Document:

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                                                                    EXHIBIT 10.8

                                    EXHIBIT D

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), OR APPLICABLE STATE LAW, AND NO INTEREST THEREIN MAY BE SOLD,
DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS
OTHERWISE SET FORTH HEREIN AND UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH
TRANSACTION, (B) THE COMPANY RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER
SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION OR (C) THE COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION
IS EXEMPT FROM REGISTRATION.

SEPTEMBER 30, 2005                                                   $15,000,000

                            IMARX THERAPEUTICS, INC.

                             SECURED PROMISSORY NOTE

     ImaRx Therapeutics, Inc., a Delaware corporation (the "COMPANY"), for value
received, promises to pay to Abbot Laboratories, an Illinois corporation
("HOLDER"), the principal sum of $15,000,000, subject to adjustment from time to
time (as adjusted from time to time, the "PRINCIPAL AMOUNT") in accordance with
the terms of this Note and that certain Asset Purchase Agreement dated as of
September 30, 2005, by and among the Company and Holder (the "ASSET PURCHASE
AGREEMENT"). Capitalized terms not defined herein shall have the meanings given
such terms in the Asset Purchase Agreement.

     The following is a statement of the rights of Holder and the conditions to
which this Note is subject, to which Holder, by the acceptance of this Note,
agrees:

     1. Principal Amount and Interest; Payment; Prepayment.

          (a) Principal Amount and Interest. Simple interest shall accrue on the
unpaid Principal Amount at the annual rate of six percent (6.0%) per annum
("INTEREST"), measured from the date set forth above. Interest will be computed
on the basis of a 365-day year. The Company will pay $15,000,000 on or before
December 31, 2006 (the "PAYMENT DATE") plus all accrued but unpaid Interest
through such date. Notwithstanding the foregoing, if an Event of Default (as
defined below) occurs, then, at the option of Holder, upon 30 days prior written
notice of default given to the Company, the unpaid Principal Amount (as it may
have been adjusted pursuant to the provisions hereof) and all accrued and unpaid
Interest thereon shall be immediately due, payable and collectible by Holder.

          (b) Prepayment. The Company may at any time prepay in whole or in part
the Principal Amount and any accrued and unpaid Interest without penalty.

<PAGE>

          (c) Withholding. Holder acknowledges that the Company may be required
by law to withhold on payments of Interest and hereby authorizes the Company to
withhold as required by law.

          (d) Payments. All payments made hereunder shall be applied first to
accrued Interest, and thereafter to the Principal Amount. Principal and Interest
and all other amounts due hereunder (collectively, the "OBLIGATIONS") are to be
paid in lawful money of the United States of America in federal or other
immediately available funds.

     2. Security Interest. Pursuant to the terms of the Security Agreement
attached as an exhibit to the Asset Purchase Agreement (the "SECURITY
AGREEMENT"), the Company has granted a security interest to Holder in all of the
Collateral (as defined in the Security Agreement) to secure the payment of the
Obligations.

     3. Transfer of Note; Restrictions on Transfer. Neither this Note nor any of
the rights, interests or obligations hereunder may be assigned in whole or in
part by the Company or Holder without the prior written consent of the other
party, which consent may not be unreasonably withheld. In addition, this Note
may be transferred only in compliance with applicable federal and state
securities laws and only upon surrender of the original Note for registration of
transfer, duly endorsed, or accompanied by a duly executed written instrument of
transfer in form satisfactory to the Company. A new Note for like Principal
Amount and Interest will be issued to, and registered in the name of, the
transferee. Interest and Principal Amount are payable only to the registered
holder of the Note.

     4. Events of Default. The term "EVENT OF DEFAULT" as used in this Note
means any of the following events:

          (a) Any breach by the Company of the obligation to pay any amount
payable hereunder within thirty (30) days after the date that it is due and
payable;

          (b) The Company is served with a petition for relief under 11 U.S.C.
Section 101 et seq. or any similar federal or state statute, or an action is
commenced to appoint a receiver or trustee for all or substantially all of the
Company's property, and the Company fails to cause such proceeding to be
dismissed within ninety (90) days after it is instituted against the Company;

          (c) The Company files any petition for relief under 11 U.S.C. Section
101 et seq., or any similar federal or state statute, the Company makes a
general assignment of its assets for the benefit of its creditors, or the
Company consents to the appointment of a receiver or trustee for all or
substantially all of the Company's property;

          (d) The liquidation, dissolution or winding up of the Company prior to
the payment in full of all Obligations hereunder;

                                       -2-

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          (e) The breach by the Company of any representation, warranty,
covenant or agreement in the Asset Purchase Agreement or any of the Other
Agreements (as defined in the Asset Purchase Agreement) beyond any applicable
cure period;

          (f) The entry of any judgment or order against the Company that could
reasonably be expected to have a material adverse effect on the Company's
business and which remains unsatisfied or undischarged and in effect for thirty
(30) days after such entry without a stay of enforcement or execution; or

          (g) The placement of any security interest or other lien or
encumbrance upon the Collateral which is not removed within fifteen (15) days
following notice from Holder.

     5. Effect of Event of Default.

          (a) If an Event of Default described in Section 4 hereof shall occur,
in addition to taking any other action permitted by law, the Holder may, at its
sole option, by written notice to the Company, declare the Obligations hereunder
immediately due and payable, without presentment, demand, protest or further
notice of any kind. The Holder may also exercise any or all of the rights and
remedies available to a secured creditor under the Uniform Commercial Code of
the applicable jurisdiction, as the same may be amended from time to time,
including without limiting the foregoing, the right to take possession of the
Collateral.

          (b) If, following the repossession of the Collateral pursuant to the
Security Agreement, (i) the Collateral has been preserved and maintained in good
working condition and been protected against spoilage, deterioration and any
other wasting and (ii) Holder regains clear title to and possession of the
Collateral, then the Company shall thereafter have an exclusive option (the
"OPTION") to obtain an exclusive license to commercialize the intellectual
property rights included in the Purchased Assets for use in connection with
Thrombolytic Therapy Products that utilize nano/micro-bubble technology (the
"LICENSE") for a period commencing on the date of such repossession and ending
on the tenth anniversary of such date (the "Option Period"). The Company may
exercise such option at any time during the Option Period by giving written
notice to the Company, in which event the parties shall negotiate in good faith
the terms of the License. In the event that the parties are unable to agree upon
the terms and conditions of the License within sixty (60) days following the
date of Holder's notice described in Section 5(a), then the Company may submit
the determination of such terms to arbitration pursuant to the dispute
resolution provisions of the Asset Purchase Agreement. Holder shall not, during
the Option Period, engage in any activity within the scope of the rights which
would be covered by the License, or grant any third party any rights which would
be within the scope of the License. The provisions in this Section 5 shall
survive termination due to an Event of Default of this Note.

                                       -3-

<PAGE>

     6. Nonrecourse. This Note is a nonrecourse promissory note. Upon any
default, except as set forth in this Section 6, Holder's sole recourse with
respect to the Obligations under this Note shall be to the Collateral. Holder
shall have no right to recover from the Company personally or from any of the
Company's assets other than the Collateral any deficiency with respect to the
Obligations under this Note. The foregoing limitation shall not be interpreted
or construed to limit the ability of Holder to seek monetary damages from the
Company with respect to any breach of any covenant under the Security Agreement
to maintain the condition of the Collateral.

     7. Miscellaneous.

          (a) Remedies. The Company hereby waives notice, presentment, protest
and notice of dishonor.

          (b) Holder as Owner. The Company may deem and treat the holder of
record of this Note as the absolute owner for all purposes regardless of any
notice to the contrary.

          (c) No Shareholder or Ownership Rights. This Note shall not entitle
Holder to any voting rights or any other rights as a shareholder or owner of the
Company or to any other rights except the rights stated herein.

          (d) Shareholders, Affiliates, Officers and Directors Not Liable. In no
event shall any shareholder, affiliate, officer or director of the Company be
liable for any amounts due or payable pursuant to this Note.

          (e) Notices. All communications, notices and consents provided for
herein shall be in writing and be given in person or by means of telex,
facsimile or other means of wire transmission (with request for assurance of
receipt in a manner typical with respect to communications of that type), by
overnight courier or by mail, and shall become effective: (a) on delivery if
given in person; (b) on the date of transmission if sent by telex, facsimile or
other means of wire transmission; (c) one (1) business day after delivery to the
overnight service; or (d) four (4) business days after being mailed, with proper
postage and documentation, for first-class registered or certified mail,
prepaid.

     Notices shall be addressed as follows:

     If to the Company, to: ImaRx Therapeutics
                            1635 East 18th Street
                            Tucson, AZ 85719
                            Attn: __________________________
                            Facsimile Number: ___________________

                                       -4-

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     with copies to:        DLA Piper Rudnick Gray Cary LLP
                            701 Fifth Avenue
                            Suite 7000
                            Seattle, WA 98104
                            Attn: Jeffrey E. Harmes
                                  John M. Steel
                            Facsimile Number: 206-839-4801

     If to Holder, to:      Abbott Laboratories
                            100 Abbott Park Road
                            Building AP6D, Department 364
                            Abbott Park, Illinois 60064-6020
                            Attn: General Counsel
                            Facsimile Number: (847) 938-6277

     with copies to:        Kirkland & Ellis LLP
                            200 East Randolph Drive
                            Chicago, Illinois 60601
                            Attn: R. Scott Falk, P.C.
                                  Stacey Tobin Kern
                            Facsimile Number: (312) 861-2200

provided, however, at the time of mailing or within three business days
thereafter there is or occurs a labor dispute or other event that might
reasonably be expected to disrupt the delivery of documents by mail, any
communication, notice or consent provided for herein shall be given in person or
by means of telex, facsimile or other means of wire transmission or by overnight
courier, and further provided that if any party shall have designated a
different address by notice to the others, then to the last address so
designated.

          (f) Amendments and Waivers. Any term of this Note may be amended and
the observance of any term may be waived (either generally or in a particular
instance and either retroactively or prospectively) only with the written
consent of the Company and Holder. Any amendment or waiver shall be binding on
each future Holder and the Company.

          (g) Governing Law; Arbitration. This Note shall be subject to the
provisions of Section 12.9 and 12.10 of the Asset Purchase Agreement.

          (h) Successors and Assigns. The terms and conditions of this Note
shall inure to the benefit of and be binding on the respective successors and
assigns of the parties.

                                       -5-

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          (i) Severability. If one or more provisions of this Note are held to
be unenforceable under applicable law, such provision shall be excluded from
this Note, and the balance of this Note shall be interpreted as if such
provision were so excluded and shall be enforceable in accordance with its
terms.

            [The remainder of this page is intentionally left blank.]

                                       -6-

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Secured Promissory Note to
be issued as of the date first written above.

                                        IMARX THERAPEUTICS, INC.

                                        By: /s/ Evan Unger
                                            ------------------------------------
                                        Name: Evan Unger
                                        Its: President and CEO

AGREED AND ACCEPTED:

ABBOTT LABORATORIES ("HOLDER")

By: /s/ Sean Murphy
    ---------------------------------
Name: Sean E. Murphy
Its: Vice President, Global Licensing
     /New Business Development<PAGE>
                                                                   EXHIBIT 10.9

                               SERVICES AGREEMENT

     This Services Agreement (the "Agreement") is made and is effective as of
the 30th day of September, 2005, by and between Abbott Laboratories, a
corporation organized and existing under the laws of the State of Illinois and
having a principal place of business at 100 Abbott Park Road, Abbott Park,
Illinois 60064 ("Abbott") and ImaRx Therapeutics, Inc. a corporation organized
and existing under the laws of Delaware and having a principal place of business
at Tuscon, Arizona ("ImaRx").

                                    RECITALS:

     WHEREAS, Abbott and ImaRx have made and entered into an Asset Purchase
Agreement ("Asset Purchase Agreement") dated September 30, 2005, pursuant to
which Abbott is selling certain assets and rights that are used in the
manufacture of Abbott's recombinant urokinase and recombinant pro-urokinase
products, and related liabilities (such assets, rights and liabilities
collectively referred to as the "Business"), and ImaRx is purchasing the
Business, all as set forth in the Asset Purchase Agreement;

     WHEREAS, ImaRx desires an option to receive certain services from Abbott or
an Affiliate of Abbott on an interim transitional basis in order to assist ImaRx
to use the Manufacturing Technology; and

     WHEREAS, Abbott is willing to supply such services pursuant to the terms
and conditions set forth herein.

     NOW THEREFORE for good and valuable consideration (the receipt and
sufficiency of which is hereby acknowledged), Abbott and ImaRx agree as follows:

     1.   Definitions.

          (a)  Capitalized terms used herein and not otherwise defined have the
               meanings given to them in the Asset Purchase Agreement.

          (b)  "Services" means the services listed in Attachment 1 attached
               hereto.

          (c)  "Manufacturing Technology" shall mean the technology related
               assets acquired by ImaRx pursuant to the Asset Purchase
               Agreement.

     2.   General Description of Services.

          (a)  The purpose of this Agreement is to enable ImaRx to receive
               certain designated Services from Abbott in order to assist ImaRx
               in using the Manufacturing Technology in connection with the
               Asset Purchase Agreement.

<PAGE>

          (b)  If ImaRx provides Abbott written notice within 15 business days
               of the date hereof, Abbott or an Affiliate of Abbott will supply
               to ImaRx the Services described in Attachment 1, and, except as
               may be otherwise provided in this Agreement and unless otherwise
               indicated in the Attachment, each Service will be of the type and
               at the level of service and utilization Abbott or Affiliates of
               Abbott provided in connection with the Business prior to the date
               hereof. Abbott will not be required to provide any services to
               ImaRx if ImaRx does not provide the written notice described
               above. Furthermore, Abbott will not be required to provide any
               services that are not described in the Attachment hereto unless
               mutually agreed by the parties.

     3.   Charges.

          (a)  If ImaRx provides the notice described in Section 2(b), Abbott
               will charge ImaRx, and ImaRx will pay to Abbott, a fee for the
               Services provided hereunder. For each Service, the fee will be as
               set forth in the Attachment for that Service. Abbott is willing
               to provide Services to ImaRx until December 31, 2006. If Services
               are not completed by December 31, 2006, then Abbott shall refund
               to ImaRx all fees (but not expenses) up to a maximum amount of
               $250,000 paid by ImaRx under this Section 3(a).

          (b)  The fees referred to in this Section and in the Attachments are
               net of all applicable federal, state, local and value added taxes
               and other similar taxes, fees or duties, except for taxes
               measured according to Abbott's income (collectively "Sales
               Taxes") imposed by any governmental authority on the Services
               provided hereunder. ImaRx will pay all such Sales Taxes properly
               invoiced in accordance with the relevant law and regulations in
               force at the time Abbott or its Affiliate provides any applicable
               Service, and Abbott or an Affiliate of Abbott, shall invoice for
               and collect Sales Taxes from ImaRx in the same manner as it
               generally collects Sales Taxes from its other customers in the
               ordinary course of their business and shall be solely responsible
               for remitting such Sales Taxes to the relevant taxing authority.

     4.   Payment. (a) If ImaRx elects under Section 2(b) to utilize the
          Services of Abbott, then on a quarterly basis, Abbott will fax an
          invoice to ImaRx for the Services Abbott provided to ImaRx since the
          generation of the last invoice. ImaRx will pay such invoice in
          immediately available funds by ACH to an account designated by Abbott
          such that the funds are immediately available to Abbott no later than
          the twentieth (20th) calendar day after the date of the invoice;
          provided the invoice date shall not be earlier than the date the
          invoice is faxed to ImaRx. ImaRx and Abbott agree that if the due date
          occurs on a Saturday or Bank Holiday, Abbott will receive the
          immediately available funds on the immediately preceding business day,
          and if the due date occurs on a Sunday, Abbott will receive the
          immediately available funds the next following business day. Delay in
          payment will result in ImaRx being

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<PAGE>

          responsible for interest at a rate of one and a half percent (1 1/2%)
          per month, or the maximum rate allowed by law, whichever is less, on
          the outstanding amount of any unpaid invoice beginning on the day
          after the payment due date.

          (b)  If ImaRx elects under Section 2(b) to utilize the Services of
               Abbott, then upon Completion of the Services, ImaRx shall pay
               Abbott Five Million Dollars ($5,000,000), less any amounts
               already paid by ImaRx to Abbott (the "Fee") pursuant to Section 4
               above and Attachment 1 hereto. The Services shall be deemed
               complete upon the achievement of the milestones set forth in
               Exhibit A as mutually agreed by the parties ("Completion of the
               Services"). If the Completion of the Services, does not occur on
               or prior to December 31, 2006, the foregoing Fee shall not be
               payable to Abbott.

     5.   Term.

          (a)  This Agreement will take effect at and as of the Closing Date
               under the Asset Purchase Agreement. This Agreement will terminate
               upon the earlier of either (i) the Completion of the Services or
               (ii) December 31, 2006.

     6.   Warranties. Abbott will use reasonable efforts to provide the Services
          to ImaRx in a manner substantially similar to the manner Abbott or
          Affiliates of Abbott provided the same Services to the Business prior
          to Closing (which the Abbott represents to be consistent with industry
          practices) except to the extent this Agreement or any Attachment
          modifies the manner in which Abbott is to provide those Services and
          except to the extent the parties may otherwise agree in writing.
          Abbott makes no other warranty concerning the Services, or equipment
          supplied or used hereunder, or the condition of any of its premises or
          equipment. ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE
          WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE AND THE WARRANTY OF
          MERCHANTABILITY, ARE EXPRESSLY EXCLUDED.

     7.   Liability.

          (a)  As to any claim of any nature relating to this Agreement, whether
               in contract, tort, strict liability, patent infringement or
               otherwise, excluding claims resulting from the gross negligence
               or willful misconduct of Abbott, the total liability of Abbott
               will not exceed an amount equal to the total charges under
               Section 3 for the Services provided by Abbott in respect of which
               the claim is made. ImaRx's failure to give Abbott written notice
               of any claim within thirty (30) days from the date of delivery or
               discovery (if later), or the date fixed for delivery if the claim
               relates to failure to deliver or failure to deliver in a timely
               manner, will constitute a waiver by ImaRx of all claims of any
               kind arising as a result of such delivery or non-delivery.
               Failure by ImaRx to provide such written notice

                                        3

<PAGE>

               to Abbott within such time period will constitute a complete
               defense for Abbott against such claims by ImaRx.

          (b)  IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY
               INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL OR CONTINGENT
               DAMAGES OR LOSSES (WHETHER OR NOT CAUSED, IN WHOLE OR IN PART, BY
               A PARTY'S NEGLIGENT ACT OR OMISSION, OR WHETHER BASED ON BREACH
               OF WARRANTY, BREACH OF AGREEMENT, STATUTE, STRICT LIABILITY OR
               OTHERWISE), OR LOSS OF PROFITS OR DAMAGES FOR BUSINESS
               INTERRUPTION, OR COSTS OF LITIGATION, SUFFERED OR INCURRED BY THE
               OTHER PARTY IN CONNECTION WITH THIS AGREEMENT OR WITH RESPECT TO
               PROVISION OR FAILURE TO PROVIDE THE SERVICES.

          (c)  Each of the parties hereto will defend, indemnify and hold
               harmless the other party from and against all Losses made against
               or incurred by the other party arising from that party's breach
               of any representation, warranty or covenant hereunder.

     8.   Compliance with Laws. Abbott and ImaRx agree to comply with all
          applicable laws and governmental regulations concerning the Services.

     9.   Contingencies.

          (a)  "Force Majeure" means the failure of either party to perform
               hereunder in the manner provided for in this Agreement (except
               any obligation to pay for Services already performed), which
               failure is beyond the reasonable control of the party (whether of
               like or different character to the matters listed below) so
               failing to perform, including if such failure is caused or
               occasioned by: (1) the inability to comply with any order,
               regulation or request of any Federal, State or Municipal
               Government or any officer, department, agency or committee
               thereof, including requisition or allocation or establishment of
               priority, or by compliance with any request authorized by such
               governmental authority, which is valid or reasonably believed to
               be valid; or (2) an Act of God, the public enemy, fire,
               explosion, equipment failure, flood, earthquake, tornado,
               hurricane, war, riot, sabotage, or other similar catastrophe,
               accident, embargo, strikes, lockouts or other industrial
               disturbances, shortage, delay or failure of supply of materials,
               power, utilities, labor, fuel or equipment, interruptions of or
               delay in transportation (including transmission system failure or
               breakdown) or by any other event or circumstances.

          (b)  A party will be relieved from liability to deliver or receive
               Services hereunder (but not for any liability to pay for Services
               already performed) for the time and to the extent such failure to
               perform is caused or

                                        4

<PAGE>

               occasioned by Force Majeure. In the event that a party becomes
               unable by Force Majeure to carry out its obligations under this
               Agreement, in whole or in part, that party will promptly give
               notice of such, including the expected duration of such Force
               Majeure, to the other party. The party so affected by the Force
               Majeure will undertake prompt and diligent efforts to remedy such
               Force Majeure insofar as it is economically practicable.

          (c)  It is understood and agreed that the settlement of strikes or
               lockouts involving a party will be entirely within that party's
               discretion, and that the above requirements that any Force
               Majeure will be remedied with all reasonable dispatch will not
               require the settlement of strikes or lockouts by acceding to the
               demands of the employees involved when such course is inadvisable
               in that party's sole discretion.

          (d)  If Force Majeure reduces the capabilities of Abbott to provide
               any Service to a level below the combined requirements of Abbott
               and ImaRx, Abbott will allocate its available Service
               capabilities among Abbott, ImaRx, and Abbott affiliates and other
               users of that Service on a pro rata basis.

     10.  Cooperation and Confidentiality. The parties hereto agree to provide
          to each other all information and related documents reasonably
          requested by either party to enable the parties to perform hereunder
          and will comply with all such reasonable instructions as are necessary
          for the parties hereto to perform their obligations hereunder. Each
          party hereto will cause, and will cause each of its Affiliates and
          each of their respective officers, directors and employees, to hold
          confidential all information relating to the business of the other
          party disclosed to it by reason of this Agreement and not disclose any
          of such information to any third party unless legally compelled to
          disclose such information in accordance with the Confidentiality
          Agreement between the ImaRx and Abbott dated May 6, 2005; provided,
          however, that to the extent that any of them may become so legally
          compelled, they may only disclose such information if they have first
          used commercially reasonable efforts to, and, if practicable, afforded
          the other party the opportunity to, obtain an appropriate protective
          order or other satisfactory assurance of confidential treatment for
          the information required to be so disclosed.

     11.  Relationship of the Parties. Nothing in this Agreement shall be
          construed as creating any relationship between Abbott and ImaRx other
          than as specifically set forth in this Agreement; neither party shall
          have any right, power or authority to assume, create, or incur any
          expense, liability or obligation, express or implied, on behalf of the
          other party, except as expressly provided herein. This Agreement is
          not intended to be nor shall be construed as a joint venture,
          association, partnership, or other form of a business organization or
          agency relationship.

     12.  Counterparts. This Agreement may be executed in one or more
          counterparts, each of which shall be deemed an original instrument,
          but all such counterparts together will constitute one and the same
          instrument.

                                        5

<PAGE>

     13.  Attachments. The attachments referred to in this Agreement are
          incorporated herein by reference and expressly made a part of this
          Agreement as fully as though completely set forth herein. To the
          extent a conflict may exist between the provisions of this document
          and the provision of any attachment hereto, the provisions of this
          document will prevail.

     14.  Waiver. The failure of any party at any time or times to enforce or
          require performance of any provision hereof will in no way operate as
          a waiver or affect the right of such party at a later time to enforce
          the same. No waiver by any party of any condition or of the breach of
          any term, covenant, representation or warranty contained in this
          Agreement, whether by conduct or otherwise, in any one or more
          instances, will be deemed to be or construed as a further or
          continuing waiver of any such condition or breach, or a waiver of any
          other condition or of any breach of any other term, covenant,
          representation or warranty contained in this Agreement. Any waiver of
          an obligation, agreement or condition contained herein will be valid
          and effective only if in writing and signed by the party to whom such
          compliance is owed.

     15.  Notices.

          (a)  All notices and other communications hereunder will be in writing
               and will be deemed effective and given only upon receipt, when
               delivered personally (receipt acknowledged), by facsimile
               transmission (receipt confirmed and followed by a hard copy), by
               overnight courier, or by registered or certified mail (return
               receipt requested), postage prepaid, to the parties at the
               following addresses (or to such other individual or at such other
               addresses for a Party as may be specified by like notice):

               If to Abbott to: Abbott Laboratories
                                100 Abbott Park Road
                                Building AP6D, Department 364
                                Abbott Part, Illinois 60064-6020
                                Attn: General Counsel
                                Facsimile: 847-938-6277

               With a copy to:  Kirkland & Ellis LLP
                                200 East Randolph Drive
                                Suite 5400
                                Chicago, Illinois 60601
                                Attn: R. Scott Falk, P.C.
                                Facsimile: 312-861-2200

               If to ImaRx, to: ImaRx Therapeutics
                                1635 East 18th Street
                                Tucson, AZ 85719
                                Attn: Greg Cobb
                                Facsimile Number: 520-791-2437

                                        6

<PAGE>

               With a copy to:  DLA Piper Rudnick Gray Cary LLP
                                701 Fifth Avenue
                                Suite 7000
                                Seattle, WA 98104
                                Attn: Jeffrey E. Harmes
                                John M. Steel
                                Facsimile Number: 206-839-4801

          (b)  The parties will agree upon the persons and places to whom
               routine correspondence, invoices and similar communications
               should be addressed in an effort to facilitate mutual and
               expeditious performance by the parties hereunder.

     16.  Entire Agreement. This Agreement, including the attachments hereto,
          constitutes the entire agreement between the parties hereto pertaining
          to the subject matter hereof and supersedes all prior agreements,
          understandings, negotiations and discussions, whether oral or written,
          of the parties relating to the subject matter hereof. There are no
          warranties, representations or other agreements between the parties in
          connection with the subject matter hereof except as specifically set
          forth herein or in documents delivered pursuant hereto. Except as
          otherwise provided herein, no amendment, supplement or modification of
          this Agreement or any attachment, and no conditions, usage of trade,
          course of dealing or performance, understanding or agreement
          purporting to modify, vary, explain or supplement the terms or
          conditions of this Agreement, will be binding unless executed in
          writing by both of the parties hereto. No modification of this
          Agreement will be effected by the acknowledgement or acceptance of
          documents containing terms or conditions at variance with or in
          addition to those set forth in this Agreement, except as otherwise
          specifically agreed to by the parties in writing.

     17.  Severability. If any provision of this Agreement is hereafter held to
          be invalid or unenforceable for any reason, that provision will be
          reformed to the maximum extent permitted to come as close as possible
          in its effects to the invalid or unenforceable provision, failing
          which, it will be ineffective to the extent of such invalidity or
          unenforceability only, with the balance of the provision and of the
          Agreement continuing in full force and effect. Such occurrence will
          not have the effect of rendering the provision in question invalid in
          any other jurisdiction or in any other case or circumstances, or of
          rendering invalid any other provisions contained herein to the extent
          that such other provisions are not themselves actually in conflict
          with any applicable law.

     18.  Assignment. This Agreement and any rights and obligations hereunder
          shall not be assignable or transferable by ImaRx or Abbott (including
          by operation of law in connection with a merger or sale of stock, or
          sale of substantially all the assets, of ImaRx or Abbott) without the
          prior written consent of the other party, provided that, the consent
          of one party will not be required for the other party to transfer its
          rights and obligations hereunder to an Affiliate, as long as the
          transferring party

                                        7

<PAGE>

          first fully guarantees such Affiliate's performance of all of the
          transferring party's obligations under this Agreement. Other than
          assignments described above, any purported assignment without such
          consent shall be void and without effect. This Agreement will be
          binding upon and inure to the benefit of the parties hereto and their
          respective permitted successors and assigns.

     19.  Captions. The captions or headings in this Agreement are for
          convenience only and will not be considered a part of or affect the
          construction or interpretation of any provision of this Agreement.

     20.  No Third Party Beneficiaries. Nothing in this Agreement will entitle
          any person other than Abbott or ImaRx, and their respective permitted
          (pursuant to Section 18) successors and assigns, to any claim, cause
          of action, remedy or right of any kind.

     21.  Governing Law. This Agreement and the obligations of the parties
          hereunder will be governed by and construed and enforced in accordance
          with the laws of the State of Delaware, excluding any choice of law
          rules which may direct the application of the laws of any other
          jurisdiction.

     22.  Gender. The singular shall include the plural and the plural shall
          include the singular and any gender shall include all other genders,
          all as the meaning and the context of the Agreement shall require.

                                   * * * * * *

                                        8

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed.

                                        ABBOTT LABORATORIES

                                        By: /s/ Sean Murphy
                                            ------------------------------------
                                        Printed Name: Sean E. Murphy
                                        Title: Vice President,
                                               Global Licensing/New Business
                                               Development

                                        IMARX THERAPEUTICS INC.

                                        By: /s/ Evan Unger
                                            ------------------------------------
                                        Printed Name: Evan Unger
                                        Title: President and CEO

                                        1
<PAGE>
ATTACHMENT 1

SERVICES PROVIDED BY ABBOTT

      Abbott agrees to make available to ImaRx personnel who are familiar with
the manufacturing and testing technology for the Product for up to a maximum of
1000 manhours to complete the Services related to the Purchased Assets, pursuant
to which Abbott personnel will provide explanations and answer questions that
are reasonably necessary to allow ImaRx to successfully identify, organize and
utilize the technology. ImaRx shall pay Abbott $250 per manhour. In the event
that ImaRx desires in excess of 1000 manhours for the Services, and Abbott
agrees to provide such additional assistance, ImaRx shall pay to Abbott $250 per
additional manhour. In addition, ImaRx will reimburse Abbott for all reasonable
costs and expenses relating to the travel and lodging incurred by such
personnel.

Abbott shall provide the following Services in connection with the Manufacturing
Technology:

<TABLE>
<CAPTION>
                                                                    EFFORT          DURATION
                           ACTIVITY                                (M-DAYS)          (DAYS)             LOCATION OF ACTIVITY
                           --------                                --------          ------             --------------------
<S>                                                                <C>          <C>                <C>
Project Management                                                   54         Entire Project     North Chicago 3rd Party Site
Site Visit, Tech Review, Materials Procurement                        7               70                  3rd Party Site
Cell Passage                                                          6               16                  3rd Party Site
rPUK Production                                                       2                8                   3rd Party Site
rPUK/rUK Common Steps                                                 4                4                   3rd Party Site
rPUK Isolation                                                        7                7                   3rd Party Site
rUK Isolation                                                         7                7                   3rd Party Site
Plasminogen-Agarose Prep. for rUK production                          5                5                   3rd Party Site
IPC, Release and Stability Methods                                   20               20                 North Chicago, Il.
Drug Substance Characterization Methods                              10               10                 North Chicago, Il.
Equipment Training                                                    3                3                   North Chicago
</TABLE>

                                       1
<PAGE>
                                    EXHIBIT A
                             ACCEPTANCE CRITERIA FOR
                           COMPLETION OF THE SERVICES

SERVICES SHALL ONLY BE DEEMED COMPLETE ONCE IMARX HAS CERTIFIED IN WRITING THAT
COMPLETION HAS OCCURRED BASED ON THE CRITERIA SET FORTH IN THIS ATTACHMENT, SUCH
CERTIFICATION NOT TO BE UNREASONABLY WITHHELD OR DELAYED.

      (I)   INFORMATION SERVICES:

      The scope of these Services is limited to the procedures used for the
      manufacture of recombinant prourokinase (rPUK) and recombinant urokinase
      (rUK), bulk drug substances. These Services also include the provision of
      procedures to perform the rPUK and rUK assays and characterization of the
      bulk drug substance. The scope of these Services does not cover Drug
      Product Manufacturing. Additionally, these Services will not be conducted
      according to cGMP, but will demonstrate how each process is conducted for
      rPUK and rUK production. The time estimated assumes that the personnel,
      raw materials, equipment and facilities necessary to perform each activity
      are available at the site where the Services will be performed. The
      personnel and time estimates given below reflect training and monitoring
      of activities. Third party personnel will conduct the activities described
      below under supervision of appropriate Abbott.

      (II)  NON-GMP PILOT BATCH PRODUCTION

            (II) CELL CULTURE

      MEDIA AND SOLUTIONS: The preparation of media and solutions used for rPUK
and rUK manufacturing will be demonstrated by the preparation of media and
solutions to the specifications for each coded solution or medium, excluding
bioburden and endotoxin specifications. Training time and site requirements
necessary for the preparation of media and solutions are incorporated into each
activity described below.

      CELL PASSAGE: Cell passage is initiated by thawing cells from the Working
Cell Bank (WCB), and growing cells in EMA medium containing 5% fetal bovine
serum (FBS) and 5 uM methotrexate. Cell passage ends with the inoculation of
cells into YD 25 medium that is used for rPUK production. One cell passage run
that includes a Working Cell Bank ampule thaw, and cell harvests at the T-flask,
1 liter, 20 liter and 100 liter vessels, or their equivalents, will be
conducted. Cell growth shall be demonstrated by achieving minimum cell densities
within five (5) days per the cell passage direction set.

      RPUK PRODUCTION: Recombinant PUK production is initiated by the
inoculation of cells from EMA medium containing 5% FBS and 5uM methotrexate into
YD 25 medium containing 5uM methotrexate. The scale at which rPUK and rUK is
produced will be defined by the facilities and equipment available at the third
party but should be at least 1000 liters, but not

                                       2
<PAGE>
more than 1500 liters working volume. One production run will be conducted to
demonstrate rPUK production technology.

      RPUK AND RUK COMMON ISOLATION PROCESSES: The harvest from one production
run of between 1000 and 1500 liters will be processed through the first three
steps of the isolation process which is common to both products. Processes that
are common to both products include centrifugation of the rPUK bulk harvest, and
exposure of the clarified harvest to ABx and Hipropyl chromatographies. The
eluate from the Hipropyl chromatography will be frozen at -70(degree) C for
later processing. Portions of the frozen material will be used to isolate rPUK
and rUK. A portion of the Hipropyl eluate may be retained as backup material in
case it is necessary to repeat the isolation of rPUK or rUK.

      RPUK ISOLATION: Following the completion of the common steps outlined
above, a portion of the HiPropyl eluate will be thawed, heat-treated and rPUK
isolated. The isolated rPUK will meet rPUK bulk drug specifications, except for
mycoplasma, microbial, adventitious viral agents and endotoxin specifications.

      RUK ISOLATION: Following the completion of the common steps outlined
above, a portion of the HiPropyl eluate will be thawed, and heat-treated.
Following the heat treatment step, rPUK will be converted to high molecular
weight rUK (HMW-rUK) using immobilized plasmin and rUK isolated. The rUK
isolated will meet rUK bulk drug specifications, except for, mycoplasma,
microbial, adventitious viral agents and endotoxin specifications.

TEST METHODS

      IN-PROCESS CONTROLS, RELEASE AND STABILITY METHODS: Services will
demonstrate system suitability specifications for each assay by completion of
two separate assays.

(III) CHARACTERIZATION METHODS

      Biochemical characterization methods associated with rPUK and rUK bulk
drug substances will be demonstrated by completion of one run using appropriate
approved samples of bulk drug substance.

CHARACTERIZATION OF THE RPRO-UK AND RUK PROTEIN

            a.    Characterization testing performed at mutually agreed upon
                  third-party contract testing laboratory at ImaRx's expense

            b.    Acceptable results based on reference ranges contained in
                  product release testing specifications for the
                  characterization tests in the following:

<TABLE>
<CAPTION>
TEST                                               ASSAY TYPE
----                                               ----------
<S>                                                <C>
Protein Concentration (mg/mL)                      UV Spectrophotometry
Fibrinolytic Potency                               Clot Lysis Assay
</TABLE>

                                       3
<PAGE>
<TABLE>
<S>                                                <C>
Specific Activity (IU/mg)                          Potency/Protein
PH                                                 Potentiometric
Appearance                                         Physical Examination
N-Terminal Sequence                                Amino Acid Sequence
PURITY
Low Molecular Weight Urokinase                     Hydrophobic Interaction HPLC
SDS-PAGE (Non-Reduced)                             Electrophoresis
Protein Aggregates                                 Size Exclusion HPLC
IDENTIFICATION
Amidolytic Activity                                Colorimetric Enzymatic Activity
Tryptic Map                                        Enzyme Digest/HPLC
IMPURITIES
SDS-PAGE (Reduced Conditions)                      Electrophoresis
</TABLE>

      c. Acceptable results based on 2x the reference ranges contained in
product release testing specifications for the characterization tests in the
following:

<TABLE>
<CAPTION>
IMPURITIES
<S>                                                <C>
BSA (ng/mg/of protein)                            ELISA
Mouse DNA (pg/dose)                                Slot Blot Hybridization
</TABLE>

      d. Tests conducted for informational use only that have no acceptance
criteria identified are in the following:

<TABLE>
<CAPTION>
COMPARABILITY
<S>                                                <C>
Sialic Acid                                        Pulsed Electrochemical Detection/Anion
                                                   Exchange Chromatography (PED/HPAEC)
Monosaccharide Analysis                            PED/HPAEC
Oligosaccharide Analysis                           PED/HPAEC
Host Cell Protein (ng/mg)*                         ELISA
</TABLE>

* Outside testing required because reagents no longer available at Abbott.

                                       4

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