Document:

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                                                                 EXHIBIT 10.17

                                                                      NO. PHW-4

       THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF
ANY STATE.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND
RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT
AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM.  THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN
FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY
PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS.

                         WARRANT TO PURCHASE 25,000 SHARES
                          OF SERIES H PREFERRED STOCK OF
                         INTRABIOTICS PHARMACEUTICALS, INC.
                           (VOID AFTER DECEMBER 31, 2001)

       This certifies that Jonathan Reingold or its permitted assigns (the
"Holder"), for value received, is entitled to purchase from INTRABIOTICS
PHARMACEUTICALS, INC., a Delaware corporation (the "Company"), having a place of
business 1255 Terra Bella, Mountain View, California, a maximum of Twenty-Five
Thousand (25,000) fully paid and nonassessable shares of the Company's Series H
Preferred Stock ("Preferred Stock") for cash at a price equal to $5.00 per share
(the "Stock Purchase Price") at any time or from time to time up to and
including 5:00 p.m. (Pacific time) on December 31, 2001 (the "Expiration Date")
upon surrender to the Company at its principal office (or at such other location
as the Company may advise the Holder in writing) of this Warrant properly
endorsed with the Form of Subscription attached hereto duly filled in and signed
and upon payment in cash or wire transfer of the aggregate Stock Purchase Price
for the number of shares for which this Warrant is being exercised determined in
accordance with the provisions hereof. The Stock Purchase Price and the number
of shares purchasable hereunder are subject to adjustment as provided in
Section 3 of this Warrant.

       This Warrant is subject to the following terms and conditions:

       1.     EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES.  This
Warrant is exercisable at the option of the holder of record hereof, at any
time or from time to time, up to the Expiration Date for all or any part of
the shares of Preferred Stock (but not for a fraction of a share) which may
be purchased hereunder.  The Company agrees that the shares of Preferred
Stock purchased under this Warrant shall be and are deemed to be issued to
the Holder hereof as the record owner of such shares as of the close of
business on the date on which this Warrant shall have been surrendered,
properly endorsed, the completed, executed Form of Subscription delivered and
payment made for such shares.  Certificates for the shares of Preferred Stock
so purchased, together with any other securities or property to which the
Holder hereof is entitled upon such exercise, shall be delivered to the
Holder hereof by the Company at the Company's

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expense within a reasonable time after the rights represented by this Warrant
have been so exercised.  In case of a purchase of less than all the shares
which may be purchased under this Warrant, the Company shall cancel this
Warrant and execute and deliver a new Warrant or Warrants of like tenor for
the balance of the shares purchasable under the Warrant surrendered upon such
purchase to the Holder hereof within a reasonable time.  Each stock
certificate so delivered shall be in such denominations of Preferred Stock as
may be requested by the Holder hereof and shall be registered in the name of
such Holder.

       2.     SHARES TO BE FULLY PAID; RESERVATION OF SHARES.  The Company
covenants and agrees that all shares of Preferred Stock which may be issued upon
the exercise of the rights represented by this Warrant will, upon issuance, be
duly authorized, validly issued, fully paid and nonassessable and free from all
preemptive rights of any shareholder and free of all taxes, liens and charges
with respect to the issue thereof.  The Company further covenants and agrees
that, during the period within which the rights represented by this Warrant may
be exercised, the Company will at all times have authorized and reserved, for
the purpose of issue or transfer upon exercise of the subscription rights
evidenced by this Warrant, a sufficient number of shares of authorized but
unissued Preferred Stock, or other securities and property, when and as required
to provide for the exercise of the rights represented by this Warrant.  The
Company will take all such action as may be necessary to assure that such shares
of Preferred Stock may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of any domestic securities
exchange upon which the Preferred Stock may be listed; PROVIDED, HOWEVER, that
the Company shall not be required to effect a registration under federal or
state securities laws with respect to such exercise.  The Company will not take
any action which would result in any adjustment of the Stock Purchase Price (as
set forth in Section 3 hereof) (i) if the total number of shares of Preferred
Stock issuable after such action upon exercise of all outstanding warrants,
together with all shares of Preferred Stock then outstanding and all shares of
Preferred Stock then issuable upon exercise of all options and upon the
conversion of all convertible securities then outstanding, would exceed the
total number of shares of Preferred Stock then authorized by the Company's
Certificate of Incorporation, or (ii) if the total number of shares of Common
Stock issuable after such action upon the conversion of all such shares of
Preferred Stock, together with all shares of Common Stock then issuable upon
exercise of all options and upon the conversion of all such shares of Preferred
Stock, together with all shares of Common Stock then outstanding and all shares
of Common Stock then issuable upon exercise of all options and upon the
conversion of all convertible securities then outstanding would exceed the total
number of shares of Common Stock then authorized by the Company's Certificate of
Incorporation.

       3.     ADJUSTMENT OF STOCK PURCHASE PRICE AND NUMBER OF SHARES.  The
Stock Purchase Price and the number of shares purchasable upon the exercise
of this Warrant shall be subject to adjustment from time to time upon the
occurrence of certain events described in this Section 3.  Upon each
adjustment of the Stock Purchase Price, the Holder of this Warrant shall
thereafter be entitled to purchase, at the Stock Purchase Price resulting
from such adjustment, the number of shares obtained by multiplying the Stock
Purchase Price in effect immediately prior to such

                                       2.

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adjustment by the number of shares purchasable pursuant hereto immediately
prior to such adjustment, and dividing the product thereof by the Stock
Purchase Price resulting from such adjustment.

              3.1    SUBDIVISION OR COMBINATION OF STOCK.  In case the Company
shall at any time subdivide its outstanding shares of Preferred Stock into a
greater number of shares, the Stock Purchase Price in effect immediately prior
to such subdivision shall be proportionately reduced, and conversely, in case
the outstanding shares of Preferred Stock of the Company shall be combined into
a smaller number of shares, the Stock Purchase Price in effect immediately prior
to such combination shall be proportionately increased.

              3.2    DIVIDENDS IN PREFERRED STOCK, OTHER STOCK, PROPERTY,
RECLASSIFICATION.  If at any time or from time to time the Holders of Preferred
Stock (or any shares of stock or other securities at the time receivable upon
the exercise of this Warrant) shall have received or become entitled to receive,
without payment therefor,

                     (a)    Preferred Stock or any shares of stock or other
securities which are at any time directly or indirectly convertible into or
exchangeable for Preferred Stock, or any rights or options to subscribe for,
purchase or otherwise acquire any of the foregoing by way of dividend or other
distribution,

                     (b)    any cash paid or payable otherwise than as a cash
dividend, or

                     (c)    Preferred Stock or additional stock or other
securities or property (including cash) by way of spinoff, split-up,
reclassification, combination of shares or similar corporate rearrangement,
(other than shares of Preferred Stock issued as a stock split or adjustments in
respect of which shall be covered by the terms of Section 3.1 above), then and
in each such case, the Holder hereof shall, upon the exercise of this Warrant,
be entitled to receive, in addition to the number of shares of Preferred Stock
receivable thereupon, and without payment of any additional consideration
therefor, the amount of stock and other securities and property (including cash
in the cases referred to in clause (b) above and this clause (c)) which such
Holder would hold on the date of such exercise had he been the holder of record
of such Preferred Stock as of the date on which holders of Preferred Stock
received or became entitled to receive such shares or all other additional stock
and other securities and property.

              3.3    REORGANIZATION, RECLASSIFICATION, CONSOLIDATION, MERGER
OR SALE.  If any recapitalization, reclassification or reorganization of the
capital stock of the Company, or any consolidation or merger of the Company
with another corporation, or the sale of all or substantially all of its
assets or other transaction shall be effected in such a way that holders of
Preferred Stock shall be entitled to receive stock, securities, or other
assets or property (an "Organic Change"), then, as a condition of such
Organic Change, lawful and adequate provisions shall be made by the Company
whereby the Holder hereof shall thereafter have the right to purchase and
receive (in lieu of the shares of the Preferred Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the
rights represented hereby) such shares of stock, securities or other assets
or property as may be issued or payable with respect to

                                       3.

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or in exchange for a number of outstanding shares of such Preferred Stock
equal to the number of shares of such stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented
hereby; PROVIDED, HOWEVER, that in the event the value of the stock,
securities or other assets or property (determined in good faith by the Board
of Directors of the Company) issuable or payable with respect to one share of
the Preferred Stock of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented hereby is in excess of
the Stock Purchase Price hereof effective at the time of a merger and
securities received in such reorganization, if any, are publicly traded, then
this Warrant shall expire unless exercised prior to such Organic Change.  In
the event of any Organic Change, appropriate provision shall be made by the
Company with respect to the rights and interests of the Holder of this
Warrant to the end that the provisions hereof (including, without limitation,
provisions for adjustments of the Stock Purchase Price and of the number of
shares purchasable and receivable upon the exercise of this Warrant) shall
thereafter be applicable, in relation to any shares of stock, securities or
assets thereafter deliverable upon the exercise hereof.  The Company will not
effect any such consolidation, merger or sale unless, prior to the
consummation thereof, the successor corporation (if other than the Company)
resulting from such consolidation or the corporation purchasing such assets
shall assume by written instrument the obligation to deliver to such Holder
such shares of stock, securities or assets as, in accordance with the
foregoing provisions, such Holder may be entitled to purchase.

              3.4    CERTAIN EVENTS.  If any change in the outstanding Preferred
Stock of the Company or any other event occurs as to which the other provisions
of this Section 3 are not strictly applicable or if strictly applicable would
not fairly protect the purchase rights of the Holder of the Warrant in
accordance with such provisions, then the Board of Directors of the Company
shall make an adjustment in the number and class of shares available under the
Warrant, the Stock Purchase Price or the application of such provisions, so as
to protect such purchase rights as aforesaid.  The adjustment shall be such as
will give the Holder of the Warrant upon exercise for the same aggregate Stock
Purchase Price the total number, class and kind of shares as he would have owned
had the Warrant been exercised prior to the event and had he continued to hold
such shares until after the event requiring adjustment.

              3.5    NOTICES OF CHANGE.

                     (a)    Immediately upon any adjustment in the number or
class of shares subject to this Warrant and of the Stock Purchase Price, the
Company shall give written notice thereof to the Holder, setting forth in
reasonable detail and certifying the calculation of such adjustment.

                     (b)    The Company shall give written notice to the Holder
at least 10 calendar days prior to the date on which the Company closes its
books or takes a record for determining rights to receive any dividends or
distributions.

                     (c)    The Company shall give written notice to the Holder
at least 20 calendar days prior to the date on which an Organic Change shall
take place.

                                       4.

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                     (d)    The Company shall give written notice to the Holder
at least 20 calendar days prior to the Closing of the Initial Public Offering.

       4.     ISSUE TAX.  The issuance of certificates for shares of Preferred
Stock upon the exercise of the Warrant shall be made without charge to the
Holder of the Warrant for any issue tax (other than any applicable income taxes)
in respect thereof; PROVIDED, HOWEVER, that the Company shall not be required to
pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of any certificate in a name other than that of the then
Holder of the Warrant being exercised.

       5.     CLOSING OF BOOKS.  The Company will at no time close its transfer
books against the transfer of any warrant or of any shares of Preferred Stock
issued or issuable upon the exercise of any warrant in any manner which
interferes with the timely exercise of this Warrant.

       6.     NO VOTING OR DIVIDEND RIGHTS; LIMITATION OF LIABILITY.  Nothing
contained in this Warrant shall be construed as conferring upon the Holder
hereof the right to vote or to consent or to receive notice as a shareholder of
the Company or any other matters or any rights whatsoever as a shareholder of
the Company.  No dividends or interest shall be payable or accrued in respect of
this Warrant or the interest represented hereby or the shares purchasable
hereunder until, and only to the extent that, this Warrant shall have been
exercised.  No provisions hereof, in the absence of affirmative action by the
holder to purchase shares of Preferred Stock, and no mere enumeration herein of
the rights or privileges of the holder hereof, shall give rise to any liability
of such Holder for the Stock Purchase Price or as a shareholder of the Company,
whether such liability is asserted by the Company or by its creditors.

       7.     WARRANTS TRANSFERABLE.  This Warrant is not transferable except to
an affiliate of Holder; PROVIDED that Holder provides written notice of such
transfer to the Company, such transferee agrees to be bound by the obligations
hereunder, and the Company may treat such transferee as the absolute owner
hereof for any purpose and as the person entitled to exercise the rights
represented by this Warrant.

       8.     "MARKET-STAND-OFF" AGREEMENT. If requested by the Company, or the
representative of the underwriters of the Initial Public Offering, Holder agrees
not to sell or otherwise transfer or dispose of the shares of Preferred Stock
issuable upon exercise of this Warrant, or the shares of Common Stock issuable
upon conversion thereof, for a period specified by such representative of the
underwriters not to exceed one hundred eighty (180) days following the date of
the final prospectus forming part of the registration statement filed pursuant
to the Initial Public Offering.

       9.     RIGHTS AND OBLIGATIONS SURVIVE EXERCISE OF WARRANT.  The rights
and obligations of the Company, of the holder of this Warrant and of the holder
of shares of Preferred Stock issued upon exercise of this Warrant, shall survive
the exercise of this Warrant.

                                       5.

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       10.    MODIFICATION AND WAIVER.  This Warrant and any provision hereof
may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought.

       11.    NOTICES.  Any notice, request or other document required or
permitted to be given or delivered to the holder hereof or the Company shall be
delivered or shall be sent by certified mail, postage prepaid, to each such
holder at its address as shown on the books of the Company or to the Company at
the address indicated therefor in the first paragraph of this Warrant or such
other address as either may from time to time provide to the other.

       12.    BINDING EFFECT ON SUCCESSORS.  This Warrant shall be binding upon
any corporation succeeding the Company by merger, consolidation or acquisition
of all or substantially all of the Company's assets.  All of the obligations of
the Company relating to the Preferred Stock issuable upon the exercise of this
Warrant shall survive the exercise and termination of this Warrant.  All of the
covenants and agreements of the Company shall inure to the benefit of the
successors and assigns of the holder hereof.

       13.    DESCRIPTIVE HEADINGS AND GOVERNING LAW.  The description headings
of the several sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant.  This Warrant
shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the laws of the State of California.

       14.    LOST WARRANTS.  The Company represents and warrants to the Holder
hereof that upon receipt of evidence reasonably satisfactory to the Company of
the loss, theft, destruction, or mutilation of this Warrant and, in the case of
any such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the case of any such mutilation upon
surrender and cancellation of such Warrant, the Company, at its expense, will
make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen,
destroyed or mutilated Warrant.

       15.    FRACTIONAL SHARES.  No fractional shares shall be issued upon
exercise of this Warrant.  The Company shall, in lieu of issuing any fractional
share, pay the holder entitled to such fraction a sum in cash equal to such
fraction multiplied by the then effective Stock Purchase Price.

                       [This Space Intentionally Left Blank]

                                       6.

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       IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its officers, thereunto duly authorized this 15th day of October,
1999.

                                       INTRABIOTICS PHARMACEUTICALS, INC.,
                                       a Delaware corporation

                                       By: /s/  Kenneth J. Kelley
                                          ---------------------------------
                                          Kenneth J. Kelley, President and CEO

HOLDER:

By: /s/ Jonathan Reingold
    ---------------------------------

    ---------------------------------
    Printed Name and Title

Address:
        -----------------------------

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

        -----------------------------<PAGE>
                                                                 EXHIBIT 10.18

     NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO
SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER
SAID ACT OR WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN
OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM
THE SECURITIES AND EXCHANGE COMMISSION.

                                ____________________

           WARRANT TO PURCHASE 50,000 SHARES OF SERIES D PREFERRED STOCK

                                                               October 10, 1997

     THIS CERTIFIES THAT, for value received, Lease Management Services, Inc.
("Holder") is entitled to subscribe for and purchase fifty-thousand (50,000)
shares of the fully paid and nonassessable Series D Preferred Stock ("the
Shares") of IntraBiotics Pharmaceuticals, Inc., a Delaware corporation (the
"Company"), at the Warrant Price (as hereinafter defined), subject to the
provisions and upon the terms and conditions hereinafter set forth.  As used
herein, the term "Series D Preferred Stock" shall mean the Company's presently
authorized Series D Preferred Stock, and any stock into which such Series D
Preferred Stock may hereafter be exchanged.

1.   WARRANT PRICE.  The Warrant Price shall initially be two and 50/100 dollars
($2.50) per share, subject to adjustment as provided in Section 7 below.

2.   CONDITIONS TO EXERCISE.  The purchase right represented by this Warrant may
be exercised at any time, or from time to time, in whole or in part during the
term commencing on the date hereof and ending on the earlier of:

     (a)  5:00 P.M. Pacific time on the sixth annual anniversary of this
Warrant; or

     (b)  the closing of the initial public offering of the Company's common
stock pursuant to a registration statement under the Securities Act of 1933, as
amended, (the "Initial Public Offering").  The Company shall provide notice of
the Initial Public Offering to the Holder at least 30 days prior to the closing
thereof; or

     (c)  the effective date of the merger of the Company with or into, the
consolidation of the Company with, or the sale by the Company of all or
substantially all of its assets to another corporation or other entity (other
than such a transaction wherein the shareholders of the Company retain or obtain
a majority of the voting capital stock of the surviving, resulting, or
purchasing corporation); provided that the Company shall notify the registered
Holder of this Warrant of the proposed effective date of the merger,
consolidation, or sale at least 30 days prior to the effectiveness thereof.

<PAGE>

     In the event that, although the Company shall have given notice of a
transaction pursuant to subparagraph (b) or subparagraph (c) hereof, the
transaction does not close within 60 days of the day specified by the Company,
unless otherwise elected by the Holder any exercise of the Warrant subsequent to
the giving of such notice shall be rescinded and the Warrant shall again be
exercisable until terminated in accordance with this Paragraph 2.

3.   METHOD OF EXERCISE, PAYMENT; ISSUANCE OF SHARES; ISSUANCE OF NEW WARRANT.

     (a)  CASH EXERCISE.  Subject to Section 2 hereof, the purchase right
represented by this Warrant may be exercised by the Holder hereof, in whole or
in part, by the surrender of this Warrant (with a duly executed Notice of
Exercise in the form attached hereto) at the principal office of the Company (as
set forth in Section 18 below) and by payment to the Company, by check, of an
amount equal to the then applicable Warrant Price per share multiplied by the
number of shares then being purchased.  In the event of any exercise of the
rights represented by this Warrant, certificates for the shares of stock so
purchased shall be in the name of, and delivered to, the Holder hereof, or as
such Holder may direct (subject to the terms of transfer contained herein and
upon payment by such Holder hereof of any applicable transfer taxes).  Such
delivery shall be made within 30 days after exercise of the Warrant and at the
Company's expense and, unless this Warrant has been fully exercised or expired,
a new Warrant having terms and conditions substantially identical to this
Warrant and representing the portion of the Shares, if any, with respect to
which this Warrant shall not have been exercised, shall also be issued to the
Holder hereof within 30 days after exercise of the Warrant.

     (b)  NET ISSUE EXERCISE.  In lieu of.  exercising this Warrant pursuant to
Section 3(a), Holder may elect to receive shares equal to the value of this
Warrant (or of any portion thereof remaining unexercised) by surrender of this
Warrant at the principal-office of the Company together with notice of such
election, in which event the Company shall issue to Holder the number of shares
of the Company's Series D Preferred Stock computed using the following formula:

     X = Y (A-B)
           -----
             A

     Where X = the number of shares of Series D Preferred Stock to be issued to
Holder.

     Y = the number of shares of Series D Preferred Stock purchasable under this
          Warrant

(at the date of such calculation).

     A =  the Fair Market Value of one share of the Company's Series D Preferred
           Stock

(at the date of such calculation).

     B =  Warrant price (as adjusted to the date of such calculation).

     (c)  FAIR MARKET VALUE.  For purposes of this Section 3, Fair Market Value
of one share of the Company's Series D Preferred Stock shall mean:

<PAGE>

          (i)   In the event of an exercise in connection with an Initial
Public Offering, the per share Fair Market Value for the Series D Preferred
Stock shall be the Offering Price at which the underwriters initially sell
Common Stock to the public multiplied by the number of shares of Common Stock
into which each share of Series D Preferred Stock is then convertible; or

          (ii)  In the event of an exercise in connection with a merger,
acquisition or other consolidation in which the Company is not the surviving
entity, as described in Section 2(c), the per share Fair Market Value for the
Series D Preferred Stock shall be the value to be received per share of Series D
Preferred Stock by all Holders of the Series D Preferred Stock as determined by
the Board of Directors; or

          (iii) In any other instance, the per share Fair Market Value for the
Series D Preferred Stock shall be as determined in good faith by the Company's
Board of Directors unless Holder elects to have such fair market value
determined by an appraiser, which election must be made by Holder within ten
(10) business days of the date the Company notifies Holder of the fair market
value as determined by its Board of Directors.  In the event of such an
appraisal, the cost thereof shall be borne by the Holder unless such appraisal
results in a fair market value in excess of 115% of that determined by the
Company's Board of Directors, in which event the Company shall bear the cost of
such appraisal.

     In the event of 3(c)(ii) or 3(c)(iii), above, the Company's Board of
Directors shall prepare a certificate, to be signed by an authorized Officer of
the Company, setting forth in reasonable detail the basis for and method of
determination of the per share Fair Market Value of the Series D Preferred
Stock.  The Board will also certify to the Holder that this per share Fair
Market Value will be applicable to all holders of the Company's Series D
Preferred Stock.  Such certification must be made to Holder at least thirty (30)
business days prior to the proposed effective date of the merger, consolidation,
sale, or other triggering event as defined in 3 (c)(ii) and 3 (c)(iii).

     (d)  AUTOMATIC EXERCISE.  To the extent this Warrant is not previously
exercised, it shall be automatically exercised in accordance with Sections 3)b)
and 3(c) hereof (even if not surrendered) immediately before: (i) its expiration
or (ii) the consummation of any consolidation or merger of the Company, or any
sale or transfer of a majority of a company's assets pursuant to Section 2(c).

4.   REPRESENTATIONS AND WARRANTIES OF HOLDER AND RESTRICTIONS ON TRANSFER
IMPOSED BY THE SECURITIES ACT OF 1933.

     (a)  REPRESENTATIONS AND WARRANTIES BY HOLDER.  The Holder represents and
warrants to the Company with respect to this purchase as follows:

          (i)   The Holder has substantial experience in evaluating and
investing in private placement transactions of securities of companies similar
to the Company so that the Holder is capable of evaluating the merits and risks
of its investment in the Company and has the capacity to protect its interests.

<PAGE>

          (ii)  The Holder is acquiring the Warrant and the Shares of Series D
Preferred Stock issuable upon exercise of the Warrant (collectively the
"Securities") for investment for its own account and not with a view to, or for
resale in connection with, any distribution thereof.  The Holder understands
that the Securities have not been registered under the Securities Act of 1933,
as amended, (the "Act") by reason of a specific exemption from the registration
provisions of the Act which depends upon, among other things, the bona fide
nature of the investment intent as expressed herein.  In this connection, the
Holder understands that, in the view of the Securities and Exchange Commission
(the "SEC"), the statutory basis for such exemption may be unavailable if this
representation was predicated solely upon a present intention to hold the
Securities for the minimum capital gains period specified under tax statutes,
for a deferred sale, for or until an increase or decrease in the market price of
the Securities or for a period of one year or any other fixed period in the
future.

          (iii) The Holder acknowledges that the Securities must be held
indefinitely unless subsequently registered under the Act or an exemption from
such registration is available.  The Holder is aware of the provisions of Rule
144 promulgated under the Act ("Rule 144") which permits limited resale of
securities purchased in a private placement subject to the satisfaction of
certain conditions, including, in case the securities have been held for less
than two years, the existence of a public market for the shares, the
availability of certain public information about the Company, the resale
occurring not less than one year after a party has purchased and paid for the
security to be sold, the sale being through a "broker's transaction" or in a
transaction directly with a "market maker" (as provided by Rule 144(f) and the
number of shares or other securities being sold during any three-month period
not exceeding specified limitations.

          (iv)  The Holder further understands that at the time the Holder
wishes to sell the Securities there may be no public market upon which such a
sale may be effected, and that even if such a public market exists, the Company
may not be satisfying the current public information requirements of Rule 144,
and that in such event, the Holder may be precluded from selling the Securities
under Rule 144 unless (a) a two-year minimum holding period has been satisfied
and (b) the Holder was not at the time of the sale nor at any time during the
three-month period prior to such sale an affiliate of the Company.

          (v)   The Holder has had an opportunity to discuss the Company's
business, management and financial affairs with its management and an
opportunity to review the Company's facilities.  The Holder understands that
such discussions, as well as the written information issued by the Company, were
intended to describe the aspects of the Company's business and prospects which
it believes to be material but were not necessarily a thorough or exhaustive
description.

     (b)  LEGENDS.  Each certificate representing the Securities shall be
endorsed with the following legend: "

     THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
     1933 AND MAY NOT BE TRANSFERRED UNLESS COVERED BY AN EFFECTIVE
     REGISTRATION STATEMENT UNDER SAID ACT, A "NO ACTION" LETTER FROM THE
     SECURITIES AND

<PAGE>

     EXCHANGE COMMISSION WITH RESPECT TO SUCH TRANSFER, A TRANSFER
     MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND EXCHANGE
     COMMISSION, OR (IF REASONABLY REQUIRED BY THE COMPANY) AN OPINION OF
     COUNSEL SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER
     IS EXEMPT FROM SUCH REGISTRATION.

     The Company need not enter into its stock records a transfer of Securities
unless the conditions specified in the foregoing legend are satisfied.  The
Company may also instruct its transfer agent not to allow the transfer of any of
the Shares unless the conditions specified in the foregoing legend are
satisfied.

     (c)  REMOVAL OF LEGEND AND TRANSFER RESTRICTIONS.  The legend relating to
the Act endorsed on a certificate pursuant to paragraph 4(b) of this Warrant and
the stop transfer instructions with respect to the Securities represented by
such certificate shall be removed and the Company shall issue a certificate
without such legend to the Holder of the Securities if (i) the Securities are
registered under the Act and a prospectus meeting the requirements of Section 10
of the Act is available or (ii) the Holder provides to the Company.  an opinion
of counsel for the Holder reasonably satisfactory to the Company, or a no-action
letter or interpretive opinion of the staff of the SEC reasonably satisfactory
to the Company, to the effect that public sale, transfer or assignment of the
Securities may be made without registration and without compliance with any
restriction such as Rule 144.

5.   CONDITION OF TRANSFER OR EXERCISE OF WARRANT.  It shall be a condition to
any transfer or exercise of this Warrant that at the time of such transfer or
exercise, the Holder shall provide the Company with a representation in writing
that the Holder or transferee is acquiring this Warrant and the shares of Series
D Preferred Stock to be issued upon exercise for investment purposes only and
not with a view to any sale or distribution, or will provide the Company with a
statement of pertinent facts covering any proposed distribution.  As a further
condition to any transfer of this Warrant or any or ail of the shares of Series
D Preferred Stock issuable upon exercise of this Warrant, other than a transfer
registered under the Act, the Company must have received a legal opinion, in
form and substance satisfactory to the Company and its counsel, reciting the
pertinent circumstances surrounding the proposed transfer and stating that such
transfer is exempt from the registration and prospectus delivery requirements of
the Act.  Each certificate evidencing the shares issued upon exercise of the
Warrant or upon any transfer of the shares (other than a transfer registered
under the Act or any subsequent transfer of shares so registered) shall, at the
Company's option, contain a legend in form and substance satisfactory to the
Company and its counsel, restricting the transfer of the shares to sales or
other dispositions exempt from the requirements of the Act.

     As further condition to each transfer, the Holder shall surrender this
Warrant to the Company and the transferee shall receive and accept a Warrant, of
like tenor and date, executed by the Company.

6.   STOCK FULLY PAID; RESERVATION OF SHARES.  All Shares which may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance,
be fully paid and nonassessable, and free from all taxes, liens, and charges
with respect to the issue thereof.

<PAGE>

During the period within which the rights represented by this Warrant may be
exercised, the Company will at all times have authorized, and reserved for
issuance upon exercise of the purchase rights evidenced by this Warrant, a
sufficient number of shares of its Series D Preferred Stock to provide for
the exercise of the rights represented by this Warrant.

7.   ADJUSTMENT FOR CERTAIN EVENTS.  In the event of changes in the outstanding
Common Stock by reason of stock dividends, split-ups, recapitalizations,
reclassifications, mergers, consolidations, combinations or exchanges of shares,
separations, reorganizations, liquidations, or the like, the number and class of
shares available under the Warrant in the aggregate and the Warrant Price shall
be correspondingly adjusted, as appropriate, by the Board of Directors of the
Company.  The adjustment shall be such as will give the Holder of this Warrant
upon exercise for the same aggregate Warrant Price the total number, class and
kind of shares as it would have owned had the Warrant been exercised prior to
the event and had it continued to hold such shares until after the event
requiting adjustment.

8.   NOTICE OF ADJUSTMENTS.  Whenever any Warrant Price shall be adjusted
pursuant to Section 7 hereof, the Company shall prepare a certificate signed by
an officer of the Company setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated, and the Warrant Price and number of shares issuable
upon exercise of the Warrant after giving effect to such adjustment, and shall
cause copies of such certificate to be mailed (by certified or registered mail,
return receipt required, postage prepaid) within thirty (30) days of such
adjustment to the Holder of this Warrant as set forth in Section 18 hereof.

9.   "MARKET STAND-OFF" AGREEMENT.  Holder hereby agrees that for a period of up
to 180 days following the effective date of the first registration statement of
the Company covering common stock (or other securities) to be sold on behalf of
the Company in an underwritten public offering, it will not, to the extent
requested by the Company and any underwriter, sell or otherwise transfer or
dispose of (other than to donees or transferees who agree to be similarly bound)
any of the Shares at any time during such period except common stock included in
such registration; provided, however, that all officers and directors of the
Company who hold securities of the Company or options to acquire securities of
the Company and all other persons with registration rights enter into similar
agreements.

10.  TRANSFERABILITY OF WARRANT.  This Warrant is transferable on the books
of the Company at its principal office by the registered Holder hereof upon
surrender of this Warrant properly endorsed, subject to compliance with
Section 5 and applicable federal and state securities laws.  The Company
shall issue and deliver to the transferee a new Warrant representing the
Warrant so transferred. Upon any partial transfer, the Company will issue and
deliver to Holder a new Warrant with respect to the Warrant not so
transferred.  Holder shall not have any right to transfer any portion of this
Warrant to any direct competitor of the Company.

11.  NO FRACTIONAL SHARES.  No fractional share of Series D Preferred Stock will
be issued in connection with any exercise hereunder, but in lieu of such
fractional share the Company shall make a cash payment therefor upon the basis
of the Warrant Price then in effect.

<PAGE>

12.  CHARGES, TAXES AND EXPENSES.  Issuance of certificates for shares of Series
D Preferred Stock upon the exercise of this Warrant shall be made without charge
to the Holder for any United States or state of the United States documentary
stamp tax or other incidental expense with respect to the issuance of such
certificate, all of which taxes and expenses shall be paid by the Company, and
such certificates shall be issued in the name of the Holder.

13.  NO SHAREHOLDER RIGHTS UNTIL EXERCISE.  This Warrant does not entitle the
Holder hereof to any voting rights or other rights as a shareholder of the
Company prior to the exercise hereof.

14.  REGISTRY OF WARRANT.  The Company shall maintain a registry showing the
name and address of the registered Holder of this Warrant.  This Warrant may be
surrendered for exchange or exercise, in accordance with its terms, at such
office or agency of the Company, and the Company and Holder shall be entitled to
rely in all respects, prior to written notice to the contrary, upon such
registry.

15.  LOSS, THEFT, DESTRUCTION OR MUTILATION OF WARRANT.  Upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and, in the case of loss, theft, or
destruction, of indemnity reasonably satisfactory to it, and, if mutilated, upon
surrender and cancellation of this Warrant, the Company will execute and deliver
a new Warrant, having terms and conditions substantially identical to this
Warrant, in lieu hereof.

16.  MISCELLANEOUS.

     (a)  ISSUE DATE.  The provisions of this Warrant shall be construed and
shall be given effect in all respect as if it had been issued and delivered by
the Company on the date hereof.

     (b)  SUCCESSORS.  This Warrant shall be binding upon any successors or
assigns of the Company.

     (c)  GOVERNING LAW.  This Warrant shall be governed by and construed in
accordance with the laws of the State of California.

     (d)  HEADINGS.  The headings used in this Warrant are used for convenience
only and are not to be considered in construing or interpreting this Warrant.

     (e)  SATURDAYS, SUNDAYS, HOLIDAYS.  If the last or appointed day for the
taking of any action or the expiration of any right required or granted herein
shall be a Saturday or a Sunday or shall be a legal holiday in the State of
California, then such action may be taken or such right may be exercised on the
next succeeding day not a legal holiday.

     (f)  MODIFICATION AND WAIVER.  This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against whom enforcement is sought.

17.  NO IMPAIRMENT.  The Company will not, by amendment of its Certificate of
Incorporation or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the

<PAGE>

carrying out of ail such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder hereof
against impairment.

18.  ADDRESSES.  Any notice required or permitted hereunder shall be in writing
and shall be mailed by overnight courier, registered or certified mail, return
receipt required, and postage pre-paid, or otherwise delivered by hand or by
messenger, addressed as set forth below, or at such other address as the Company
or the Holder hereof shall have furnished to the other party.

          If to the Company:  IntraBiotics Pharmaceuticals, Inc.
                1245 Terra Bella Avenue
                Mountain View, CA 94043
                Attn: Chief Financial Officer

          If to the Holder:   Lease Management Services, Inc.
                2500 Sand Hill Road, Suite 101
                Menlo Park, CA 94025
                Attn: Barbara B. Kaiser, EVP/GM

     IN WITNESS WHEREOF, IntraBiotics Pharmaceuticals, Inc. has caused this
Warrant to be executed by its officers thereunto duly authorized.

Dated as of October 10, 1997.

                                      INTRABIOTICS PHARMACEUTICALS, INC.

                                      By: /s/ KENNETH J. KELLEY
                                          --------------------------------
                                          Kenneth J. Kelley
                                      Title: President and CEO

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