Document:

<PAGE>   1
                                                                Exhibit 10.9

PREPARED BY AND WHEN RECORDED RETURN TO:
     RONALD L. STEPHENSON, ESQUIRE
     POST OFFICE BOX 2861
     ST. PETERSBURG, FLORIDA 33731-2861

                           DRIVEWAY EASEMENT AGREEMENT

     This DRIVEWAY EASEMENT AGREEMENT ("Agreement") is made and entered into on
May 27, 1999 by and between LIFE SCIENCES, INC., a Delaware corporation ("LSI"),
and CAVAFORM, INC., a Florida corporation ("Cavaform").

RECITALS:

     (a) LSI is the owner of the real property situate, lying and being in
Pinellas County, Florida and described on the attached Exhibit A, which is
incorporated herein by this reference ("Exhibit A), as PARCEL ONE. This property
and each part thereof is sometimes referred in this Agreement as the "LSI
Property".

     (b) On or about the date hereof, Cavaform became the owner, through
acquisition from LSI, of the real property situate, lying and being in Pinellas
County, Florida and described on Exhibit A as PARCEL TWO. This property and each
part thereof is sometimes referred to in this Agreement as the "Cavaform
Property".

     (c) By this Agreement, the parties desire to establish and to regulate a
driveway easement from 72nd Street North, St. Petersburg, Florida for ingress
and egress to and from the LSI Property and the Cavaform Property (sometimes
collectively referred to herein as the "Benefited Property"), such driveway
easement (the "Driveway Easement") to be over the southerly portion of the LSI
Property and the northerly portion of the Cavaform Property. Such southerly and
northerly portions of property are more particularly described as the real
property situate, lying and being in Pinellas County, Florida and described on
Exhibit A as PARCEL THREE (the "LSI Easement Parcel") and PARCEL FOUR (the
"Cavaform Easement Parcel"). The LSI Easement Parcel and the Cavaform Easement
Parcel are sometimes collectively referred to in this Agreement as the "Easement
Area". The Easement Area is more particularly described as the real property
situate, lying and being in Pinellas County, Florida and described on Exhibit A
as PARCEL FIVE.

     NOW, THEREFORE, in consideration of the foregoing and the covenants
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by LSI and Cavaform, the parties
agree as follows:

1. RECITALS. The foregoing recitals are true and correct, and are incorporated
herein by this reference.

2. GRANTS OF EASEMENTS. On the terms and conditions herein contained, LSI hereby
grants to Cavaform, and to the successors in title to the Cavaform Property, for
the use and benefit of the Cavaform Property, a perpetual, non-exclusive
easement for ingress and egress to the Cavaform Property, on, over and across
the LSI Easement Parcel. On the terms and conditions herein contained, Cavaform
hereby grants to LSI, and to the successors in title to the LSI Property, for
the use and benefit of the LSI Property, a perpetual, non-exclusive easement for
ingress and egress to the LSI Property, on, over and across the Cavaform
Easement Parcel.

3. USE. Without limiting the other provisions of this Agreement, the Driveway
Easement may be used for the intended purpose of providing ingress and egress to
and from the Benefited Property by the respective employees, agents, tenants,
subtenants, licensees, mortgagees in possession, customers and business invitees
of the owners of the Benefited Property. Neither of the parties shall do
anything that will impair the use of the Driveway Easement for its intended
purpose; provided, however, that limited impairment of use resulting from
construction, repair and maintenance of improvements to the Driveway Easement is
not a breach of this provision. Parking or standing of vehicles in the Driveway
Easement is not permitted, except as requisite in and about the construction,
repair and maintenance of improvements to the Driveway Easement.

4. COVENANTS RUNNING WITH THE LAND. The terms, covenants and conditions set
forth in this Agreement shall run with the real property described herein (i.e.,
the Benefited Property and the Easement Area) and shall benefit and bind the
parties, and any successor owner of all or any portion of the real property
described in this Agreement. Subsequent owners of all or any portion of the
Benefited Property shall have the full benefit and right of enjoyment of the
easements and other rights herein granted. The rights, benefits and obligations
of this Agreement shall be transferred and conveyed upon transfer or conveyance
of any portion of real property benefited or burdened by the easements herein
granted without the need of any reference to this Agreement.

<PAGE>   2

5. NO PUBLIC DEDICATION. Nothing contained in this Agreement shall be deemed to
be a gift or dedication of any portion of any real property described herein to
the general public or for any public use or purpose.

6. CONSTRUCTION, REPAIR AND MAINTENANCE. At its sole cost and expense, Cavaform
shall construct, or shall cause to be constructed, improvements, including
asphalt paving and concrete curbing, within the Easement Area suitable to the
use thereof as the Driveway Easement, and thereafter shall maintain the same, or
cause it to be maintained, in good repair and in a safe, well-lighted, clean and
orderly condition, and shall provide suitable insurance with respect to the
same. Notwithstanding the foregoing, from and after such time as the owner of
the LSI Easement Parcel makes more than an incidental use of the Driveway
Easement, such owner shall be responsible for reimbursing the party performing
the maintenance on, and providing the insurance with respect to, the Driveway
Easement for one-half of the reasonable cost of such maintenance and insurance
applicable to the Driveway Easement for periods of time after the commencement
of more than such an incidental use. Each party shall be solely responsible for
the property taxes and assessments on that portion of the Easement Area owned by
the party.

7. DAMAGE. If any owner of any of the Benefited Property, or such owner's
employees, agents, tenants, subtenants, licensees, mortgagees in possession,
customers or business invitees, cause any damage (such owner is referred to as
the "Applicable Owner") to the Driveway Easement, the Applicable Owner shall
immediately begin the repair of such damage at its sole cost and expense and
diligently complete such repairs as soon as reasonably possible, but in no event
later than 30 days after such property is damaged.

8. FAILURE TO MAINTAIN AND REPAIR. If any person responsible for construction,
repair or maintenance under the provisions of this Agreement fails to perform
its obligations hereunder (the "Defaulting Owner"), then after notice to the
Defaulting Owner by another owner of property affected by this Agreement (the
"Non-Defaulting Owner"), and provided that the Defaulting Owner does not
commence its construction, repair or maintenance obligations within five days
after receiving the notice and diligently complete the performance of such
maintenance and repair obligations as soon as reasonably possible, but in no
event more than 30 days after the delivery of such notice, the Non-Defaulting
Owner shall have the right, but not the obligation, to perform any of the
obligations of the Defaulting Owner. In the event of an emergency, the
Non-Defaulting Owner may immediately perform the obligations of the Defaulting
Owner. All reasonable costs and expenses incurred by the Non-Defaulting Owner in
connection with the Defaulting Owner's failure to perform, together with
interest at the highest lawful rate per annum from the date of the expenditure
of such funds (the "Remediation Costs") shall be due from the Defaulting Owner
to the Non-Defaulting Owner upon receipt of a bill therefor. The Remediation
Costs shall be the obligation of the Defaulting Owner, and the Non-Defaulting
Owner shall have a lien against the property owned by the Defaulting Owner and
subject to this Agreement ("Defaulting Owner's Property") to secure the
Remediation Costs. The priority of such lien shall be the date a claim of lien,
stating the amount of Remediation Costs and specifying that the lien is against
the Defaulting Owner's Property, is mailed to the Defaulting Owner and recorded
in the public records of Pinellas County, Florida. Such lien may be foreclosed
in the same manner as a real estate mortgage.

9. INTERPRETATION. In the event any provision of this Agreement is determined to
be invalid, illegal, void or unenforceable, in whole or in part, such
determination shall not be construed to invalidate the remaining provisions of
this Agreement which shall remain in full force and effect. Descriptive headings
of or in sections and any exhibits are inserted for convenience only and are not
a part of this Agreement. Any time period provided for herein which shall end
on, and any date provided for herein which is on, a Saturday, Sunday or legal
holiday in the United States shall extend to 5:00 p.m. of the next business day.
Unless otherwise qualified, references in this Agreement to "Section" or
"section" are to provisions of this Agreement and a reference thereto includes
any subparts, and the use of the terms "party" or "parties" are references to
Cavaform and/or LSI, and their respective successors as contemplated by Sections
2 and 4, as required or permitted by the context. As used herein, the singular
includes the plural, the plural includes the singular and words in one gender
include the others; the terms "herein", "hereof", "hereunder" and similar
references refer to the whole of this Agreement; and "include", "including" and
similar terms are not words of limitation. This Agreement shall not be construed
against any party as the drafter, and may not be waived, amended or modified in
any respect except by further agreement in writing duly executed by all parties
that own the real property that is affected by such waiver, amendment or
modification.

10. GENERAL. This Agreement: (i) shall become effective on the date it is first
recorded in the public records of Pinellas County, Florida; (ii) contains the
entire statement of all arrangements, representations, warranties, promises,
covenants, understandings and agreements, written or oral, between LSI and
Cavaform with respect to its subject matter, and supersedes all previous
arrangements, representations, warranties, promises, covenants, understandings
and agreements, written or oral, relating to its subject matter; and (iii) shall
be governed by, and construed and enforced in accordance with, the internal laws
of the State of Florida without reference to its laws relating to the conflict
of laws; provided, however, to the extent Florida law is preempted by federal
law, federal law shall apply. With respect to the Driveway Easement, each of the
parties shall comply with all applicable laws, rules, regulations and
requirements of public authorities, and shall indemnify, defend and hold
harmless each owner of real property underlying the Easement Area against all
claims, demands, loss, damage, liabilities,

                                                                          PAGE 2
<PAGE>   3

suits, actions and judgments (including costs and reasonable attorneys' and
paralegals' fees) arising or resulting out of, or related to, the other party's
use (including use by such party's employees, agents, tenants, subtenants,
licensees, mortgagees in possession, customers or business invitees) of the
portion of the Driveway Easement that is upon such owner's real property. In the
event of litigation involving this Agreement, each party irrevocably consents to
the exclusive personal jurisdiction over that party of the courts (both federal
and state) located within the territorial limits of the United States District
Court for the Middle District of Florida, Tampa Division, in the State of
Florida and to venue therein for all purposes, and the prevailing party shall be
entitled to recover as part of the judgment its costs of suit, including
reasonable attorneys' and paralegals' fees, at trial and on appeal. The defense
to an action for the specific enforcement of this Agreement that the remedy of
damages alone may be adequate is waived by each of the parties.

11. NOTICE. Any notice given to any party under this Agreement shall be valid
only if in writing and shall be deemed to be duly given only if delivered
personally or sent by courier service, by overnight delivery service, or by
registered or certified mail, postage prepaid, addressed to the respective
addresses of the parties set forth under their signatures below. Either party
may by notice to the other change its address for notice. Notice shall be
effectively given upon the earlier of actual receipt or three days after
forwarding. In the event notice is mailed as provided in this section and is
returned to the sender for any reason, that notice shall be deemed to have been
received by the party to whom it was addressed on the date the notice was
initially placed in the U. S. Postal Service by the sender.

     IN WITNESS WHEREOF, LSI and Cavaform have caused this Driveway Easement
Agreement to be executed, acknowledged and delivered in their respective names
by duly authorized officers on the date first written above.

<TABLE>

<S>                                   <C>
                                      LIFE SCIENCES, INC.

WITNESSES:

/s/ Behnam Movaseghi                  By: /s/ Alex A. Burns
---------------------------------         -----------------------------------------------
                                                     (Authorized Officer)

Behnam Movaseghi                      Alex A. Burns
---------------------------------     ---------------------------------------------------
                                      NAME LEGIBLY PRINTED, TYPEWRITTEN OR STAMPED
NAME LEGIBLY PRINTED,                 (Address of Such Person and of Life Sciences, Inc.)
TYPEWRITTEN OR STAMPED                             2900 - 72ND STREET NORTH
                                                 ST. PETERSBURG, FLORIDA 33710
/s/ Ronald L. Stephenson
---------------------------------
Ronald L. Stephenson
---------------------------------
NAME LEGIBLY PRINTED, TYPEWRITTEN
OR STAMPED

                                      CAVAFORM, INC.

/s/ Behnam Movaseghi                  By: /s/ Robert C. Massie
---------------------------------         -----------------------------------------------
                                                     (Authorized Officer)

/s/ Behnam Movaseghi                  Sect./Tr. R. C. Massie
---------------------------------     ---------------------------------------------------
NAME LEGIBLY PRINTED,                 NAME LEGIBLY PRINTED, TYPEWRITTEN OR STAMPED
TYPEWRITTEN OR STAMPED                  (Address of Such Person and of Cavaform, Inc.)
                                                  2700 - 72ND STREET NORTH
/s/ Ronald L. Stephenson                        ST. PETERSBURG, FLORIDA 33710
---------------------------------

Ronald L. Stephenson
---------------------------------
NAME LEGIBLY PRINTED, TYPEWRITTEN
OR STAMPED
</TABLE>

                                                                          PAGE 3
<PAGE>   4

STATE OF FLORIDA    )
COUNTY OF PINELLAS  )

     The foregoing instrument was acknowledged before me this 27th day of May
1999, by Alex A. Burns, the Vice President of LIFE SCIENCES, INC., a Delaware
corporation, on behalf of the corporation. He is personally known to me, or he
has produced (insert type of identification produced) Driver's License as
identification.

                                    /s/ Linda R. O'Dell
                                    --------------------------------------------
                                    SIGNATURE
       (SEAL)
                                        Linda R. O'Dell
                                    --------------------------------------------
                                    NAME LEGIBLY PRINTED, TYPEWRITTEN OR STAMPED
My Commission Expires:

STATE OF FLORIDA    )
COUNTY OF PINELLAS  )

     The foregoing instrument was acknowledged before me this 27th day of May
1999, by Robert C. Massie, the Sect./Tr. of CAVAFORM, INC., a Florida
corporation, on behalf of the corporation. He is personally known to me, or he
has produced (insert type of identification produced) Driver's License as
identification.

                                    /s/ Linda R. O'Dell
                                    --------------------------------------------
       (SEAL)
                                        Linda R. O'Dell
                                    --------------------------------------------
                                    NAME LEGIBLY PRINTED, TYPEWRITTEN OR STAMPED
My Commission Expires:

                                                                          PAGE 4<PAGE>   1
                                                               Exhibit 10.10

                           SIMON SRYBNIK AND VARIOUS
                                    ENTITIES

May 27, 1999

LIFE SCIENCES, INC.
Attn.: Alex A. Burns
2900 72nd Street North
St. Petersburg, Florida 33710

      Re: Investment Representations and Agreements - Life Sciences, Inc.

Gentlemen:

         This letter sets forth the individual representations, warranties and
acknowledgements of the individual and of each of the entities listed in the
table below (collectively referred to hereinafter as "we", "us", "our" and
similar terms) to Life Sciences, Inc., a Delaware corporation ("LSI", "you" or
the "Company"), and our related individual covenants and agreements with you,
all in connection with the offer to purchase from you shares of common stock,
$.10 par value per share, of LSI (the "Common Stock"), at $.405 per share(1) as
the means of liquidating your individual indebtedness to each of us.

         As of the close of business yesterday, May 26, 19992, you were
indebted to us as set forth in the following table, all of which amounts are
due by you in connection with one or more separate loans of money by us to the
Company as reflected in your books and records.

<TABLE>
<CAPTION>

                                                             Interest and
                                                             Other Charges
                                              Principal    (collectively, the
   Creditor Name            Total Amount    ("Principal")  "Other Charges")(2)
   -------------            ------------    -------------  -------------------
<S>                         <C>              <C>              <C>

Kerns Mfgering Corp.        $184,530.57      $107,071.31      $ 77,459.26
Industrial Renting Corp.      30,731.17        20,000.00        10,731.17
Continental Salvage Corp.     30,364.74        20,000.00        10,364.74
Simon Srybnik                 35,427.95        15,000.00        20,427.95
Sutton Investing Corp.       380,566.56       313,653.63        66,912.93
S&S Machinery Corp.           76,045.81        50,104.45        25,941.36
Apex Organization, Inc.       23,022.39        18,000.00         5,022.39
                            -----------      -----------      -----------
        TOTALS              $760,689.19      $543,829.39      $216,859.80
</TABLE>

         During his current visit to Florida, Simon Srybnik has, for himself,
individually, and as an authorized officer of each of the entities named in the
foregoing table (the "Entities") reached agreement with you, and upon
acceptance by you of this letter (this "Investment Representation Letter" or
this "Letter") it shall evidence the agreement between you and us, that the
individual amounts of Principal shall be paid and discharged by the sale and
issuance by you, in a private offering to us, of shares of Common Stock at
$.405

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

(1)  This amount is the approximate mean between the last available reported
     bid and ask prices of the Common Stock in the over-the-counter market
     prior to the date hereof.

(2)  Interest included in the table is calculated through May 31, 1999, the
     five additional days being immaterial under the circumstances. It is
     understood that late payment charges were never booked by the Company;
     only interest amounts were booked by the Company.

<PAGE>   2

Life Sciences, Inc.                            Investment Representation Letter
May 27, 1999                                                             Page 2
===============================================================================

per share, and that the Other Charges shall be forgiven and extinguished upon
the date of your acceptance of this Letter without any further act or deed by
you or any of us. This would result as of the date of this Letter in the sale
and issuance to us of an aggregate of 1,342,785 whole shares (rounded down in
calculation) of Common Stock (the "Shares"), which individual amounts of Shares
we individually hereby subscribe for and agree to purchase:

               Issuee-Creditor Name                EIN/SS No.  Number of Shares
               --------------------                ----------  ----------------

         Kerns Manufacturing Corp.                 11-1613018       264,373
                   37-14  29th Street
                   Long Island City, NY 11101
         Industrial Renting Corp.                  11-1742522        49,382
                   132-54th Street
                   Brooklyn, NY 11220
         Continental Salvage Corp.                 11-2044758        49,382
         Simon Srybnik                            ###-##-####        37,037
         Sutton Investing Corp.                    11-1996040       774,453
         S&S Machinery Corp.                       13-2533665       123,714
         Apex Organization, Inc.                   11-2399253        44,444
                                                                    -------
                 TOTAL SHARES                                     1,342,785

         It is in this context that we provide you with this Letter as an
inducement to your sale of the Shares to us, and each of us intend and realize
that the Company and its agents and representatives will rely on our individual
representations, warranties, acknowledgements, covenants and agreements set
forth in this Letter in connection with the sale to us of the Shares. We each
understand that reliance will also be placed on the accuracy and completeness
hereof in complying with the obligations of applicable securities laws, and
that failure to comply with those obligations may have significant legal
consequences.

         (1) Representations, Etc. Therefore, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
each of the preceding portions of this Letter is incorporated herein by this
reference, and we each for ourselves individually (severally, and not jointly
and severally) represent, warrant, acknowledge, covenant and agree as follows:

             (a) Except as otherwise set forth in the immediately preceding
table, the business address for each of us is 140 - 53rd Street, Brooklyn, New
York 11232. Our respective employer identification numbers or social security
number are as set forth in that same table. Insofar as we are individually
aware, no commission or other remuneration is payable as a result of our
respective proposed purchases of the Shares, and no general solicitation or
advertisement occurred in connection therewith.

             (b) We are each an "accredited investor" within the meaning of
Regulation D under the Securities Act of 1933, as amended ("Securities Act"),
and the Florida Securities and Investor Protection Act ("Florida Act") because,
(i) in the case of Simon Srybnik, his current individual net worth exceeds
$1,000,000 and/or he had individual income(3) in excess of $200,000 in each of
the two most recent years and has a reasonable expectation of reaching the same
income level in the current year, and (ii) in the case of each of the Entities,
each of the three stockholders of each of the Entities (i.e., Simon Srybnik,
Louis D. Srybnik and Julius B. Srybnik), each of whom owns one-third of the
outstanding stock of each of the Entities, is an accredited investor by virtue
of having a current individual net worth in excess of $1,000,000

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

3  A measure of a person's income for this purpose is the amount of his
   individual adjusted gross income (as reported on a federal income tax
   return) increased by: (i) any deduction for a portion of long term capital
   gains [Internal Revenue Code ("Code") Section 1202]; (ii) any deduction for
   depletion (Section 611 et. seq. of the Code); (iii) any exclusion for
   interest on tax-exempt municipal obligations (Section 103 of the Code); and
   (iv) any losses of a partnership allocated to the individual limited partner
   (as reported on Schedule E of Form 1040).

<PAGE>   3

Life Sciences, Inc.                            Investment Representation Letter
May 27, 1999                                                             Page 3
===============================================================================

and/or because he had individual income(4) in excess of $200,000 in each of the
two most recent years and has a reasonable expectation of reaching the same
income level in the current year. We each also have such knowledge and
experience in financial and business matters that we are capable of evaluating
the merits and risks of our respective acquisitions of the Shares and of our
investments in LSI. We understand there is no guaranty or assurance that you
ever will be profitable, and that your operating history includes a history of
losses. Accordingly, we are aware of the speculative nature of our proposed
investments and of the significant risks involved, and we represent and warrant
that we can individually bear the economic risk of such investments. We
understand that an investment in LSI is not suitable for any person who does
not so understand such risks. Our respective investments in and commitments to
all non-liquid investments, including our individual proposed purchases of the
Shares, are reasonable in relation to our respective net worths, and we each
have adequate means of providing for our respective current needs and possible
contingencies without disposing of our respective proposed investments in the
Shares. All information we have provided to you concerning our respective
financial positions and knowledge of financial and business matters is correct
and complete as of the date hereof.

             (c) We have received and reviewed prior to our individual
determinations to purchase the Shares and prior to the execution and delivery
of this Investment Representation Letter, all of the material information
concerning LSI, the Common Stock, the Shares and other matters that we
considered to be necessary or appropriate in connection with our respective
investment decisions.

             (d) Among the documents we have had full and fair access to prior
to the execution and delivery of this Letter are all material contracts to
which LSI is a party or by which you are bound or benefitted, your historical
financial statements and related financial information as requested by one or
more of us, and the minute book of LSI containing the records of the actions of
your Board of Directors and stockholders.

             (e) The Shares are to be acquired by us individually, in our own
respective names only, for our own respective accounts, and no other person has
any direct or indirect beneficial ownership interest or other interest therein,
other than the stockholders of the Entities in their capacities as such. The
Shares are to be individually acquired by us solely for investment purposes and
not with a view to resale or distribution, and none of us has any contract,
undertaking, agreement or arrangement for any sale, distribution or other
transfer of any interest in any of the Shares, and no present plans to enter
into any such arrangement.

             (f) We each understand that the offer and sale of the Shares has
not been registered with or reviewed by the Securities and Exchange Commission
under the Securities Act, with or by any agency under the Florida Act, or with
or by any other state securities law administrator on the grounds, among
others, that the issuance and sale thereof is exempt from those registration
requirements on the grounds, among others, of not involving any public offering
and/or that the Shares in the context of these transactions are a "covered
security" as that phrase is defined in Section 18(a) of the Securities Act and,
accordingly, a "federal covered security" as that phrase is defined and used in
the Florida Act. We each further understand that your, and your agents' and
representatives', reliance on such exemptions are, in material part, based on
our representations, warranties, acknowledgements, covenants and agreements set
forth herein. We also each understand that no federal or state securities law
administrator has reviewed or approved any disclosure or other associated
material concerning the Shares, LSI, the Common Stock or any related matter,
and we each acknowledge that our respective decisions to acquire the Shares is
of our own

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

4  See explanation in footnote 3.

<PAGE>   4

Life Sciences, Inc.                            Investment Representation Letter
May 27, 1999                                                             Page 4
===============================================================================

volition and has not been recommended by you or by any federal or state
securities law administrator.

             (g) We have been represented by such legal, tax, accounting,
financial and other advisors selected and retained by us as we have
individually found necessary to consult concerning our respective proposed
purchases of the Shares and our respective proposed investments. We have
sufficient knowledge and experience in business and financial matters that we
are individually capable of evaluating all facets of the merits and risks
thereof [or one or more of us have used and relied upon in connection with our
respective decisions to purchase the Shares, our own independent purchaser
representative [insert identity of purchaser representative(s) or insert "N/A":
                                     N/A ]
                      -----------------------------------

who does have such knowledge and experience and, therefore, the terms - "we"
and "us" in this paragraph (g) shall include (as appropriate in the context)
such identified representative(s) for those of us, if any, who have used such a
representative], and we each investigated all facets of the merits and risks of
such proposed purchases prior to deciding to purchase the Shares. We each
acknowledge that we have had full and fair access to all information concerning
LSI, the Shares (and also to other information considered by us individually to
be necessary or appropriate as a prudent and knowledgeable investor to enable
us individually to make an informed investment decision concerning the
acquisition of the Shares), and that we were previously informed that all
documents, records and books pertaining to such proposed investments were at
all relevant times available for inspection and review by us. We have each
determined the information necessary or appropriate for our respective reviews
of the merits and risks of our proposed investments, and we shall not seek to
hold you, or any of your agents or representatives, liable for matters included
in or omitted from our respective investigations based on such determinations.
We acknowledge that we have had the opportunity to ask questions of, and have
received satisfactory answers from, you and your officers and directors
concerning LSI, the Shares and related matters. We also acknowledge that we
have each had an opportunity to obtain additional information necessary to
verify the accuracy of such information and to evaluate the merits and risks of
our proposed investments. In our respective determinations to acquire the
Shares, no person made any representation or warranty, expressed or implied, to
any of us in any way relating thereto except as expressly set forth or
referenced herein, we have not relied on any oral representation or warranty,
and we did not rely on any offering literature other than the documents and
information made available to us individually as provided herein.

             (h) We each understand that the Shares are not readily
transferable, and that there is only a limited over-the-counter market for the
Common Stock, no assurance is given by anyone that an active and substantial
public market will develop, or if developed that it will be sustained, we may
not be able to readily liquidate our proposed investments in the Shares in any
event, and we must bear the economic risk of an investment therein
indefinitely. We also understand there are substantial restrictions on the sale
and transfer of the Shares we are purchasing, and that subsequent sale or other
transfer where permitted will require registration thereof with applicable
federal and state securities law administrators and/or an opinion of our
counsel acceptable to LSI that any such transfer is exempt from such securities
law requirements. We each further understand that legends, including a legend
substantially as set forth in Section (2) below, will be on the certificates
issued to each of us to represent our individual portions of the Shares. We
each agree not to offer, sell, pledge or otherwise transfer any of the Shares
or any interest therein absent compliance with applicable federal and state
securities laws and the referenced legend conditions. We each understand that
neither the Company nor any other person has any obligation to register any
Common Stock or to provide any of us an opinion for the foregoing purposes.

             (i) No representation or warranty by any of us herein contains any
untrue statement of a material fact or omits to state a material fact necessary
to make the statements contained herein not misleading, and the
representations, warranties, acknowledgements, covenants and agreements set
forth herein shall survive the payment, issuance and delivery, of the Shares.

<PAGE>   5

Life Sciences, Inc.                            Investment Representation Letter
May 27, 1999                                                             Page 5
===============================================================================

             (j) We each acknowledge that we understand the meaning and legal
consequences of our individual representations, warranties, acknowledgements,
covenants and agreements contained herein, and we each agree to indemnify and
hold LSI and its agents and representatives harmless from and against any and
all loss, damage, liability or expense, including costs and reasonable
attorneys' and paralegal fees, to which any of them may be put or which they
may incur by reason of, or in connection with, any misrepresentation by us
individually, any breach by us individually of any representation or warranty,
or any failure by us individually to fulfill any of our individual covenants or
agreements herein. The representations, warranties, acknowledgements, covenants
and agreements set forth in this Letter are intended to benefit each of the
persons described in the preceding sentence.

         (2) Legends. The Shares shall be subject to any legend condition
necessary to assist in complying with applicable federal and state securities
laws, including such legends as may be appropriate under Regulation D as
adopted by the Securities and Exchange Commission under the Securities Act and
the legend set forth below. In any event, each of the certificates representing
the Shares shall have endorsed on it a legend reading substantially as follows:

         THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933, AND MAY NOT BE
         OFFERED FOR SALE, SOLD, HYPOTHECATED OR OTHERWISE TRANSFERRED
         EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
         THAT ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER
         THAT SUCH REGISTRATION IS NOT REQUIRED.

         (3) Interpretation. Any descriptive headings of or in sections and
paragraphs of this Letter are inserted for convenience only and are not a part
of this Letter. No provision in this Investment Representation Letter shall be
construed against any party as the drafter. As used herein, the singular
includes the plural, the plural includes the singular and words in one gender
include the others; the terms "herein", "hereof", "hereunder" and similar
references refer to the whole of this Investment Representation Letter; and
"include", "including" and similar terms are not words of limitation. Whenever
possible, each provision of this Letter shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision shall be
prohibited or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity only, without invalidating the
remainder of such provision or of the remaining provisions of this Letter.

         (4) Miscellaneous. This Investment Representation Letter: (i) contains
the complete statement of all arrangements between LSI and each of us with
respect to its subject matter, and supersedes all previous agreements,
promises, arrangements and understandings, written or oral, relating to its
subject matter; (ii) cannot be assigned by you without our prior written
consent, cannot be assigned by any of us without your prior written consent,
and cannot be modified, amended or waived except by an instrument in writing
signed by the parties necessary to the enforcement thereof; (iii) shall be
binding upon and shall inure to the benefit of your and our respective
successors, permitted assigns, heirs and legal representatives; (iv) may be
executed in any number of counterparts, each of which shall be deemed an
original instrument, but all such counterparts together shall constitute but
one agreement; and (v) shall be governed by, and construed and enforced in
accordance with, the laws of the State of Florida; provided, however, to the
extent Florida law is preempted by federal law, federal law shall apply. LSI
and we each hereby consent to the personal jurisdiction of the state and
federal courts located within the territorial limits of the United States
District Court for the Middle District of Florida, Tampa Division, agree that
venue for any litigation (or mediation or arbitration in connection therewith)
related in any way to this Letter shall only be in Pinellas County, Florida,

<PAGE>   6

Life Sciences, Inc.                            Investment Representation Letter
May 27, 1999                                                             Page 6
===============================================================================

or, if appropriate, the United States District Court for the Middle District of
Florida, Tampa Division, and waive any objection to such exclusive jurisdiction
and venue. If either you or any of us retains the services of counsel to
enforce any provision of this Letter, or because of litigation (or mediation or
arbitration in connection therewith) involving this Letter, the prevailing
party shall be entitled to recover, in addition to any other relief or remedy
obtained, all costs, expenses, and attorneys' and paralegal fees paid or
incurred by it, including costs, expenses and such fees at trial and any
appeal, whether in a court, administrative, arbitration or mediation
proceeding.

Please sign and return the second copy of this Investment Representation Letter
to Simon Srybnik if you find it satisfactory to acknowledge, evidence and
confirm your agreement with all of the foregoing.

Very truly yours,

/s/ Simon Srybnik
-----------------------------------
Simon Srybnik, for himself
and as an authorized officer
of each of the Entities
                                          Confirmed, Accepted and Agreed:
                                                LIFE SCIENCES, INC.

                                          By: /s/ Alex A. Burns
                                              ---------------------------------
                                                Alex A. Burns, Vice President
                                                         May 27, 1999

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