Document:

sec document

                                                                     Exhibit 4.8

                                      ORIGINAL ISSUANCE DATE:  DECEMBER 28, 2005

                                         REISSUANCE DATE:  JUNE 29, 2006

         NEITHER THIS DEBENTURE NOR THE SECURITIES  INTO WHICH THIS DEBENTURE IS
         CONVERTIBLE  HAVE BEEN  REGISTERED  WITH THE  SECURITIES  AND  EXCHANGE
         COMMISSION OR THE  SECURITIES  COMMISSION OF ANY STATE IN RELIANCE UPON
         AN EXEMPTION  FROM  REGISTRATION  UNDER THE  SECURITIES ACT OF 1933, AS
         AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
         SOLD EXCEPT PURSUANT TO AN EFFECTIVE  REGISTRATION  STATEMENT UNDER THE
         SECURITIES  ACT OR PURSUANT TO AN  AVAILABLE  EXEMPTION  FROM,  OR IN A
         TRANSACTION  NOT  SUBJECT  TO,  THE  REGISTRATION  REQUIREMENTS  OF THE
         SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

No. Momona -1                   Original Outstanding Principal Amount $1,000,000

                                Outstanding Principal Amount Hereunder: $100,000

                               CEPTOR CORPORATION

                          SECURED CONVERTIBLE DEBENTURE

                              DUE DECEMBER 28, 2008

         This Secured  Convertible  Debenture (the  "DEBENTURE")  was originally
issued by CEPTOR CORPORATION, a Delaware corporation (the "OBLIGOR"), to CORNELL
CAPITAL  PARTNERS,  LP ("CORNELL")  under the Debenture CCP-2,  pursuant to that
certain  Securities  Purchase  Agreement (the "SECURITIES  PURCHASE  AGREEMENT")
dated December 9, 2005. The Original Principal Amount of Debenture CCP-2 was One
Million Dollars  ($1,000,000) of which One Million Dollars  ($1,000,000) remains
due and  outstanding  as of the date hereof.  Whereas  Cornell has  subsequently
pursuant  to that  Assignment  Agreement  dated June __,  2006 (the  "ASSIGNMENT
AGREEMENT")  sold One Million  Dollars  ($1,000,000)  of  principal  and accrued
interest due and outstanding  under Debenture CCP-2 to MOMONA CAPITAL CORP. (the
"HOLDER"),  Longview  Fund, LP  ("LONGVIEW"),  Alpha Capital  Aktiengesellschaft
("Alpha"),  and Ellis  International  Ltd  ("Ellis").  as  follows  One  Hundred
Thousand   Dollars   ($100,000)  of  principal  and  accrued  interest  due  and
outstanding  has been  reissued  under this  Debenture  Momona -1, Four  Hundred
Thousand   Dollars   ($400,000)  of  principal  and  accrued  interest  due  and
outstanding  has been reissued to Longview  under  Debenture  Longview -2, Three
Hundred  Thousand  Dollars  ($300,000) of principal and accrued interest due and
outstanding has been reissued to Alpha under  Debenture  Alpha-1 and Two Hundred
Thousand   Dollars   ($200,000)  of  principal  and  accrued  interest  due  and
outstanding has been reissued to Ellis under Debenture Ellis-1.

                                       1

         FOR VALUE RECEIVED, the Obligor hereby promises to pay to the Holder or
its successors and assigns the principal sum of Eight Hundred  Thousand  Dollars
($800,000)  together with accrued but unpaid  interest on or before December 28,
2008 (the "MATURITY DATE") in accordance with the following terms:

         INTEREST.  Interest shall accrue on the outstanding  principal  balance
hereof  at an  annual  rate  equal  to eight  percent  (8%).  Interest  shall be
calculated on the basis of a 360-day year and the actual number of days elapsed,
to the extent  permitted by applicable law.  Interest  hereunder will be paid to
the  Holder  or its  assignee  (as  defined  in  SECTION  5) in whose  name this
Debenture is registered on the records of the Obligor regarding registration and
transfers of Debentures (the "DEBENTURE REGISTER").

                  RIGHT OF  REDEMPTION.  [THIS  SECTION HAS BEEN  DELETED IN ITS
ENTIRETY AS OUTLINED IN THE ASSIGNMENT AGREEMENT.]

         SECURITY AGREEMENTS.  This Debenture is secured by a Security Agreement
(the  "SECURITY  AGREEMENT")  dated December 9, 2005 between the Obligor and the
Cornell and the subsequent UCC-1 amendment by Cornell in favor of .

CONSENT OF HOLDER TO SELL CAPITAL STOCK OR GRANT SECURITY INTERESTS.  So long as
any principal or interest on this Debenture remains unpaid and unconverted,  the
Obligor shall not, without the prior written consent of the Holder, (i) issue or
sell shares of Common Stock or Preferred Stock at a discount equal to or greater
than  twenty-five  percent  (25%) of the Closing  Bid Price of the Common  Stock
determined  immediately  prior to such issuance or sale, (ii) issue any warrant,
option,  right,  contract,  call, or other  security or instrument  granting the
holder  thereof  the right to acquire  Common  Stock at a  discount  equal to or
greater than  twenty-five  percent  (25%) of the Closing Bid Price of the Common
Stock  determined  immediately  prior to such  issuance  , (iii)  enter into any
security  instrument  granting  the  holder a security  interest  in any and all
assets of the  Obligor,  or (iv)  file any  registration  statement  on Form S-8
registering  more than one million  (1,000,000)  shares of the Company's  Common
Stock to be issued  pursuant to the  Company's  bonafide  employee  stock option
plan.

         So long as any principal or interest on this  Debenture  remains unpaid
and  unconverted,  the Obligor  shall not,  without five (5) business days prior
written  notice  to the  Holder,  (i) issue or sell  shares  of Common  Stock or
preferred  stock at any  discount  less than  twenty-five  percent  (25%) of the
Closing  Bid Price of the  Common  Stock  determined  immediately  prior to such
issuance or sale, or (ii) issue any warrant,  option, right, contract,  call, or
other  security or instrument  granting the holder  thereof the right to acquire
Common Stock at any discount less than twenty-five  percent (25%) of the Closing
Bid Price of the Common Stock determined immediately prior to such issuance.

         Notwithstanding  the above, the Obligor shall not be required to obtain
the consent of the Holder with  respect to the  Obligor's  proposed  stockholder
rights  plan (the  "RIGHTS  PLAN") but shall be  required  to provide the Holder
written notice ten (10) days prior to such issuance.

                                       2

         RIGHTS OF FIRST  REFUSAL.  So long as any portion of this  Debenture is
outstanding (including principal or accrued interest), if the Obligor intends to
raise  additional  capital  by the  issuance  or sale of  capital  stock  of the
Obligor,  including without  limitation shares of any class of Common Stock, any
class of preferred stock, options,  warrants or any other securities convertible
or exercisable into shares of Common Stock (whether the offering is conducted by
the Obligor, underwriter,  placement agent or any third party) the Obligor shall
be obligated to offer to the Holder ten percent (10%) of such total  issuance or
sale of capital stock,  by providing in writing the principal  amount of capital
it intends to raise and outline of the  material  terms of such  capital  raise,
prior to the  offering  such  issuance  or sale of  capital  stock to any  third
parties including,  but not limited to, current or former officers or directors,
current or former  shareholders  and/or investors of the obligor,  underwriters,
brokers,  agents or other  third  parties,  provided  however the right of first
refusal shall not apply to the Obligor's  current  equity  financing with Fusion
Capital Fund II, LLC ("FUSION  CAPITAL") and the  Obligor's  bonafide 2004 Stock
Incentive  Plan.  The Holder shall have five (5)  business  days from receipt of
such notice of the sale or issuance of capital  stock to accept or reject all or
a portion of such capital raising offer.

         This Debenture is subject to the following additional provisions:

         SECTION  1.       This Debenture is exchangeable for an equal aggregate
principal  amount  of  Debentures  of  different  authorized  denominations,  as
requested by the Holder  surrendering  the same. No service  charge will be made
for such registration of transfer or exchange.

         SECTION 2.        EVENTS OF DEFAULT.

         (a)      An "EVENT OF DEFAULT",  wherever used herein, means any one of
the following  events  (whatever the reason and whether it shall be voluntary or
involuntary or effected by operation of law or pursuant to any judgment,  decree
or order of any court, or any order, rule or regulation of any administrative or
governmental body):

                  (i)      Any  default  in the  payment  of the  principal  of,
interest on or other charges in respect of this Debenture,  free of any claim of
subordination,  which  remains  uncured for ten (10)  consecutive  Business Days
after the same shall have become due and payable  (whether on a Conversion  Date
or the Maturity Date or by acceleration or otherwise);

                  (ii)     The  Obligor  shall fail to  observe  or perform  any
other  covenant,  agreement or warranty  contained  in, or otherwise  commit any
breach or default of any provision of this  Debenture  (except as may be covered
by SECTION 2(a)(i) hereof) or any Transaction Document (as defined in SECTION 5)
in any material respect which is not cured within the time prescribed;

                  (iii)    The  Obligor  shall  commence,   or  there  shall  be
commenced against the Obligor under any applicable bankruptcy or insolvency laws
as now or hereafter in effect or any successor thereto, or the Obligor commences
any other proceeding under any reorganization,  arrangement, adjustment of debt,
relief of debtors, dissolution,  insolvency or liquidation or similar law of any
jurisdiction whether now or hereafter in effect relating to the Obligor or there
is  commenced  against  the  Obligor any such  bankruptcy,  insolvency  or other
proceeding which remains  undismissed for a period of 61 days; or the Obligor is

                                       3

adjudicated  insolvent  or  bankrupt;  or any  order of  relief  or other  order
approving  any such case or proceeding  is entered;  or the Obligor  suffers any
appointment of any custodian,  private or court  appointed  receiver or the like
for it or any substantial  part of its property which continues  undischarged or
unstayed  for a period of sixty one (61) days;  or the  Obligor  makes a general
assignment  for the benefit of  creditors;  or the Obligor shall fail to pay, or
shall  state  that it is  unable to pay,  or shall be  unable to pay,  its debts
generally  as they  become  due;  or the  Obligor  shall  call a meeting  of its
creditors with a view to arranging a composition, adjustment or restructuring of
its debts; or the Obligor shall by any act or failure to act expressly  indicate
its consent to,  approval of or  acquiescence  in any of the  foregoing;  or any
corporate  or other  action is taken by the Obligor for the purpose of effecting
any of the foregoing;

                  (iv)     The Obligor shall  default in any of its  obligations
under any other debenture or any mortgage,  credit  agreement or other facility,
indenture  agreement,  factoring agreement or other instrument under which there
may be issued,  or by which there may be secured or evidenced  any  indebtedness
for  borrowed  money or money  due  under any long  term  leasing  or  factoring
arrangement  of the  Obligor  in an  amount  exceeding  $100,000,  whether  such
indebtedness  now exists or shall  hereafter be created and such  default  shall
result in such indebtedness  becoming or being declared due and payable prior to
the date on which it would otherwise become due and payable;

                  (v)      The Common Stock shall cease to be quoted for trading
or listed for trading on either the Nasdaq OTC Bulletin  Board  ("OTC"),  Nasdaq
SmallCap Market, New York Stock Exchange,  American Stock Exchange or the Nasdaq
National  Market (each, a "SUBSEQUENT  MARKET") and shall not again be quoted or
listed for trading thereon within five (5) Trading Days of such delisting;

                  (vi)     The Obligor shall be a party to any Change of Control
Transaction (as defined in SECTION 5);

                  (vii)    The Obligor shall fail to file the Underlying  Shares
Registration Statement (as defined in SECTION 5) with the Commission (as defined
in SECTION 5), or the Underlying  Shares  Registration  Statement shall not have
been declared effective by the Commission,  in accordance with the provisions of
Sections  2(b)  and  2(c)  of  the  Investor   Registration   Rights   Agreement
("REGISTRATION RIGHTS AGREEMENT") dated December 9, 2005 between the Obligor and
Cornell ;

                  (viii)   If  the   effectiveness  of  the  Underlying   Shares
Registration  Statement  lapses  for  any  reason  or the  Holder  shall  not be
permitted to resell the shares of Common Stock  underlying  this Debenture under
the Underlying Shares Registration Statement, in either case, for more than five
(5)  consecutive  Trading Days or an aggregate of eight Trading Days (which need
not be consecutive Trading Days);

                  (ix)     The  Obligor  shall  fail,  due  to  actions  of  the
Obligor,  to deliver  Common Stock  certificates  to a Holder prior to the fifth
(5th) Trading Day after a Conversion Date or the Obligor shall provide notice to
the  Holder,  including  by way of  public  announcement,  at any  time,  of its

                                       4

intention  not to comply with  requests  for  conversions  of this  Debenture in
accordance with the terms hereof;

                  (x)      The Obligor  shall fail for any reason to deliver the
payment  in cash  pursuant  to a Buy-In (as  defined  herein)  within  three (3)
Business Days after notice is claimed delivered hereunder;

         (b)      During  the  time  that  any  portion  of  this  Debenture  is
outstanding,  if any Event of Default has occurred, the full principal amount of
this  Debenture,  together  with  interest  and other  amounts  owing in respect
thereof,  to the date of  acceleration  shall become at the  Holder's  election,
immediately due and payable in cash,  PROVIDED  HOWEVER,  the Holder may request
(but shall have no  obligation  to  request)  payment of such  amounts in Common
Stock of the Obligor.  In addition to any other remedies,  the Holder shall have
the right (but not the  obligation)  to convert this Debenture at any time after
(x) an Event of Default or (y) the Maturity  Date at the  Conversion  Price then
in-effect.  The  Holder  need not  provide  and the  Obligor  hereby  waives any
presentment,  demand,  protest or other  notice of any kind,  and the Holder may
immediately  and without  expiration of any grace period  enforce any and all of
its rights and remedies  hereunder and all other remedies  available to it under
applicable law. Such  declaration may be rescinded and annulled by Holder at any
time prior to payment  hereunder.  No such  rescission or annulment shall affect
any subsequent Event of Default or impair any right consequent thereon.  Upon an
Event of Default,  notwithstanding  any other provision of this Debenture or any
Transaction  Document,  the Holder  shall have no  obligation  to comply with or
adhere to any  limitations,  if any, on the  conversion of this Debenture or the
sale of the Underlying Shares.

         SECTION 3.        CONVERSION.

         (a)      CONVERSION AT OPTION OF HOLDER.

                  (i)      This Debenture  shall be  convertible  into shares of
Common  Stock at the option of the  Holder,  in whole or in part at any time and
from time to time,  after the  Original  Issue  Date (as  defined  in SECTION 5)
(subject to the limitations on conversion set forth in SECTION 3(b) hereof). The
number of shares of Common Stock issuable upon a conversion hereunder equals the
quotient obtained by dividing (x) the outstanding amount of this Debenture to be
converted  by (y) the  Conversion  Price (as  defined in SECTION  3(c)(i)).  The
Obligor shall use its best efforts to deliver Common Stock  certificates  to the
Holder  prior to the Fifth  (5th)  Trading  Day after a  Conversion  Date.

                  (ii)     Notwithstanding  anything to the  contrary  contained
herein,  if on any Conversion  Date: (1) the number of shares of Common Stock at
the time  authorized,  unissued  and  unreserved  for all  purposes,  or held as
treasury  stock,  is  insufficient  to pay principal  and interest  hereunder in
shares of Common Stock; (2) the Common Stock is not listed or quoted for trading
on the OTC or on a  Subsequent  Market;  (3) the  Obligor  has  failed to timely
satisfy its conversion; or (4) the issuance of such shares of Common Stock would
result in a violation of SECTION 3(b),  then,  at the option of the Holder,  the
Obligor,  in lieu of  delivering  shares of Common  Stock  pursuant  to  SECTION
3(a)(i),  shall  deliver,  within  three  (3)  Trading  Days of each  applicable
Conversion  Date,  an amount in cash  equal to the  product  of the  outstanding
principal  amount to be converted  plus any interest due therein  divided by the
Conversion  Price,  chosen by the Holder,  and multiplied by the highest closing

                                       5

price of the stock from date of the  conversion  notice  till the date that such
cash payment is made.

                           Further,  if the Obligor shall not have delivered any
cash due in respect of  conversion  of this  Debenture or as payment of interest
thereon by the fifth (5th)  Trading Day after the  Conversion  Date,  the Holder
may, by notice to the  Obligor,  require  the Obligor to issue  shares of Common
Stock  pursuant to SECTION  3(c),  except that for such  purpose the  Conversion
Price  applicable  thereto  shall be the lesser of the  Conversion  Price on the
Conversion Date and the Conversion Price on the date of such Holder demand.  Any
such shares will be subject to the provisions of this Section.

                  (iii)    The Holder shall effect  conversions by delivering to
the  Obligor a  completed  notice in the form  attached  hereto as  Exhibit A (a
"CONVERSION NOTICE").  The date on which a Conversion Notice is delivered is the
"CONVERSION  DATE." Unless the Holder is converting the entire  principal amount
outstanding  under this  Debenture,  the Holder is not  required  to  physically
surrender  this  Debenture  to the  Obligor  in  order  to  effect  conversions.
Conversions  hereunder  shall  have  the  effect  of  lowering  the  outstanding
principal  amount of this Debenture plus all accrued and unpaid interest thereon
in an amount  equal to the  applicable  conversion.  The Holder and the  Obligor
shall maintain  records showing the principal  amount  converted and the date of
such conversions.

         (b)      CERTAIN CONVERSION RESTRICTIONS.

                  (i)      A Holder may not convert  this  Debenture  or receive
shares of Common  Stock as  payment of  interest  hereunder  to the extent  such
conversion  or receipt of such  interest  payment  would  result in the  Holder,
together  with any  affiliate  thereof,  beneficially  owning (as  determined in
accordance  with Section  13(d) of the  Exchange  Act and the rules  promulgated
thereunder)  in  excess of 4.9% of the then  issued  and  outstanding  shares of
Common  Stock,  including  shares  issuable upon  conversion  of, and payment of
interest  on, this  Debenture  held by such  Holder  after  application  of this
Section.  Since the Holder  will not be  obligated  to report to the Obligor the
number  of  shares  of  Common  Stock it may  hold at the  time of a  conversion
hereunder, unless the conversion at issue would result in the issuance of shares
of Common Stock in excess of 4.9% of the then outstanding shares of Common Stock
without regard to any other shares which may be beneficially owned by the Holder
or an affiliate  thereof,  the Holder shall have the authority and obligation to
determine  whether the  restriction  contained  in this  Section  will limit any
particular  conversion  hereunder  and to the extent that the Holder  determines
that the limitation  contained in this Section  applies,  the  determination  of
which portion of the principal amount of this Debenture is convertible  shall be
the  responsibility  and obligation of the Holder. If the Holder has delivered a
Conversion Notice for a principal amount of this Debenture that,  without regard
to any other  shares that the Holder or its  affiliates  may  beneficially  own,
would result in the issuance in excess of the permitted  amount  hereunder,  the
Obligor shall notify the Holder of this fact and shall honor the  conversion for
the maximum  principal  amount permitted to be converted on such Conversion Date
in accordance  with the periods  described in SECTION 3(a)(i) and, at the option
of the Holder,  either retain any principal  amount  tendered for  conversion in
excess of the permitted amount  hereunder for future  conversions or return such
excess  principal  amount to the Holder.  The  provisions of this Section may be

                                       6

waived by a Holder (but only as to itself and not to any other  Holder) upon not
less than 65 days prior notice to the Obligor. Other Holders shall be unaffected
by any such waiver.

         (c)      CONVERSION PRICE AND ADJUSTMENTS TO CONVERSION PRICE.

                  (i)      The Holder shall be entitled to convert,  at its sole
option,  at any time a portion or all amounts of principal  and interest due and
outstanding  under this Debenture  into shares of the Obligor's  Common Stock at
the  lesser  of (i) a price  equal to one  hundred  five  percent  (105%) of the
Closing  Bid Price of the  Obligor's  Common  Stock on the day prior to the date
hereof,  as quoted by  Bloomberg,  LP (the  "FIXED  PRICE") or (ii)  ninety five
percent (95%) of the lowest closing Bid Price of the Obligor's  Common Stock for
the twenty (20) Trading Days immediately preceding the Conversion Date as quoted
by  Bloomberg,  LP. (the  "FLOATING  PRICE").  (the Fixed Price and the Floating
Price are  collectively  referred to as the  "CONVERSION  PRICE") The Conversion
Price may be adjusted pursuant to the other terms of this Debenture.

         In the event that the Holder is effectuating conversion pursuant to the
Floating  Price the Holder  shall only be  entitled to convert up to One Hundred
Fifty Thousand  Dollars  ($150,000) of principal due and outstanding  under this
Debenture into shares of the Obligor's  Common Stock in any thirty (30) calendar
day period,  unless  otherwise  waived by the Obligor,  provided  however in the
event the  Obligor  issues or sell  shares of  Common  Stock,  preferred  stock,
warrants,  options,  rights,  contracts,  calls, or other security or instrument
granting the holder thereof the right to acquire Common Stock at any discount of
the Closing Bid Price of the Common Stock  determined  immediately  prior to its
issuance, the Holder shall be entitled to convert without limitation.

                  (ii)     If the Obligor,  at any time while this  Debenture is
outstanding,  shall (a) pay a stock dividend or otherwise make a distribution or
distributions  on  shares  of its  Common  Stock or any  other  equity or equity
equivalent   securities  payable  in  shares  of  Common  Stock,  (b)  subdivide
outstanding  shares of Common Stock into a larger number of shares,  (c) combine
(including  by way of reverse  stock split)  outstanding  shares of Common Stock
into a smaller number of shares, or (d) issue by  reclassification  of shares of
the  Common  Stock any shares of capital  stock of the  Obligor,  then the Fixed
Price  shall be  multiplied  by a fraction of which the  numerator  shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding
before such event and of which the denominator  shall be the number of shares of
Common Stock  outstanding after such event. Any adjustment made pursuant to this
Section  shall  become  effective  immediately  after  the  record  date for the
determination of stockholders  entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a
subdivision, combination or re-classification.

                  (iii) If the  Obligor,  at any time  while this  Debenture  is
outstanding,  shall issue  rights,  options or warrants to all holders of Common
Stock (and not to the Holder) entitling them to subscribe for or purchase shares
of Common Stock,  except  pursuant to the Rights Plan, at a price per share less
than the Fixed Price, then the Fixed Price shall be multiplied by a fraction, of
which  the  denominator  shall be the  number  of  shares  of the  Common  Stock
(excluding  treasury shares, if any) outstanding on the date of issuance of such
rights or warrants (plus the number of additional shares of Common Stock offered
for subscription or purchase), and of which the numerator shall be the number of
shares of the Common Stock (excluding  treasury  shares,  if any) outstanding on

                                       7

the date of issuance of such rights or warrants, plus the number of shares which
the  aggregate  offering  price of the total  number of shares so offered  would
purchase at the Fixed Price.  Such adjustment shall be made whenever such rights
or warrants are issued, and shall become effective  immediately after the record
date for the  determination  of  stockholders  entitled to receive  such rights,
options or warrants.  However,  upon the expiration of any such right, option or
warrant to purchase shares of the Common Stock the issuance of which resulted in
an  adjustment in the Fixed Price  pursuant to this Section,  if any such right,
option or  warrant  shall  expire and shall not have been  exercised,  the Fixed
Price  shall  immediately  upon such  expiration  be  recomputed  and  effective
immediately  upon such  expiration be increased to the price which it would have
been (but  reflecting any other  adjustments in the Fixed Price made pursuant to
the  provisions  of this Section  after the issuance of such rights or warrants)
had the  adjustment  of the Fixed Price made upon the  issuance of such  rights,
options or  warrants  been made on the basis of  offering  for  subscription  or
purchase only that number of shares of the Common Stock actually  purchased upon
the exercise of such rights, options or warrants actually exercised.

                  (iv)     If the Obligor as applicable,  at any time while this
Debenture  is  outstanding,  shall  issue  shares  of  Common  Stock or  rights,
warrants,  options  or other  securities  or debt that are  convertible  into or
exchangeable for shares of Common Stock ("COMMON STOCK EQUIVALENTS") except with
respect to the Obligor's existing convertible notes with Harbor Trust, entitling
any Person to acquire shares of Common Stock, at a price per share less than the
Fixed Price (if the holder of the Common  Stock or Common  Stock  Equivalent  so
issued shall at any time,  whether by operation of purchase  price  adjustments,
reset provisions, floating conversion, exercise or exchange prices or otherwise,
or due to  warrants,  options or rights per share which is issued in  connection
with such  issuance,  be entitled to receive shares of Common Stock to be issued
by the  obligor at a price per share  which is less than the Fixed  Price,  such
issuance shall be deemed to have occurred for less than the Fixed Price),  then,
at the sole  option of the  Holder,  the Fixed Price shall be adjusted to mirror
the conversion, exchange or purchase price for such Common Stock or Common Stock
Equivalents  (including any reset provisions  thereof) at issue. Such adjustment
shall be made whenever such Common Stock or Common Stock Equivalents are issued.
The Obligor  shall notify the Holder in writing,  no later than two (2) Business
Days  following  the  issuance of any Common  Stock or Common  Stock  Equivalent
subject to this Section, indicating therein the applicable issuance price, or of
applicable  reset price,  exchange  price,  conversion  price and other  pricing
terms.  No adjustment  under this Section shall be made as a result of issuances
and exercises of options,  warrants or stock grants to purchase shares of Common
Stock issued for  compensatory  purposes  pursuant to any of the Obligor's stock
option or stock purchase plans.

                  (v)      If the Obligor,  at any time while this  Debenture is
outstanding,  shall  distribute  to all holders of Common  Stock (and not to the
Holder)  evidences  of its  indebtedness  or assets or  rights  or  warrants  to
subscribe for or purchase any  security,  then in each such case the Fixed Price
at which this Debenture shall  thereafter be convertible  shall be determined by
multiplying the Fixed Price in effect immediately prior to the record date fixed
for  determination  of stockholders  entitled to receive such  distribution by a
fraction of which the denominator  shall be the Closing Bid Price  determined as
of the record date  mentioned  above,  and of which the numerator  shall be such
Closing Bid Price on such  record  date less the then fair market  value at such
record  date of the  portion  of such  assets or  evidence  of  indebtedness  so
distributed  applicable  to one (1)  outstanding  share of the  Common  Stock as
determined by the Obligor's Board of Directors in good faith. In either case the

                                       8

adjustments  shall be  described  in a  statement  provided to the Holder of the
portion  of  assets  or  evidences  of   indebtedness  so  distributed  or  such
subscription rights applicable to one (1) share of Common Stock. Such adjustment
shall be made whenever any such  distribution is made and shall become effective
immediately after the record date mentioned above.

                  (vi)     In case of any  reclassification  of the Common Stock
or any compulsory share exchange pursuant to which the Common Stock is converted
into other  securities,  cash or property,  at any time while this  Debenture is
outstanding,  the Holder shall have the right thereafter to, at its option,  (A)
convert the then  outstanding  principal  amount,  together with all accrued but
unpaid  interest and any other  amounts then owing  hereunder in respect of this
Debenture  into the  shares  of stock and other  securities,  cash and  property
receivable  upon or deemed to be held by holders of the Common  Stock  following
such reclassification or share exchange,  and the Holder of this Debenture shall
be  entitled  upon such  event to receive  such  amount of  securities,  cash or
property as the shares of the Common  Stock of the  Obligor  into which the then
outstanding principal amount,  together with all accrued but unpaid interest and
any other amounts then owing  hereunder in respect of this Debenture  could have
been  converted  immediately  prior to such  reclassification  or share exchange
would have been entitled,  or (B) require the Obligor to prepay the  outstanding
principal amount of this Debenture,  plus all interest and other amounts due and
payable  thereon.  The  entire  prepayment  price  shall be paid in  cash.  This
provision  shall  similarly  apply  to  successive  reclassifications  or  share
exchanges.

                  (vii)    The  Obligor  shall  maintain a share  reserve of not
less than five hundred  percent  (500%) of the shares of Common  Stock  issuable
upon conversion of this Debenture;  and within three (3) Business Days following
the receipt by the  Obligor of a Holder's  notice  that such  minimum  number of
Underlying  Shares is not so  reserved,  the Obligor  shall  promptly  reserve a
sufficient number of shares of Common Stock to comply with such requirement.

                  (viii)   All  calculations  under  this  SECTION  3  shall  be
rounded up to the nearest $0.001 or whole share.

                  (ix)     Whenever the Conversion Price is adjusted pursuant to
SECTION 3 hereof, the Obligor shall promptly mail to the Holder a notice setting
forth the  Conversion  Price after such  adjustment  and  setting  forth a brief
statement of the facts requiring such adjustment.

                  (x)      If at any time while this  Debenture  is  outstanding
(A) the Obligor  shall  declare a dividend  (or any other  distribution)  on the
Common Stock; (B) the Obligor shall declare a special nonrecurring cash dividend
on or a redemption  of the Common  Stock;  (C) the Obligor  shall  authorize the
granting to all holders of the Common Stock rights or warrants to subscribe  for
or  purchase  any shares of capital  stock of any class or of any rights  except
pursuant to the Rights Plan; (D) the approval of any stockholders of the Obligor
shall be required in connection with any  reclassification  of the Common Stock,
any  consolidation  or  merger  to which  the  Obligor  is a party,  any sale or
transfer  of all or  substantially  all of the  assets  of the  Obligor,  or any
compulsory  share  exchange  whereby the Common  Stock is  converted  into other
securities,  cash or property;  or (E) the Obligor shall authorize the voluntary
or  involuntary  dissolution,  liquidation  or winding up of the  affairs of the
Obligor;  then, in each case, the Obligor shall cause to be filed at each office
or agency maintained for the purpose of conversion of this Debenture,  and shall

                                       9

cause to be mailed to the Holder at its last address as it shall appear upon the
stock books of the  Obligor,  at least  twenty (20)  calendar  days prior to the
applicable record or effective date hereinafter  specified, a notice stating (x)
the date on which a record  is to be taken  for the  purpose  of such  dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of the Common Stock of record to be entitled to
such  dividend,  distributions,   redemption,  rights  or  warrants  are  to  be
determined  or (y)  the  date on  which  such  reclassification,  consolidation,
merger,  sale,  transfer or share  exchange is expected to become  effective  or
close,  and the date as of which it is expected that holders of the Common Stock
of record  shall be entitled to exchange  their  shares of the Common  Stock for
securities,  cash or other  property  deliverable  upon  such  reclassification,
consolidation,  merger,  sale,  transfer or share exchange,  provided,  that the
failure to mail such  notice or any defect  therein  or in the  mailing  thereof
shall not affect the validity of the corporate  action  required to be specified
in such  notice.  The Holder is entitled to convert  this  Debenture  during the
20-day calendar period  commencing the date of such notice to the effective date
of the event triggering such notice.

                  (xi)     In case of any (1)  merger  or  consolidation  of the
Obligor or any  subsidiary  of the Obligor with or into another  Person,  or (2)
sale by the Obligor of more than one-half of the assets of the Obligor in one or
a  series  of  related  transactions,  at  any  time  while  this  Debenture  is
outstanding,  a Holder  shall have the right to (A)  exercise  any rights  under
SECTION  2(b),  (B)  convert  the  aggregate   amount  of  this  Debenture  then
outstanding  into the shares of stock and other  securities,  cash and  property
receivable  upon or deemed to be held by holders of Common Stock  following such
merger, consolidation or sale, and such Holder shall be entitled upon such event
or series of  related  events to receive  such  amount of  securities,  cash and
property  as the shares of Common  Stock into  which  such  aggregate  principal
amount of this  Debenture  could have been converted  immediately  prior to such
merger, consolidation or sales would have been entitled, or (C) in the case of a
merger or  consolidation,  require the surviving entity to issue to the Holder a
convertible  Debenture with a principal amount equal to the aggregate  principal
amount of this Debenture  then held by such Holder,  plus all accrued and unpaid
interest and other amounts owing  thereon,  which such newly issued  convertible
Debenture shall have terms  identical  (including with respect to conversion) to
the terms of this  Debenture,  and shall be  entitled  to all of the  rights and
privileges of the Holder of this  Debenture set forth herein and the  agreements
pursuant to which this  Debentures  were issued.  In the case of clause (C), the
conversion price applicable for the newly issued shares of convertible preferred
stock or  convertible  Debentures  shall be based upon the amount of securities,
cash and  property  that  each  share of  Common  Stock  would  receive  in such
transaction  and  the  Conversion  Price  in  effect  immediately  prior  to the
effectiveness  or  closing  date for  such  transaction.  The  terms of any such
merger, sale or consolidation shall include such terms so as to continue to give
the Holder the right to receive the  securities,  cash and property set forth in
this  Section upon any  conversion  or  redemption  following  such event.  This
provision shall similarly apply to successive such events.

         (d)      OTHER PROVISIONS.

                  (i)      The  Obligor  covenants  that it  will  at all  times
reserve and keep available out of its  authorized and unissued  shares of Common
Stock solely for the purpose of issuance upon  conversion of this  Debenture and
payment  of  interest  on this  Debenture,  each as herein  provided,  free from
preemptive  rights or any other  actual  contingent  purchase  rights of persons
other than the Holder,  not less than such number of shares of the Common  Stock
as  shall  (subject  to  any  additional  requirements  of  the  Obligor  as  to

                                       10

reservation of such shares set forth in this Debenture) be issuable (taking into
account the  adjustments  and  restrictions  of SECTIONS 2(b) AND 3(c)) upon the
conversion of the outstanding  principal amount of this Debenture and payment of
interest  hereunder.  The Obligor covenants that all shares of Common Stock that
shall be so issuable shall, upon issue, be duly and validly  authorized,  issued
and  fully  paid,  nonassessable  and,  if the  Underlying  Shares  Registration
Statement has been declared  effective under the Securities Act,  registered for
public sale in accordance with such Underlying Shares Registration Statement.

                  (ii)     Upon a conversion  hereunder the Obligor shall not be
required to issue stock  certificates  representing  fractions  of shares of the
Common Stock, but may if otherwise permitted,  make a cash payment in respect of
any final  fraction of a share  based on the Closing Bid Price at such time.  If
the Obligor  elects not, or is unable,  to make such a cash payment,  the Holder
shall be  entitled  to receive,  in lieu of the final  fraction of a share,  one
whole share of Common Stock.

                  (iii)    The issuance of certificates for shares of the Common
Stock on conversion of this Debenture shall be made without charge to the Holder
thereof  for any  documentary  stamp or  similar  taxes  that may be  payable in
respect of the issue or delivery of such certificate,  provided that the Obligor
shall not be  required  to pay any tax that may be  payable  in  respect  of any
transfer  involved in the  issuance and  delivery of any such  certificate  upon
conversion  in a name  other  than  that  of the  Holder  of such  Debenture  so
converted  and the  Obligor  shall  not be  required  to issue or  deliver  such
certificates  unless or until the  person or  persons  requesting  the  issuance
thereof  shall  have paid to the  Obligor  the  amount of such tax or shall have
established to the satisfaction of the Obligor that such tax has been paid.

                  (iv)     Nothing herein shall limit a Holder's right to pursue
actual  damages or declare an Event of Default  pursuant to SECTION 2 herein for
the  Obligor 's failure to deliver  certificates  representing  shares of Common
Stock upon conversion  within the period  specified  herein and the Holder shall
have the  right to  pursue  all  remedies  available  to it at law or in  equity
including,   without  limitation,   a  decree  of  specific  performance  and/or
injunctive relief. The exercise of any such rights shall not prohibit the Holder
from seeking to enforce  damages  pursuant to any other Section  hereof or under
applicable law.

                  (v)      In  addition  to any other  rights  available  to the
Holder,  if the  Obligor  fails to  deliver to the Holder  such  certificate  or
certificates  pursuant to SECTION 3(a)(i), and if after such fifth (5th) Trading
Day the Holder  purchases (in an open market  transaction  or otherwise)  Common
Stock to  deliver in  satisfaction  of a sale by such  Holder of the  Underlying
Shares which the Holder anticipated receiving upon such conversion (a "BUY-IN"),
then  the  Obligor  shall  (A) pay in cash to the  Holder  (in  addition  to any
remedies  available  to or  elected by the  Holder)  the amount by which (x) the
Holder's total purchase price (including brokerage commissions,  if any) for the
Common Stock so purchased exceeds (y) the product of (1) the aggregate number of
shares  of  Common  Stock  that  such  Holder  anticipated  receiving  from  the
conversion  at issue  multiplied  by (2) the market price of the Common Stock at
the time of the sale  giving  rise to such  purchase  obligation  and (B) at the
option of the Holder,  either reissue a Debenture in the principal  amount equal
to the principal amount of the attempted conversion or deliver to the Holder the
number of shares of Common  Stock that would  have been  issued had the  Obligor

                                       11

timely  complied  with its delivery  requirements  under  SECTION  3(a)(i).  For
example,  if the Holder  purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted  conversion of Debentures
with respect to which the market price of the  Underlying  Shares on the date of
conversion was a total of $10,000 under clause (A) of the immediately  preceding
sentence,  the Obligor  shall be required to pay the Holder  $1,000.  The Holder
shall provide the Obligor  written notice  indicating the amounts payable to the
Holder in respect of the Buy-In.

         SECTION  4.       NOTICES.      Any notices, consents, waivers or other
communications  required or permitted to be given under the terms hereof must be
in writing and will be deemed to have been  delivered:  (i) upon  receipt,  when
delivered  personally;  (ii)  upon  receipt,  when sent by  facsimile  (provided
confirmation of transmission  is  mechanically or  electronically  generated and
kept on file by the sending  party);  or (iii) one (1) Trading Day after deposit
with a nationally  recognized  overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses and facsimile  numbers
for such communications shall be:

If to the Company, to:                   CepTor Corporation
                                         200 International Circle - Suite 5100
                                         Hunt Valley, MD 21030
                                         Attention:    Donald W. Fallon
                                         Telephone:   (410) 527-9998
                                         Facsimile:    (410) 527-9867

With a copy to:                          Olshan Grundman Frome Rosenzweig & Wolosky LLP
                                         Park Avenue Tower
                                         65 East 55th Street
                                         New York, NY 10022
                                         Attention:  Harvey J. Kesner, Esq.
                                         Telephone:  (212) 451-2259
                                         Facsimile:  (212) 451-2222

If to the Holder:                        3 Martha Road
                                         Monsey, New York
                                         Fax: (212) 586-8244

With a copy to:                          Grushko & Mittman, P.C.
                                         551 Fifth Avenue, Suite 1601
                                         New York, New York 10176
                                         Attention:  Edward M. Grushko
                                         Telephone:  (212) 697-9500
                                         Facsimile:  (212) 697-3575

or at such other address and/or facsimile number and/or to the attention of such
other person as the  recipient  party has  specified by written  notice given to
each other  party three (3)  Business  days prior to the  effectiveness  of such
change.  Written  confirmation  of receipt  (i) given by the  recipient  of such

                                       12

notice,   consent,   waiver  or  other   communication,   (ii)  mechanically  or
electronically  generated by the sender's facsimile machine containing the time,
date,  recipient  facsimile  number  and an  image  of the  first  page  of such
transmission  or (iii) provided by a nationally  recognized  overnight  delivery
service, shall be rebuttable evidence of personal service,  receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

         SECTION 5.        DEFINITIONS.  For the purposes hereof,  the following
terms shall have the following meanings:

         "BUSINESS DAY" means any day except Saturday,  Sunday and any day which
shall be a federal  legal holiday in the United States or a day on which banking
institutions  are  authorized or required by law or other  government  action to
close.

         "CHANGE  OF  CONTROL  TRANSACTION"  means  the  occurrence  of  (a)  an
acquisition  after the date hereof by an  individual  or legal entity or "group"
(as  described  in Rule  13d-5(b)(1)  promulgated  under  the  Exchange  Act) of
effective  control  (whether  through legal or  beneficial  ownership of capital
stock of the Obligor,  by contract or  otherwise)  of in excess of fifty percent
(50%) of the voting  securities of the Obligor  (except that the  acquisition of
voting  securities  by the  Holder  shall not  constitute  a Change  of  Control
Transaction for purposes hereof),  (b) a replacement at one time or over time of
more than one-half of the members of the board of directors of the Obligor which
is not approved by a majority of those  individuals who are members of the board
of  directors  on the date  hereof (or by those  individuals  who are serving as
members of the board of directors on any date whose  nomination  to the board of
directors  was  approved by a majority of the members of the board of  directors
who are members on the date hereof), or (c) the merger, consolidation or sale of
fifty  percent  (50%) or more of the assets of the Obligor or any  subsidiary of
the  Obligor in one or a series of  related  transactions  with or into  another
entity,.

         "COMMISSION" means the Securities and Exchange Commission.

         "COMMON  STOCK"  means the  common  stock,  par value  $0.0001,  of the
Obligor  and stock of any other class into which such  shares may  hereafter  be
changed or reclassified.

         "CONVERSION  DATE" shall mean the date upon which the Holder  gives the
Obligor  notice of their  intention to effectuate a conversion of this Debenture
into shares of the Company's Common Stock as outlined herein.

         "CLOSING  BID  PRICE"  means the  price per share in the last  reported
trade of the Common Stock on the OTC or on the  exchange  which the Common Stock
is then listed as quoted by Bloomberg, LP.

         "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

         "ORIGINAL ISSUE DATE" shall mean the date of the first issuance of this
Debenture  regardless of the number of transfers and regardless of the number of
instruments, which may be issued to evidence such Debenture.

                                       13

         "PERSON"  means  a  corporation,   a  limited  liability  company,   an
association,  a  partnership,   organization,   a  business,  an  individual,  a
government or political subdivision thereof or a governmental agency.

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

         "TRADING  DAY"  means a day on which the  shares  of  Common  Stock are
quoted on the OTC or quoted  or  traded on such  Subsequent  Market on which the
shares of Common  Stock are then quoted or listed;  provided,  that in the event
that the shares of Common Stock are not listed or quoted, then Trading Day shall
mean a Business Day.

         "TRANSACTION  DOCUMENTS" means the Securities Purchase Agreement or any
other agreement  delivered in connection with the Securities Purchase Agreement,
including,  without limitation, the Security Agreement, the Irrevocable Transfer
Agent Instructions, and the Registration Rights Agreement.

         "UNDERLYING  SHARES"  means the shares of Common  Stock  issuable  upon
conversion of this  Debenture or as payment of interest in  accordance  with the
terms hereof.

         "UNDERLYING  SHARES   REGISTRATION   STATEMENT"  means  a  registration
statement  meeting  the  requirements  set  forth  in  the  Registration  Rights
Agreement,  covering among other things the resale of the Underlying  Shares and
naming the Holder as a "selling stockholder" thereunder.

         SECTION 6.        Except as expressly  provided herein, no provision of
this Debenture shall alter or impair the  obligations of the Obligor,  which are
absolute and unconditional,  to pay the principal of, interest and other charges
(if any) on, this  Debenture at the time,  place,  and rate,  and in the coin or
currency,  herein  prescribed.  This  Debenture  is a direct  obligation  of the
Obligor.  This  Debenture  ranks  pari passu  with all other  Debentures  now or
hereafter issued under the terms set forth herein.  As long as this Debenture is
outstanding, the Obligor shall not, without the consent of the Holder, (i) amend
its  certificate of  incorporation,  bylaws or other charter  documents so as to
adversely  affect any rights of the Holder;  (ii) repay,  repurchase or offer to
repay,  repurchase  or  otherwise  acquire  shares of its Common  Stock or other
equity securities other than as to the Underlying Shares to the extent permitted
or required under the Transaction  Documents;  or (iii) enter into any agreement
with respect to any of the foregoing.

         SECTION 7.        This Debenture shall not entitle the Holder to any of
the rights of a stockholder of the Obligor,  including without  limitation,  the
right to vote, to receive dividends and other  distributions,  or to receive any
notice of, or to attend,  meetings of stockholders  or any other  proceedings of
the Obligor,  unless and to the extent  converted into shares of Common Stock in
accordance with the terms hereof.

         SECTION 8.        If this  Debenture  is  mutilated,  lost,  stolen  or
destroyed,  the Obligor shall execute and deliver,  in exchange and substitution
for  and  upon  cancellation  of the  mutilated  Debenture,  or in lieu of or in
substitution for a lost, stolen or destroyed Debenture,  a new Debenture for the
principal amount of this Debenture so mutilated,  lost,  stolen or destroyed but
only upon  receipt  of  evidence  of such  loss,  theft or  destruction  of such
Debenture,  and of the  ownership  hereof,  and  indemnity,  if  requested,  all
reasonably satisfactory to the Obligor.

                                       14

         SECTION 9.        No  indebtedness  of the  Obligor  is  senior to this
Debenture in right of payment, whether with respect to interest, damages or upon
liquidation  or  dissolution  or otherwise.  Without the Holder's  consent,  the
Obligor will not, directly or indirectly,  enter into, create,  incur, assume or
suffer to exist any  indebtedness  of any kind, on or with respect to any of its
property or assets now owned or hereafter  acquired or any  interest  therein or
any income or profits therefrom that is senior in any respect to the obligations
of the Obligor under this Debenture.

         SECTION  10.      This Debenture  shall be governed by and construed in
accordance  with the laws of the State of  Delaware,  without  giving  effect to
conflicts of laws thereof.  Each of the parties  consents to the jurisdiction of
the Superior  Courts of the State of New Jersey  sitting in Hudson  County,  New
Jersey and the U.S.  District  Court for the  District of New Jersey  sitting in
Newark,  New Jersey in connection  with any dispute arising under this Debenture
and hereby  waives,  to the maximum  extent  permitted  by law,  any  objection,
including  any  objection  based on FORUM NON  CONVENIENS to the bringing of any
such proceeding in such jurisdictions.

         SECTION 11.       If the  Obligor  fails to  strictly  comply  with the
terms of this  Debenture,  then the Obligor shall  reimburse the Holder promptly
for all fees,  costs and expenses,  including,  without  limitation,  reasonable
attorneys' fees and expenses  reasonably incurred by the Holder in any action in
connection with this Debenture,  including,  without limitation, those incurred:
(i)  during  any  workout,  attempted  workout,  and/or in  connection  with the
rendering of legal advice as to the Holder's  rights,  remedies and obligations,
(ii)  collecting  any sums which  become due to the Holder,  (iii)  defending or
prosecuting any proceeding or any  counterclaim to any proceeding or appeal;  or
(iv) the  protection,  preservation  or enforcement of any rights or remedies of
the Holder.

         SECTION  12.      Any waiver by the Holder of a breach of any provision
of this  Debenture  shall not operate as or be  construed  to be a waiver of any
other breach of such  provision or of any breach of any other  provision of this
Debenture. The failure of the Holder to insist upon strict adherence to any term
of this Debenture on one or more  occasions  shall not be considered a waiver or
deprive that party of the right  thereafter  to insist upon strict  adherence to
that term or any other term of this Debenture. Any waiver must be in writing.

         SECTION 13.       If  any  provision  of  this  Debenture  is  invalid,
illegal or unenforceable,  the balance of this Debenture shall remain in effect,
and if any provision is  inapplicable  to any person or  circumstance,  it shall
nevertheless  remain  applicable to all other persons and  circumstances.  If it
shall be found that any interest or other amount  deemed  interest due hereunder
shall violate  applicable laws governing  usury, the applicable rate of interest
due hereunder shall automatically be lowered to equal the maximum permitted rate
of interest.  The Obligor  covenants  (to the extent that it may lawfully do so)
that it shall not at any time insist upon,  plead,  or in any manner  whatsoever
claim or take the benefit or advantage  of, any stay,  extension or usury law or
other law which would  prohibit  or forgive  the Obligor  from paying all or any
portion of the  principal  of or  interest  on this  Debenture  as  contemplated
herein,  wherever  enacted,  now or at any time hereafter in force, or which may
affect the covenants or the performance of this  indenture,  and the Obligor (to
the extent it may  lawfully  do so) hereby  expressly  waives  all  benefits  or
advantage of any such law, and covenants that it will not, by resort to any such
law,  hinder,  delay or impeded the execution of any power herein granted to the
Holder, but will suffer and permit the execution of every such as though no such
law has been enacted.

                                       15

         SECTION 14.       Whenever  any payment or other  obligation  hereunder
shall be due on a day other than a Business  Day,  such payment shall be made on
the next succeeding Business Day.

         SECTION 15.       THE  PARTIES  HEREBY   KNOWINGLY,   VOLUNTARILY   AND
INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY  LITIGATION  BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION  WITH
THIS AGREEMENT OR ANY TRANSACTION  DOCUMENT OR ANY COURSE OF CONDUCT,  COURSE OF
DEALING,  STATEMENTS  (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY.  THIS
PROVISION  IS  A  MATERIAL  INDUCEMENT  FOR  THE  PARTIES'  ACCEPTANCE  OF  THIS
AGREEMENT.

                   [REMAINDER OF PAGE INTENTIONLLY LEFT BLANK]

                                       16

         IN WITNESS  WHEREOF,  the Obligor has caused this  Secured  Convertible
Debenture to be duly  executed by a duly  authorized  officer as of the date set
forth above.

                                         CEPTOR CORPORATION

                                         By: /s/ Donald W. Fallon
                                             -----------------------------------
                                         Name: Donald W. Fallon
                                         Title: Senior Vice President,
                                                Finance and Administration,
                                                Chief Financial Officer

                                       17

                                   EXHIBIT "A"

                              NOTICE OF CONVERSION

        (TO BE EXECUTED BY THE HOLDER IN ORDER TO CONVERT THE DEBENTURE)

TO:

         The undersigned  hereby  irrevocably elects to convert $ ___________ of
the  principal  amount of the above  Debenture  into  Shares of Common  Stock of
CepTor  Corporation,  according  to the  conditions  stated  therein,  as of the
Conversion Date written below.

CONVERSION DATE:
                                     -------------------------------------------
APPLICABLE CONVERSION PRICE:
                                     -------------------------------------------
SIGNATURE:
                                     -------------------------------------------
NAME:
                                     -------------------------------------------
ADDRESS:
                                     -------------------------------------------
AMOUNT TO BE CONVERTED:              $
                                     -------------------------------------------
AMOUNT OF DEBENTURE UNCONVERTED:     $
                                     -------------------------------------------
CONVERSION PRICE PER SHARE:          $
                                     -------------------------------------------
NUMBER OF  SHARES OF COMMON
STOCK TO BE ISSUED:
                                     -------------------------------------------
PLEASE   ISSUE  THE   SHARES  OF
COMMON  STOCK  IN THE  FOLLOWING
NAME   AND  TO   THE   FOLLOWING
ADDRESS:
                                     -------------------------------------------
ISSUE TO:
                                     -------------------------------------------
AUTHORIZED SIGNATURE:
                                     -------------------------------------------
NAME:
                                     -------------------------------------------
TITLE:
                                     -------------------------------------------
PHONE NUMBER:
                                     -------------------------------------------
BROKER DTC PARTICIPANT CODE:
                                     -------------------------------------------
ACCOUNT NUMBER:
                                     -------------------------------------------sec document

                                                                     Exhibit 4.9

                                     WARRANT

THE SECURITIES  REPRESENTED BY THIS WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE
SECURITIES ACT OF 1933, AS AMENDED,  OR APPLICABLE  STATE  SECURITIES  LAWS. THE
SECURITIES  HAVE BEEN ACQUIRED FOR  INVESTMENT  AND MAY NOT BE OFFERED FOR SALE,
SOLD,  TRANSFERRED  OR  ASSIGNED  IN THE  ABSENCE OF AN  EFFECTIVE  REGISTRATION
STATEMENT FOR THE SECURITIES  UNDER THE  SECURITIES ACT OF 1933, AS AMENDED,  OR
APPLICABLE  STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY
SATISFACTORY  TO THE ISSUER THAT  REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
APPLICABLE  STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID
ACT.

                               CEPTOR CORPORATION

                        WARRANT TO PURCHASE COMMON STOCK

Warrant No.: CCP-002                                Number of Shares: 5,000,000

Date of Issuance: June 29, 2006

CepTor  Corporation,  a Delaware  corporation (the "COMPANY"),  hereby certifies
that, for good and valuable consideration,  the receipt and sufficiency of which
are  hereby  acknowledged,   CORNELL  CAPITAL  PARTNERS,  LP  ("CORNELL"),   the
registered holder hereof or its permitted assigns,  is entitled,  subject to the
terms set forth  below,  to purchase  from the Company  upon  surrender  of this
Warrant,  at any time or times on or after the date hereof,  but not after 11:59
P.M.  Eastern  Time on the  Expiration  Date (as defined  herein)  Five  Million
(5,000,000)  fully paid and  nonassessable  shares of Common  Stock (as  defined
herein) of the Company (the  "WARRANT  SHARES") at the exercise  price per share
provided in Section 1(b) below or as subsequently adjusted;  provided,  however,
that in no event shall the holder be entitled  to  exercise  this  Warrant for a
number of Warrant Shares in excess of that number of Warrant Shares which,  upon
giving effect to such  exercise,  would cause the aggregate  number of shares of
Common Stock beneficially owned by the holder and its affiliates to exceed 4.99%
of the outstanding  shares of the Common Stock  following such exercise,  except
within sixty (60) days of the Expiration Date (however,  such restriction may be
waived by Cornell  (but only as to itself and not to any other  holder) upon not
less than 65 days prior notice to the  Company).  For purposes of the  foregoing
proviso,  the aggregate number of shares of Common Stock  beneficially  owned by
the holder and its affiliates shall include the number of shares of Common Stock
issuable upon  exercise of this Warrant with respect to which the  determination
of such proviso is being made,  but shall  exclude  shares of Common Stock which
would be issuable  upon (i)  exercise  of the  remaining,  unexercised  Warrants
beneficially  owned  by the  holder  and its  affiliates  and (ii)  exercise  or
conversion of the unexercised or unconverted  portion of any other securities of
the  Company  beneficially  owned by the holder and its  affiliates  (including,
without  limitation,  any  convertible  notes or preferred  stock)  subject to a
limitation  on  conversion  or exercise  analogous to the  limitation  contained
herein.  Except as set forth in the  preceding  sentence,  for  purposes of this

paragraph,  beneficial  ownership shall be calculated in accordance with Section
13(d) of the Securities  Exchange Act of 1934, as amended.  For purposes of this
Warrant,  in  determining  the number of  outstanding  shares of Common  Stock a
holder may rely on the number of outstanding shares of Common Stock as reflected
in (1) the Company's most recent Form 10-QSB or Form 10-KSB, as the case may be,
(2) a more recent public  announcement by the Company or (3) any other notice by
the Company or its transfer  agent  setting forth the number of shares of Common
Stock  outstanding.  Upon the written  request of any holder,  the Company shall
promptly,  but in no event later than one (1) Business Day following the receipt
of such  notice,  confirm in writing to any such  holder the number of shares of
Common Stock then outstanding.  In any case, the number of outstanding shares of
Common Stock shall be determined after giving effect to the exercise of Warrants
(as defined below) by such holder and its affiliates  since the date as of which
such number of outstanding shares of Common Stock was reported.

     Section 1.

          (a) This Warrant is the common stock purchase  warrant (the "WARRANT")
issued  pursuant to the  Securities  Purchase  Agreement  ("SECURITIES  PURCHASE
AGREEMENT")  dated the date hereof  between the Company and the Buyers listed on
Schedule  I  thereto  pursuant  to  which  the  Buyer(s)  purchased  convertible
debentures (the "CONVERTIBLE DEBENTURES").

          (b) DEFINITIONS. The following words and terms as used in this Warrant
shall have the following meanings:

               (i)    "BUSINESS DAY" means any day other than  Saturday,  Sunday
or other day on which commercial banks in the City of New York are authorized or
required by law to remain closed.

               (ii)   "CLOSING  BID PRICE" means the closing bid price of Common
Stock as quoted on the  Principal  Market (as  reported by  Bloomberg  Financial
Markets ("BLOOMBERG") through its "Volume at Price" function).

               (iii)  "COMMON STOCK" means (i) the Company's  common stock,  par
value $0.0001 per share, and (ii) any capital stock into which such Common Stock
shall have been changed or any capital stock  resulting from a  reclassification
of such Common Stock.

               (iv)   "EVENT OF  DEFAULT"  means an event of  default  under the
Securities Purchase Agreement or the Convertible Debentures issued in connection
therewith.

               (v)    "EXPIRATION  DATE" means the date three (3) years from the
Issuance  Date of this  Warrant or, if such date falls on a Saturday,  Sunday or
other day on which banks are required or  authorized to be closed in the City of
New York or the State of New York or on which trading does not take place on the
Principal  Exchange or automated  quotation  system on which the Common Stock is
traded (a "HOLIDAY"), the next date that is not a Holiday.

               (vi)   "ISSUANCE DATE" means the date hereof.

               (vii)  "OPTIONS"  means  any  rights,   warrants  or  options  to
subscribe for or purchase Common Stock or Convertible Securities.

                                       2

               (viii) "PERSON" means an individual, a limited liability company,
a partnership,  a joint venture,  a corporation,  limited liability  company,  a
trust,  an  unincorporated  organization  and a government or any  department or
agency thereof.

               (ix)   "PRINCIPAL MARKET" means the New York Stock Exchange,  the
American Stock Exchange, the Nasdaq National Market, the Nasdaq SmallCap Market,
whichever  is at the time the  principal  trading  exchange  or market  for such
security,  or the  over-the-counter  market on the electronic bulletin board for
such  security as reported by  Bloomberg  or, if no bid or sale  information  is
reported for such security by  Bloomberg,  then the average of the bid prices of
each of the market  makers for such security as reported in the "pink sheets" by
the National Quotation Bureau, Inc.

               (x)    "REGISTRATION  RIGHTS".  The shares issuable upon exercise
of this Warrant shall have "piggy-back" registration rights.

               (xi)   "SECURITIES  ACT"  means the  Securities  Act of 1933,  as
amended.

               (xii)  "WARRANT"  means this Warrant and all  Warrants  issued in
exchange, transfer or replacement thereof.

               (xiii) "WARRANT   EXERCISE   PRICE"   shall  be   $0.25,   or  as
subsequently adjusted as provided in Section 8 hereof.

               (xiv)  "WARRANT SHARES" means the shares of Common Stock issuable
at any time upon exercise of this Warrant.

          (c) Other Definitional Provisions.

               (i)    Except  as  otherwise  specified  herein,  all  references
herein (A) to the Company  shall be deemed to include the  Company's  successors
and (B) to any  applicable  law defined or  referred  to herein  shall be deemed
references to such applicable law as the same may have been or may be amended or
supplemented from time to time.

               (ii)   When used in this Warrant,  the words "HEREIN",  "HEREOF",
and "HEREUNDER"  and words of similar  import,  shall refer to this Warrant as a
whole  and not to any  provision  of this  Warrant,  and  the  words  "SECTION",
"SCHEDULE", and "EXHIBIT" shall refer to Sections of, and Schedules and Exhibits
to, this Warrant unless otherwise specified.

               (iii)  Whenever  the  context  so  requires,  the  neuter  gender
includes the masculine or feminine, and the singular number includes the plural,
and vice versa.

     Section 2.     EXERCISE OF WARRANT.

          (a) Subject to the terms and  conditions  hereof,  this Warrant may be
exercised by the holder hereof then registered on the books of the Company,  pro
rata as  hereinafter  provided,  at any time on any Business Day on or after the
opening of business on such  Business Day,  commencing  with the first day after
the date hereof, and prior to 11:59 P.M. Eastern Time on the Expiration Date (i)

                                       3

by delivery of a written notice, in the form of the subscription notice attached
as EXHIBIT A hereto  (the  "EXERCISE  NOTICE"),  of such  holder's  election  to
exercise this Warrant,  which notice shall specify the number of Warrant  Shares
to be  purchased,  payment  to the  Company  of an amount  equal to the  Warrant
Exercise Price(s)  applicable to the Warrant Shares being purchased,  multiplied
by the number of Warrant Shares (at the applicable Warrant Exercise Price) as to
which this Warrant is being  exercised  (plus any  applicable  issue or transfer
taxes) (the "AGGREGATE  EXERCISE PRICE") in cash or wire transfer of immediately
available  funds  and the  surrender  of  this  Warrant  (or an  indemnification
undertaking  with  respect  to this  Warrant  in the case of its loss,  theft or
destruction)  to a common carrier for overnight  delivery to the Company as soon
as  practicable  following  such date  ("CASH  BASIS") or (ii) if at the time of
exercise,  the  Warrant  Shares  are not  subject to an  effective  registration
statement  or if an Event of Default has  occurred,  by  delivering  an Exercise
Notice and in lieu of making payment of the Aggregate  Exercise Price in cash or
wire  transfer,  elect instead to receive upon such exercise the "Net Number" of
shares of Common  Stock  determined  according  to the  following  formula  (the
"CASHLESS EXERCISE"):

         Net Number = (A x B) - (A x C)
                      -----------------
                              B

             For purposes of the foregoing formula:

             A = the total  number of Warrant  Shares with respect to which this
             Warrant is then being exercised.

             B = the  Closing  Bid  Price  of the  Common  Stock  on the date of
             exercise of the Warrant.

             C = the Warrant  Exercise  Price then in effect for the  applicable
             Warrant Shares at the time of such exercise.

     In the event of any exercise of the rights  represented  by this Warrant in
compliance  with this Section 2, the Company  shall on or before the fifth (5th)
Business Day following the date of receipt of the Exercise Notice, the Aggregate
Exercise Price and this Warrant (or an indemnification  undertaking with respect
to this Warrant in the case of its loss,  theft or destruction)  and the receipt
of the representations of the holder specified in Section 6 hereof, if requested
by the Company (the "EXERCISE DELIVERY  DOCUMENTS"),  and if the Common Stock is
DTC eligible,  credit such  aggregate  number of shares of Common Stock to which
the holder shall be entitled to the holder's or its designee's  balance  account
with  The  Depository  Trust  Company;  provided,  however,  if the  holder  who
submitted the Exercise Notice requested  physical  delivery of any or all of the
Warrant  Shares,  or, if the Common Stock is not DTC  eligible  then the Company
shall,  on or before  the fifth  (5th)  Business  Day  following  receipt of the
Exercise  Delivery  Documents,  issue  and  surrender  to a common  carrier  for
overnight   delivery  to  the  address  specified  in  the  Exercise  Notice,  a
certificate,  registered in the name of the holder,  for the number of shares of
Common  Stock to which the holder  shall be entitled  pursuant to such  request.
Upon delivery of the Exercise Notice and Aggregate Exercise Price referred to in
clause  (i) or (ii)  above the  holder of this  Warrant  shall be deemed for all
corporate  purposes to have  become the holder of record of the  Warrant  Shares
with respect to which this Warrant has been exercised.  In the case of a dispute

                                       4

as to the  determination of the Warrant Exercise Price, the Closing Bid Price or
the  arithmetic  calculation of the Warrant  Shares,  the Company shall promptly
issue to the holder the number of Warrant  Shares that is not disputed and shall
submit the disputed  determinations or arithmetic calculations to the holder via
facsimile  within  one (1)  Business  Day of receipt  of the  holder's  Exercise
Notice.

          (b) If the  holder  and the  Company  are  unable  to  agree  upon the
determination  of the Warrant  Exercise  Price or arithmetic  calculation of the
Warrant Shares within one (1) day of such disputed  determination  or arithmetic
calculation  being submitted to the holder,  then the Company shall  immediately
submit via  facsimile  (i) the disputed  determination  of the Warrant  Exercise
Price or the Closing Bid Price to an independent,  reputable  investment banking
firm or (ii) the disputed  arithmetic  calculation  of the Warrant Shares to its
independent,  outside accountant. The Company shall cause the investment banking
firm or the  accountant,  as the case may be, to perform the  determinations  or
calculations  and notify the Company and the holder of the results no later than
forty-eight (48) hours from the time it receives the disputed  determinations or
calculations.  Such investment  banking firm's or accountant's  determination or
calculation,  as the case may be,  shall be deemed  conclusive  absent  manifest
error.

          (c) Unless the rights  represented  by this Warrant shall have expired
or shall have been fully  exercised,  the Company shall,  as soon as practicable
and in no event later than five (5) Business  Days after any exercise and at its
own  expense,  issue a new Warrant  identical  in all  respects to this  Warrant
exercised  except it shall  represent  rights to purchase  the number of Warrant
Shares  purchasable  immediately  prior  to such  exercise  under  this  Warrant
exercised,  less the number of Warrant Shares with respect to which such Warrant
is exercised.

          (d) No  fractional  Warrant  Shares are to be issued upon any pro rata
exercise of this  Warrant,  but rather the number of Warrant  Shares issued upon
such  exercise of this Warrant  shall be rounded up or down to the nearest whole
number.

          (e) If the Company or its Transfer  Agent shall fail for any reason or
for no reason to issue to the  holder  within  ten (10) days of  receipt  of the
Exercise Delivery  Documents,  a certificate for the number of Warrant Shares to
which the holder is entitled or to credit the holder's  balance account with The
Depository  Trust Company for such number of Warrant  Shares to which the holder
is entitled upon the holder's  exercise of this Warrant,  the Company shall,  in
addition to any other remedies under this Warrant or otherwise available to such
holder,  pay as  additional  damages  in  cash to such  holder  on each  day the
issuance of such certificate for Warrant Shares is not timely effected an amount
equal to 0.025% of the  product of (A) the sum of the  number of Warrant  Shares
not issued to the holder on a timely  basis and to which the holder is entitled,
and (B)  the  Closing  Bid  Price  of the  Common  Stock  for  the  trading  day
immediately preceding the last possible date which the Company could have issued
such Common Stock to the holder without violating this Section 2.

          (f) If  within  ten (10)  days  after  the  Company's  receipt  of the
Exercise Delivery  Documents,  the Company fails to deliver a new Warrant to the
holder  for the  number of  Warrant  Shares  to which  such  holder is  entitled
pursuant to Section 2 hereof,  then, in addition to any other available remedies
under this Warrant or otherwise  available to such holder, the Company shall pay
as additional damages in cash to such holder on each day after such tenth (10th)
day that such  delivery of such new Warrant is not timely  effected in an amount
equal to 0.25% of the product of (A) the number of Warrant Shares represented by

                                       5

the portion of this Warrant which is not being exercised and (B) the Closing Bid
Price of the Common  Stock for the trading day  immediately  preceding  the last
possible  date which the Company  could have  issued such  Warrant to the holder
without violating this Section 2.

     Section 3.     COVENANTS AS TO COMMON STOCK.  The Company hereby  covenants
and agrees as follows:

          (a) This Warrant is, and any Warrants  issued in  substitution  for or
replacement  of this Warrant will upon issuance be, duly  authorized and validly
issued.

          (b) All Warrant  Shares  which may be issued upon the  exercise of the
rights represented by this Warrant will, upon issuance, be validly issued, fully
paid and nonassessable  and free from all taxes,  liens and charges with respect
to the issue thereof.

          (c) During  the period  within  which the rights  represented  by this
Warrant may be  exercised,  the Company  will at all times have  authorized  and
reserved at least one hundred  percent  (100%) of the number of shares of Common
Stock needed to provide for the exercise of the rights then  represented by this
Warrant and the par value of said shares will at all times be less than or equal
to the applicable  Warrant  Exercise  Price. If at any time the Company does not
have a sufficient  number of shares of Common Stock  authorized  and  available,
then the  Company  shall  call and hold a special  meeting  of its  stockholders
within  sixty  (60) days of that time for the sole  purpose  of  increasing  the
number of authorized shares of Common Stock.

          (d) If at any time  after the date  hereof  the  Company  shall file a
registration statement, the Company shall include the Warrant Shares issuable to
the holder, pursuant to the terms of this Warrant and shall maintain, so long as
any other shares of Common Stock shall be so listed, such listing of all Warrant
Shares from time to time  issuable  upon the exercise of this  Warrant;  and the
Company  shall  so  list on  each  national  securities  exchange  or  automated
quotation  system,  as the case may be, and shall  maintain such listing of, any
other shares of capital stock of the Company  issuable upon the exercise of this
Warrant if and so long as any  shares of the same class  shall be listed on such
national securities exchange or automated quotation system.

          (e)  The  Company  will  not,  by  amendment  of  its  Certificate  of
Incorporation or through any reorganization,  transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the  observance or  performance of any of the terms to be
observed  or  performed  by it  hereunder,  but will at all times in good  faith
assist in the  carrying  out of all the  provisions  of this  Warrant and in the
taking of all such action as may  reasonably  be requested by the holder of this
Warrant in order to protect the exercise privilege of the holder of this Warrant
against dilution or other  impairment,  consistent with the tenor and purpose of
this  Warrant.  The  Company  will not  increase  the par value of any shares of
Common Stock  receivable  upon the  exercise of this  Warrant  above the Warrant
Exercise  Price  then in effect,  and (ii) will take all such  actions as may be
necessary or appropriate in order that the Company may validly and legally issue
fully paid and  nonassessable  shares of Common  Stock upon the exercise of this
Warrant.

                                       6

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

     Section 4.     TAXES.  The Company shall pay any and all taxes,  except any
applicable  withholding,  which may be payable  with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant.

     Section  5.    WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise
specifically  provided  herein,  no holder,  as such,  of this Warrant  shall be
entitled  to vote or  receive  dividends  or be deemed  the  holder of shares of
capital stock of the Company for any purpose,  nor shall  anything  contained in
this Warrant be construed to confer upon the holder hereof,  as such, any of the
rights of a  stockholder  of the Company or any right to vote,  give or withhold
consent to any corporate  action  (whether any  reorganization,  issue of stock,
reclassification  of stock,  consolidation,  merger,  conveyance or  otherwise),
receive  notice of  meetings,  receive  dividends  or  subscription  rights,  or
otherwise,  prior to the  issuance to the holder of this  Warrant of the Warrant
Shares  which it is then  entitled  to  receive  upon the due  exercise  of this
Warrant.  In addition,  nothing  contained in this Warrant shall be construed as
imposing  any  liabilities  on such  holder to  purchase  any  securities  (upon
exercise of this  Warrant or  otherwise)  or as a  stockholder  of the  Company,
whether  such  liabilities  are  asserted by the Company or by  creditors of the
Company.  Notwithstanding this Section 5, the Company will provide the holder of
this Warrant with copies of the same notices and other  information given to the
stockholders of the Company generally, contemporaneously with the giving thereof
to the stockholders.

     Section  6.    REPRESENTATIONS  OF HOLDER.  The holder of this Warrant,  by
the  acceptance  hereof,  represents  that it is acquiring  this Warrant and the
Warrant  Shares  for its own  account  for  investment  only and not with a view
towards,  or for resale in connection  with, the public sale or  distribution of
this  Warrant or the Warrant  Shares,  except  pursuant to sales  registered  or
exempted  under the  Securities  Act;  provided,  however,  that by  making  the
representations herein, the holder does not agree to hold this Warrant or any of
the Warrant Shares for any minimum or other specific term and reserves the right
to dispose of this Warrant and the Warrant Shares at any time in accordance with
or pursuant to a  registration  statement or an exemption  under the  Securities
Act. The holder of this Warrant further represents,  by acceptance hereof, that,
as of this date, such holder is an "accredited investor" as such term is defined
in Rule  501(a)(1) of Regulation D promulgated  by the  Securities  and Exchange
Commission under the Securities Act (an "ACCREDITED INVESTOR"). Upon exercise of
this Warrant the holder shall, if requested by the Company,  confirm in writing,
in a form satisfactory to the Company,  that the Warrant Shares so purchased are
being acquired  solely for the holder's own account and not as a nominee for any
other party, for investment,  and not with a view toward  distribution or resale
and that such holder is an Accredited Investor.  If such holder cannot make such
representations  because  they  would  be  factually  incorrect,  it  shall be a
condition to such  holder's  exercise of this  Warrant that the Company  receive
such other  representations  as the Company  considers  reasonably  necessary to
assure the Company that the  issuance of its  securities  upon  exercise of this
Warrant shall not violate any United States or state securities laws.

                                       7

     Section 7.     OWNERSHIP AND TRANSFER.

          (a) The Company shall maintain at its principal  executive offices (or
such other office or agency of the Company as it may  designate by notice to the
holder hereof),  a register for this Warrant,  in which the Company shall record
the name and address of the person in whose name this  Warrant has been  issued,
as well as the name and  address of each  transferee.  The Company may treat the
person in whose name any Warrant is  registered on the register as the owner and
holder thereof for all purposes, notwithstanding any notice to the contrary, but
in all events  recognizing  any transfers  made in accordance  with the terms of
this Warrant.

     Section 8.     ADJUSTMENT OF WARRANT  EXERCISE  PRICE AND NUMBER OF SHARES.
The Warrant  Exercise  Price and the number of shares of Common  Stock  issuable
upon exercise of this Warrant shall be adjusted from time to time as follows:

          (a)  ADJUSTMENT  OF WARRANT  EXERCISE  PRICE AND NUMBER OF SHARES UPON
ISSUANCE OF COMMON STOCK.  If and whenever on or after the Issuance Date of this
Warrant,  the Company issues or sells,  or is deemed to have issued or sold, any
shares of Common  Stock  (other  than (i)  Excluded  Securities,  (ii) shares of
Common  Stock  which are issued or deemed to have been  issued by the Company in
connection  with an Approved  Stock Plan, or (iii) the Other  Securities)  for a
consideration per share less than a price (the "APPLICABLE  PRICE") equal to the
Warrant  Exercise  Price in effect  immediately  prior to such issuance or sale,
then  immediately  after such issue or sale the Warrant  Exercise  Price then in
effect shall be reduced to an amount equal to such consideration per share. Upon
each such  adjustment of the Warrant  Exercise  Price  hereunder,  the number of
Warrant  Shares  issuable upon exercise of this Warrant shall be adjusted to the
number of shares  determined by multiplying the Warrant Exercise Price in effect
immediately  prior to such  adjustment by the number of Warrant Shares  issuable
upon exercise of this Warrant  immediately prior to such adjustment and dividing
the  product  thereof  by  the  Warrant   Exercise  Price  resulting  from  such
adjustment.

          (b) EFFECT ON WARRANT  EXERCISE PRICE OF CERTAIN EVENTS.  For purposes
of determining the adjusted Warrant Exercise Price under Section 8(a) above, the
following shall be applicable:

               (i)    ISSUANCE OF OPTIONS. If after the date hereof, the Company
in any manner  grants any Options  and the lowest  price per share for which one
share of Common  Stock is issuable  upon the exercise of any such Option or upon
conversion or exchange of any convertible  securities  issuable upon exercise of
any such  Option is less than the  Applicable  Price,  then such share of Common
Stock shall be deemed to be outstanding  and to have been issued and sold by the
Company at the time of the  granting  or sale of such  Option for such price per
share.  For  purposes of this  Section  8(b)(i),  the lowest price per share for
which one share of Common  Stock is issuable  upon  exercise of such  Options or
upon conversion or exchange of such Convertible Securities shall be equal to the
sum of the lowest  amounts of  consideration  (if any) received or receivable by
the Company  with  respect to any one share of Common Stock upon the granting or
sale of the Option,  upon exercise of the Option or upon  conversion or exchange
of any convertible  security  issuable upon exercise of such Option.  No further
adjustment of the Warrant  Exercise Price shall be made upon the actual issuance

                                       8

of such Common Stock or of such convertible securities upon the exercise of such
Options or upon the actual  issuance of such  Common  Stock upon  conversion  or
exchange of such convertible securities.

               (ii)   ISSUANCE OF CONVERTIBLE SECURITIES.  If the Company in any
manner issues or sells any convertible securities and the lowest price per share
for which one share of Common Stock is issuable upon the  conversion or exchange
thereof is less than the Applicable Price, then such share of Common Stock shall
be deemed to be  outstanding  and to have been issued and sold by the Company at
the time of the issuance or sale of such  convertible  securities for such price
per share. For the purposes of this Section 8(b)(ii), the lowest price per share
for which one share of Common Stock is issuable upon such conversion or exchange
shall  be equal  to the sum of the  lowest  amounts  of  consideration  (if any)
received or  receivable by the Company with respect to one share of Common Stock
upon the issuance or sale of the  convertible  security and upon  conversion  or
exchange of such  convertible  security.  No further  adjustment  of the Warrant
Exercise Price shall be made upon the actual  issuance of such Common Stock upon
conversion or exchange of such convertible securities,  and if any such issue or
sale of such  convertible  securities  is made upon  exercise of any Options for
which  adjustment  of the  Warrant  Exercise  Price  had  been or are to be made
pursuant to other provisions of this Section 8(b), no further  adjustment of the
Warrant Exercise Price shall be made by reason of such issue or sale.

               (iii)  CHANGE  IN  OPTION  PRICE  OR RATE OF  CONVERSION.  If the
purchase price provided for in any Options,  the  additional  consideration,  if
any,  payable  upon  the  issue,  conversion  or  exchange  of  any  convertible
securities, or the rate at which any convertible securities are convertible into
or exchangeable for Common Stock changes at any time, the Warrant Exercise Price
in effect at the time of such change  shall be adjusted to the Warrant  Exercise
Price  which  would  have  been in  effect  at such  time  had such  Options  or
convertible  securities  provided for such changed  purchase  price,  additional
consideration  or  changed  conversion  rate,  as the case  may be,  at the time
initially granted, issued or sold and the number of Warrant Shares issuable upon
exercise of this Warrant shall be  correspondingly  readjusted.  For purposes of
this Section 8(b)(iii),  if the terms of any Option or convertible security that
was  outstanding  as of the  Issuance  Date of this  Warrant  are changed in the
manner  described in the  immediately  preceding  sentence,  then such Option or
convertible  security  and the  Common  Stock  deemed  issuable  upon  exercise,
conversion  or  exchange  thereof  shall be deemed to have been issued as of the
date of such change.  No adjustment  pursuant to this Section 8(b) shall be made
if such  adjustment  would result in an increase of the Warrant  Exercise  Price
then in effect.

          (c) EFFECT ON WARRANT  EXERCISE PRICE OF CERTAIN EVENTS.  For purposes
of determining the adjusted Warrant Exercise Price under Sections 8(a) and 8(b),
the following shall be applicable:

               (i)    CALCULATION  OF  CONSIDERATION  RECEIVED.  If  any  Common
Stock,  Options or  convertible  securities are issued or sold or deemed to have
been  issued or sold for cash,  the  consideration  received  therefore  will be
deemed to be the net amount  received  by the Company  therefore.  If any Common
Stock, Options or convertible  securities are issued or sold for a consideration
other than cash, the amount of such  consideration  received by the Company will

                                       9

be the  fair  value  of such  consideration,  except  where  such  consideration
consists of  marketable  securities,  in which case the amount of  consideration
received by the Company will be the market price of such  securities on the date
of  receipt of such  securities.  If any Common  Stock,  Options or  convertible
securities  are issued to the owners of the  non-surviving  entity in connection
with any merger in which the  Company  is the  surviving  entity,  the amount of
consideration  therefore  will be deemed to be the fair value of such portion of
the net assets and business of the  non-surviving  entity as is  attributable to
such Common Stock,  Options or convertible  securities,  as the case may be. The
fair value of any consideration other than cash or securities will be determined
jointly  by the  Company  and the  holders  of  Warrants  representing  at least
two-thirds (b) of the Warrant Shares issuable upon exercise of the Warrants then
outstanding.  If such parties are unable to reach agreement within ten (10) days
after the occurrence of an event requiring  valuation (the  "VALUATION  EVENT"),
the fair value of such consideration will be determined within five (5) Business
Days after the tenth (10th) day following the Valuation Event by an independent,
reputable  appraiser jointly selected by the Company and the holders of Warrants
representing  at  least  two-thirds  (b) of the  Warrant  Shares  issuable  upon
exercise of the Warrants then  outstanding.  The determination of such appraiser
shall be final and binding  upon all  parties and the fees and  expenses of such
appraiser shall be borne jointly by the Company and the holders of Warrants.

               (ii)   INTEGRATED  TRANSACTIONS.  In case any Option is issued in
connection with the issue or sale of other  securities of the Company,  together
comprising one  integrated  transaction  in which no specific  consideration  is
allocated to such Options by the parties thereto,  the Options will be deemed to
have been issued for a consideration of $.01.

               (iii)  TREASURY  SHARES.  The  number of  shares of Common  Stock
outstanding  at any given time does not include  shares  owned or held by or for
the account of the Company,  and the  disposition of any shares so owned or held
will be considered an issue or sale of Common Stock.

               (iv)   RECORD DATE.  If the Company takes a record of the holders
of Common Stock for the purpose of  entitling  them (1) to receive a dividend or
other distribution payable in Common Stock, Options or in convertible securities
or (2) to  subscribe  for or  purchase  Common  Stock,  Options  or  convertible
securities,  then such record date will be deemed to be the date of the issue or
sale of the shares of Common  Stock  deemed to have been issued or sold upon the
declaration  of such  dividend or the making of such other  distribution  or the
date of the granting of such right of subscription or purchase,  as the case may
be.

          (d)  ADJUSTMENT  OF  WARRANT   EXERCISE  PRICE  UPON   SUBDIVISION  OR
COMBINATION  OF  COMMON  STOCK.  If the  Company  at any time  after the date of
issuance  of this  Warrant  subdivides  (by any  stock  split,  stock  dividend,
recapitalization  or otherwise) one or more classes of its outstanding shares of
Common  Stock into a greater  number of shares,  any Warrant  Exercise  Price in
effect immediately prior to such subdivision will be proportionately reduced and
the number of shares of Common Stock  obtainable  upon  exercise of this Warrant
will be proportionately  increased. If the Company at any time after the date of
issuance  of this  Warrant  combines  (by  combination,  reverse  stock split or
otherwise) one or more classes of its outstanding  shares of Common Stock into a
smaller number of shares, any Warrant Exercise Price in effect immediately prior
to such combination will be proportionately  increased and the number of Warrant
Shares issuable upon exercise of this Warrant will be proportionately decreased.

                                       10

Any  adjustment  under this Section 8(d) shall become  effective at the close of
business on the date the subdivision or combination becomes effective.

          (e)  DISTRIBUTION OF ASSETS.  If the Company shall declare or make any
dividend or other  distribution  of its assets (or rights to acquire its assets)
to holders of Common Stock, by way of return of capital or otherwise (including,
without  limitation,  any  distribution  of cash,  stock  or  other  securities,
property or options by way of a dividend, spin off, reclassification,  corporate
rearrangement  or other similar  transaction)  (a  "Distribution"),  at any time
after the issuance of this Warrant, then, in each such case:

               (i)    any Warrant Exercise Price in effect  immediately prior to
the close of business on the record date fixed for the  determination of holders
of Common Stock entitled to receive the Distribution shall be reduced, effective
as of the close of  business  on such  record  date,  to a price  determined  by
multiplying such Warrant Exercise Price by a fraction of which (A) the numerator
shall  be the  Closing  Sale  Price  of the  Common  Stock  on the  trading  day
immediately  preceding such record date minus the value of the  Distribution (as
determined in good faith by the Company's Board of Directors)  applicable to one
share of Common Stock,  and (B) the denominator  shall be the Closing Sale Price
of the Common Stock on the trading day  immediately  preceding such record date;
and

               (ii)   either (A) the number of Warrant  Shares  obtainable  upon
exercise of this  Warrant  shall be increased to a number of shares equal to the
number of shares of Common Stock  obtainable  immediately  prior to the close of
business  on the record  date fixed for the  determination  of holders of Common
Stock entitled to receive the  Distribution  multiplied by the reciprocal of the
fraction set forth in the immediately  preceding clause (i), or (B) in the event
that the  Distribution  is of common  stock of a company  whose  common stock is
traded on a  national  securities  exchange  or a national  automated  quotation
system,  then the holder of this Warrant shall receive an additional  warrant to
purchase  Common  Stock,  the terms of which shall be identical to those of this
Warrant,  except that such warrant shall be  exercisable  into the amount of the
assets that would have been  payable to the holder of this  Warrant  pursuant to
the Distribution had the holder exercised this Warrant immediately prior to such
record date and with an exercise price equal to the amount by which the exercise
price of this Warrant was decreased with respect to the Distribution pursuant to
the terms of the immediately preceding clause (i).

               (iii)

          (f) CERTAIN  EVENTS.  If any event occurs of the type  contemplated by
the  provisions  of  this  Section  8 but  not  expressly  provided  for by such
provisions  (including,  without limitation,  the granting of stock appreciation
rights,  phantom  stock rights or other rights with equity  features),  then the
Company's Board of Directors will make an appropriate  adjustment in the Warrant
Exercise Price and the number of shares of Common Stock obtainable upon exercise
of this  Warrant so as to protect  the  rights of the  holders of the  Warrants;
provided,  except as set forth in Section 8(d), that no such adjustment pursuant

                                       11

to this Section 8(f) will  increase the Warrant  Exercise  Price or decrease the
number of shares of Common Stock obtainable as otherwise  determined pursuant to
this Section 8.

          (g) NOTICES.

               (i)    Immediately  upon any  adjustment of the Warrant  Exercise
Price,  the  Company  will give  written  notice  thereof  to the holder of this
Warrant, setting forth in reasonable detail, and certifying,  the calculation of
such adjustment.

               (ii)   The Company will give written notice to the holder of this
Warrant at least ten (10) days prior to the date on which the Company closes its
books or takes a record (A) with  respect to any dividend or  distribution  upon
the Common Stock, (B) with respect to any pro rata subscription offer to holders
of  Common  Stock or (C) for  determining  rights to vote  with  respect  to any
Organic Change (as defined  below),  dissolution or  liquidation,  provided that
such  information  shall be made known to the public prior to or in  conjunction
with such notice being provided to such holder.

               (iii)  The Company will also give written notice to the holder of
this  Warrant  at least  ten (10) days  prior to the date on which  any  Organic
Change,   dissolution  or  liquidation  will  take  place,  provided  that  such
information  shall be made known to the public prior to or in  conjunction  with
such notice being provided to such holder.

     Section 9.     PURCHASE    RIGHTS;    REORGANIZATION,     RECLASSIFICATION,
CONSOLIDATION, MERGER OR SALE.

          (a) In addition to any adjustments  pursuant to Section 8 above, if at
any time the Company grants, issues or sells any Options, Convertible Securities
or rights to purchase stock, warrants,  securities or other property pro rata to
the record  holders of any class of Common Stock (the "PURCHASE  RIGHTS"),  then
the  holder  of this  Warrant  will be  entitled  to  acquire,  upon  the  terms
applicable to such Purchase  Rights,  the aggregate  Purchase  Rights which such
holder  could  have  acquired  if such  holder  had held the number of shares of
Common Stock  acquirable  upon  complete  exercise of this  Warrant  immediately
before  the date on which a record is taken for the grant,  issuance  or sale of
such Purchase  Rights,  or, if no such record is taken, the date as of which the
record holders of Common Stock are to be determined for the grant, issue or sale
of such Purchase Rights.

          (b)   Any    recapitalization,    reorganization,    reclassification,
consolidation,  merger, sale of all or substantially all of the Company's assets
to another Person or other similar transaction in each case which is effected in
such a way that holders of Common Stock are entitled to receive (either directly
or upon subsequent  liquidation) stock,  securities or assets with respect to or
in exchange for Common Stock is referred to herein as an "ORGANIC CHANGE." Prior
to the consummation of any (i) sale of all or substantially all of the Company's
assets to an acquiring  Person or (ii) other Organic Change  following which the
Company is not a  surviving  entity,  the  Company  will  secure from the Person
purchasing  such assets or the successor  resulting from such Organic Change (in
each case,  the "ACQUIRING  ENTITY") a written  agreement (in form and substance
satisfactory to the holders of Warrants  representing at least  two-thirds (iii)

                                       12

of the Warrant Shares  issuable upon exercise of the Warrants then  outstanding)
to deliver to each holder of Warrants in exchange for such Warrants,  a security
of the Acquiring Entity evidenced by a written instrument  substantially similar
in form and  substance  to this Warrant and  satisfactory  to the holders of the
Warrants  (including an adjusted  warrant  exercise price equal to the value for
the Common Stock reflected by the terms of such  consolidation,  merger or sale,
and exercisable for a corresponding  number of shares of Common Stock acquirable
and receivable  upon exercise of the Warrants  without regard to any limitations
on  exercise,  if the value so  reflected  is less than any  Applicable  Warrant
Exercise Price immediately prior to such  consolidation,  merger or sale). Prior
to the  consummation  of any  other  Organic  Change,  the  Company  shall  make
appropriate  provision  (in form and  substance  satisfactory  to the holders of
Warrants representing a majority of the Warrant Shares issuable upon exercise of
the  Warrants  then  outstanding)  to  insure  that each of the  holders  of the
Warrants will  thereafter have the right to acquire and receive in lieu of or in
addition  to (as the case may be) the  Warrant  Shares  immediately  theretofore
issuable and  receivable  upon the exercise of such holder's  Warrants  (without
regard to any  limitations  on  exercise),  such shares of stock,  securities or
assets  that would  have been  issued or payable  in such  Organic  Change  with
respect to or in exchange for the number of Warrant Shares which would have been
issuable and  receivable  upon the exercise of such  holder's  Warrant as of the
date of such Organic  Change  (without  taking into account any  limitations  or
restrictions on the exercisability of this Warrant).

     Section 10.    LOST,  STOLEN,  MUTILATED  OR  DESTROYED  WARRANT.  If  this
Warrant is lost, stolen,  mutilated or destroyed, the Company shall promptly, on
receipt of an indemnification  undertaking in a form reasonably  satisfactory to
the  Company,  provided  however the Holder  shall be  obligated to provide such
indemnification in form,  substance and scope customary for  indemnifications in
comparable transactions,  (or, in the case of a mutilated Warrant, the Warrant),
issue a new  Warrant  of like  denomination  and tenor as this  Warrant so lost,
stolen, mutilated or destroyed.

     Section 11.    NOTICE.   Any   notices,    consents,   waivers   or   other
communications required or permitted to be given under the terms of this Warrant
must be in writing and will be deemed to have been delivered:  (i) upon receipt,
when delivered  personally;  (ii) upon receipt, when sent by facsimile (provided
confirmation  of  receipt is  received  by the  sending  party  transmission  is
mechanically or electronically generated and kept on file by the sending party);
or (iii) one Business Day after deposit with a nationally  recognized  overnight
delivery  service,  in each case properly  addressed to the party to receive the
same. The addresses and facsimile numbers for such communications shall be:

If to Cornell:               Cornell Capital Partners, LP
                             101 Hudson Street - Suite 3700
                             Jersey City, NJ  07302
                             Attention:   Mark A. Angelo
                             Telephone:   (201) 985-8300
                             Facsimile:   (201) 985-8266

With Copy to:                David Gonzalez, Esq.
                             101 Hudson Street - Suite 3700
                             Jersey City, NJ 07302
                             Telephone:   (201) 985-8300
                             Facsimile:   (201) 985-8266

                                       13

If to the Company, to:       CepTor Corporation
                             200 International Circle - Suite 5100
                             Hunt Valley, MD 21030
                             Attention:   Donald W. Fallon
                             Telephone:   (410) 527-9998
                             Facsimile:   (410) 527-9867

With a copy to:              Olshan Grundman Frome Rosenzweig & Wolosky LLP
                             Park Avenue Tower
                             65 East 55th Street
                             New York, NY 10022
                             Attention:   Harvey J. Kesner, Esq.
                             Telephone:   (212) 451-2259
                             Facsimile:   (212) 451-2222

If to a holder of this Warrant,  to it at the address and  facsimile  number set
forth on EXHIBIT C hereto,  with copies to such holder's  representatives as set
forth on EXHIBIT C, or at such other address and facsimile as shall be delivered
to the Company upon the issuance or transfer of this  Warrant.  Each party shall
provide  five days'  prior  written  notice to the other  party of any change in
address or facsimile  number.  Written  confirmation of receipt (A) given by the
recipient of such notice, consent, facsimile, waiver or other communication, (or
(B) provided by a nationally  recognized  overnight  delivery  service  shall be
rebuttable evidence of personal service,  receipt by facsimile or receipt from a
nationally  recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

     Section 12.    DATE.  The  date  of this  Warrant  is set  forth  on page 1
hereof. This Warrant, in all events, shall be wholly void and of no effect after
the close of business on the Expiration Date,  except that  notwithstanding  any
other provisions  hereof,  the provisions of Section 8(b) shall continue in full
force and effect  after such date as to any Warrant  Shares or other  securities
issued upon the exercise of this Warrant.

     Section 13.    AMENDMENT AND WAIVER.  Except as otherwise  provided herein,
the  provisions  of the  Warrants  may be amended  and the  Company may take any
action  herein  prohibited,  or omit to perform  any act herein  required  to be
performed  by it, only if the Company has  obtained  the written  consent of the
holders of Warrants  representing  at least  two-thirds  of the  Warrant  Shares
issuable upon exercise of the Warrants then  outstanding;  provided that, except
for Section  8(d),  no such action may  increase the Warrant  Exercise  Price or
decrease the number of shares or class of stock  obtainable upon exercise of any
Warrant without the written consent of the holder of such Warrant.

     Section 14.    DESCRIPTIVE   HEADINGS;   GOVERNING  LAW.  The   descriptive
headings of the several sections and paragraphs of this Warrant are inserted for
convenience  only and do not  constitute a part of this  Warrant.  The corporate

                                       14

laws of the State of Delaware  shall govern all issues  concerning  the relative
rights of the Company and its stockholders.  All other questions  concerning the
construction,  validity,  enforcement and interpretation of this Agreement shall
be governed by the  internal  laws of the State of New  Jersey,  without  giving
effect to any choice of law or conflict of law provision or rule (whether of the
State of New Jersey or any other jurisdictions) that would cause the application
of the laws of any jurisdictions  other than the State of New Jersey. Each party
hereby  irrevocably  submits  to the  exclusive  jurisdiction  of the  state and
federal courts sitting in Hudson County and the United States District Court for
the District of New Jersey,  for the adjudication of any dispute hereunder or in
connection herewith or therewith, or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding,  any claim that it is not personally  subject to the
jurisdiction of any such court,  that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper.  Each party hereby  irrevocably waives personal service of process and
consents  to process  being  served in any such suit,  action or  proceeding  by
mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof.  Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.

     Section 15.    WAIVER OF JURY  TRIAL.  AS A  MATERIAL  INDUCEMENT  FOR EACH
PARTY HERETO TO ENTER INTO THIS  WARRANT,  THE PARTIES  HERETO  HEREBY WAIVE ANY
RIGHT  TO  TRIAL  BY JURY IN ANY  LEGAL  PROCEEDING  RELATED  IN ANY WAY TO THIS
WARRANT  AND/OR  ANY  AND  ALL OF  THE  OTHER  DOCUMENTS  ASSOCIATED  WITH  THIS
TRANSACTION.

                   REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

                                       15

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed as
of the date first set forth above.

                                              CEPTOR CORPORATION

                                              By:/s/ Donald W. Fallon
                                                 -------------------------------
                                              Name: Donald W. Fallon
                                              Title: Senior Vice President,
                                                     Finance and Administration,
                                                     Chief Financial Officer

                                       16

                              EXHIBIT A TO WARRANT

                                 EXERCISE NOTICE

                                 TO BE EXECUTED
                BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

                               CEPTOR CORPORATION

         The  undersigned   holder  hereby   exercises  the  right  to  purchase
______________  of the  shares  of Common  Stock  ("WARRANT  SHARES")  of CepTor
Corporation (the "COMPANY"),  evidenced by the attached Warrant (the "Warrant").
Capitalized  terms  used  herein  and  not  otherwise  defined  shall  have  the
respective meanings set forth in the Warrant.

Specify Method of exercise by check mark:

         1.  ___  Cash Exercise

                (a) PAYMENT OF WARRANT  EXERCISE PRICE. The holder shall pay the
                Aggregate  Exercise Price of  $______________  to the Company in
                accordance with the terms of the Warrant.

                (b) DELIVERY OF WARRANT SHARES. The Company shall deliver to the
                holder _________  Warrant Shares in accordance with the terms of
                the Warrant.

         2.  ___  Cashless Exercise

                (a) PAYMENT OF WARRANT EXERCISE PRICE. In lieu of making payment
                of the Aggregate  Exercise  Price,  the holder elects to receive
                upon such  exercise  the Net  Number  of shares of Common  Stock
                determined in accordance with the terms of the Warrant.

                (b) DELIVERY OF WARRANT SHARES. The Company shall deliver to the
                holder _________  Warrant Shares in accordance with the terms of
                the Warrant.

Date: _______________ __, ______

Name of Registered Holder

By:___________________________________

Name:_________________________________

Title:________________________________

                              EXHIBIT B TO WARRANT

                              FORM OF WARRANT POWER

         FOR VALUE RECEIVED,  the undersigned does hereby assign and transfer to
________________,  Federal Identification No. __________,  a warrant to purchase
____________  shares of the capital stock of CepTor  Corporation  represented by
warrant  certificate  no. _____,  standing in the name of the undersigned on the
books of said corporation.  The undersigned does hereby  irrevocably  constitute
and  appoint   ______________,   attorney  to  transfer  the  warrants  of  said
corporation, with full power of substitution in the premises.

Dated:_______________________________     ______________________________________

                                          By:___________________________________
                                          Name:_________________________________
                                          Title:________________________________

                                      B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]