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                                                                     Exhibit 4.3

                                     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-____                                          Number of Shares:

Date of Issuance: ________ __, 2005

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)  _________
(__________)  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

                                       1

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 December 9, 2005 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.

                                       2

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

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

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

               (xii)  "WARRANT EXERCISE PRICE" shall be one hundred five percent
(105%) of the Closing Bid Price of the Company's Common Stock on __________,  as
quoted by Bloomberg,  LP, or as  subsequently  adjusted as provided in Section 8
hereof.

               (xiii) "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

                                       3

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)
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

                                       4

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
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

                                       5

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
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

                                       6

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.

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

          (b)  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

                                       8

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).

          (c) 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
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.

          (d) 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

                                       9

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)
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.

                                       10

     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

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

                                       11

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
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

                                       12

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

                                          CEPTOR CORPORATION

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

                                       13

                              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:
      ---------------------------------------

                                       A-1

                              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-1sec document

                                                                     Exhibit 4.4

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY
NOT BE SOLD,  TRANSFERRED,  ASSIGNED,  PLEDGED OR HYPOTHECATED  UNLESS AND UNTIL
REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE
CORPORATION  HAS  RECEIVED AN OPINION OF COUNSEL OR OTHER  EVIDENCE,  REASONABLY
SATISFACTORY TO THE CORPORATION AND ITS COUNSEL,  THAT SUCH  REGISTRATION IS NOT
REQUIRED.

                               CEPTOR CORPORATION

                           CONVERTIBLE PROMISSORY NOTE

                                (non-negotiable)

                                                           Hunt Valley, Maryland
$250,000.00                                                     December 9, 2005

     FOR  VALUE  RECEIVED  Ceptor  Corporation,   a  Delaware  corporation  (the
"COMPANY"), promises to pay to HARBOR TRUST (the "HOLDER"), at the office of the
Holder,  the  principal  amount  of  two  hundred  fifty  thousand  dollars  and
(00)/100ths  ($250,00.00),  or such lesser amount as shall equal the outstanding
principal  amount  hereof,  together with simple  interest from the date of this
Note on the unpaid  principal  balance at a rate equal to six (6%)  percent  per
annum,  computed on the basis of the actual number of days elapsed and a year of
365 days.  All  unpaid  principal,  together  with any then  accrued  but unpaid
interest and any other amounts  payable  hereunder,  shall be due and payable on
December 9, 2006 (the "Maturity Date").

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

     1.   Certain Definitions.

               (a)  "CONVERSION  SECURITIES"  means the shares of common  stock,
par value  $0.0001 per share (the "Common  Stock"),  of the  Company,  with such
rights, preferences,  privileges and restrictions,  contractual or otherwise, as
shall  be set  forth in the  Certificate  of  Incorporation  and  bylaws  of the
Company.

               (b)  "CONVERSION PRICE" means $1.00 per share.

               (c)  "DEFAULT" means:

                    i)        the  Company  shall  default  in  the  payment  of
               interest  and/or  principal on this Note (subject to the right of
               the Holder to convert all of the  presently  due and  outstanding

               principal  and/or  interest owing under this Note into Conversion
               Securities  upon which this Note shall not be deemed in  Default)
               and such default shall  continue for ten (10) business days after
               the due date thereof; or

                    ii)       any of the  representations  or warranties made by
               the Company  herein or in any  certificate  or financial or other
               statements  heretofore or hereafter  furnished by or on behalf of
               the  Company  to  Holder in  connection  with the  execution  and
               delivery of this Note or such other  documents  shall be false or
               misleading in any material respect at the time made; or

                    iii)      the Company  shall fail to  materially  perform or
               observe any covenant or agreement in the Note Purchase Agreement,
               or any other covenant, term, provision,  condition,  agreement or
               obligation  of the Company under this Note and such failure shall
               continue  uncured  for a period of ten (10)  business  days after
               notice from the Holder of such failure; or

                    iv)       the Company shall (1) become insolvent;  (2) admit
               in  writing  its  inability  to pay its debts  generally  as they
               mature;  (3) make an  assignment  for the benefit of creditors or
               commence  proceedings  for its  dissolution;  or (4) apply for or
               consent to the  appointment of a trustee,  liquidator or receiver
               for it or for a substantial part of its property or business; or

                    v)        a  trustee,   liquidator  or  receiver   shall  be
               appointed  for  the  Company  or for a  substantial  part  of its
               property  or  business  without  its  consent  and  shall  not be
               discharged within thirty (30) days after such appointment; or

                    vi)       any governmental  agency or any court of competent
               jurisdiction at the insistence of any  governmental  agency shall
               assume custody or control of the whole or any substantial portion
               of the  properties  or  assets  of the  Company  and shall not be
               dismissed within thirty (30) days thereafter; or

                    vii)      the Company  shall sell or otherwise  transfer all
               or substantially all of its assets; or

                    viii)     bankruptcy,    reorganization,    insolvency    or
               liquidation proceedings or other proceedings, or relief under any
               bankruptcy  law or any law  for  the  relief  of  debt  shall  be
               instituted by or against the Company and, if  instituted  against
               the Company shall not be dismissed  within thirty (30) days after
               such  institution,  or the Company  shall by any action or answer
               approve of,  consent to, or acquiesce in any such  proceedings or
               admit to any material  allegations  of, or default in answering a
               petition filed in any such proceeding; or

                    ix)       the  Company  shall  be in  default  of any of its
               indebtedness,  including  but not  limited to its senior  lending
               facility,  and the holders  thereof shall have  accelerated  such
               indebtedness; or

                    x)        the Company shall be in material default of any of
               its  indebtedness  that  gives the  holder  thereof  the right to
               accelerate such indebtedness.

                                       -2-

     2.   CONVERSION AT THE OPTION OF THE HOLDER.  The Holder of this Note shall
have the following conversion rights:

          (a)  HOLDER'S  RIGHT TO CONVERT.  This Note shall be  convertible,  in
whole or in part, at any time on or after the date hereof, following delivery of
notice to the  Company  (at the  address and in the manner set forth in the Note
Purchase  Agreement  pursuant to which this Note is attached) of the election of
the Holder hereof, to convert the outstanding  principal  amount,  plus interest
into fully  paid,  validly  issued and  nonassessable  shares of the  Conversion
Securities.  If this Note is converted in part,  the  remaining  portion of this
Note not so converted  shall remain  entitled to the conversion  rights provided
herein.

          (b)  CONVERSION  PRICE FOR HOLDER  CONVERTED  SHARES.  The Outstanding
Principal  Amount of this Note and interest  that is converted  into  Conversion
Securities at the option of the Holder shall be  convertible  at the  Conversion
Price.

          (c)  MECHANICS OF CONVERSION.  In order to convert this Note (in whole
or in part) into full Conversion  Securities,  the Holder (i) shall give written
notice in the form of EXHIBIT A hereto (the "Conversion Notice") by facsimile to
the  Company at such  office  that the Holder  elects to convert  the  principal
amount  (plus  accrued  but unpaid  interest  and  default  payments)  specified
therein,  which such notice and election shall be revocable by the Holder at any
time prior to its receipt of the Conversion Securities upon conversion, and (ii)
as soon as  practicable  after such  notice,  shall  surrender  this Note,  duly
endorsed,  by either overnight courier or 2-day courier, to the principal office
of the Company;  PROVIDED,  HOWEVER,  that the Company shall not be obligated to
issue certificates  evidencing the shares of the Conversion  Securities issuable
upon such conversion  unless either the Note evidencing the principal  amount is
delivered to the Company as provided  above,  or the Holder notifies the Company
that such Note(s) have been lost,  stolen or destroyed and promptly  executes an
agreement  reasonably  satisfactory to the Company to indemnify the Company from
any loss incurred by it in connection with such lost, stolen or destroyed Notes.
If a Holder is converting  less than the maximum number of shares it may convert
under its Note, the Company shall,  upon notice received from Holder and Company
of such facts with  documentary  copies of all  notices,  Conversion  Securities
issued,  and  cancelled  notes,  shall  reissue  the Note  with the  appropriate
remaining  principal amount as soon as practicable  after the Company shall have
received  the  Holder's  surrendered  Note and  copies of all  documents  to its
satisfaction.

     The Company shall issue and deliver within one business day of the delivery
to the  Company  of such  Conversion  Notice,  to such  Holder of Note(s) at the
address of the Holder, or to its designee, a certificate or certificates for the
number of shares of Conversion  Securities to which the Holder shall be entitled
as aforesaid, together with a calculation of the Conversion Price and a Note for
the  principal  amount  not  submitted  for  conversion.  The date on which  the
Conversion Notice is given (the "Holder  Conversion Date") shall be deemed to be
the date the Company received by facsimile the Conversion Notice, and the person
or persons  entitled to receive the  Conversion  Securities  issuable  upon such
conversion  shall be treated for all purposes as the record holder or holders of
such shares of Conversion Securities on such date.

     In lieu of delivering  physical  certificates  representing  the Conversion
Securities  issuable upon conversion of Notes,  provided the Company's  transfer
agent is  participating  in the Depository  Trust Company ("DTC") Fast Automated
Securities  Transfer ("FAST") program,  upon request of the Holder,  the Company
shall  use its  best  efforts  to cause  its  transfer  agent to  electronically
transmit the Conversion  Securities  issuable upon conversion or exercise to the

                                      -3-

Holder,  by crediting the account of Holder's  prime broker with DTC through its
Deposit  Withdrawal  Agent  Commission  ("DWAC")  system.  The time  periods for
delivery described above shall apply to the electronic  transmittals through the
DWAC  system.  The  parties  agree to  coordinate  with DTC to  accomplish  this
objective.  The conversions  shall be deemed to have been made immediately prior
to the close of business on the Holder  Conversion  Date.  The person or persons
entitled to receive the  Conversion  Securities  issuable  upon such  conversion
shall be  treated  for all  purposes  as the  record  holder or  holders of such
Conversion Securities at the close of business on the Holder Conversion Date.

          (d)  LIMITATIONS ON RIGHT TO CONVERT.  In no event shall the Holder be
permitted to convert this Note in excess of that amount upon the  Conversion  of
which  the  number  of  Conversion  Securities  to be  issued  pursuant  to such
Conversion,  when added to the number of shares of Conversion  Securities issued
pursuant to all prior Conversions of the Note, would exceed 19.99% of the number
of shares of Company  Common Stock  outstanding  on the Closing Date (subject to
equitable adjustment from time to time for the events described below) (the "CAP
Amount"),  except  that such  limitation  shall not apply in the event  that the
Company  obtains the  approval  of the holders of a majority of its  outstanding
common stock ("STOCKHOLDER  APPROVAL") for the issuance of Conversion Securities
in excess of the Cap Amount.

In the event that  Stockholder  Approval  shall be required  for the issuance of
Conversion  Shares in excess of the Cap Amount,  the Company may elect to prepay
this Note in full after which the Company shall not have any further  obligation
with respect thereto.  In the event the Company does not repay this Note in full
within two (2)  business  days of receipt of a Conversion  Notice that  requires
Stockholder  Approval,  the Company  shall use its  reasonable  best  efforts to
effect Stockholder  Approval of the Conversion within sixty (60) days of receipt
of such Conversion  Notice.  The Company may at any time prior to the receipt of
Stockholder  Approval,  repay all of the  outstanding  principal and or interest
under the Note or such amount as will then result in a Conversion  below the Cap
Amount,  instead of obtaining a required Stockholder Approval of the Conversion.
In the event the Stockholder Approval has not been obtained within the timeframe
set forth and the Company has not repaid the Note,  the Note Holders  shall have
the  option  at  any  time  to  force  the  Company's  repayment  of  all of the
outstanding  principal  and/or interest under the Note at a sum equal to 100% of
the outstanding principal and/or interest balance then due.

     In the event Holder has given a Conversion Notice, such put into Conversion
Securities,  or conversion  right,  shall be available to Holder for a period of
thirty (30) days following the date of the  Conversion  Notice  following  which
thirty  (30) day  period  no  further  conversion  of the Note  into  Conversion
Securities shall be permitted.

          (e)  FRACTIONAL SHARES; INTEREST; NONASSESSABLE; EFFECT OF CONVERSION.
Any fractional shares to be issued upon conversion of this Note shall be rounded
to the nearest whole share. The Company  covenants that the shares of Conversion
Securities  issuable upon the conversion of this Note will,  upon  conversion of
this Note, be validly  issued,  fully paid and  nonassessable  and free from all
taxes,  liens and charges in respect of the issue  thereof.  Upon  conversion of
this Note in full and the payment of the amounts  specified  in this  Section 2,
the Company shall be forever released from all obligations and liabilities under
this Note,  although the obligations under the Note Purchase  Agreement of which
this Note is a part, shall survive.

                                      -4-

     3.   ADJUSTMENT OF CONVERSION PRICE

     If the  Company,  at any time while any  principal  or  accrued  but unpaid
interest is  outstanding,  shall offer,  sell,  grant any option to purchase any
Common Stock or common stock equivalents  entitling any person to acquire shares
of Common Stock,  at an effective  price per share less than the then Conversion
Price  (such  lower  price,  the  "Base  Conversion  Price"  and such  issuances
collectively, a "Dilutive Issuance"), as adjusted hereunder, then the Conversion
Price shall be reduced to equal the Base Conversion Price. Such adjustment shall
be made  whenever  such Common  Stock or common  stock  equivalents  are issued.
Notwithstanding  the  foregoing,  no  adjustment  will be made in  respect of an
Exempt  Issuance  (as defined  below).  The Company  shall  notify the Holder in
writing,  indicating  therein the applicable  Conversion Price (such notice, the
"Dilutive Issuance Notice").

     For  purposes  hereof,  an Exempt  Issuance  shall mean the issuance of (a)
shares of  Common  Stock or  options  to  employees,  consultants,  officers  or
directors of the Company, pursuant to any stock or option plan duly adopted by a
majority of the  non-employee  members of the Company's  Board of Directors or a
majority of the members of a committee of non-employee directors established for
such  purpose;  (b)  shares  of  Common  Stock  issued  pursuant  to  securities
exercisable or exchangeable  for or convertible  into shares of Common Stock, as
applicable, issued and outstanding on the date of this Note without modification
of the terms  thereof in effect on the date hereof;  and (c)  securities  issued
pursuant to acquisitions or strategic  transactions,  provided any such issuance
(x) shall only be to a person that is,  itself or through its  subsidiaries,  an
operating company in a business synergistic with the business of the Company and
in which the Company  receives  benefits in addition to the investment of funds,
but shall not include a transaction  in which the Company is issuing  securities
primarily  for the  purpose of raising  capital  or to an entity  whose  primary
business is investing in  securities,  (y) shall only be to a person that is not
an  affiliate  of the  Company,  and (z) has been  approved by a majority of the
independent directors of the Company.

     ROUNDING OF CALCULATIONS.  All  calculations  under this Section 3 shall be
made to the nearest cent or to the nearest  1/100th of a share,  as the case may
be.

     4.   MISCELLANEOUS.

          (a)  LOSS,  THEFT,  DESTRUCTION OR MUTILATION OF NOTE. Upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft,  destruction
or  mutilation  of this Note  and,  in the case of loss,  theft or  destruction,
delivery of an indemnity agreement reasonably satisfactory in form and substance
to the Company or, in the case of mutilation,  on surrender and  cancellation of
this Note,  the Company shall  execute and deliver,  in lieu of this Note, a new
Note executed in the same manner as this Note, in the same  principal  amount as
the unpaid  principal  amount of this Note and dated the date to which  interest
shall  have been paid on this Note or,  if no  interest  shall  have yet been so
paid, dated the date of this Note.

          (b)  PAYMENT.  All  payments  under  this Note shall be made in lawful
tender of the United States.

          (c)  WAIVERS. The Company hereby waives notice of default, presentment
or demand for payment, protest or notice of nonpayment or dishonor and all other
notices or demands relative to this instrument.

                                      -5-

          (d)  USURY. In the event that any interest paid on this Note is deemed
to be in  excess of the then  legal  maximum  rate,  then  that  portion  of the
interest payment representing an amount in excess of the then legal maximum rate
shall be deemed a payment of principal and applied against the principal of this
Note.

          (e)  WAIVER AND AMENDMENT.  Any provision of this Note may be amended,
waived or modified only by an instrument in writing  signed by the party against
which enforcement of the same is sought.

          (f)  NOTICES. Any notice,  request or other communication  required or
permitted  hereunder  shall  be  given in  accordance  with  the  Note  Purchase
Agreement.

          (g)  EXPENSES;  ATTORNEYS'  FEES.  If action is  instituted to collect
this Note,  the  Company  promises  to pay all  reasonable  costs and  expenses,
including, without limitation, reasonable attorneys' fees and costs, incurred in
connection with such action.

          (h)  SUCCESSORS AND ASSIGNS.  This Note may be assigned or transferred
by the Holder only with the prior  written  approval of the Company.  Subject to
the preceding sentence, the rights and obligations of the Company and the Holder
of this Note shall be binding upon and benefit the successors,  assigns,  heirs,
administrators  and  transferees  of the parties.  The Company shall  maintain a
registry, in accordance with U.S. Treasury Regulation Section 5f.103-1(c)(1) and
(2),  evidencing  its  obligation  to pay  principal  and interest to the Holder
pursuant to this Note. Such registry shall represent the record of ownership and
right to receive principal and interest pursuant to this Note. A transfer of the
right to receive  principal and interest  under this Note shall be  transferable
only through an appropriate entry in the registry.

          (i)  GOVERNING LAW. THIS NOTE SHALL BE GOVERNED IN ALL RESPECTS BY THE
LAWS OF THE STATE OF  DELAWARE AS SUCH LAWS ARE  APPLIED TO  AGREEMENTS  BETWEEN
DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE.

                                      -6-

     IN WITNESS WHEREOF,  the Company has caused this Note to be executed by its
officers thereunto duly authorized.

                                           CEPTOR CORPORATION

                                           By: /s/ Donald Fallon
                                               ---------------------------------
                                               Name: Donald Fallon
                                               Title: Senior Vice President
ACKNOWLEDGED AND AGREED:

HARBOR TRUST

By: /s/ Margie Chassman
    ---------------------------------
    Name:  Margie Chassman
    Title: Trustee

                                      -7-

                                                                       EXHIBIT A

                              NOTICE OF CONVERSION

(To Be Executed by the Registered Holder in Order to Convert the Note)

     The Undersigned hereby irrevocably elects to convert  $_____________ of the
Six Percent (6%) Convertible  Promissory Note due November 28, 2006, into shares
of CepTor  Corporation  according to the terms and  conditions set forth in such
Note, as of the date written  below.  If securities are to be issued to a person
other  than  the  Undersigned,  the  Undersigned  agrees  to pay all  applicable
transfer taxes with respect thereto.  Capitalized terms set forth in this Notice
shall have the meanings set forth in the Note.

     The  Undersigned  represents and warrants that all transfers,  assignments,
dividends, or distributions, and any and all offers and sales by the Undersigned
of the Conversion  Securities shall be made pursuant to registration of the same
under the Securities Act of 1933, or pursuant to an exemption from  registration
under  the  Securities  Act of  1933.  The  Undersigned  acknowledges  that  the
Conversion  Securities shall if (and only if) required by law contain the legend
contained on page 1 of the Note.

Conversion Date:* _____________________

Applicable Conversion Price: ________________________________

Holder (Print True Legal Name):

_____________________________________________________________

_____________________________________________________________

(Signature of Duly Authorized Representative of Holder)

Address of Holder: ________________________________________

____________________________________

____________________________________

* This original Notice of Conversion  must be received by CepTor  Corporation by
the second business day following the Conversion Date.

                                      -8-

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