligation of the Company to the Executive.

                (b)     Except for any right that the Executive may have to
continue his coverage and that of his eligible dependents at his cost under the
Company's group health and dental plans through the federal law known as "COBRA"
or any successor law, benefits shall terminate pursuant to the terms of the
applicable employee benefit plans based on the date of termination of the
Executive's employment without regard to any continuation of Base Salary or
other payment to the Executive following such date of termination.

                                       -7

<PAGE>

                (c)     Provisions of this Agreement shall survive any
termination if so provided herein or if necessary or desirable to accomplish the
purposes of other surviving provisions, including without limitation the
obligations of the Executive under Sections 7, 8 and 9 hereof. The obligation of
the Company to make payments to or on behalf of the Executive under Section
5(d), 5(e) or 5(g) hereof is expressly conditioned upon the Executive's
continued full performance of his obligations under Sections 7, 8 and 9 hereof.
The Executive recognizes that, except as expressly provided in Section 5(d),
5(e) or 5(g), no compensation is earned after termination of employment.

        7.      Confidential Information.

                (a)     The Executive acknowledges that the Company and its
Affiliates continually develop Confidential Information; that the Executive may
develop Confidential Information for the Company or its Affiliates; and that the
Executive may learn of Confidential Information during the course of employment.
The Executive shall comply with the policies and procedures of the Company and
its Affiliates for protecting Confidential Information and shall not disclose to
any Person or use, other than as required by applicable law or for the proper
performance of his duties and responsibilities to the Company and its
Affiliates, any Confidential Information obtained by the Executive incident to
his employment or other associations with the Company or any of its Affiliates.
The Executive understands that this restriction shall continue to apply after
his employment terminates, regardless of the reason for such termination.

                (b)     All documents, records, tapes and other media of every
kind and description relating to the business, present or otherwise, of the
Company or its Affiliates and any copies, in whole or in part, thereof (the
"Documents"), whether or not prepared by the Executive, shall be the sole and
exclusive property of the Company and its Affiliates. The Executive shall
safeguard all Documents and shall surrender to the Company at the time his
employment terminates, or at such earlier time or times as the Board or its
designee may specify, all Documents then in the Executive's possession or
control.

        8.      Assignment of Rights to Intellectual Property.

                (a)     The Executive agrees to maintain accurate and complete
contemporaneous records of, and to immediately and fully disclose and deliver to
the Company, all Intellectual Property, as hereafter defined.

                (b)     The Executive hereby represents and warrants that, to
the best of his knowledge, all of the Products resulting from his work for the
Company shall be original and shall not infringe the rights of any third party,
including without limitation intellectual property rights, such as rights
pertaining to patents, trademarks, copyrights and trade secrets.

                (c)     The Executive hereby assigns and agrees in the future to
assign to the Company (or as otherwise directed by the Company) his full right,
title and interest in and to all Intellectual Property. The Executive agrees to
provide, at the Company's request, all further cooperation which the Company
determines is necessary or desirable to accomplish the

                                       -8

<PAGE>

complete transfer of the Intellectual Property and all associated rights to the
Company, its successors, assigns and nominees, and to ensure the Company the
full enjoyment of the Intellectual Property, including without limitation
executing further applications both domestic and foreign, specifications, oaths,
assignments, consents, releases, government communications and other
commercially reasonable documentation, responding to corporate diligence
inquiries and providing good faith testimony by affidavit, declaration,
deposition, in-person or other proper means, in support of any effort by the
Company to establish, perfect, defend, or otherwise enjoy, in this or any
foreign country, its rights acquired pursuant to this Agreement through
prosecution of governmental filings, regulatory proceedings, litigation or other
means.

                (d)     To the extent that the Executive cannot assign and
transfer any of his full right, title, and interest in the Intellectual Property
then the Executive hereby grants the Company and its Affiliates an irrevocable,
worldwide, fully paid-up, royalty-free, exclusive license, with the right to
sublicense through multiple tiers, to make, use, sell, improve, reproduce,
distribute, perform, display, transmit, manipulate in any manner, create
derivative works based upon, and otherwise exploit or utilize in any manner the
Intellectual Property. The Executive will not charge the Company for time spent
in complying with any of his obligations under this Section 8. All copyrightable
works constituting Intellectual Property that the Executive creates shall be
considered "work made for hire."

        9.      Restricted Activities. The Executive agrees that some
restrictions on his activities during and after his employment are necessary to
protect the goodwill, Confidential Information and other legitimate interests of
the Company and its Affiliates:

                (a)     While the Executive is employed by the Company and for
twenty-four (24) months after his employment terminates (the "Non-Competition
Period"), the Executive shall not, directly or indirectly, whether as owner,
partner, investor, consultant, agent, employee, co-venturer or otherwise,
compete with the Business of the Company and its Affiliates anywhere in the
world or undertake any planning for any business competitive with the Business
of the Company and its Affiliates. For the purposes of this Section 9, the
"Business of the Company and its Affiliates" shall include all Products,
including without limitation (i) immune modulating agents that are protease
inhibitors, (ii) immune modulating agents that are chemically synthesized homo
and hetero bivalent or multivalent conjugates that are designed to induce the
association or aggregation of T-cell surface receptors and that include as one
component a protease inhibitor, (iii) agents that bind to Dipeptidyl Peptidase
IV (DPP IV), a membrane anchored ecto-protease identified as the leukocyte
antigen CD26 and also called CD26, adenosine deaminase binding protein (ADAbp)
and thymocyte activation molecule (THAM), (iv) agents that bind to fibroblast
activation protein (FAP), and (v) all products described and claimed in any
patent application or issued patent owned or licensed by the Company or any of
its Affiliates, and the Executive's undertaking shall encompass all items,
products and services that may be used in substitution for the Products. The
foregoing will not prevent the Executive from owning 2% or less of the
publicly-traded securities of any corporation.

                (b)     The Executive further agrees that while he is employed
by the Company and during the Non-Competition Period, the Executive will not
hire or attempt to hire any

                                       -9

<PAGE>

employee of the Company or any of its Affiliates, assist in such hiring by any
Person, encourage any such employee to terminate his or her relationship with
the Company or any of its Affiliates, or solicit or encourage any independent
contractor doing business with the Company or any of its Affiliates to terminate
or diminish its relationship with them.

        10.     Enforcement of Covenants. The Executive acknowledges that he has
carefully read and considered all the terms and conditions of this Agreement,
including without limitation the restraints imposed upon him pursuant to
Sections 7, 8 and 9 hereof. The Executive agrees that said restraints are
necessary for the reasonable and proper protection of the Company and its
Affiliates and that each and every one of the restraints is reasonable in
respect to subject matter, length of time and geographic area. The Executive
further acknowledges that, were he to breach any of the covenants contained in
Sections 7, 8 or 9 hereof, the damage to the Company and its Affiliates would be
irreparable. The Executive therefore agrees that the Company and its Affiliates,
in addition to any other remedies available to them, shall be entitled to
preliminary and permanent injunctive relief against any breach or threatened
breach by the Executive of any of said covenants. The parties further agree
that, in the event that any provision of Section 7, 8 or 9 hereof shall be
determined by any court of competent jurisdiction to be unenforceable by reason
of its being extended over too great a time, too large a geographic area or too
great a range of activities, such provision shall be deemed to be modified to
permit its enforcement to the maximum extent permitted by law.

        11.     Conflicting Agreements. The Executive hereby represents and
warrants that the execution of this Agreement and the performance of his
obligations hereunder will not breach or be in conflict with any other agreement
to which the Executive is a party or is bound and that the Executive is not now
subject to any covenants against competition or similar covenants or any court
order or other legal obligation that would affect the performance of his
obligations hereunder. The Executive will not disclose to or use on behalf of
the Company any proprietary information of a third party without such party's
consent.

        12.     Definitions. Words or phrases which are initially capitalized or
are within quotation marks shall have the meanings provided in this Section 12
and as provided elsewhere in this Agreement. For purposes of this Agreement, the
following definitions apply:

                (a)     "Affiliates" means all persons and entities directly or
indirectly controlling, controlled by or under common control with the Company,
where control may be by either management authority or equity interest.

                (b)     "Confidential Information" means any and all information
of the Company and its Affiliates that is not generally known by others with
whom any of them competes or does business, or with whom any of them plans to
compete or do business and any and all information, publicly known in whole or
in part or not, which, if disclosed by the Company or any of its Affiliates
would assist in competition against them. Confidential Information includes
without limitation such information relating to (i) the development, research,
testing, manufacturing, marketing and financial activities of the Company and
its Affiliates, (ii) the Products, (iii) the costs, sources of supply, financial
performance and strategic plans of the

                                       -10

<PAGE>

Company and its Affiliates, (iv) the identity and special needs of the customers
of the Company and its Affiliates and (v) the people and organizations with whom
the Company and its Affiliates have business relationships and the nature and
substance of those relationships. Confidential Information also includes any
information that the Company or any of its Affiliates has received, or may
receive hereafter, belonging to customers or others with any understanding,
express or implied, that the information would not be disclosed.

                (c)     "Intellectual Property" means inventions, discoveries,
developments, methods, processes, compositions, works, concepts and ideas
(whether or not patentable or copyrightable or constituting trade secrets) (i)
that are conceived, made, created, developed or reduced to practice by the
Executive (whether alone or with others, whether or not during normal business
hours or on or off Company premises) at any time during the Executive's
employment or other associations with the Company, whether before or after the
Effective Date, that relate to either the Products or any prospective activity
of the Company or any of its Affiliates or that make use of Confidential
Information or (ii) that, although conceived, made, created, developed or
reduced to practice by the Executive prior to the Executive's employment or
other associations with the Company, have been incorporated by the Executive
into any of the Products.

                (d)     Except as otherwise provided for purposes of the
definition of "Change of Control" set forth in Section 5(g)(iii) above, "Person"
means an individual, a corporation, a limited liability company, an association,
a partnership, an estate, a trust and any other entity or organization, other
than the Company or any of its Affiliates.

                (e)     "Products" mean all products planned, researched,
developed, tested, manufactured, sold, licensed, leased or otherwise distributed
or put into use by the Company or any of its Affiliates, together with all
services provided or planned by the Company or any of its Affiliates, during the
Executive's employment.

        13.     Withholding. All payments made by the Company under this
Agreement shall be reduced by any tax or other amounts required to be withheld
by the Company under applicable law.

        14.     Assignment. Neither the Company nor the Executive may make any
assignment of this Agreement or any interest herein, by operation of law or
otherwise, without the prior written consent of the other; provided, however,
that the Company may assign its rights and obligations under this Agreement
without the consent in the event that the Executive is transferred to a position
with any of the Affiliates or in the event that the Company shall hereafter
affect a reorganization, consolidate with, or merge into, any other Person or
transfer all or substantially all of its properties or assets to any other
Person. This Agreement shall inure to the benefit of and be binding upon the
Company and the Executive, their respective successors, executors,
administrators, heirs and permitted assigns.

        15.     Severability. If any portion or provision of this Agreement
shall to any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this

                                       -11

<PAGE>

Agreement, or the application of such portion or provision in circumstances
other than those as to which it is so declared illegal or unenforceable, shall
not be affected thereby, and each portion and provision of this Agreement shall
be valid and enforceable to the fullest extent permitted by law.

        16.     Waiver. No waiver of any provision hereof shall be effective
unless made in writing and signed by the waiving party. The failure of either
party to require the performance of any term or obligation of this Agreement, or
the waiver by either party of any breach of this Agreement, shall not prevent
any subsequent enforcement of such term or obligation or be deemed a waiver of
any subsequent breach.

        17.     Notices. Any and all notices, requests, demands and other
communications provided for by this Agreement shall be in writing and shall be
effective when delivered in person or deposited in the United States mail,
postage prepaid, registered or certified, and addressed to the Executive at his
last known address on the books of the Company or, in the case of the Company,
at its principal place of business, attention of the President and CEO, or to
such other address as either party may specify by notice to the other actually
received.

        18.     Entire Agreement. This Agreement constitutes the entire
agreement between the parties and supersedes all prior communications,
agreements and understandings, written or oral, with respect to the terms and
conditions of the Executive's employment.

        19.     Amendment. This Agreement may be amended or modified only by a
written instrument signed by the Executive and by an expressly authorized
representative of the Company.

        20.     Headings. The headings and captions in this Agreement are for
convenience only and in no way define or describe the scope or content of any
provision of this Agreement.

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

        22.     Governing Law. This is a Massachusetts contract and shall be
construed and enforced under and be governed in all respects by the laws of the
Commonwealth of Massachusetts, without regard to the conflict of laws principles
thereof.

                                       -12

<PAGE>

        IN WITNESS WHEREOF, this Agreement has been executed as a sealed
instrument by the Company, by its duly authorized representative, and by the
Executive, as of the date first above written.

THE EXECUTIVE:                     THE COMPANY

/s/ Barry Jones                    By: /s/ Donald R. Kiepert, Jr.
------------------                     --------------------------
Barry Jones                                Donald R. Kiepert, Jr.
                                           President and Chief Executive Officer

                                       -13

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