Document:

<PAGE>

                                                                    Exhibit 10.9
                                                                    ------------

                            HRI SUBLICENSE AGREEMENT

THIS AGREEMENT (this "Agreement") is made and entered into this 8th day of
November, 2000,

BETWEEN:

            QLT INC., a company duly constituted under the British Columbia
            Company Act having its principal place of business at 887 Great
            Northern Way, Vancouver, British Columbia, Canada V5T 4T5

            ("QLT-BC")

AND:

            QLT PHOTOTHERAPEUTICS INC., a subsidiary of QLT-BC, duly constituted
            under the laws of the State of Delaware having its principal place
            of business at 887 Great Northern Way, Vancouver, British Columbia,
            Canada, V5T 4T5

            ("QLT-US")

            (QLT-BC and QLT-US are collectively referred to as "QLT")

AND:

            DIOMED INC., a corporation duly constituted under the laws of
            Delaware having its principal place of business at 23 Main Street,
            Suite 240, Andover, Massachusetts, 01810, United States of America

            ("Diomed")

WHEREAS:

A.   QLT and Health Research, Inc. ("HRI"), a non-profit corporation affiliated
     with the State of New York Department of Health, have entered into an
     agreement dated May 1, 1992 (the "HRI Agreement"), a copy of which is
     attached hereto, providing QLT with the ability to commercialise,
     manufacture, use and distribute products covered by the Patent Rights (as
     hereinafter defined), including the OPTIGUIDE(R) fibre optic diffusers;

B.   Pursuant to the HRI Agreement QLT has acquired an exclusive license to
     certain fibre optic Patent Rights (as hereinafter defined);

C.   Pursuant to an OPTIGUIDE(R) Asset Purchase Agreement between QLT and Diomed
     dated October 16, 2000 (the "OPTIGUIDE(R) Agreement"), QLT has agreed to
     sublicense to Diomed and Diomed has agreed to accept from QLT the
     non-exclusive sublicence of certain fibre optic patent rights under the HRI
     Agreement on the terms and conditions set out in this Agreement.

NOW THEREFORE, in consideration of the covenants, rights and obligations
contained in this Agreement, the preamble forming an integral part of this
Agreement, the parties agree as follows: I.

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                                       2

I.       DEFINITIONS

I.I      Defined Terms. As used in this Agreement, the following words and
phrases shall have the following meanings unless the context dictates otherwise:

    (a)  "Accounting Period" means the periods for which royalty payments are
         due as provided for in paragraph 5.3.

    (b)  "Affiliate" means a corporation, company or any other entity in
         whatever country organised in which a party to this Agreement has a
         financial interest whether through ownership of stock, by contract or
         otherwise or as to which the parties' relationship is such that, the
         Affiliate's business policies and activities are substantially
         influenced, directly or indirectly, by a party to this Agreement.

    (c)  "Business Day" means any day other than a day which is a Saturday, a
         Sunday or a statutory holiday in British Columbia or Massachusetts.

    (d)  "Net Sales" means world-wide total gross sales made by Diomed less the
         following to the extent they are actually allowed and included in gross
         sales in accordance with recognised principles of accounting, and
         separately stated:

         (i)   trade discounts,

         (ii)  returns and freight allowances, and

         (iii) excise and sales taxes but not franchise or income taxes or any
               other kind of tax whatsoever.

         In case of a transfer or sale of a Royalty Based Product to or by a
         Subsidiary, Affiliate or Sublicensee, Net Sales shall also include the
         gross sales, less the exceptions set forth above, of the Royalty Based
         Product by the Subsidiary, Affiliate or Sublicensee.

         In the event any Royalty Based Product is sold as a component of a
         combination of active functional elements, the selling price for
         purposes of determining royalty payments on such combination shall be
         calculated by multiplying the selling price of that combination by the
         fraction A/(A+B), in which "A" is the gross selling price of the
         Royalty Based Product portion of the combination when sold separately
         during the Accounting Period in which the sale was made, and "B" is the
         gross selling price of the other active elements of the combination
         sold separately during the Accounting Period in question. In the event
         that no separate sale of either such above-designated Royalty Based
         Product or such above-designated elements of the combination is made
         during the Accounting Period in which the sale was made, the gross
         selling price which would be charged in accordance with normal business
         practices shall be used in making the foregoing calculation.

    (e)  "Patent Right" means United States Patent No. 5,074,632 and Canadian
         Patent No. 2028757 or the equivalent of such registrations, including
         any divisions, continuations, or continuations-in-part thereof or any
         Letters Patent issuing thereon or reissues or extensions thereof;

    (f)  "Product" means the OPTIGUIDE(R)fibre optic diffuser or any other fibre
         optic diffuser described in or developed pursuant to the Patent Rights,
         and generally consisting of a

<PAGE>

                                        3

         single use sterile cylindrical treatment fibre assembly that can be
         connected directly to the lasers used for photodynamic therapy. For the
         purposes of this Agreement, the Product shall be deemed to include the
         100 and 200 series OPTIGUIDE(R) fibre optic diffusers but shall exclude
         the 400 series OPTIGUIDE(R) fibre optic diffusers.

    (g)  "Roswell Park" means the Roswell Park Division of HRI.

    (h)  "Royalty Based Product" means the Product either:

         (i)   made by or for Diomed or any of its Subsidiaries, Affiliates or
               Sublicensees; or

         (ii)  used or sold by Diomed or any of its Subsidiaries, Affiliates or
               Sublicensees;

         in accordance with the terms and conditions of this Agreement.

    (i)  "sales", "sell", "sold" or any variation thereof relating to sales by
         Diomed means any sale, transfer, lease or other conveyance of any
         Royalty Based Product by Diomed, its Subsidiaries, Affiliates or
         Sublicensees, for any purpose. Royalty Based Products shall be
         considered sold hereunder when paid. The date of sale shall be the date
         of payment.

    (j)  "Subsidiary" means a corporation, company or any other entity in
         whatever country organised, who controls or is controlled by a party to
         this Agreement.

I.2      Other Definitions. Any words defined elsewhere in this Agreement shall
have the particular meaning assigned thereto.

2.       CONFIDENTIALITY

2.1      Diomed agrees to hold in confidence and protect from disclosure all
confidential information received from QLT in any manner pursuant to this
Agreement to the same extent and in the same manner as if such confidential
information were Confidential Information under the OPTIGUIDE(R) Agreement. The
obligation set out in this paragraph shall survive termination of this Agreement
for whatever reason.

3.       SUBLICENSE

3.1      Sublicense. To the extent QLT has rights therein, QLT grants to Diomed
a non-exclusive sublicense of the Patent Rights to make, have made, use and sell
the Product.

3.2      Default. In the event HRI concludes that QLT (through Diomed) has not
shown good faith efforts in commercialising the Product in any of the United
States, Canada, Australia, Japan or the EEC, then in any such event, QLT shall
have the right to give written notice thereof to Diomed and upon Diomed's
failure, neglect or refusal to remedy the same to the satisfaction of HRI, the
sublicense granted to Diomed under paragraph 3.1 in any jurisdiction for which
good faith efforts have not been shown shall terminate 60 days after the giving
of such prior written notice by QLT.

3.3      Sublicenses. If and for so long as Diomed enjoys a non-exclusive
sublicense to make, use, and sell the Product pursuant to this Agreement, Diomed
shall be entitled to grant sublicenses upon the following terms and conditions:

<PAGE>

                                        4

    (a)  No such sublicense shall be granted by Diomed for a term or period
         longer than the term of the non-exclusive sublicense granted to Diomed
         hereunder;

    (b)  At the time of the granting of any such sublicense, Diomed hereby
         agrees to furnish to QLT an executed copy of the sublicense agreement;

    (c)  Diomed agrees to be responsible for the payment of all royalties due
         QLT as a result of any such sublicense; and

    (d)  It is understood and agreed that each such sublicense granted by Diomed
         pursuant to this paragraph 3.3 shall be subject to all of the terms of
         this Agreement.

4.       MAINTENANCE AND INFRINGEMENT

4.1      Failure to Prosecute or Maintain. In the event QLT declines to continue
the maintenance of any Patent Right, QLT shall give Diomed 60 days prior written
notice, in sufficient time to permit Diomed to continue the maintenance. Diomed
may thereafter, at Diomed's option and expense, elect to continue the
maintenance. At the end of the 60 day notice period, such patent applications
and/or patents on which Diomed declines to continue maintenance shall be
excluded from the rights sublicensed to Diomed pursuant to paragraph 3.1

4.2      Maintenance Costs. Diomed shall promptly reimburse QLT for one-half of
all costs of maintenance of the Patent Rights, including the costs of obtaining
patent term extensions where appropriate, for so long as Diomed remains the
non-exclusive sublicensee under the Patent Rights.

4.3      Notice of Infringement. Each party agrees to inform the other of any
suspected infringement of any Patent Right coming to its attention. QLT and HRI
shall have the right, but not the obligation, to take action against any such
infringer. If neither QLT nor HRI elect to take action, within six months after
being informed of this infringement, Diomed may take action at its sole expense
and QLT agrees that it may be named as a nominal party plaintiff at no cost to
QLT, where that may be necessary.

5.       ROYALTIES

5.1      Royalty Amounts. Diomed hereby agrees to pay to HRI at the address
specified by QLT from time-to-time on behalf of QLT (with a statement setting
out such payments delivered to QLT simultaneously with such payments to HRI) a
royalty of:

    (a)  5% of the Net Sales of all Royalty Based Products wherever sold for use
         in therapeutic treatment of cancer;

    (b)  5% of the Net Sales of all Royalty Based Products wherever sold for use
         in detection of cancer; provided that, to the extent applicable to
         sublicensees of QLT, such royalty may be reduced in accordance with
         subsection 5.1(b) of the HRI Agreement in a given year by 70% of
         additional royalties paid by Diomed to others during that year in order
         to sell such Royalty Based Product for use in detection of cancer, up
         to a maximum reduction of 3%, and any excess over such 3% may not be
         deducted in any subsequent year; and

    (c)  2% of the Net Sales of all Royalty Based Products wherever sold for
         uses other than as set forth in subparagraphs (a) and (b) above.

<PAGE>

                                        5

Upon written notice to Diomed, QLT may request that all future royalty payments
be made directly to QLT instead of HRI. Diomed shall not have any minimum
royalty obligations. "Cancer" as used in subparagraphs (a) and (b) shall be
defined by reference to the generally recognised text Cancer Medicine, James F.
Holland and Emil Fri III, M.D., published by Lea and Febiger, Philadelphia,
Pennsylvania. Psoriasis, arterial plaque and the like are not meant to be
included in the definition of "cancer".

5.2      Books and Records. Diomed shall keep, and shall cause each of its
Subsidiaries, Affiliates and Sublicensees, if any, to keep full and accurate
books of account containing all particulars that may be necessary for the
purpose of calculating all royalties payable to QLT or HRI on behalf of QLT.
Such books of account shall be kept at Diomed' s principal place of business and
the books and all necessary supporting data therefor shall be open at all
reasonable times for five years following the end of the calendar year to which
they pertain to the inspection of an independent certified public accountant
retained by QLT or HRI for the purpose of verifying Diomed's royalty statement
or Diomed's compliance in any respect with this Agreement.

5.3      Reports. Diomed, within 90 days after the first day of January, April,
July and October of each year, shall deliver to QLT a true and accurate report
giving such particulars of the business conducted by Diomed during the preceding
three months under this Agreement (or in the case of the initial payment, for
the period from the Effective Date until the end of the applicable period) as
are pertinent to an accounting for royalty under this Agreement. These shall
include at least the following:

    (a)  The period of time covered by the report;

    (b)  A description of each Royalty Based Product made, sold, leased or
         commercially used during this period;

    (c)  The total quantity of each Royalty Based Product made, sold, leased or
         commercially used (by country) by Diomed and its Subsidiaries,
         Affiliates or Sublicensees during the period;

    (d)  Total billings and Net Sales for each Royalty Based Product (by
         country);

    (e)  Quantities of each Royalty Based Product sold to the United States
         Government;

    (f)  Names and addresses of all Subsidiaries, Affiliates or Sublicensees of
         Diomed involved in the distribution of the Royalty Based Products; and

    (g)  Total royalties payable to QLT for HRI on behalf of QLT.

5.4      Payment of Royalties. Simultaneously with the delivery of each report,
Diomed shall pay to HRI on behalf of QLT the royalty accrued for the period
covered by such report. If no royalties are due it shall be so reported. Every
such payment shall be supported by the accounting prescribed in paragraph and
shall be made in United States currency. Whenever conversion from any foreign
currency shall be required, such conversion shall be at the rate of exchange
published in the Wall Street Journal for the business day closest to the
applicable due date as the case may be.

5.5      No Duplication. Only one royalty shall be payable hereunder in respect
of any Royalty Based Product.

6.       INDEMNIFICATION

<PAGE>

                                        6

6.1      Diomed agrees to defend, at no cost to QLT, Roswell Park, HRI, The New
York Sate Department of Health or New York State and hold QLT, Roswell Park,
HRI, The New York Sate Department of Health or New York State and their
respective directors, officers, servants, employees and agents (in this
paragraph, the "Indemnified Parties") harmless against any action, suit, claim
or other proceeding which may be instituted by any third party against
Indemnified Parties and arising out of any activities of Diomed, its
Subsidiaries, Affiliates or Sublicensees pursuant to this Agreement including,
without limitation, the following:

    (a)  The manufacture, packaging, use, sale or other distribution of the
         Product by Diomed, any Subsidiary, Affiliate or Sublicensee or the use
         of a Process;

    (b)  Any representation made or warranty given by Diomed, any Subsidiary,
         Affiliate or Sublicensee with respect to the Product; or

    (c)  Patent, trademark or copyright infringement or alleged patent,
         trademark or copyright infringement with respect to the manufacture,
         use or sale of the Product by Diomed, any Subsidiary, Affiliate or
         Sublicensee;

and agrees to indemnify the Indemnified Parties against all costs, damages,
attorneys' fees on a solicitor and own client basis and any other monetary award
that may be imposed upon the Indemnified Parties as a result of any such
proceeding. Diomed shall not however pay for the fees and expenses of
independent counsel that the Indemnified Parties may retain from time to time.

7.       DURATION

7.1      Unless sooner terminated under any of the provisions of this Agreement,
the duration of this Agreement and of any sublicense granted to Diomed pursuant
to this Agreement shall extend for the eariler of the life of the last to expire
of any Patent Right or the termination of the HRI Agreement for any reason.

8.       TERMINATION

8.1      Termination. Diomed may terminate this Agreement in full at any time
during the term of this Agreement upon four months written notice to QLT, and
such termination still become effective at the end of the four months notice
period. Termination under this paragraph 8.1 shall not relieve Diomed of its
payment obligations incurred prior to the effective date of such termination.

8.2      Breach. In case of the failure of Diomed or QLT to fulfil any of their
obligations under the other party shall have the right, without limitation of
any other right it has on account of the breach, to terminate this Agreement on
90 days prior written notice, provided, however, that if the breaching party
remedies the failure during the 90 day period, then the notice of termination
shall be null and void; otherwise, this Agreement shall be considered as
terminated on and after the expiration of the 90 day period.

8.3      Insolvency. QLT shall have the right to terminate this Agreement in the
event that Diomed becomes insolvent and this Agreement shall terminate
automatically immediately prior to the time Diomed makes an assignment for the
benefit of creditors, files for or is adjudged bankrupt or a receiver or trustee
of Diomed property is appointed.

9.       ASSIGNMENT

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                                        7

9.1      This Agreement shall not be assignable by Diomed for any reason, by
operation of law or otherwise, without the prior written consent of QLT except
to a purchaser or successor in interest of the OPTIGUIDE(R) business of Diomed
or to a Subsidiary or Affiliate of Diomed. Any assignment, if QLT consent is
given, shall be upon the assumption of the terms and conditions of this
Agreement by the assignee.

10.      MISCELLANEOUS

10.1     No Warranties. Nothing contained in this Agreement shall be construed
as:

    (a)  Requiring the filing of any patent application by QLT or Diomed, nor
         the securing of any patent, nor the maintaining of any patent in force,
         except as may be specifically provided elsewhere in this Agreement;

    (b)  A warranty or representation by QLT as to the validity or scope of any
         Patent Rights;

    (c)  A warranty or representation that any manufacture, sale, lease or use
         hereunder will be free from infringement of patents owned by others; or

    (d)  Requiring either party to bring or prosecute actions or suits against
         third parties for infringement.

    Except as expressly set out in this Agreement there are no warranties,
    representations, condition, or guarantees of any kind whatsoever, either
    express or implied by law or custom, made by either party to the other
    regarding the subject matter of this Agreement.

10.2     Entire Agreement. This Agreement constitutes the entire understanding
between the parties with respect to the subject matter hereof, and supersedes
and replaces all prior agreements, understandings, writings and discussions
between the parties relating to the subject matter.

10.3     Amendment. This Agreement may be amended and any of its terms or
conditions may be waived only by a written instrument executed by QLT and Diomed
or, in the case of a waiver, by the party waiving compliance. The failure of
either QLT or Diomed at any time or times to require performance of any
provision of this Agreement shall in no manner affect its rights to enforce the
same at a later time. No waiver by either party of any condition or term in
anyone or more instances shall be construed as a further or continuing waiver of
such condition or term or any other condition or term.

10.4     Inurement. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto, the successors and assigns
of QLT and any permitted assigns of Diomed.

10.5     Publicity. Diomed shall not use the name of QLT, HRI, Roswell Park, The
New York State Department of Health, New York State or of any staff member,
employee or student of HRI, Roswell Park, New York State Department of Health or
New York State, or adaptation, abbreviation or simulation thereof, in any
advertising, promotion or sales literature without the written approval of QLT
(as to the use of QLT's name) or HRI (as to the use of HRI's name or the other
names listed above.

10.6     Severability. If any provision of this Agreement is or becomes invalid,
is ruled illegal by any court of competent jurisdiction or is deemed
unenforceable under the current applicable law from time to time in effect
during the term of this Agreement, it is the intention of the parties that the
remainder of this Agreement shall not be affected thereby. It is further the
intention of the parties that in lieu of each

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                                        8

such provision there may be substituted or added as part of this Agreement, a
provision which shall be as similar as possible in economic business objectives
as intended by the parties to such invalid, illegal or unenforceable provision,
but which shall be valid, legal and enforceable.

10.7     Governing Law. The construction and performance of this Agreement shall
be governed by the laws of the State of New York.

10.8     Notice. All communication, notices and reports in connection with this
Agreement shall be in writing and either hand-delivered, mailed by registered or
certified mail, postage prepaid or sent by facsimile transmission (with
confirmation notices sent as described above). Any notice shall be deemed to
have been received on the date of the hand-delivery, if delivered by hand, on
the fifth Business Day following the date of mailing if sent by registered or
certified mail or on the next Business Day following the date of transmission if
sent by facsimile transmission. The parties' respective addresses for the
purpose of receiving notices are as follows:

<TABLE>
<S>                         <C>                                <C>
     If to Diomed:          Diomed Inc.
                            Cambridge Research Park
                            Ely Road, Cambridge
                            United Kingdom
                            CB8 9TE

                            Attention:                         President and CEO

                            Facsimile number:

     With a copy to:        Van Wert, Zimmer, Bonesteel,
                            Conlin McCann, P.C.
                            One Militia Drive
                            Lexington, MA
                            USA .2421

                            Attention:                         Virginia Bonsteel

                            Facsimile number:                  (781) 862-1941

     If to QLT:             QLT Inc.
                            887 Great Northern Way
                            Vancouver, BC
                            V5T 4T5

                            Attention:                         President and CEO

                            Facsimile number:                  (604) 875-0001

     With a copy to:        Farris, Vaughan, Wills & Murphy
                            P.O. Box 10026, Pacific Centre S
                            700 West Georgia Street
                            Vancouver, BC
                            V7Y 1B3

                            Attention:                         R. Hector MacKay-Dunn

                            Facsimile number:                  (604) 661-9349
</TABLE>

<PAGE>

                                        9

Any party may at any time give notice of any change of address to the other and
the address specified therein shall be such party's address for the purpose of
receiving notices.

In the event of any dispute between HRI and QLT regarding the interpretation of
the HRI Agreement to be heard before a court or arbitration authority, if a
ruling on such dispute could reasonably effect the interpretation of this
Agreement, on reasonable notice from QLT, Diomed agrees either to join in such
proceeding and be bound by the interpretation thereof in respect of this
Agreement, or if Diomed fails to join in any such proceeding, hereby agrees to
be bound by the interpretation thereof in the interpretation of this Agreement.

10.9     Arbitration. Any controversy or claim arising out of or relating to
this Agreement, or breach of this Agreement, shall be referred first to senior
management of the parties for amicable resolution. In the event that amicable
resolution is not reached within a reasonable period of time (which in any event
shall not exceed 60 days), then the dispute shall be referred to arbitration.
Where the parties have agreed to resolve a dispute by arbitration, the
arbitration shall be conducted under Rules of the International Chamber of
Commerce (ICC) by a single arbitrator knowledgeable as to the subject matter of
the dispute, and judgement upon the award rendered may be entered in any court
having jurisdiction. The arbitrator shall have the right to order discovery as
he or she deems appropriate provided that such discoveries for each parties
shall not in the aggregate exceed 120 days. The prevailing party in any
arbitration or legal action arising out of or related to this Agreement shall be
entitled, in addition to any other rights and remedies it may have, to
reimbursement for its expenses incurred in such arbitration or action, including
court costs and reasonable lawyer's fees. The place of arbitration shall be
Vancouver, British Columbia if the requesting party is the Purchaser and
Montreal, Quebec if the requesting party is the Vendor and the language of
arbitration shall be English.

10.10    Co-operation Each party hereto agrees to co-operate with the other to
insure that each may have and enjoy the fullest extent of all rights conveyed
under this Agreement. If at any time after the date hereof any party requests
further documents, instruments or assurances in order to carry out the
provisions hereof, then the party from which such assurances are requested shall
promptly execute and deliver any such documents, instruments and assurances and
do all things reasonably necessary to carry out the provisions hereof, all at
the cost and expense of the party requesting such assurance including, without
limitation the filing of a confirmation document of this Agreement with the
appropriate patent offices in any jurisdiction deemed appropriate by Diomed.

10.11    No Release. Termination of this Agreement under any provision herein
shall not affect the obligation of Diomed to pay QLT any royalty or other
payments which may be due and unpaid at the date of termination, nor shall the
same prejudice any other right of QLT under this Agreement. Within 90 days after
termination, Diomed shall render to QLT a written statement of the kind required
in paragraph 5.3 hereof respecting the due and unpaid royalties and shall
accompany such a statement with payment to cover same.

10.12    Patent Notice. Diomed agrees to apply, or cause to be applied, an
appropriate patent notice on all Products manufactured or sold by Diomed, its
affiliates, subsidiaries or sublicensees hereunder and to accept the reasonable
suggestions of QLT with respect thereto.

10.13    US Government License. Diomed acknowledges and agrees that this
Agreement is subject and subordinate to all applicable governmental regulations
and requirements including but not limited to the grant by HRI of a world-wide,
non-exclusive, irrevocable royalty-free license to the United States Government
for certain Inventions, as defined in the HRI Agreement, by reason of partial
government funding in connection therewith.

<PAGE>

                                       10

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
first written above.

    DIOMED, INC.                              QLT INC.
    by its authorised signatory:              by its authorised signatory:

    -------------------------------           -------------------------------
    Name:  Peter Klein                        Name:
    Title: President                          Title:

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

QLT PHOTOTHERAPEUTICS INC.
by its authorised signatory:

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

<PAGE>

                                       11

10.13    US Government License. Diomed acknowledges and agrees that this
Agreement is subject and subordinate to all applicable governmental regulations
and requirements including but not limited to the grant by HRI of a world-wide,
non-exclusive, irrevocable royalty-free license to the United States Government
for certain Inventions, as defined in the HRI Agreement, by reason of partial
government funding in connection therewith.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
first written

above.

<TABLE>
<S>                                             <C>
    DIOMED, INC.                                QLT INC.
    by its authorised signatory:                by its authorised signatory:

        /s/ Peter Klein                             /s/ Julia Levy
    --------------------------------------      -------------------------------------
    Name:   Peter Klein                         Name: Julia Levy
    Title:  President                           Title: President and Chief Executive Officer

                                                    /s/ Edwin Levy
                                                -------------------------------------
                                                Name: Edwin Levy
                                                Title: Senior Vice President, Corporate Development

QLT PHOTOTHERAPEUTICS INC.
by its authorised signatory:

    /s/ Julia Levy
------------------------------------------
Name:  Julia Levy
Title:  President and Chief Executive Officer
</TABLE><PAGE>

                          [LETTERHEAD OF DIOMED, INC.]

                                 [LOGO] DIOMED

                                                                   Exhibit 10.10
                                                                   -------------

                     EVLT MARKETING AND PROMOTION AGREEMENT

         EVLT Marketing and Promotion Agreement entered into as of August 29,
2001 between Diomed, Inc., a Delaware corporation having its principal offices
at 1 Dundee Park, Andover, MA 01810 ("Diomed"), Dr. Robert Min of New York, New
York (the "Doctor"), and Endovenous Laser Associates, L.L.C., a New York limited
liability company with a principal office at 416 East 55th Street, New York, New
York 10022 (the "LLC").

RECITALS

         WHEREAS, Diomed is in the business of developing, marketing,
manufacturing and selling laser systems for medical applications;

         WHEREAS, the Doctor is a named co-inventor and co-owner under a process
patent, application number 09/374,280, entitled "Endovascular Laser Device and
Treatment of Varicose Veins" (the "Process Patent Rights");

         WHEREAS, the Doctor is the named inventor under a patent application
covering design and function of optical fibers, filed by Diomed, application
number 85.70.75122 15 June 2001, entitled medical laser device (such patent
application, together with all inventions, discoveries or improvements authored,
conceived, developed, reduced to practice, or otherwise obtained by the Doctor
that are referenced therein are referred to collectively as the "Fiber Patent").

         WHEREAS: the Doctor is willing to grant to Diomed a nonexclusive
license to use of the Process Patent Rights and to assign to Diomed all rights
he has or may have in the Fiber Patent

         WHEREAS, the Doctor is trained and knowledgeable in the use of lasers
for the endovenous treatment of varicose veins ("EVLT") (EVLT is a Diomed
Trademark);

         WHEREAS, the Doctor has formed a single member LLC for the purpose of
conducting the activities contemplated by this Agreement;

         WHEREAS, Diomed desires to market and sell lasers worldwide for use in
EVLT and is in the process of obtaining FDA approval for the use of its lasers
to perform EVLT;

         WHEREAS, the Doctor, acting through the LLC, is willing to train other
physicians in the use of the Diomed laser for EVLT and is otherwise willing to
promote the use of the Diomed laser for EVLT all as more specifically set forth
in this Agreement;

         WHEREAS, Diomed wishes to engage the Doctor, acting through his LLC, to
help maximize Diomed's sales worldwide of lasers for EVLT and the Doctor and the
LLC, wish to provide assistance to Diomed in connection with the marketing and
promotion of the lasers for EVLT, all on the terms and conditions herein set
forth;

         WHEREAS, For the purpose of this contract EVLT is defined as any
internal Varicose Vein Treatment performed with a laser and a optical fiber;

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                                 [LOGO] DIOMED

 NOW, THEREFORE, the parties hereby agree as follows:

 MARKETING OBLIGATIONS OF THE PARTIES

 1.1           Covenant to Promote the Product for EVLT. Subject to the terms
               and conditions of this Agreement, Diomed, the Doctor and the LLC
               shall work together and use their respective best efforts to
               promote the use of the Diomed lasers for EVLT throughout the
               world during the Term (as hereinafter defined).

 1.2           Exclusive Promotion. The Doctor and the LLC each agrees that,
               during the Term (and thereafter as provided in Section 5.7), he
               and it shall not actively promote to third parties any product
               for EVLT other than Diomed lasers, optical fibers and associated
               EVLT kits.

 1.3           Patent Rights.

               1.3.1         The Doctor and the LLC warrant and covenant that
                             they have not and will not license the Process
                             Patent Rights to any third party during the Term
                             and that they have not licensed the Fiber Patent to
                             any third party. The Doctor and the LLC further
                             covenant that they shall not become a party to any
                             agreement or arrangement (written or oral) with any
                             other co-inventor of the Process Patent Rights or
                             any third party that would adversely affect the
                             rights of Diomed under the license granted
                             hereunder.

               1.3.2         The Doctor hereby grants to Diomed, to the full
                             extent that he has authority to do so, a
                             royalty-free, perpetual, worldwide, non-exclusive
                             license to use and to sublicense to others the
                             right to use the Process Patent Rights if and when
                             such patent issues._Notwithstanding the foregoing,
                             the rights and license granted by the Doctor
                             hereunder shall terminate in the event this
                             Agreement is terminated due to Diomed's breach.

               1.3.2          The Doctor hereby assigns, grants, conveys and
                              transfers to Diomed any and all right, title and
                              interest he has or may have in and to the Fiber
                              Patent. The Doctor will from time to time execute
                              and deliver to Diomed such documentation and take
                              such other reasonable action, at Diomed's expense,
                              which Diomed may request in order to effectively
                              carry out this Section and invest in Diomed the
                              Fiber Patent and title thereto. The Doctor will
                              assist Diomed in every proper way (but at Diomed's
                              expense) to obtain and from time to time enforce
                              rights with respect to the Fiber Patent in any and
                              all countries, and will execute all documents
                              reasonably necessary or appropriate for this
                              purpose. In the event that Diomed is unable for
                              any reason whatsoever to secure the Doctor's
                              consent to any document reasonably necessary or
                              appropriate for any of the foregoing purposes,
                              (including renewals, extensions, continuations,
                              divisions or continuations in part), the Doctor
                              hereby irrevocably designate and appoint Diomed
                              and its duly authorized officers and agents, as
                              his agents and attorneys-in-fact to act for and on
                              his behalf and instead of him, for the purpose of
                              executing and filing any such

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                              document and doing all other lawfully permitted
                              acts to accomplish the foregoing purposes with the
                              same legal force and effect as if executed by him.

               1.3.4          The Doctor and LLC hereby acknowledge that "EVLT"
                              is a trademark of Diomed, and that neither the
                              Doctor nor the LLC has any rights therein. The
                              Doctor and the LLC understand that Diomed intends
                              to register such trademark with the U.S. Patent
                              and Trademark Office, and agree to reasonably
                              cooperate with Diomed so as to permit Diomed to
                              obtain such registration,

 II.     Duties of The Doctor

         Subject to the terms and conditions of this Agreement, during the Term:

         2.1        EVLT Training of Other Physicians. The Doctor, acting
                    through the LLC, agrees to use his best efforts to
                    personally train other qualified physicians, as set forth in
                    Exhibit B, and identified and approved by the President or
                    the Director of Marketing of Diomed in the use of Diomed
                    lasers for EVLT. The Doctor will provide Diomed with a
                    certification in the form attached hereto as Exhibit A when
                    each physician's training is complete.

         2.2        Promotional Activities. The Doctor, acting through his LLC,
                    will use his best efforts to perform the promotional
                    activities set forth in Exhibit B, as Exhibit B may be
                    amended from time to time by written consent of Diomed and
                    the Doctor.

         2.3        Confidentiality. The Doctor and the LLC each acknowledge
                    that information about Product sales to be provided by
                    Diomed to the Doctor and the LLC hereunder and any other
                    information provided to the Doctor or the LLC and designated
                    as confidential by Diomed at the time of disclosure
                    constitute confidential and proprietary information of
                    Diomed and the Doctor and the LLC each agree that he and it
                    will not use such information except in furtherance of the
                    purposes of this Agreement and will hold such information in
                    strict confidence. The obligations of the Doctor and the LLC
                    under this Section 2.3 shall be limited to a period of three
                    years from the date of expiration or earlier termination of
                    this Agreement. Neither the Doctor nor the LLC shall have
                    any obligation of confidentiality with respect to any
                    information (a) in the public domain, other than by a breach
                    of this Section 2.3 by either of them, (b) rightfully
                    received from a third party without any obligation of
                    confidentiality, or (c) generally made available to third
                    parties by Diomed without restriction on disclosure.

         2.4        Personal Obligation Notwithstanding the Doctor's use of the
                    LLC to hold patent rights and provide services under this
                    Agreement, all obligations of the Doctor and the LLC under
                    this Agreement shall be joint and several and such
                    obligations may be fully enforced by Diomed against either
                    the Doctor or the LLC should the other party breach this
                    Agreement. Notwithstanding anything to the contrary
                    contained in this Agreement, in no event shall the total
                    liability of the Doctor and/or the LLC for damages arising
                    out of this Agreement exceed the aggregate amount of
                    consideration received by the Doctor and/or the LLC

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                                 [LOGO] DIOMED

                    (whether in cash, or exercised options or shares of capital
                    stock) under this Agreement (it being understood that such
                    limitation on liability for damages shall not limit Diomed's
                    ability to seek injunctive or other equitable relief against
                    either the Doctor or the LLC in the event the Doctor
                    breaches his obligations under Sections 1.2, 1.3.1, 1.3.3,
                    1.3.4 or 2.3).

III.   Obligations of Diomed

       Subject to the terms and conditions of this Agreement, during the Term
       Diomed agrees as follows:

         3.1        Initial Payment. With in 60 days of execution of this
                    Agreement, Diomed will pay the LLC the sum of **CONFIDENTIAL
                    TREATMENT REQUESTED**

         3.2        Payment for Training. Within thirty (30) days of receipt of
                    certification in the form of Exhibit A from the Doctor that
                    training of physicians pursuant to Section 2.1 has been
                    completed, Diomed will pay the LLC **CONFIDENTIAL TREATMENT
                    REQUESTED** for each such approved training session per
                    licensed physician. Within thirty (30) days of submission of
                    receipts, Diomed will reimburse up to **CONFIDENTIAL
                    TREATMENT REQUESTED** for foreign travel and **CONFIDENTIAL
                    TREATMENT REQUESTED** for domestic travel for pre-approved
                    lectures/workshops where discussion or presentation on EVLT
                    is on the agenda .

         3.3        Payments Based on Product Sales.

               3.3.1   From the Effective Date until termination of this
                       Agreement (by expiration or earlier termination) or until
                       total payments hereunder reach **CONFIDENTIAL TREATMENT
                       REQUESTED**, whichever first occurs, and except as
                       described in Section 3.3.2 below, Diomed will pay the LLC
                       **CONFIDENTIAL TREATMENT REQUESTED** for each Product (as
                       hereinafter defined, and other than OEM Sales) sold in
                       North America (defined as Canada and the United States)
                       and **CONFIDENTIAL TREATMENT REQUESTED** for each Product
                       (other than OEM Sales) sold in the rest of the world.
                       Payment shall be made within thirty (30) days of the end
                       of each calendar quarter following the Effective Date. In
                       the case of OEM Sales (as defined below), Diomed will pay
                       to the LLC **CONFIDENTIAL TREATMENT REQUESTED** for each
                       Product sold in North America and **CONFIDENTIAL
                       TREATMENT REQUESTED** for each Product sold in the rest
                       of the world. An "OEM Sale" shall mean any sale of a
                       Product to a purchaser under an agreement where the
                       Product is delivered without a Diomed logo and the
                       purchaser has the rights to separately brand the Product.
                       Reductions shall be allowed for returned Products and
                       uncollected accounts. Each payment will be accompanied by
                       a report as set forth in Section 3.8.

               3.3.2   Notwithstanding the payments provided under Section 3.3.1
                       above, the parties agree that Diomed may reduce such
                       specified payments should Diomed earn an overall Gross
                       Margin on the Products of less than **CONFIDENTIAL
                       TREATMENT REQUESTED**. Should on a quarterly basis,
                       Diomed's Gross Margin fall below **CONFIDENTIAL TREATMENT
                       REQUESTED** then the payments specified in Section 3.3.1
                       above shall be adjusted as follows:

                   -   **CONFIDENTIAL TREATMENT REQUESTED** reduction when Gross
                       Margin is below **CONFIDENTIAL TREATMENT REQUESTED** but
                       above **CONFIDENTIAL TREATMENT REQUESTED**

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                   -   **CONFIDENTIAL TREATMENT REQUESTED** reduction when Gross
                       Margin is below **CONFIDENTIAL TREATMENT REQUESTED** but
                       above **CONFIDENTIAL TREATMENT REQUESTED**
                   -   **CONFIDENTIAL TREATMENT REQUESTED** reduction when Gross
                       Margin is below **CONFIDENTIAL TREATMENT REQUESTED** but
                       above **CONFIDENTIAL TREATMENT REQUESTED**
                   -   **CONFIDENTIAL TREATMENT REQUESTED** reduction when Gross
                       Margin is below **CONFIDENTIAL TREATMENT REQUESTED** but
                       above **CONFIDENTIAL TREATMENT REQUESTED**
                   -   **CONFIDENTIAL TREATMENT REQUESTED** reduction when Gross
                       Margin is below **CONFIDENTIAL TREATMENT REQUESTED** but
                       above **CONFIDENTIAL TREATMENT REQUESTED**
                   -   **CONFIDENTIAL TREATMENT REQUESTED** reduction when Gross
                       Margin is below **CONFIDENTIAL TREATMENT REQUESTED**

                       In no case shall the reduction exceed **CONFIDENTIAL
                       TREATMENT REQUESTED**. For purposes of this Section,
                       Gross Margin shall be determined quarterly under
                       generally accepted accounting principles in the United
                       States, with the payments under this Agreement included
                       in cost of sales. The Gross Margin shall be computed to
                       two places (e.g., ".48") with fractions of one half or
                       less rounded down and fractions greater than one half
                       rounded up. For example the number 49.55% would be
                       rounded up to 50%. Should a reduction under this Section
                       apply in any quarter, Diomed will provide documentation
                       for the reduction and the LLC may request that Diomed's
                       independent auditors (at Diomed's expense) and as part of
                       the annual audit, certify such computation. Such a
                       request must be made in writing within 45 days of year
                       end.

               3.3.3   In addition to payments for Products as provided for
                       above, Diomed shall pay the LLC **CONFIDENTIAL TREATMENT
                       REQUESTED** for each optical fiber manufactured and sold
                       by Diomed utilizing the unique fiber design components of
                       the Fiber Patent (a "Qualified Fiber"). Where a Qualified
                       Fiber is included in a disposable Kit which contains
                       other components the amount paid shall be **CONFIDENTIAL
                       TREATMENT REQUESTED** for each kit which includes a
                       Qualified Fiber.

         3.4        Certain Definitions. For purposes of this Agreement,
                    "Product" or "Products" means the Diomed D15 plus and D30
                    plus lasers (and equivalents) that are sold with an EVLT
                    application box and excludes all fibers, disposables and
                    related services.

         3.5        Initial Option Grant. In consideration of the undertakings
                    by the Doctor and the LLC herein, Diomed hereby grants to
                    the LLC an option (the "Initial Option") to purchase 30,000
                    shares of Diomed Common Stock at a purchase price of $2.25
                    per share under the 2001 Stock Option Plan adopted by Diomed
                    (the "Plan"). The Initial Option shall be fully vested on
                    issuance and exercisable for a period of two (2) years from
                    the date of grant. The Initial Option will be non
                    transferable and may only be exercised on the condition that
                    the Doctor executes the Stockholder Agreement attached
                    herewith as Exhibit C (as it may be amended from time to
                    time). The Initial Option (and shares issued on exercise
                    thereof) shall also be subject to all provisions of the
                    Certificate of Incorporation and Bylaws of Diomed, or
                    successor entity, as from time to time revised or amended or
                    terms of any conversion of the options in connection with a
                    merger or acquisition with another company so long as the
                    holder is treated on a pari parsu basis.

         3.6        Product Options. For each Product sold by Diomed beginning
                    on the Effective Date and ending November 15, 2005, Diomed
                    will grant to the LLC under the Plan an option (a "Product
                    Option") to purchase twenty five (25) shares of Common Stock
                    of Diomed up to an aggregate maximum of 180,000 shares
                    (which number is inclusive of shares subject to options
                    granted under Section 3.5). The Product Options shall be
                    granted as of the end of each calendar quarter in which
                    Product sales were sold (subject to adjustment for returns
                    and uncollected accounts) and shall be fully vested on
                    grant. The Product Options issued hereunder shall be subject
                    to the same terms as the Initial Options issued under
                    Section 3.5 except that the exercise price of each quarterly
                    grant shall be based on fair market value of Diomed common

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                    stock at the time of grant as determined at the sole
                    discretion of the Board of Director and consistent with
                    other Employee options (if any) granted during the quarter.

         3.7        Quarterly Report. Diomed shall provide the Doctor with a
                    report within thirty (35) days of the end of each calendar
                    quarter specifying the number of Products sold for EVLT
                    during the immediately prior calendar quarter (and
                    specifying sales in North America and sales in the rest of
                    the world), the number of stock options earned as a result
                    of such sales, the exercise price of the stock options, and
                    the aggregate number of stock options awarded the LLC to the
                    date of the report. For purposes of the Product Options, the
                    number of Products sold in any given quarter shall equal the
                    number of Products for which Diomed is obligated to make a
                    payment under Section 3.3.

         3.8        Annual Verification. Within ninety (90) days of the close of
                    each calendar year, Diomed will provide the Doctor with an
                    annual report of the number of Products sold in the
                    immediately preceding calendar year, verified by Diomed's
                    auditors. The Doctor and/or the LLC shall have the right to
                    audit Diomed's books and records related to the transactions
                    contemplated under this Agreement. In addition to any other
                    sums that may be owing to the Doctor and/or the LLC as a
                    result of such audit, Diomed shall be responsible for the
                    cost of such audit in the event a discrepancy of five
                    percent (5%) of more is documented by the Doctor's and/or
                    LLC's auditor.

4      Investment Representations

         4.1        Option Grants Subject to Plan. The Doctor and the LLC each
                    acknowledges that the options granted and to be granted to
                    the LLC hereunder are being granted under and are subject to
                    the Plan. All references to numbers of shares or price per
                    share under this Agreement shall be subject to adjustment in
                    a number of circumstances such as merger, consolidation,
                    reorganization, recapitalization, reclassification, stock
                    dividend, stock split, combination of shares, exchange of
                    shares, change in corporate structure or the like, as
                    provided in the Plan.

         4.2        Investment Intent. The Doctor and the LLC each agrees that
                    the LLC is acquiring and will acquire the Options and the
                    shares of Common Stock issuable thereunder for its own
                    account and not with a view to, or for sale in connection
                    with, any "distribution" thereof within the meaning of the
                    Securities Act of 1933, as amended (the "Securities Act").

         4.3        Adequate Investigation. The Doctor and the LLC each
                    acknowledges that Diomed has granted him and it the
                    opportunity to make a thorough investigation of the business
                    affairs of Diomed and he and it has availed himself and
                    itself of such opportunity, either directly or through his
                    or its authorized representatives. In particular, Diomed has
                    made available to the Doctor and the LLC and their
                    respective representative, access to Diomed officers and
                    employees for the purpose of discussing and responding to
                    questions concerning Diomed and its business and Diomed has
                    furnished to the Doctor and the LLC all agreements,
                    financial statements and other documents pertaining to
                    Diomed and its business requested by him or it. The Doctor
                    and the LLC each acknowledges that he and it has made an
                    independent investigation of Diomed and an independent
                    evaluation of the risks and merits of acquiring the Options
                    and entering into this Agreement and has received all the
                    information that he or it has requested in connection with
                    deciding whether to accept the Options.

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         4.4        Investment Sophistication. The Doctor and the LLC each
                    acknowledges that he and it (a) is knowledgeable and
                    experienced in business matters, (b) is capable of
                    independently evaluating the risks and merits of accepting
                    and exercising the Options granted hereunder, (c) has
                    independently determined that the investment is a suitable
                    investment for the LLC, and (d) has sufficient financial
                    resources to bear the loss of the LLC's investment in the
                    Options.

         4.5        Restricted Securities. The Doctor and the LLC each
                    acknowledges and understands that, because neither the
                    Options nor the Common Stock to be received upon exercise of
                    the Options will be registered under the Securities Act or
                    applicable state securities laws (even after Diomed becomes
                    a public company), the LLC will not be able to dispose of
                    the Common Stock received upon exercise of the Options
                    unless the sale of the shares of Common Stock received by it
                    is registered or exemptions from such registration are
                    available. The Doctor and the LLC each further acknowledges
                    and understands that neither he nor it has any right to
                    require Diomed to register the Common Stock the LLC receives
                    upon exercise of any Options granted hereunder under the
                    Securities Act or applicable state securities laws and that
                    the Company may, as a condition to the transfer of Common
                    Stock received upon exercise of the Options, require an
                    opinion of counsel, in form and substance reasonably
                    satisfactory to Diomed to the effect that the proposed
                    transfer does not result in violation of the Securities Act
                    or applicable state securities laws, unless such transfer is
                    covered by an effective registration statement under the
                    Securities Act and all applicable state securities laws. In
                    furtherance of the above, each certificate representing
                    shares of Common Stock received upon exercise of Options
                    will bear a legend to that effect as well as any legend
                    required by the Stockholder Agreement signed by the LLC.

         4.6        Domicile. The legal domicile of each of the Doctor and the
                    LLC is New York.

         4.7        Accredited Investor. The LLC and the Doctor are an
                    "accredited investor" within the meaning of Rule 501 of
                    Regulation D promulgated under the Securities Act of 1933,
                    as amended, and was not formed for the purpose of acquiring
                    the Options.

5      Term and Termination

         5.1        Term. The Agreement shall be effective as of August 29, 2001
                    (the "Effective Date") and, unless earlier terminated as
                    provided herein, shall automatically terminate on November
                    16, 2010 (the period from the Effective Date until
                    expiration or earlier termination of this Agreement being
                    referred to herein as the "Term").

         5.2        Termination by Diomed. This Agreement may be terminated in
                    its entirety by Diomed effective upon the giving of notice
                    of termination to the Doctor no later than January 31
                    following the end of any calendar year beginning with
                    calendar year 2001 in which at least 50 Products are not
                    sold worldwide for EVLT.

         5.3        Termination by the Doctor and the LLC. This Agreement may be
                    terminated by the Doctor (on behalf of himself and the LLC)
                    effective upon the giving of notice of termination to Diomed
                    no later than January 31 following the end of any calendar
                    year beginning with calendar year 2001 in which at least
                    **CONFIDENTIAL TREATMENT REQUESTED** Products are not sold
                    worldwide for EVLT. Also, this Agreement may be terminated
                    by the Doctor (on behalf of himself

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                    and the LLC) at any time after the **CONFIDENTIAL TREATMENT
                    REQUESTED** anniversary of the Effective Date effective upon
                    the giving of six (6) months prior written notice of
                    termination.

         5.4        Termination for Breach. Diomed, on the one hand, and the
                    Doctor (on behalf of himself and the LLC), on the other, may
                    terminate this Agreement if the other defaults in the
                    performance of any agreement, condition or covenant in this
                    Agreement and this default is not remedied within sixty (60)
                    days after written demand to remedy the same has been given
                    to the other party. For purposes of this Section 5.4,
                    failure by the Doctor to perform his agreed-upon duties as
                    set forth in Exhibit B shall constitute a breach of this
                    Agreement. Upon termination for default, the non-defaulting
                    party shall be free to pursue any and all remedies available
                    to him or it. No remedy is intended to be exclusive and each
                    remedy shall be cumulative.

         5.5        Termination upon Death or Discontinuation of Medical
                    Practice of the Doctor. This Agreement shall terminate upon
                    the death of the Doctor. Also, Diomed, on the one hand, and
                    the Doctor (on behalf of himself and the LLC), on the other,
                    may terminate this Agreement if the practice of medicine
                    ceases to be the Doctor's primary professional activity.

         5.6        Survival of Patent Rights on Termination. Unless this
                    Agreement is terminated due to Diomed's breach, the parties
                    agree that Diomed's rights under Section 1.3 (and the
                    license and assignment of rights contained therein) shall
                    survive such termination without limitation. With regards to
                    the Process Patent, such retained rights shall be non
                    exclusive.

         5.7        Survival. Notwithstanding termination of this Agreement,
                    Diomed's obligations under Sections 3.2, 3.3 and 3.6 shall
                    survive with respect to Product sales for EVLT prior to the
                    date of termination, and the obligations of the Doctor and
                    the LLC under Section 1.2 shall survive until November 16,
                    2010. Article IV, Sections 6.2 and 6.3 and Sections 7.7 and
                    7.8 shall survive termination of this Agreement.

6      Representations, Warrants and Indemnification

        6.1      Authority and Enforcement. Each party to this Agreement
                 warrants that he or it has full right, power and authority to
                 enter into this Agreement and to perform the covenants and
                 agreements contemplated hereby, that this Agreement has been
                 duly executed and delivered by him or it and that the Agreement
                 is enforceable against him or it in accordance with its terms,
                 except as enforceability may be limited by bankruptcy,
                 insolvency or other creditors' rights generally and the
                 availability of equitable remedies, including specific
                 performance.

        6.2      Patent Rights. The Doctor and the LLC represent and warrant
                 that (i) the Doctor is a named and actual co-inventor of the
                 Process Patent Rights, (ii) the Doctor has provided Diomed with
                 an accurate and complete copy of all written documents relating
                 to the Process Patent Rights that are in his possession or
                 control and a written summary of all other agreements and
                 arrangements (whether written or oral) relating to the Process
                 Patent Rights of which he has knowledge, and (iii) neither the
                 Doctor nor the LLC is a party to any agreement or arrangement
                 (whether written or oral) with any other co-inventor of the
                 Process Patent Rights or any third party that would prohibit
                 the Doctor from granting the license to the Process Patent
                 Rights granted hereunder or require the

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                                 [LOGO] DIOMED

                    approval or consent of any other co-inventor or any third
                    party to the grant of such license. The Doctor and the LLC
                    further represent and warrant that the Doctor is the
                    inventor of the Fiber Patent Rights and that he has the
                    right to grant the rights to the Fiber Patent hereunder. The
                    Doctor and the LLC agree to indemnify and hold Diomed
                    harmless from any liability, loss or cost (including
                    reasonable attorney's fees) arising out of or resulting from
                    any breach of any representation or warranty in this Section
                    6.2.

         6.3        Limitation on Liability. EXCEPT AS SPECIFICALLY PROVIDED
                    HEREIN AND IN ANY WARRANTY DELIVERED WITH THE PRODUCT,
                    DIOMED GIVES NO WARRANTIES WHATSOEVER WITH RESPECT TO THE
                    PRODUCT INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTY
                    OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. IN
                    NO EVENT SHALL DIOMED ON THE ONE HAND OR THE DOCTOR AND/OR
                    THE LLC ON THE OTHER BE LIABLE TO THE OTHER FOR ANY
                    INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES THAT THE OTHER
                    MAY SUFFER DIRECTLY OR INDIRECTLY AS A RESULT OF THE SALE OF
                    THE PRODUCT FOR EVLT. NOTWITHSTANDING ANYTHING TO THE
                    CONTRARY CONTAINED IN THIS AGREEMENT, IN NO EVENT SHALL THE
                    TOTAL LIABILITY OF THE DOCTOR AND/OR THE LLC FOR DAMAGES
                    ARISING OUT OF THIS AGREEMENT EXCEED THE AGGREGATE AMOUNT OF
                    CONSIDERATION RECEIVED BY THE DOCTOR AND/OR THE LLC (WHETHER
                    IN CASH, OR EXERCISED OPTIONS OR SHARES OF CAPITAL STOCK)
                    UNDER THIS AGREEMENT

7     Miscellaneous

         7.1        Assignment. This Agreement shall be binding upon and inure
                    to the benefit of the parties and to their respective
                    successors, personal representatives, executors or assigns.
                    Neither this Agreement nor any part of it shall be
                    assignable by the Doctor or the LLC to any third party.
                    Diomed may assign this Agreement to a parent, subsidiary or
                    other affiliate and to any party that acquires the EVLT
                    business from Diomed, provided that such assignee assumes
                    the obligations of Diomed hereunder in a written instrument
                    delivered to the Doctor and the LLC.

         7.2        Notices. Unless otherwise agreed in writing, all notices,
                    requests and other communications pursuant to this Agreement
                    shall be in writing and addressed as follows:

                              If to Diomed:

                                      Diomed, Inc.
                                      1 Dundee Park
                                      Andover, MA 01810
                                      Attn: Peter Klein

                              If to the Doctor or the LLC:

                                      Endovenous Laser Associates, L.L.C.
                                      416 East 55th Street New York, N.Y. 10022
                                      Attn: Robert Min, M.D.

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                              Any notice or other communication under this
                              Agreement shall be deemed to be sufficiently given
                              if made in writing addressed as above and
                              delivered (a) by hand or by recognized overnight
                              delivery service, (b) by first class registered or
                              certified mail, return receipt requested, or (c)
                              by facsimile or electronic mail (with a
                              confirmation copy dispatched as provided in
                              subsection (a) or (b) above). Notice shall be
                              deemed to have been given upon delivery if
                              delivered under subsection (a) or (c) and at the
                              expiration of five (5) business days after the
                              date on which a notice is posted under subsection
                              (b).

         7.3        Entire Agreement. This Agreement, together with the Exhibits
                    attached hereto, represents the entire agreement between the
                    parties with respect to the subject matter hereof and
                    supersedes any other agreement or understanding, written or
                    oral, that the parties heretofore may have had with respect
                    thereto, including, without limitation, that certain Term
                    Sheet dated as of December 18, 2000.

         7.4        Amendment. No amendment or other variation of this Agreement
                    will be binding unless duly executed by an instrument in
                    writing signed by the parties hereto.

         7.5        No Waiver. Failure by any party to enforce the performance
                    of any of the provisions of this Agreement against another
                    party shall neither constitute a waiver by it or him of its
                    or his rights hereunder nor affect the validity of this
                    Agreement in any way. Any waiver by a party hereto of a
                    breach of this Agreement on the part of another party shall
                    not constitute a precedent as to any subsequent breach on
                    the part of such other party.

         7.6        Invalidity. In the event that any one or more of the
                    provisions contained in this Agreement should be invalid,
                    illegal or unenforceable in any respect, the validity,
                    legality and enforceability of the remaining provisions
                    contained herein shall not in any way be affected or
                    impaired thereby.

         7.7        Applicable Law. This Agreement shall be governed by the laws
                    of the Commonwealth of Massachusetts without application of
                    Massachusetts law with respect to conflicts of law.

         7.8        Dispute Resolution. Any dispute that may arise between the
                    parties in connection with or arising out of this Agreement
                    must first be addressed by the President of Diomed and the
                    Doctor who shall make a good faith effort to resolve the
                    dispute. If, within thirty (30) days of written notice that
                    a dispute exists there has been no resolution of the
                    dispute, then such dispute shall be resolved exclusively by
                    arbitration in accordance with the Commercial Arbitration
                    Rules of the American Arbitration Association then in force.
                    The arbitration shall take place in Boston, Massachusetts,
                    or New York, New York, and shall be final and binding on the
                    parties, shall not be subject to any appeal and shall
                    address the question of costs of arbitration and the matters
                    relating thereto. Judgment upon the award rendered may be
                    entered in any court having jurisdiction, or application may
                    be made to such court for a judicial recognition of the
                    award or any order of enforcement thereof, as the case may
                    be.

         7.9        Counterparts. This Agreement may be executed in one or more
                    counterparts, each of which shall be deemed to be an
                    original, but all of which shall be considered one and the
                    same instrument.

                                       10

<PAGE>

                                 [LOGO] DIOMED

         7.10       Headings. The headings in this Agreement are inserted for
                    convenience only and shall not be used to interpret this
                    Agreement or for any other purpose.

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

DIOMED, INC.                            ENDOVENOUS LASER ASSOCIATES, L.L.C.

By:                                     By:

/s/ Peter Klein                         /s/ Robert Min
-------------------------------------   -------------------------------------
       PETER KLEIN:                                DR. ROBERT MIN

Title: CEO                              Title: MANAGER

                                                                       EXHIBIT A

                         CERTIFICATION OF COMPLETION OF
                                 EVLT TRAINING

                            EVLT Training Certificate
                            -------------------------

      This document certifies that Dr.

         Street:
         City:
         ZIP, State:
         Phone:
         e-mail:

has successfully completed a one day training session on performing an EVLT
procedure.

                                       11

<PAGE>

                                 [LOGO] DIOMED

The Training was performed by Dr.               at the following location:

                 Street:
                 City:
                 ZIP, State:
                 Phone:
                 e-mail:

                           We thank you for your participation

 This certificate merely certifies that the above named physician has completed
 the training session described above, and does not certify that such physician
 possesses any particular level of skill, competency or experience with respect
                             to an EVLT procedure.

                                       12

<PAGE>

                                 [LOGO] DIOMED

                                                                       EXHIBIT B

                                DUTIES OF DR. MIN

 To train between 8 and 12 doctors per calendar year beginning with 2001,
subject to bona fide pre-existing commitments.

 If requested by Diomed, to speak and lecture on the use of the Product for EVLT
 at a minimum of two major medical meetings each year, at least one of which
 shall be in an international forum.

 To be available to answer questions from Diomed personnel related to EVLT for
 up to five (5) hours per month during normal working hours as agreed upon by
 the parties and further agrees to devote up to three (3) hours per month to
 providing e-mail support with respect to EVLT as requested by Diomed.

                                       13

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