Document:

<PAGE>   1

                                                                    EXHIBIT 10.2

        THIS CONVERTIBLE PROMISSORY NOTE AND THE SHARES OF COMMON STOCK ISSUABLE
        UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
        OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT UNDER ANY
        CIRCUMSTANCES BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF WITHOUT AN
        EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE
        SECURITIES ACT, AND ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION
        OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED
        UNDER SUCH ACT OR APPLICABLE STATE SECURITIES LAWS. THE TRANSFER OF THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE IS ALSO SUBJECT TO THE
        RESTRICTIONS CONTAINED IN THAT CERTAIN SECURITIES PURCHASE AGREEMENT,
        DATED JUNE 29, 2001, BY AND AMONG WOMEN FIRST HEALTHCARE, INC., ELAN
        INTERNATIONAL SERVICES, LTD. AND ELAN PHARMA INTERNATIONAL LIMITED.

                          WOMEN FIRST HEALTHCARE, INC.
                       CONVERTIBLE SECURED PROMISSORY NOTE

U.S.$11,000,000 (excluding capitalized interest)                   JUNE 29, 2001

The undersigned, WOMEN FIRST HEALTHCARE, INC., a Delaware corporation, with
offices at 12220 El Camino Real, Suite 400, San Diego, California 92130 (the
"Company"), unconditionally promises to pay to ELAN PHARMA INTERNATIONAL
LIMITED, an Irish private limited liability company ("EPIL"), or its permitted
assigns, transferees and successors as provided herein (collectively with EPIL,
the "Holder"), on June 29, 2008 (the "Maturity Date"), at such place as may be
designated by the Holder to the Company, the principal amount outstanding
hereunder (not to exceed U.S.$11,000,000 (excluding capitalized interest),
together with interest thereon accrued at a rate per annum equal to 7.0%, from
and after the date of the initial disbursement of funds hereunder (the "Original
Issue Date"), compounded on a semi-annual basis, the initial such compounding to
commence on the date that is 180 days from and after the Original Issue Date and
thereafter on each 180-day anniversary (each such date, a "Compounding Date").

                SECTION 1. SECURITIES PURCHASE AGREEMENT; SECURITY.

                This Note is issued pursuant to a Securities Purchase Agreement
dated as of the date hereof, by and among the Company, Elan International
Services, Ltd., a Bermuda exempted limited liability company ("EIS"), and EPIL
(as amended at any time, the "Securities Purchase Agreement"), which includes
provisions with respect to the security underlying this Note. The Holder hereof
is intended to be afforded the benefits of the Securities Purchase Agreement,
including the provisions with respect to security and the representations and
warranties set forth

<PAGE>   2

therein. The Company shall use the proceeds of the issuance and sale of this
Note solely in accordance with the provisions set forth in the Midron Asset and
Inventory Purchase Agreement, dated as of June 29, 2001, between the Company,
the Holder and Elan Pharmaceuticals, Inc., a Delaware corporation (the "Asset
Purchase Agreement") and as required therein. Capitalized terms used but not
otherwise defined herein shall, unless otherwise indicated, have the meanings
given such terms in the Securities Purchase Agreement.

                SECTION 2. PAYMENTS OF PRINCIPAL AND INTEREST.

                (a) Unless earlier (i) converted in accordance with the terms of
Section 3 below or (ii) repaid in accordance with the terms hereof the entire
outstanding principal amount of this Note (including capitalized interest, if
any), together with any accrued and unpaid interest thereon, shall be due and
payable on the Maturity Date.

                (b) From the Initial Closing Date until the second anniversary
hereof, accrued interest hereon shall not be paid in cash, but shall be
capitalized and added to the principal amount outstanding hereunder on each
Compounding Date. After the second anniversary hereof, accrued interest hereon
shall be paid quarterly in arrears. Interest shall be based on the actual number
of days elapsed and 12 months of 30 days each.

                SECTION 3. CONVERSION.

                (a) Conversion Right.

                        (i) Until this Note is repaid in full, the Holder shall
have the right, at any time after the Initial Closing Date, in its sole
discretion, to convert all or any portion of the outstanding principal amount
and accrued and unpaid interest then-outstanding hereunder, (the "Conversion
Right"), into such number of shares of Common Stock that shall be obtained by
dividing the sum of the outstanding principal amount (including capitalized
interest, if any) and all accrued and unpaid interest by U.S.$12.17 per share,
subject to adjustment as provided below in this Section 3 (the "Conversion
Price").

                        (ii) The Holder shall be entitled to exercise the
Conversion Right from time to time as to the unconverted portion of this Note
upon at least 10 days' prior written notice to the Company, such notice to be in
the form attached hereto as Annex I. Within 10 days of the conversion date
specified in such notice, the Company shall issue appropriate stock certificates
to EPIL (or such affiliate designated by EPIL) representing the aggregate number
of shares of Common Stock due to EPIL as a result of such conversion. The Holder
and the Company shall take all other necessary or appropriate actions in
connection with or to effect such closing.

                (b) Adjustments, Etc.

                        (i) Sale of Shares Below Certain Price.

                                (A) If at any time or from time to time after
the date hereof, the Company issues or sells, or is deemed by the express
provisions of this subsection 3(b)(i) to have issued or sold, Additional Shares
of Common Stock (as defined in

                                       2
<PAGE>   3

clause (D) below), other than as a dividend or other distribution on any class
of stock as provided in Section 3(b)(ii) below, and other than a subdivision or
combination of shares of Common Stock as provided in Section 3(b)(iii) below),
for an Effective Price (as defined in clause (D) below) that is less than the
Market Price on such date, then and in each such case, the then-existing
Conversion Price shall be reduced, as of the opening of business on the date of
such issue or sale, to a price determined by multiplying the Conversion Price by
a fraction (i) the numerator of which shall be (A) the number of shares of
Common Stock deemed outstanding immediately prior to such issue or sale, plus
(B) the number of shares of Common Stock which the aggregate consideration
received (as defined in clause (B) below) by the Company for the total number of
Additional Shares of Common Stock so issued would purchase at such Market Price
then in effect, and (ii) the denominator of which shall be the number of shares
of Common Stock deemed outstanding immediately prior to such issue or sale plus
the total number of Additional Shares of Common Stock so issued. For the
purposes of the preceding sentence, the number of shares of Common Stock deemed
to be outstanding as of a given date shall be the sum of (A) the number of
shares of Common Stock actually outstanding and (B) the number of shares of
Common Stock into which all then-outstanding shares of capital stock, options or
other purchase rights of the Company convertible into or exercisable for shares
of Common Stock could be converted or exercised if fully converted or exercised
on the day immediately preceding the given date. No adjustment shall be made to
the Conversion Price in an amount less than U.S.$0.01 per share. Any adjustment
otherwise required by this Section 3(b)(i) that is not required to be made due
to the preceding sentence shall be included in any subsequent adjustment to the
Conversion Price For purposes of this Note, (1) "Market Price" shall mean (i)
the average of the closing prices on the 15 trading days prior to such
determination on the principal national securities exchange on which the Common
Stock is traded, if any, (ii) the average of the last quoted prices on the 15
trading days prior to such determination if the Common Stock is traded on the
Nasdaq National Market or Nasdaq Small Cap Market, or (iii) if the Common Stock
is not listed on a national securities exchange or traded on the Nasdaq National
Market or the Nasdaq SmallCap Market, then as determined in good faith by the
Company's Board of Directors and reasonably agreed to by EPIL.

                                (B) Consideration Received for Additional
Shares. For the purpose of making any adjustment required under this Section
3(b)(i), the consideration received by the Company for any issue or sale of
securities shall (x) to the extent it consists of cash, be the gross cash
purchase price for such issue or sale without deduction of any underwriting or
similar commissions, compensation or concessions paid or allowed by the Company
in connection with such issue or sale and without deduction of any expenses
payable by the Company, and (y) to the extent it consists of property other than
cash, be computed at the fair value of that property as determined, in good
faith, by the Board of Directors of the Company (the "Board of Directors"), and
if Additional Shares of Common Stock, Convertible Securities (as defined in
clause (C) below) or rights, warrants or options to purchase either Additional
Shares of Common Stock or Convertible Securities are issued or sold together
with other stock or securities or other assets of the Company for a
consideration which covers both, be computed as the portion of the consideration
so received that may be reasonably determined, in good faith, by the Board of
Directors to be allocable to such Additional Shares of Common Stock, Convertible
Securities or rights, warrants or options and shall be reasonably agreed to by
the Holder; provided, that in the event the Company and the Holder do not agree
on the value of such consideration, the parties shall mutually agree upon and
appoint, as an appraiser, a

                                       3
<PAGE>   4

nationally-recognized investment banking firm, which shall be commissioned to
investigate the value of the property to be distributed and shall submit a
notice of an appraisal of that value to the Company and to the Holder within 30
days of such commission. The appraiser shall be instructed to determine such
value without regard to income tax consequences to the recipient as a result of
receiving consideration other than cash. The value determined by the appraiser
shall be conclusive. If the appraised value varies by less than 5% from the
value determined by the Board of Directors, the expense of the appraisal process
shall be borne by the Holder, and if the appraised value varies by 5% or more
from the value determined by the Board of Directors, the expense of the
appraisal process shall be borne by the Company.

                                (C) Securities Convertible, Exchangeable and
Exercisable for Common Stock. For the purpose of the adjustment required under
this Section 3(b)(i), if the Company issues or sells (i) stock or other
securities convertible or exchangeable into, Additional Shares of Common Stock
(such convertible or exchangeable stock or securities being herein referred to
as "Convertible Securities") or (ii) rights, warrants or options for the
purchase of Additional Shares of Common Stock or Convertible Securities and if
the Effective Price of such Additional Shares of Common Stock is less than the
Market Price on such date, in each case the Company shall be deemed to have
issued at the time of the issuance of such rights, warrants or options or
Convertible Securities the maximum number of Additional Shares of Common Stock
issuable upon exercise or conversion thereof and to have received as
consideration for the issuance of such shares an amount equal to the total
amount of the consideration, if any, received by the Company for the issuance of
such rights, warrants or options or Convertible Securities, (I) plus, in the
case of such rights, warrants or options, the minimum amounts of consideration,
if any, payable to the Company upon the exercise of such rights, warrants or
options, (II) plus, in the case of Convertible Securities, the minimum amounts
of consideration, if any, payable to the Company (other than by cancellation of
liabilities or obligations evidenced by such Convertible Securities) upon the
conversion or exchange thereof; provided, that if in the case of Convertible
Securities the minimum amounts of such consideration cannot be ascertained, but
are a function of anti-dilution or similar protective clauses, the Company shall
be deemed to have received the minimum amounts of consideration without
reference to such clauses; provided, further, that if the minimum amount of
consideration payable to the Company upon the exercise, exchange or conversion
of rights, warrants, options or Convertible Securities is reduced over time or
on the occurrence or non-occurrence of specified events (other than by reason of
anti-dilution adjustments), the Effective Price shall be recalculated using the
figure to which such minimum amount of consideration is reduced; provided,
further, that if the minimum amount of consideration payable to the Company upon
the exercise, exchange or conversion of such rights, warrants, options or
Convertible Securities is subsequently increased, the Effective Price shall be
again recalculated using the increased minimum amount of consideration payable
to the Company upon the exercise, exchange or conversion of such rights,
warrants, options or Convertible Securities. No further adjustment of the
Conversion Price, as adjusted upon the issuance of such rights, options or
Convertible Securities, shall be made as a result of the actual issuance of
Additional Shares of Common Stock on the exercise of any such rights, warrants
or options or the conversion or exchange of any such Convertible Securities. If
any such rights, warrants or options or the conversion or exchange privilege
represented by any such Convertible Securities shall expire without having been
exercised, the Conversion Price as adjusted upon the issuance of such rights,
warrants, options or Convertible Securities shall be readjusted to the
Conversion Price which would have

                                       4
<PAGE>   5

been in effect had an adjustment been made on the basis that the only Additional
Shares of Common Stock so issued were the Additional Shares of Common Stock, if
any, actually issued or sold on the exercise of such rights, warrants or options
or rights of conversion or exchange of such Convertible Securities, and such
Additional Shares of Common Stock, if any, were issued or sold for the
consideration actually received by the Company upon such exercise, plus the
consideration, if any, actually received by the Company for the granting of all
such rights, warrants or options, whether or not exercised, plus the
consideration received for issuing or selling the Convertible Securities
actually converted or exchanged, plus the consideration, if any, actually
received by the Company (other than by cancellation of liabilities or
obligations evidenced by such Convertible Securities) on the conversion of such
Convertible Securities.

                                (D) Certain Definitions. "Additional Shares of
Common Stock" shall mean all shares of Common Stock issued by the Company or
deemed to be issued pursuant to this Section 3(b)(i), other than (i) shares of
Common Stock and/or options, warrants or other Common Stock purchase rights, and
the Common Stock issued pursuant to such options, warrants or other rights (as
adjusted for any stock dividends, combinations, splits, recapitalizations and
the like) after the date hereof to employees, officers or directors of, or
consultants or advisors to the Company or any subsidiary pursuant to stock
purchase or stock option plans or other arrangements that are approved by the
Board of Directors, (ii) all shares of Common Stock or other securities issued
pursuant to options, warrants or convertible securities outstanding as of the
date hereof, (iii) all shares of Common Stock or other securities issued in an
underwritten public offering, (iv) all shares of Common Stock or other
securities issued in connection with a merger or acquisition that is approved by
the Board of Directors in which the primary purpose of such transaction is not
the raising of capital, (v) warrants to purchase up to 200,000 shares of Common
Stock to be issued to Gruntal & Co. in connection with a future merger or other
strategic transaction; (vi) all shares of Common Stock or other securities
issued to equipment lessors, banks, financial institutions or similar entities
in a transaction approved by the Board of Directors in which the primary purpose
of such transaction is not the raising of equity capital, or (vii) all shares of
Common Stock or other securities issued pursuant to any transaction approved by
the Board of Directors primarily for the purpose of (a) a joint venture,
technology licensing or research and development activity, (b) distribution or
manufacture of the Company's products or services, or (c) any other transaction
involving a corporate partner that is primarily for a purpose other than raising
capital through the sale of equity securities. References to Common Stock in the
subsections of this clause (D) above shall mean all shares of Common Stock
issued by the Company or deemed to be issued pursuant to this Section 3(b)(i).
The "Effective Price" of Additional Shares of Common Stock shall mean the
quotient determined by dividing the total number of Additional Shares of Common
Stock issued or sold, or deemed to have been issued or sold by the Company under
this Section 3(b)(i), into the aggregate consideration received, or deemed to
have been received by the Company for such issue under this Section 3(b)(i), for
such Additional Shares of Common Stock.

                        (ii) Adjustment for Common Stock Dividends and
Distributions. If, at any time after the Original Issue Date, the Company makes,
or fixes a record date for the determination of holders of Common Stock entitled
to receive, a dividend or other distribution payable in additional shares of
Common Stock, in each such event the Conversion Price that is then in effect
shall be decreased as of the time of such issuance or, in the event such record
date is fixed, as of the close of business on such record date, by multiplying
the Conversion Price then

                                       5
<PAGE>   6

in effect by a fraction (i) the numerator of which is the total number of shares
of Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date, and (ii) the denominator
of which is the total number of shares of Common Stock issued and outstanding
immediately prior to the time of such issuance or the close of business on such
record date plus the number of shares of Common Stock issuable in payment of
such dividend or distribution; provided, however, that if such record date is
fixed and such dividend is not fully paid or if such distribution is not fully
made on the date fixed therefor, the Conversion Price shall be recomputed
accordingly as of the close of business on such record date and thereafter the
Conversion Price shall be adjusted pursuant to this Section 3(b)(ii) to reflect
the actual payment of such dividend or distribution.

                        (iii) Adjustments for Stock Splits, Stock Subdivisions
and Combinations. If, at any time after the Original Issue Date, the Company
subdivides or combines the Common Stock, (A) in the case of a subdivision
(including a stock split), the Conversion Price in effect immediately prior to
such event shall be proportionately decreased and the number of shares of Common
Stock purchasable thereunder shall be proportionately increased, and (B) in the
case of a combination (including a reverse stock split), the Conversion Price in
effect immediately prior to such event shall be proportionately increased and
the number of shares of Common Stock purchasable thereunder shall be
proportionately decreased. Any adjustment under this Section 3(b)(iii) shall
become effective at the close of business on the date the subdivision or
combination becomes effective.

                        (iv) Adjustments for Reclassification, Reorganization
and Consolidation. In case of (A) any reclassification, reorganization, change
or conversion of securities of the Common Stock (other than a change in par
value, or from par value to no par value) into other shares or securities of the
Company, or (B) any consolidation of the Company with or into another entity
(other than a merger or consolidation with another entity in which the Company
is the acquiring and the surviving entity and that does not result in any
reclassification or change of the Common Stock), or (C) any sale of all or
substantially all the assets of the Company, the Holder shall have the right to
receive upon conversion of this Note, in lieu of the shares of Common Stock
otherwise issuable upon conversion, the kind and amount of shares of stock and
other securities, money and property receivable upon such reclassification,
reorganization, change, merger, consolidation, conversion or sale by a holder of
the number of shares of Common Stock into which the Note could have been
converted immediately prior to such reclassification, reorganization, change,
merger, consolidation, conversion or sale, all subject to further adjustment as
provided herein or with respect to such other securities or property by the
terms thereof. The provisions of this clause (iv) shall similarly attach to
successive reclassifications, reorganizations, changes, conversions or sales.

                (c) Other Distributions. In the event the Company provides the
holders of its Common Stock with consideration that is not otherwise addressed
in Section 3 (including, without limitation, declaring a distribution payable in
securities of other persons, providing evidences of indebtedness issued by the
Company or other persons, assets, cash (excluding cash dividends declared out of
retained earnings), then, in each such case, the Holder shall be entitled to
receive upon conversion of this Note a pro rata share of any such distribution
as though it was the holder of the number of shares of Common Stock of the
Company into which the Note would

                                       6
<PAGE>   7

be convertible as of the record date fixed for the determination of the holders
of Common Stock of the Company entitled to receive such distribution.

                (d) Recapitalizations. If at any time there occurs a
recapitalization of the Common Stock (other than a subdivision, combination, or
merger or sale of assets provided for elsewhere in this Section 3), the Holder
shall be entitled to receive upon conversion of this Note the number of shares
of capital stock or other securities or property of the Company or otherwise, to
which a holder of the number of shares of Common Stock into which the Note was
convertible as of such recapitalization would have been entitled on such
recapitalization. In any such case, appropriate adjustment shall be made in the
application of the provisions of Section 3 with respect to the rights of the
Holder after the recapitalization to the end that the provisions of Section 3
(including adjustment of the Conversion Price then in effect and the number of
shares purchasable upon conversion of the Common Stock) shall be applicable
after that event as nearly equivalent as may be practicable.

                (e) No Impairment. The Company shall not, by amendment of its
Certificate of Incorporation or bylaws or through any reorganization,
recapitalization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the
carrying out of all the provisions of this Section 3 and in the taking of all
such action as may be necessary or appropriate in order to protect the rights of
the Holder against impairment.

                (f) Notice of Adjustments. Whenever the consideration issuable
upon a conversion hereunder shall be changed pursuant to this Section 3, the
Company shall prepare a certificate setting forth, in reasonable detail, the
event requiring the change and the kind and amount of shares of stock and other
securities, money and property subsequently issuable upon a conversion hereof.
Such certificate shall be signed by its chief financial officer and shall be
delivered to EPIL or such other person as EPIL or any successor notice recipient
may designate.

                (g) Fractional Shares; Rounding. No fractional shares of Common
Stock will be issued in connection with any exercise hereunder, but in lieu of
such fractional shares the number of shares of Common Stock to be issued shall
be rounded up (if 0.5 or over) or down to the nearest whole share. All
calculations under this Section 3 shall be made to the nearest cent or to the
nearest one-hundredth of a share, as the case may be.

                SECTION 4. EVENTS OF DEFAULT.

                The occurrence of any of the following events shall constitute
an event of default (an "Event of Default"):

                (a) a default in the payment of the principal amount of this
Note, when and as the same shall become due and payable;

                (b) a default in the payment of any accrued and unpaid interest
on this Note, which remains unpaid for a period of 5 days after the same shall
become due other than payment due on the Maturity Date;

                                       7
<PAGE>   8

                (c) a breach by the Company of any material obligation under any
of the Transaction Documents (including without limitation, Section 4.01 of the
Asset Purchase Agreement), which breach remains uncured at the conclusion of the
cure period specified within the relevant Transaction Documents, if any, after
written notice thereof by EPIL, if required therein;

                (d) a distress, execution, sequestration or other process is
levied or enforced upon the Company or sued out against a material part of its
property which is not discharged or challenged within 60 days;

                (e) the Company is unable to pay its debts in the normal course
of business;

                (f) the Company ceases wholly or substantially to carry on its
business (other than as a result of the merger or consolidation of the Company
with another entity), without the prior written consent of the Holder (such
consent not to be unreasonably withheld);

                (g) the Company shall make an assignment for the benefit of
creditors, or admit in writing its inability to pay or generally fail to pay its
debts as they mature or become due, or shall petition or apply for the
appointment of a trustee or other custodian, liquidator or receiver of the
Company or of any substantial part of the assets of the Company or shall
commence any case or other proceeding relating to the Company under any
bankruptcy, reorganization, arrangement, insolvency, readjustment of debt,
dissolution or liquidation or similar law of any jurisdiction, now or hereafter
in effect, or shall take any action to authorize or in furtherance of any of the
foregoing, or if any such petition or application shall be filed or any such
case or other proceeding shall be commenced against the Company;

                (h) a decree or order is entered appointing any such trustee,
custodian, liquidator or receiver or adjudicating the Company bankrupt or
insolvent, or approving a petition in any such case or other proceeding, or a
decree or order for relief is entered in respect of the Company in an
involuntary case under federal bankruptcy laws as now or hereafter constituted;

                (i) there shall remain in force, undischarged, unsatisfied and
unstayed, for more than 45 days, whether or not consecutive, any final judgment
against the Company that, with other outstanding and undischarged final
judgments against the Company exceeds in the aggregate U.S.$250,000.

                SECTION 5. REMEDIES IN THE EVENT OF DEFAULT.

                In the case of any Event of Default by the Company, the Holder
may in its sole discretion demand that the aggregate amount of funds advanced to
the Company under this Note and outstanding hereunder and accrued and unpaid
interest thereon shall, in addition to all other rights and remedies of the
Holder hereunder and under applicable law, be and become immediately due and
payable upon written notice delivered by the Holder to the Company; provided,
that in the event of any Event of Default specified in Section 4(g) or 4(h), all
such amounts shall become immediately due and payable automatically and without
any requirement of demand from or by the Holder. Notwithstanding the preceding
sentence, the rights of the Holder as set forth in Section 3 hereunder shall
survive any such acceleration.

                                       8
<PAGE>   9

                The Company hereby waives demand and presentment for payment,
notice of nonpayment, protest and notice of protest, diligence, filing suit, and
all other notice and promises to pay the Holder its reasonable costs of
collection of all amounts due hereunder, including reasonable attorneys' fees.

                In the case of any Event of Default under this Note by the
Company, this Note shall continue to bear interest after such default at the
interest rate otherwise in effect hereunder plus 3% per annum (but in any event
not in excess of the maximum rate of interest permitted by applicable law).

                SECTION 6. VOTING RIGHTS.

                This Note shall not entitle the holder hereof to any voting
rights or other rights as a stockholder of the Company prior to its conversion.

                SECTION 7. COVENANT OF THE COMPANY.

                The Company shall not incur any indebtedness for money borrowed
which shall rank senior to this Note as to priority of payment and the Company
shall not grant, or permit to occur any security interest, lien or other
encumbrance against any of the Purchased Assets (as such term is defined in the
Asset Purchase Agreement, without the prior written consent of the Holder.

                SECTION 8. MISCELLANEOUS.

                (a) This Note and all of the provisions hereof shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. All or any part of this Note may be assigned
or transferred by EPIL to its affiliates and subsidiaries, as well as any
special purpose financing or similar vehicle established by EPIL or any of its
affiliates or subsidiaries. Other than as set forth above, no party shall assign
or transfer all or any part of this Note, or any interest therein, without the
prior written consent of the other party.

                (b) All notices, demands and requests of any kind to be
delivered to any party in connection with this Note shall be in writing and
shall be deemed to have been duly given if personally or hand delivered or if
sent by an internationally-recognized overnight delivery courier or by
registered or certified mail, return receipt requested and postage prepaid, or
by facsimile transmission addressed as follows:

                      if to the Company, to:

                      Women First Healthcare, Inc.
                      12220 El Camino Real, Suite 400
                      San Diego, California 92130
                      Attention:  President and Chief Executive Officer
                      Facsimile:  (858) 509-7538

                      with a copy to:

                                       9
<PAGE>   10

                      Latham & Watkins
                      12636 High Bluff Drive, Suite 300
                      San Diego, California  92130-2071
                      Attention:  Scott N. Wolfe
                      Facsimile:  (858) 523-5450

                      if to EPIL, to:

                      Elan Pharma International Limited
                      Wil House
                      Shannon Business Park
                      Shannon, Co. Clare
                      Ireland
                      Attention:  Secretary
                      Facsimile:  011-353-61-362097

                      with a copy to:

                      Reitler Brown LLC
                      800 Third Avenue, 21st Floor
                      New York, New York 10022
                      Attention:   David Robbins
                      Facsimile:  212-371-5500

or to such other address as the party to whom notice is to be given may have
furnished to the other party hereto in writing in accordance with provisions of
this Section 8. Any such notice or communication shall be deemed to have been
effectively given (i) in the case of personal or hand delivery, on the date of
such delivery, (ii) in the case of an internationally-recognized overnight
delivery courier, on the second business day after the date when sent, (iii) in
the case of mailing, on the fifth business day following that day on which the
piece of mail containing such communication is posted and (iv) in the case of
facsimile transmission, the date of telephone confirmation of receipt.

                (c) This Note may not be modified or amended, or any of the
provisions hereof waived, except by written agreement of the Company and the
Holder (or if the Note is held by multiple Holders, by written agreement of the
Company and Holders of a majority in interest of the Note) dated after the date
hereof.

                (d) This Note shall be governed by and construed in accordance
with the internal laws of the State of New York, without giving effect to
principles of conflicts of laws.

                (e) This Note may be executed and delivered to the Holder by a
facsimile transmission; such transmission shall be deemed a valid signature.

                            [Signature page follows]

                                       10
<PAGE>   11

                IN WITNESS WHEREOF, the Company has executed and delivered this
Note on the date first above written.

                                        WOMEN FIRST HEALTHCARE, INC.

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

<PAGE>   12

                                     ANNEX I

            FORM OF NOTICE OF ELECTION TO EXERCISE A CONVERSION RIGHT

Date:

To:            Women First Healthcare, Inc.

From:

Re:            Exercise of a Conversion Right

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

                Pursuant to the terms of the Convertible Promissory Note (the
"Note") issued by Women First Healthcare, Inc. (the "Company") to Elan Pharma
International Limited ("Holder") dated [____, 2001], specifically Section 3
thereof, Holder hereby notifies the Company of its intention to exercise a right
of conversion.

                Pursuant to Section 3 of the Note, Holder hereby elects to
convert U.S.$[_____] in aggregate principal amount and all accrued and unpaid
interest thereon for shares of the Company's Common Stock, par value U.S.$.001
per share, effective [________, 200_].

                We have instructed our attorneys to contact the Company to
discuss the timing and documentation of the conversion.

                                       Sincerely,

                                       ELAN PHARMA INTERNATIONAL LIMITED

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:<PAGE>   1

                                                                    EXHIBIT 10.3

                          WOMEN FIRST HEALTHCARE, INC.
                          REGISTRATION RIGHTS AGREEMENT

                THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made as
of June 29, 2001, by and among WOMEN FIRST HEALTHCARE, INC., a Delaware
corporation (the "Company"), ELAN INTERNATIONAL SERVICES, LTD., a Bermuda
exempted limited liability company ("EIS"), and ELAN PHARMA INTERNATIONAL
LIMITED, a company organized under the laws of the Republic of Ireland ("EPIL").

                                R E C I T A L S:

                A. Pursuant to a Securities Purchase Agreement dated as of the
date hereof by and among the Company, EIS and EPIL (the "Purchase Agreement"),
(i) EIS has acquired, or will acquire in the future, certain shares of common
stock par value $.001 per share of the Company (the "Common Stock"), and (ii)
EPIL has acquired a certain note of the Company (the "Note") convertible into
shares of Common Stock. The Common Stock and the Note collectively are referred
to herein as the "Securities".

                B. The execution of the Purchase Agreement has occurred on the
date hereof and it is a condition to the closing of the transactions
contemplated thereby that the parties execute and deliver this Agreement.

                C. The parties desire to set forth herein their agreement on the
terms and subject to the conditions set forth herein related to the granting of
certain registration rights to the Holders (as defined below) relating to the
Common Stock held and the Common Stock issuable upon conversion or exercise of
the Securities by such Holders.

                               A G R E E M E N T:

                The parties hereto agree as follows:

        1. Certain Definitions. As used in this Agreement, the following terms
shall have the following respective meanings:

        "Commission" shall mean the U.S. Securities and Exchange Commission.

        "Exchange Act" shall mean the U.S. Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect from time to time.

        "Holders" or "Holders of Registrable Securities" shall mean EIS, EPIL
and any Person who shall have acquired Registrable Securities from EIS or EPIL
as permitted herein, either individually or jointly, as the case may be, in a
transaction pursuant to which registration rights are transferred pursuant to
Section 10 hereof.

                                       1
<PAGE>   2

        "Person" shall mean an individual, a partnership, a corporation, a
limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization or a governmental or
quasi-governmental entity, or any department, agency or political subdivision
thereof or any other entity of any kind.

        "Prior Agreement" shall mean that certain Stock Purchase Agreement dated
January 8, 1998, as amended, by and among the Company and the holders named
therein.

        "Registrable Securities" means (i) any shares of Common Stock subscribed
for pursuant to the Purchase Agreement; (ii) any shares of Common Stock issued
or issuable upon conversion or exercise of the Securities; and (iii) any shares
of Common Stock issued or issuable in respect of the securities referred to in
clause (i) and (ii) above, whether to satisfy interest or dividend payments or
otherwise, until, in the case of any such security, it is (A) sold pursuant to
an effective registration statement under the Securities Act; (B) eligible to be
sold into the public market without regard to volume limitations under Rule
144(k) promulgated under the Securities Act (or any successor rule); (C) sold
pursuant to Rule 144 under the Securities Act (or any successor rule); or (D)
sold by a Person in a transaction in which registration rights are not
transferred pursuant to Section 10 hereof. Whenever a number or percentage of
Registrable Securities is to be determined pursuant to this Agreement, each then
outstanding Security that is convertible into or exercisable for shares of
Common Stock will be deemed to be equal to the number of shares of Common Stock
for which such Security is then so convertible or exercisable.

        The terms "register," "registered" and "registration" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act.

        "Registration Expenses" shall mean (i) all expenses, other than Selling
Expenses, incurred by the Company in complying with Sections 2 or 3 hereof,
including without limitation, all registration, qualification and filing fees,
NASD fees, exchange or quotation medium listing fees, printing and delivery
expenses, escrow and custodian fees, fees and disbursements of counsel for the
Company, blue sky fees and expenses and the expenses of accountants for the
Company including the expenses of any special audits incident to or required by
any such registration and (ii) the reasonable fees and disbursements of one
counsel chosen by the holders of a majority of the Registrable Securities
included in such registration for the purpose of rendering a legal opinion on
behalf of such holders in connection with any Demand Registration or Piggyback
Registration; provided, that the fees and disbursements of such counsel shall be
capped at $50,000 in connection with any Demand Registration; provided, further,
that the fees and disbursements of such counsel shall be capped at $25,000 in
connection with any Piggyback Registration.

        "Securities Act" shall mean the Securities Act of 1933, as amended.

        "Selling Expenses" shall mean all underwriting discounts, selling
commissions and stock transfer taxes and the costs, fees and expenses of any
accountants, attorneys (other than the costs, fees and expenses of attorneys
which are Registration Expenses) or other experts retained by the Holders.

                                       2
<PAGE>   3

        2. Demand Registrations.

                (a) Requests for Registration. From and after the date hereof,
any Holder or Holders who collectively hold Registrable Securities representing
at least 20% of the Registrable Securities then outstanding shall have the right
(subject to the limitations set forth below), exercisable by written notice to
the Company (each a "Registration Request"), to have the Company prepare and
file with the Commission a registration statement under the Securities Act
covering the Registrable Securities that are the subject of such request (each,
a "Demand Registration"). Within 10 days after receipt of any such request, the
Company will give written notice of such requested registration to all other
Holders of Registrable Securities. The Company shall include such other Holders'
Registrable Securities in such offering if they have responded affirmatively
within 10 days after the receipt of the Company's notice. The Holders shall be
permitted two Demand Registrations hereunder. A request for registration under
this Section 2(a) will not count as a Demand Registration until the registration
statement has become effective and remained effective until the earlier of 30
days and the sale of all securities registered thereunder (unless such
registration statement has not become effective due solely to the actions or
failure to act with respect to such registration of the Holders requesting such
registration, including a request by such Holders that such registration be
withdrawn).

                (b) Priority on Demand Registrations. If a Demand Registration
is an underwritten offering and the managing underwriters advise the Company in
writing that in their opinion the number of Registrable Securities and, if
permitted hereunder, other securities requested to be included in such offering,
exceeds the number of Registrable Securities and other securities, if any, which
can be sold in such offering without adversely affecting the marketability of
the offering, the Company will include in such registration:

                (i) first, the Registrable Securities requested to be included
        in such registration by the Holders and registrable securities under the
        Prior Agreement requested to be included in such registration by the
        holders thereof (or, if necessary, such Registrable Securities and such
        registrable securities under the Prior Agreement pro rata among the
        Holders and holders under the Prior Agreement based upon the number of
        Registrable Securities and such registrable securities under the Prior
        Agreement owned by each such Holder and each such holder under the Prior
        Agreement or such other arrangement agreed to among the Holders and the
        holders under the Prior Agreement); provided, however, that a minimum of
        thirty percent (30%) of the shares to be included in such underwritten
        offering shall be allocated, on a pro rata basis to the holders of
        registrable securities under the Prior Agreement requesting inclusion in
        such offering; provided, further, however, that, such Demand
        Registration will not count as a permitted Demand Registration hereunder
        and the Company will pay any Registration Expenses in connection with
        such registration if the Holders initially requesting such registration
        are not permitted to include at least seventy-five percent (75%) of the
        Registrable Securities requested to be included in such registration;
        and

                (ii) thereafter, other securities requested to be included in
        such registration, as determined by the Company.

                                       3
<PAGE>   4

The Holders of any Registrable Securities to be included in such an underwritten
offering shall enter into an underwriting agreement (which shall be in customary
form, may include agreements as to indemnification and contribution and shall
provide that the representations and warranties by the Company to and for the
benefit of such underwriters, shall also be made to and for the benefit of such
Holders).

                (c) Restrictions on Demand Registration. The Company may
postpone or suspend for up to three months in any 12-month period the filing or
the effectiveness of a registration statement for a Demand Registration if the
Company's board of directors determines in good faith that such Demand
Registration (i) would reasonably be expected to have a material adverse effect
on (x) any proposal or plan by the Company to engage in any financing,
acquisition or disposition of assets (other than in the ordinary course of
business) or (y) any merger, consolidation, tender offer or similar transaction
or (ii) would require disclosure of any information that the board of directors
of the Company determines in good faith the disclosure of which would be
detrimental to the Company; provided, however, that in such event, the Holders
initially requesting such Demand Registration will be entitled to withdraw such
request and, if such request is withdrawn, such Demand Registration will not
count as a permitted Demand Registration hereunder and the Company will pay any
Registration Expenses in connection with such registration.

                (d) Selection of Investment Bankers and Managers. A majority of
the Holders participating in the offering will have the right to select the
investment banker(s) and manager(s) to administer an offering pursuant to the
Demand Registration, subject to the Company's prior written approval, which will
not be unreasonably withheld or delayed.

                (e) The Company represents and warrants that it is not a party
to, or otherwise subject to, any agreement, other than this Agreement and the
Prior Agreement, granting registration rights to any other Person with respect
to any securities of the Company.

        3. Piggyback Registrations.

                (a) Right to Piggyback. If at any time the Company shall propose
to register shares of Common Stock under the Securities Act (other than in a
registration statement relating to solely to sales of securities to participants
in a Company dividend reinvestment plan, or Form S-4 or S-8 or any successor
form or in connection with an acquisition or exchange offer or an offering of
securities solely to the existing shareholders or employees of the Company or
any demand registration statement pursuant to Section 6.2 of the Prior
Agreement), the Company (i) will give prompt written notice to all Holders of
Registrable Securities of its intention to effect such a registration giving the
approximate date on which the filing is proposed to be made and advising such
Holders of their rights under this Agreement and (ii) subject to Section 3(b)
and the other terms of this Agreement, will include in such registration all
Registrable Securities which are permitted under applicable securities laws to
be included in the form of registration statement selected by the Company and
with respect to which the Company has received written requests for inclusion
therein within 30 days after the receipt of the Company's notice (each, a
"Piggyback Registration"). The Holders will be permitted to withdraw all or any
part of the Registrable Securities from a Piggyback Registration at any time
prior to the effective date of such Piggyback Registration.

                                       4
<PAGE>   5

                (b) Priority on Piggyback Registrations. If a Piggyback
Registration is to be an underwritten offering, and the managing underwriters
advise the Company in writing that in their opinion the number of securities
requested to be included in such registration exceeds the number which can be
sold in such offering without adversely affecting the marketability of the
offering, the Company will include in such registration:

                (i) first, the securities the Company proposes to sell for its
        own account;

                (ii) second, registrable securities under the Prior Agreement
        requested to be included in such registration by the holders thereof,
        pro rata among such holders;

                (iii) third , the Registrable Securities requested to be
        included in such registration by the Holders, pro rata among the Holders
        of such Registrable Securities; and

                (iv) thereafter, other securities requested to be included in
        such registration, as determined by the Company.

The Holders of any Registrable Securities to be included in such an underwritten
offering shall enter into an underwriting agreement (which shall be in customary
form, may include agreements as to indemnification and contribution, and shall
provide that the representations and warranties by the Company to and for the
benefit of such underwriters, shall also be made to and for the benefit of such
Holders).

                (c) Right to Terminate Registration. If at any time after giving
written notice of its intention to register any of its securities as set forth
in Section 3(a) and prior to the effective date of the registration statement
filed in connection with such registration, the Company shall determine for any
reason not to register such securities, the Company may, at its election, give
written notice of such determination to each Holder of Registrable Securities
and thereupon be relieved of its obligation to register any Registrable
Securities in connection with such registration (but not from its obligation to
pay the Registration Expenses in connection therewith as provided herein).

                (d) Selection of Underwriters. The Company will have the right
to select the investment banker(s) and manager(s) to administer an offering
pursuant to a Piggyback Registration, subject to the approval of the Holders of
a majority of the Registrable Securities, which approval will not be
unreasonably withheld, delayed or conditioned.

        4. Expenses of Registration.

                Except as otherwise provided herein or as may otherwise be
prohibited by applicable law, all Registration Expenses incurred in connection
with all registrations pursuant to Sections 2 and 3 hereof shall be borne by the
Company. All Selling Expenses relating to securities registered on behalf of the
Holders of Registrable Securities shall be borne by such Holders.

        5. Holdback Agreements.

                                       5
<PAGE>   6

                (a) The Company agrees (i) not to effect any public sale or
distribution of its equity securities, or any securities convertible into or
exchangeable or exercisable for such securities, during the 10-day period prior
to, and during the 90-day period following, the effective date of any
underwritten Demand Registration or any underwritten Piggyback Registration
(except as part of such underwritten registration or pursuant to registration
statements on Form S-4, Form S-8 or any successor form), unless the underwriters
managing the offering otherwise agree, and (ii) to use its best efforts to cause
its officers and directors and each holder of at least 5% (on a fully-diluted
basis) of its outstanding shares of Common Stock, or any securities convertible
into or exchangeable or exercisable for shares of Common Stock, purchased from
the Company at any time after the date of this Agreement (other than in a
registered public offering) to agree not to effect any public sale or
distribution (including sales pursuant to Rule 144) of any such securities
during such periods (except as part of such underwritten registration, if
otherwise permitted), unless the underwriters managing the registered public
offering otherwise agree.

                (b) If requested by the managing underwriter(s) in an
underwritten offering of Common Stock or securities convertible for Common Stock
of the Company, each Holder agrees unless such holder is a participant in such
offering not to effect any offer, sale, distribution or transfer, including a
sale pursuant to Rule 144 (or any similar provision then effect) under the
Securities Act (except as part of such underwritten registration), during the
10-day period prior to, and during the 90-day period (or, such shorter period as
may be agreed to in writing by the Company and the Holders of at least 50% of
the Registrable Securities) following, the effective date of such Registration
Statement; provided, however, that (i) no Holder shall be required to enter into
more than one such agreement in any 12-month period and (ii) other than Persons
entitled to registration rights under the Prior Agreement, all Persons entitled
to registration rights who are not parties to this Agreement, all Persons
holding in excess of 5% (on a fully-diluted basis) of the Company's outstanding
shares of Common Stock purchased from the Company at any time after the date of
this Agreement (other than a registered public offering) and all executive
officers and directors of the Company shall also have agreed not to offer, sell,
distribute a transfer under the circumstances and pursuant to the terms set
forth in this Section 5(b).

        6. Registration Procedures.

                Whenever the Holders of Registrable Securities have requested
that any Registrable Securities be registered pursuant to this Agreement, the
Company will use all reasonable efforts to effect the registration and the sale
of such Registrable Securities in accordance with the intended method or methods
of distribution thereof, and pursuant thereto the Company will as expeditiously
as possible:

                (a) prepare and file with the Commission a registration
statement on any appropriate form for which the Company qualifies with respect
to such Registrable Securities and use all reasonable efforts to cause such
registration statement to become effective (provided that before filing a
registration statement or prospectus or any amendments or supplements thereto,
the Company will (i) furnish to the counsel selected by the Holders copies of
all such documents proposed to be filed, which documents will be subject to the
review of such counsel,

                                       6
<PAGE>   7

and (ii) notify each Holder of Registrable Securities covered by such
registration of any stop order issued or threatened by the Commission);

                (b) prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as may be reasonably necessary to keep such registration statement
effective for a period equal to the shorter of (i) 120 days and (ii) the time by
which all securities covered by such registration statement have been sold, and
comply with the provisions of the Securities Act with respect to the disposition
of all securities covered by such registration statement during such period in
accordance with the intended methods of disposition by the sellers thereof set
forth in such registration statement;

                (c) furnish to each seller of Registrable Securities such number
of copies of such registration statement, each amendment and supplement thereto,
the prospectus included in such registration statement (including each
preliminary prospectus) and such other documents as such seller may reasonably
request in order to facilitate the disposition of the Registrable Securities
owned by such seller;

                (d) use all reasonable efforts to register or qualify such
Registrable Securities under the securities or blue sky laws of such
jurisdictions as any seller reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable such seller
to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller (provided, that the Company will not be required
to (i) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this Section 6(d), (ii) subject itself
to taxation in any jurisdiction or (iii) take any action that would subject it
to general service of process in any such jurisdiction);

                (e) promptly notify each seller of such Registrable Securities,
at any time when a prospectus relating thereto is required to be delivered under
the Securities Act, of the happening of any event as a result of which the
prospectus included in such registration statement contains an untrue statement
of a material fact or omits any material fact necessary to make the statements
therein not misleading, and, the Company will prepare and deliver to each Holder
a supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus will not contain
an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein not misleading; provided, however, that
the Company shall be required to notify the Holders, but shall not be required
to amend the registration statement or supplement the Prospectus for a period of
up to three months if the board of directors determines in good faith that to do
so would reasonably be expected to have a material adverse effect on any
proposal or plan by the Company to engage in any financing, acquisition or
disposition of assets (other than in the ordinary course of business) or any
merger, consolidation, tender offer or similar transaction or would require the
disclosure of any information that the board of directors determines in good
faith the disclosure of which would be materially detrimental to the Company, it
being understood that the period for which the Company is obligated to keep the
Registration Statement effective shall be extended for a number of days equal to
the number of days the Company delays amendments or supplements pursuant to this
provision. Upon receipt of any notice pursuant to this Section 6(e), the Holders
shall suspend all offers and sales of securities of

                                       7
<PAGE>   8

the Company and all use of any prospectus until advised by the Company that
offers and sales may resume, and shall keep confidential the fact and content of
any notice given by the Company pursuant to this Section 6(e);

                (f) cause all such Registrable Securities to be listed on each
securities exchange or Nasdaq on which similar securities issued by the Company
are then listed;

                (g) provide a transfer agent and registrar for all such
Registrable Securities not later than the effective date of such registration
statement;

                (h) enter into such customary agreements (including underwriting
agreements in customary form) and take all such other actions as the Holders of
a majority of the Registrable Securities being sold or the underwriters, if any,
reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities;

                (i) make available for inspection by the Holders of Registrable
Securities included in the registration statement, any underwriter participating
in any disposition pursuant to such registration statement and any attorney,
accountant or other agent retained by any such seller or underwriter, all
pertinent financial and other records, pertinent corporate documents and
properties of the Company, and cause the Company's officers, directors,
employees and independent accountants to supply all information reasonably
requested by any such seller, underwriter, attorney, accountant or agent in
connection with such registration statement;

                (j) otherwise use all reasonable efforts to comply with all
applicable rules and regulations of the Commission, and make available to its
security holders, as soon as reasonably practicable, an earnings statement
covering the period of at least 12 months beginning with the first day of the
Company's first full calendar quarter after the effective date of the
registration statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder;

                (k) in the event of the issuance of any stop order suspending
the effectiveness of a registration statement, or of any order suspending or
preventing the use of any related prospectus or suspending the qualification of
any shares of Common Stock included in such registration statement for sale in
any jurisdiction, use all reasonable efforts promptly to obtain the withdrawal
of such order; and

                (l) if the registration is an underwritten offering, use all
reasonable efforts to obtain a so-called "cold comfort" letter from the
Company's independent public accountants in customary form and covering such
matters of the type customarily covered by cold comfort letters;

        7. Obligations of Holders.

                Whenever the Holders of Registrable Securities sell any
Registrable Securities pursuant to a Demand Registration or a Piggyback
Registration, such Holders shall be obligated to comply with the applicable
provisions of the Securities Act, including the prospectus delivery requirements
thereunder, and any applicable state securities or blue sky laws. In addition,
each Holder of Registrable Securities will be deemed to have agreed by virtue of
its acquisition of

                                       8
<PAGE>   9

such Registrable Securities that, upon receipt of any notice described in
Section 6(e), such holder will forthwith discontinue disposition of such
Registrable Securities covered by such registration statement or prospectus
until such holder's receipt of the copies of the supplemented or amended
prospectus contemplated by Section 6(e), or until it is advised in writing by
the Company that the use of the applicable prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated
or deemed to be incorporated by reference in such prospectus.

        8. Indemnification.

                (a) The Company agrees to indemnify, to the fullest extent
permitted by applicable law, each Holder of Registrable Securities, its officers
and directors and each Person who controls such Holder (within the meaning of
the Securities Act) against all losses, claims, damages, liabilities, expenses
or any amounts paid in settlement of any litigation, investigation or proceeding
commenced or threatened (collectively, "Claims") to which each such indemnified
party may become subject under the Securities Act insofar as such Claim arose
out of (i) any untrue or alleged untrue statement of material fact contained, in
any registration statement, prospectus or preliminary prospectus or any
amendment thereof or supplement thereto or (ii) any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, except insofar as the same are
caused by or contained in any information furnished in writing to the Company by
such Holder expressly for use therein, by such Holder's failure to deliver a
copy of the registration statement or prospectus or any amendments or
supplements thereto after the Company has furnished such Holder with a
sufficient number of copies of the same or by such Holder's failure to comply
with applicable securities laws. In connection with an underwritten offering,
the Company will indemnify the underwriters, their officers and directors and
each Person who controls the underwriters (within the meaning of the Securities
Act) to the same extent as provided above with respect to the indemnification of
the Holders of Registrable Securities.

                (b) In connection with any registration statements in which a
Holder of Registrable Securities is participating, each such Holder will, to the
fullest extent permitted by applicable law, indemnify the Company, its directors
and officers and each Person who controls the Company (within the meaning of the
Securities Act) against any and all Claims to which each such indemnified party
may become subject under the Securities Act insofar as such Claim arose out of
(i) any untrue or alleged untrue statement of material fact contained in any
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto, (ii) any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, or (iii) any failure on the part of the
Holder to comply with applicable securities laws; provided, that with respect to
a Claim arising pursuant to clause (i) or (ii) above, the material misstatement
or omission is contained in the information such Holder provided to the Company
pursuant to Section 11 hereof; provided, further, that the obligation to
indemnify will be individual to each Holder and will be limited to the amount of
proceeds received by such Holder from the sale of Registrable Securities
pursuant to such registration statement.

                (c) Any Person entitled to indemnification hereunder will (i)
give prompt written notice to the indemnifying party of any claim with respect
to which it seeks

                                       9
<PAGE>   10

indemnification (but the failure to provide such notice shall not release the
indemnifying party of its obligation under paragraphs (a) and (b), unless and
then only to the extent that, the indemnifying party has been prejudiced by such
failure to provide such notice) and (ii) unless in such indemnified party's
reasonable judgment, based on written advice of counsel, a conflict of interest
between such indemnified and indemnifying parties may exist with respect to such
claim, permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party. An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim will not
be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party, based on written
advice of counsel, a conflict of interest may exist between such indemnified
party and any other of such indemnified parties with respect to such claim.

                (d) The indemnifying party shall not be liable to indemnify an
indemnified party for any settlement, or consent to judgment of any such action
effected without the indemnifying party's written consent (but such consent will
not be unreasonably withheld or delayed). Furthermore, the indemnifying party
shall not, except with the prior written approval of each indemnified party,
consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or plaintiff
to each indemnified party of a release from all liability in respect of such
claim or litigation without any payment or consideration provided by each such
indemnified party.

                (e) If the indemnification provided for in this Section 8 is
unavailable to an indemnified party under clauses (a) and (b) above in respect
of any losses, claims, damages or liabilities referred to therein, then each
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages or liabilities in such proportion as is
appropriate to reflect not only the relative benefits received by the Company
(if any), the underwriters, the sellers of Registrable Securities and any other
sellers participating in the registration statement from the sale of shares
pursuant to the registered offering of securities for which indemnity is sought
but also the relative fault of the Company, the underwriters, the sellers of
Registrable Securities and any other sellers participating in the registration
statement in connection with the misstatement or omission which resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company (if any), the
underwriters, the sellers of Registrable Securities and any other sellers
participating in the registration statement shall be deemed to be based on the
relative relationship of the total net proceeds from the offering (before
deducting expenses) to the Company (if any), the total underwriting commissions
and fees from the offering (before deducting expenses) to the underwriters and
the total net proceeds from the offering (before deducting expenses) to the
sellers of Registrable Securities and any other sellers participating in the
registration statement. The relative fault of the Company, the underwriters, the
sellers of Registrable Securities and any other sellers participating in the
registration statement shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Company or by the sellers of Registrable Securities and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission; provided that in no event shall
the liability of any selling Holder hereunder be greater in amount than the

                                       10
<PAGE>   11

dollar amount of the proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation.

                (f) The indemnification provided for under this Agreement will
remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person
of such indemnified party and will survive the transfer of the Registrable
Securities.

        9. Participation in Underwritten Registrations.

                No Holder may participate in any registration hereunder which is
underwritten unless such Holder (a) agrees to sell such Holder's securities on
the basis provided in any underwriting arrangements approved by the Person or
Persons entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements; provided, that no Holder of Registrable Securities
included in any underwritten registration shall be required to make any
representations or warranties to the Company or the underwriters (other than
representations and warranties regarding such Holder and such Holder's intended
method of distribution) or to undertake any indemnification obligations to the
Company or the underwriters with respect thereto, except as otherwise provided
in paragraph 8 hereof.

        10. Transfer of Registration Rights.

                The rights granted to any Holder under this Agreement may be
assigned to any permitted transferee of Registrable Securities in connection
with any transfer or assignment of Registrable Securities by a Holder; provided,
however, that: (a) such transfer is otherwise effected in accordance with
applicable securities laws, (b) such transfer is not in violation of the
Purchase Agreement, (c) if not already a party hereto, the assignee or
transferee agrees in writing prior to such transfer to be bound by the
provisions of this Agreement applicable to the transferor and, (d) unless
otherwise notified by the Holder, EIS shall act as agent and representative for
such Holder for the giving and receiving of notices hereunder.

        11. Information by Holder.

                Each Holder shall furnish to the Company such written
information regarding such Holder and any distribution proposed by such Holder
as the Company may reasonably request in writing and as shall be reasonably
required in connection with any registration, qualification or compliance
referred to in this Agreement and shall promptly notify the Company of any
changes in such information.

        12. Exchange Act Compliance.

                The Company shall comply with all of the reporting requirements
of the Exchange Act then applicable to it, if any, and shall comply with all
other public information reporting requirements of the Commission which are
conditions to the availability of Rule 144 for the sale of the Registrable
Securities. The Company shall cooperate with each Holder in supplying such
information as may be necessary for such Holder to complete and file any

                                       11
<PAGE>   12

information reporting forms presently or hereafter required by the Commission as
a condition to the availability of Rule 144.

        13. Miscellaneous.

                (a) No Inconsistent Agreements. So long as any Holder owns any
Registrable Securities, the Company will not enter into any agreement that is
inconsistent with or violates the rights granted hereunder to the Holders of
Registrable Securities, including, without limitation, any agreement other than
the Prior Agreement, as in force on the date hereof, that would require the
Company to register any of its securities with priority with respect to
registration over, the rights granted to the Holders hereunder, without the
prior written consent of the Holders of at least 50% of the Registrable
Securities.

                (b) Remedies. Any Person having rights under any provision of
this Agreement will be entitled to enforce such rights specifically to recover
damages caused by reason of any breach of any provision of this Agreement and to
exercise all other rights granted by law. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of
the provisions of this Agreement and that any party may in its sole discretion
apply to any court of law or equity of competent jurisdiction (without posting
any bond or other security) for specific performance and for other injunctive
relief in order to enforce or prevent violation of the provisions of this
Agreement; provided, however, that in no event shall any Holder have the right
to enjoin, delay or interfere with any offering of securities by the Company.

                (c) Amendments and Waivers. Except as otherwise provided herein,
the provisions of this Agreement may be amended or waived only with the prior
written consent of the Company and Holders of at least 50% of the Registrable
Securities; provided, however, that without the prior written consent of all the
Holders, no such amendment or waiver shall reduce the foregoing percentage
required to amend or waive any provision of this Agreement.

                (d) Successors and Assigns. This Agreement and all of the
provisions hereof shall be binding upon and inure to the benefit of the parties
and their respective successors and permitted assigns. In addition, whether or
not any express assignment has been made, the provisions of this Agreement which
are for the benefit of Holders of Registrable Securities are also for the
benefit of, and enforceable by, any permitted transferee of Registrable
Securities, in accordance with Section 10 hereof.

                (e) Severability. In case any provision of this Agreement shall
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not be in any way affected or impaired
thereby.

                (f) Counterparts and Facsimile. This Agreement may be executed
in any number of counterparts, and each such counterpart hereof shall be deemed
to be an original instrument, but all such counterparts together shall
constitute one agreement. This Agreement may be signed and delivered to the
other party by facsimile transmission; such transmission shall be deemed a valid
signature.

                                       12
<PAGE>   13

                (g) Descriptive Headings. The section and paragraph headings
contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement.

                (h) Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York, without
giving effect to principles of conflicts of laws.

                (i) Notices. All notices, demands and requests of any kind to be
delivered to any party in connection with this Agreement shall be in writing and
shall be deemed to have been duly given if personally or hand delivered or if
sent by internationally-recognized overnight courier or by registered or
certified mail, return receipt requested and postage prepaid, or by facsimile
transmission, addressed as follows:

                (i)     if to the Company, to:

                        Women First Healthcare, Inc.
                        12220 El Camino Real, Suite 400
                        San Diego, California 92130
                        Attention:  President and Chief Executive Officer
                        Facsimile:  (858) 509-7538

                        with a copy to:

                        Latham & Watkins
                        12636 High Bluff Drive, Suite 300
                        San Diego, California 92130-2071
                        Attention:  Scott N. Wolfe
                        Facsimile:  (858) 523-5450

                (ii)(a) if to EIS, to:

                        Elan International Services, Ltd.
                        102 St. James Court
                        Flatts, Smiths Parish
                        Bermuda FL 04
                        Attention: Chief Executive Officer
                        Facsimile: 441-292-2224

                (b)     if to EPIL, to:

                        Elan Pharma International Limited
                        Will House
                        Shannon Business Park
                        Shannon, Co. Clare
                        Ireland
                        Attention:  Secretary
                        Facsimile:  011-353-61-362097

                                       13
<PAGE>   14

                with a copy, in the case of (a) or (b) above, to:

                        Reitler Brown LLC
                        800 Third Avenue, 21st Floor
                        New York, New York 10022
                        Attention:  David Robbins
                        Facsimile:  212-371-5500

or to such other address as the party to whom notice is to be given may have
furnished to the other party hereto in writing in accordance with provisions of
this Section 13(i). Any such notice or communication shall be deemed to have
been effectively given (i) in the case of personal or hand delivery, on the date
of such delivery, (ii) in the case of an internationally-recognized overnight
delivery courier, on the second business day after the date when sent, (iii) in
the case of mailing, on the fifth business day following that day on which the
piece of mail containing such communication is posted and (iv) in the case of
facsimile transmission, on the date of telephone confirmation of receipt.

                (j) Entire Agreement. This Agreement constitutes the full and
entire understanding and agreement of the parties with regard to the subject
matter hereof and supersedes all prior agreements and understandings among the
parties with respect thereto.

                IN WITNESS WHEREOF, the parties have executed this Registration
Rights Agreement as of the date first written above.

                                       WOMEN FIRST HEALTHCARE, INC.

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       ELAN INTERNATIONAL SERVICES, LTD.

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       ELAN PHARMA INTERNATIONAL LIMITED

                                       14
<PAGE>   15

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}]]