Document:

Exhibit

10.22 Letter of voluntary resignation of John R. Geisel as Chief Executive
      Officer effective as of January 15, 2003 (12)

                                                               John R. Geisel
                                                               10 Depot Road
                                                               Boxford, MA 01921

Daniel M. Mulvena
Chairman of the Board of Directors
Magna-Lab Inc.
6800 Jericho Turnpike, Suite 120W
Syosset, NY 11791

Dear Dan:

I hereby resign my position as Chief Executive Officer of Magna-Lab Inc. and
voluntarily terminate my employment with Magna-Lab Inc. (the "Company"),
effective January 15, 2003.

You have confirmed that as of that date, the Company is indebted to me for
deferred salary during the period September 1, 2003 to January 15, 2003 of
$30,000. The Company has agreed to pay such compensation upon the successful
closing of a financial or strategic transaction of significant amount or upon
the winding up of the Company's affairs to the extent that sufficient resources
exist.

In consideration of my resignation and of my entering into a separate agreement
to provide consulting services to the Company, the Company has agreed to waive
the non-competition provisions set forth in Section 4 of the Employment
Agreement between me and the Company dated as of January 1, 2001; and to
reimburse me for the cost of family Medical Insurance for a period of one year.
(January 16, 2003 - January 15, 2004) (Said reimbursement shall be made by four
quarterly payments in advance of $3,000.00, the first two payments of which are
to be paid upon delivery of this letter and the separate agreement to provide
consulting services to the Company). I have also agreed to forsake all bonus
compensation for the fiscal years ending 2/28/02 and 2/28/03.

Sincerely,

/s/ John R. Geisel
-----------------------------
John R. Geisel

Agreed and Accepted:
Magna-Lab Inc.

/s/ Daniel M. Mulvena
-----------------------------
Daniel M. Mulvena, Chairman

Dated as of January 15, 2003.Exhibit

10.23 Letter of Consulting Agreement with John R. Geisel to serve as Acting
      Chief Executive Officer beginning January 16, 2003 (12)

                              [LOGO] MAGNA-LAB INC.

                        6800 Jericho Turnpike, Suite 120W
                                Syosset, NY 11791
                                  516 393 5874
                               516 393 5819 (fax)

John R. Geisel
10 Depot Road
Boxford, MA 01921

Dear John:

This letter will outline the arrangements for you to provide consulting services
to Magna-Lab Inc. (the "Company").

Commencing on January 16, 2003, you will serve as a consultant to the Company
taking your direction from the Board of Directors or their designee and your
role will be "Acting Chief Executive Officer". In such role you will be expected
to provide such functions and duties as are needed in order to assist the Board
in: (a) raising new capital or a strategic transaction for the Company, (b)
preserving the assets of the Company including intellectual and other intangible
property, (c) managing the liabilities of the Company and (e) assistance in
either restarting the Company's activities or winding them down, depending on
the outcome of the Company's efforts.

You will be compensated at the rate of $600 per day. Fractional days shall be
billed at an appropriate fraction of the full day rate. You will be paid based
upon invoices that you shall submit monthly. You will be paid within 10 days of
the end of the month. Since you are to take your direction from the Board, you
need to have close and continuous contact regarding your planned activities and
charges.

You will be operating as an independent contractor to, and not an employee of,
the Company and you are free to work on other situations when you are not
working for the Company or to seek other employment so long as neither conflicts
with your responsibilities to the Company for confidentiality or otherwise. In
that regard, you acknowledge that you continue to be bound by a duty to
confidentiality that continues beyond the term of your employment agreement with
the Company, which was terminated on January 15, 2003, and that you will not
compete with the Company in an endeavor involving "development, manufacture or
sale of MRI receiving coils for use in cardiac imaging" so long as you are
acting as a consultant pursuant to the term of this letter. With respect to any
employment commencing after the termination of your consulting arrangement, the
Company has agreed to waive the non-competition provisions set forth in Section
4 of the Employment Agreement between you and the Company dated as of January 1,
2001.

Should the Company's efforts to raise additional capital or secure a strategic
relationship be successful, you would be eligible to participate in a pool of
incentive compensation, if such a pool is possible given the parameters of such
transaction. If available, your participation in any such pool and the amount to
which you would be entitled would be in the sole discretion of the Board of
Directors, taking into account your efforts in (a) originating and/or (b)
closing such transaction and the availability of funds. Such incentive
compensation is by no means assured and may not be likely.
<PAGE>

You are currently subject to an agreement in which the Company agrees to
indemnify you in certain matters and such obligation of the Company shall
continue in effect and shall cover acts under this agreement. You are vested in
options to purchase 1,950,000 shares of Company stock that would require
exercise within 90 days of termination of your employment. So long as you are
providing services under this agreement, the Company agrees to postpone the
start of the 90 day period to exercise your vested options.

You may terminate this agreement, at any time, upon thirty (30) days notice to
the Company.

This agreement shall be governed by the laws of New York (without reference to
its conflict of laws rules).

If this reflects our understanding, please sign below.

Sincerely,

MAGNA-LAB INC.

/s/ Daniel M. Mulvena
----------------------------
Daniel M. Mulvena
Chairman of the Board

Agreed and accepted:

/s/ John R. Geisel
----------------------------
John R. Geisel

Dated as of January 15, 2003Exhibit

10.24 License Agreement between the Mount Sinai School of Medicine of New York
      University and Magna-Lab Inc. dated as of July 1, 2001

                                LICENSE AGREEMENT
                                     BETWEEN

                      THE MOUNT SINAI SCHOOL OF MEDICINE OF
                               NEW YORK UNIVERSITY

                                       AND

                                 MAGNA-LAB INC.

This License Agreement (the "Agreement") is made and effective as of July 1,
2001 (the "Effective Date"), by and between:

THE MOUNT SINAI SCHOOL OF MEDICINE OF NEW YORK UNIVERSITY, a corporation
organized and existing under the laws of the State of New York and having a
place of business at One Gustave L. Levy Place, Box 1675, New York, NY
10029-6574 ("MSSM")

AND

Magna-Lab Inc., a corporation duly organized and existing under the laws of
Delaware, and having its principal office at Six Kimball Lane, Lynnfield,
Massachusetts 01940 ("MAGNA").

RECITALS

WHEREAS:

Pursuant to a Collaborative Research Agreement, dated as of May 7, 1997 (the
"Research Agreement"), MSSM and MAGNA jointly developed certain technology as
covered by the Patent Rights (as hereinafter defined); and

In accordance with the terms of the Research Agreement, the technology and
inventories covered by the Patent Rights are jointly owned by MSSM and MAGNA,
with the understanding that each of them shall have certain license rights
thereunder; and

In furtherance of the foregoing premises, MSSM wishes to license its share of
the Patent Rights to a Continuation of USA patent application 09/442,666 filed
11/18/99 and based on USA Provisional filing #60/108,968 filed 11/18/98 and
shall further mean, United States and foreign patents issuing thereon, and any
divisions, continuations, reissues, renewals and extensions thereof and MAGNA
desires to accept such license, all on the terms and conditions set forth
herein. NOW, THEREFORE, IT IS HEREBY DECLARED AND AGREED BETWEEN THE PARTIES AS
FOLLOWS:
<PAGE>

Definitions.

Whenever used in this Agreement, the following terms shall have the following
meanings:

      a.    "Affiliate" shall mean any corporation, firm, limited liability
            company, partnership or other entity that directly or indirectly
            controls or is controlled by or is under common control with a party
            to this Agreement. "Control" means ownership, directly or through
            one or more Affiliates, of 50 percent or more of the shares of stock
            entitled to vote for the election of directors, in the case of a
            corporation, or 50 percent or more of the equity interests in the
            case of any other type of legal entity, status as a general partner
            in any partnership, or any other arrangement whereby a party
            controls or has the right to control the board of directors or
            equivalent governing body of a corporation or other entity.

      b.    "Calendar Year" shall mean any consecutive period of twelve months
            commencing on the first day of January of any year.

      c.    "License" shall mean the license under MSSM's share of Patent Rights
            to develop, manufacture, have manufactured, use, offer for sale and
            sell the Licensed Products as provided in Article 2, below.

      d.    "Licensed Products" shall mean any product or part thereof, the
            manufacture, use, or sale of which is: (i) covered by one or more
            Valid Claims of any unexpired Patent Rights, or (ii) could not be
            developed, manufactured, used, sold, comprised or delivered without
            the License.

      e.    "Net Sales" shall mean the total amount invoiced by MAGNA or by any
            Affiliate or by a sublicensee in connection with sales of the
            Licensed Products by MAGNA or any MAGNA Affiliate to any person or
            entity that is not a Affiliate or a sub-licensee of MAGNA or a MAGNA
            Affiliate, after deduction of all the following to the extent
            applicable to such sales;

            i)    trade, cash and quantity credits, discounts, refunds or
                  rebates;

            ii)   allowances or credits for returns;

            iii)  sales commissions;

            iv)   sales taxes (including value added tax), and

            v)    freight and insurance charges borne by the seller.

      f.    "Patent Rights" shall mean U.S. Patent Application 09/442,666 filed
            11/18/99 and based on USA Provisional filing #60/108,968 filed
            11/18/98 entitled "Expandable MRI Receiving Coil" and Continuation
            of U.S. Patent Application #09/517,894 filed 3/23/00 entitled "
            Catheter Antenna for Magnetic Resonance Imaging" and shall further
            mean, United States patents issuing thereon, and any divisions,
            continuations in whole, reissues, renewals and extensions and
            foreign filings thereof.list all patents filed by us and foreign.
<PAGE>

      g.    "Valid Claim" shall mean a claim of (i) an issued patent included in
            Patent Rights which has not been declared invalid in a final,
            unappealable decision of a court of appropriate jurisdiction, or
            (ii) a pending patent application included in the Patent Rights
            which is being diligently prosecuted by or on behalf of MSSM and has
            not been pending for more than five years from the date on which it
            was first filed.

      h.    "Territory" shall mean worldwide.

2.    The License

a)    Subject to the terms and conditions hereinafter set forth, MSSM hereby
      grants to MAGNA and MAGNA hereby accepts from MSSM the Worldwide right
      under the Patent Rights to develop, manufacture, have manufactured, use,
      sell and offer for sale the Licensed Products. The License shall be
      exclusive as to all rights of MSSM in and to the Patent Rights in the
      Territory. During the term of this Agreement, MSSM shall not grant any
      rights in and to the Patent Rights of MAGNA herein.

b)    MAGNA shall be entitled to grant sub-licenses under the License on terms
      and conditions not inconsistent with this Agreement (except that the rate
      of royalty may be at higher rates than those set forth in this Agreement):
      (i) to an Affiliate, and (ii) to other third parties for consideration and
      in arms-length transactions subject to the rights retained by MSSM
      pursuant to Section 3.c. hereof.

c)    All sub-licenses shall only be granted by MAGNA pursuant to a written
      agreement, a true and complete copy of which shall be submitted by MAGNA
      to MSSM as soon as practicable after the signing thereof. Each sub-license
      granted by MAGNA hereunder shall be subject and subordinate to the terms
      and conditions of this License Agreement and shall contain, inter alia,
      the following provisions:

            i) the sub-license shall expire automatically on the termination of
            the License;

            ii) both during the term of the sub-license and thereafter the
            sub-licensee shall be bound by a secrecy obligation similar to that
            imposed on MAGNA in Section 6 below, and that the sub-licensee shall
            bind its employees and agents, both during the terms of their
            employment and thereafter, with a similar undertaking of secrecy.

d)    The sub-license agreement shall include the text of Sections 6, 8 and 9 of
      this Agreement and shall state that MSSM is an intended third party
      beneficiary of such sub-license agreement for purposes of enforcing such
      indemnification and insurance provisions.

e)    The License shall be subject to a non-exclusive license in favor of the
      U.S. Government to the extent required by Title 35 U.S.C.A. ss. 200 et
      seq., or as otherwise required by virtue of use of federal funding in
      support of inventions claimed within the Patent Rights.
<PAGE>

f)    Neither party hereto will, as a result of this Agreement, obtain any
      ownership interest in, or any other right or license to, any existing
      technology, patents, or Confidential Information, as defined in Section 6,
      below, of the other party.

3.

      a.    In consideration for the grant of the License hereunder, MAGNA shall
            pay to MSSM:

            i.)   a royalty of three percent (3%) on Net Sales of Licensed
                  Products by MAGNA and/or any of its Affiliates, or
                  Sublicensees to End users; and

            ii.)  If MAGNA is required to acquire one or more licenses from
                  third parties in order to make, use or sell a Licensed Product
                  such that aggregate royalties payable by MAGNA on Net Sales
                  exceeds twelve percent (12%), then MAGNA shall be entitled to
                  a credit against the royalty payments due to MSSM pursuant to
                  Section 3.a.i. equal to fifty percent (50%) of the amount of
                  such excess; provided, however, that in no event shall the
                  amount otherwise payable to MSSM be reduced by more than fifty
                  percent (50%). Any amounts for which MAGNA is entitled to
                  receive credit, which are not deducted as a result of the
                  fifty percent (50%) cap, shall be carried forward and credited
                  against future royalties due MSSM in the following year.

            iii.) Fifteen percent (15%) of any license fee or other non-royalty
                  consideration received by MAGNA as consideration for the grant
                  of a sub-license with respect to the License or of an option
                  to acquire such a sub-license, whenever, the overall
                  sublicense agreement would unfairly reduce MSSM's compensation
                  by artificially lowering Net Sales;

            (iv)  MAGNA shall notify MSSM of the date of the first commercial
                  sale of a Licensed Product as soon as practicable after the
                  making of such commercial sale.

            (v)   Commencing on the date of first commercial sale of a License
                  Product, MAGNA shall, within 90 days from the last day of each
                  June and December in each Calendar Year during the term of the
                  License, submit to MSSM a full and detailed report of
                  royalties or payments due MSSM under the terms of this
                  Agreement for the preceding half year (the "Semi-Annual
                  Report"), setting forth the Net Sales and lump sum payments
                  and all other payments or consideration from sub-licensees
                  upon which such royalties are computed and including, on a
                  Licensed Product-by-Licensed Product basis at least:

                        (a)   the quantity of Licensed Products used, sold,
                              transferred or otherwise disposed of,

                        (b)   the selling price of each Licensed Product,
<PAGE>

                        (c)   the deductions permitted to arrive at Net Sales,

                        (d)   the royalty computations and deductions therefrom
                              based on royalty payments to third parties.

                  If no royalties are due, a statement shall be sent to MSSM
                  stating such fact. The full amount of any royalties or other
                  payments due to MSSM for the preceding half-year shall
                  accompany each such report on royalties and payments. MAGNA
                  and all its sub-licensees shall keep for a period of at least
                  five years after the date of entry, full, accurate and
                  complete books and records consistent with sound business and
                  accounting practices and in such form and in such detail as to
                  enable the determination of the amounts due to MSSM from MAGNA
                  pursuant to terms of this Agreement.

            (vi)  MAGNA may deduct from the royalties otherwise payable to MSSM
                  for any year up to 10% of such royalties to cover actual costs
                  incurred by MAGNA for the prosecution issuance and maintenance
                  costs and interference proceedings cost pertaining to the
                  Patent Rights.

      b.    At the request and expense of MSSM, MAGNA shall permit (and shall
            require its sub-licensees to permit) an independent certified or
            chartered public accountant appointed by MSSM, at reasonable times
            and upon reasonable notice (but not more frequently than once per
            12-month period), to examine the records of MAGNA (and its
            sub-licensees) to the extent necessary to verify royalty
            calculations made hereunder; provided, however, that such
            examination shall be at the expense of MAGNA if it reveals a
            discrepancy in the amount of royalties to be paid in MSSM's favor of
            more than five percent. Results of such examination shall be made
            available to both MAGNA and MSSM.

      c.    MSSM shall have the right to practice the Patent Rights and use the
            Inventions for its own bona fide research, including sponsored
            research and collaborations. MSSM shall have the right to publish
            any information included in Patent Rights.

4.    Method of Payment

      a.    Royalties and any other payments due to MSSM hereunder shall be paid
            to MSSM in United States dollars.

      b.    MAGNA shall be responsible for prompt reimbursement to MSSM of all
            royalties due on sale, transfer or disposition of Licensed Products
            by the sub-licensees of MAGNA.

      c.    As to sales occurring in currencies other than U.S. Dollars, Net
            Sales shall first be calculated in the currency in which sale
            occurred and then converted to U.S. Dollars at the closing buying
            rate for such currency as of the last business day of the calendar
            quarter for which royalties are due, as set forth in the Wall Street
            Journal for such date.
<PAGE>

5.    Confidential Information.

      a.    In the course of research to be performed under this Agreement, it
            will be necessary for each party to disclose "Confidential
            Information" to the other. For purposes of this Agreement,
            "Confidential Information" is defined as all information, data and
            know-how disclosed by one party (the "Disclosing Party") to the
            other (the "Receiving Party"), either embodied in tangible materials
            (including writings, drawings, graphs, charts, photographs,
            recordings, structures, technical and other information) marked
            "Confidential" or, if initially disclosed orally, which is reduced
            to writing marked "Confidential" within 10 days after initial oral
            disclosure, other than that information which is:

            i)    known by the Receiving Party at the time of its receipt, and
                  not through a prior disclosure by the Disclosing Party, as
                  documented by the Receiving Party's business records; or

            ii)   at the time of disclosure, or thereafter becomes, published or
                  otherwise part of the public domain without breach of this
                  Agreement by the Receiving Party; or

            (iii) obtained from a third party who has the legal right to make
                  such disclosure and without any confidentiality obligation to
                  the Disclosing Party; or

            (iv)  independently developed by the Receiving Party without the use
                  of Confidential Information received from the Disclosing Party
                  and such independent development can be documented by the
                  Receiving Party; or

            (v)   disclosed to governmental or other regulatory agencies in
                  order to obtain patents, provided that such disclosure may be
                  made only to the extent reasonably necessary to obtain such
                  patents or authorizations, and further provided that any such
                  patent applications shall be filed in accordance with the
                  terms of this Agreement; or

            (vi)  required by law, regulation, rule, act or order of any
                  governmental authority to be disclosed.

      b.    The Receiving Party agrees that at all times and notwithstanding any
            termination, expiration, or cancellation hereunder, it will hold the
            Confidential Information of the Disclosing Party in strict
            confidence, and will use all reasonable safeguards to prevent
            unauthorized disclosure by its employees and agents. Notwithstanding
            the foregoing, the parties recognize that industry standards with
            respect to the treatment of Confidential Information may not be
            appropriate in an academic setting. However, MSSM agrees to retain
            Confidential Information of MAGNA in the same manner and with the
            same level of confidentiality as MSSM retains its own Confidential
            Information.

      c.    The Receiving Party will maintain reasonable procedures to prevent
            accidental or other loss, including unauthorized publication of any
            Confidential Information of the Disclosing Party. The Receiving
            Party will promptly notify the Disclosing Party in the event of any
            loss or unauthorized disclosure of the Confidential Information.
<PAGE>

      d.    Upon written request, the Receiving Party will promptly return to
            the Disclosing Party all documents or other tangible materials
            representing Confidential Information and all copies thereof.

      e.    The Receiving Party will immediately notify the Disclosing Party in
            writing, if it is requested by a court order, a governmental agency,
            or any other entity to disclose Confidential Information in the
            Receiving Party's possession. The Disclosing Party will have an
            opportunity to intervene by seeking a protective order or other
            similar order, in order to limit or prevent disclosure of the
            Confidential Information. The Receiving Party will disclose only the
            minimum Confidential Information required to be disclosed in order
            to comply, whether or not a protective order or other similar order
            is obtained by the Disclosing Party.

6.    Patent Rights.

      a.    If either party to this Agreement acquires information that a third
            party is infringing one or more of the Patent Rights, the party
            acquiring such information shall promptly notify the other party to
            Agreement in writing of such infringement.

      b.    In the event of infringement of the Patent Rights, MAGNA shall have
            the right, but not the obligation, to bring suit against the
            infringer on MSSM's behalf. Should MAGNA elect to bring suit against
            an infringer and MSSM is joined as party plaintiff in any such suit,
            MSSM shall have the right to approve the counsel selected by MAGNA
            to represent MAGNA, such approval not to be unreasonably withheld.
            The expenses of such suit or suits that MAGNA elects to bring,
            including any expenses of MSSM incurred in conjunction with the
            prosecution of such suit or the settlement thereof, shall be paid
            for entirely by MAGNA and MAGNA shall hold MSSM free, clear and
            harmless from and against any and all costs of such litigation,
            including attorney's fees. MAGNA shall not compromise or settle such
            litigation without the prior written consent of MSSM, which shall
            not be unreasonably withheld.

      c.    If MAGNA exercises its right to sue, it shall first reimburse itself
            out of any sums recovered in such suit or in settlement thereof for
            all costs and expenses of every kind and character, including
            reasonable attorneys' fees, necessarily involved in the prosecution
            of any such suit, and if after such reimbursement, any funds shall
            remain from said recovery MAGNA shall promptly pay to MSSM an amount
            equal to twenty-five (25%) percent of such remainder and MAGNA shall
            be entitled to receive and retain the balance of the remainder of
            such recovery.
<PAGE>

      d.    If MAGNA does not bring suit against said infringer pursuant to
            subsection b, above, or has not commenced negotiations with said
            infringer for discontinuance of said infringement, within 90 days
            after receipt of such notice, MSSM shall have the right, but not the
            obligation, to bring suit for such infringement and to join MAGNA as
            a party plaintiff, in which event MSSM shall hold MAGNA free, clear
            and harmless from and against any and all costs and expenses of such
            litigation, including attorneys' fees. In the event MSSM brings suit
            for infringement of the Patent Rights, MSSM shall have the right to
            first reimburse itself out of any sums recovered in such suit or
            settlement thereof for all costs and expenses of every kind and
            character, including reasonable attorneys' fees necessarily involved
            in the prosecution of such suit, and if after such reimbursement,
            any funds shall remain from said recovery, MSSM shall promptly pay
            to MAGNA an amount equal to Twenty-five percent (25%) of such
            remainder and MSSM shall be entitled to receive and retain the
            balance of the remainder of such recovery.

      e.    Each party shall have the right to be represented by counsel of its
            own selection, at its sole expense, in any suit for infringement of
            the Patent Rights instituted by the other party to this Agreement
            under the terms hereof.

      f.    MAGNA shall cooperate fully with MSSM at the request of MSSM,
            including, by giving testimony and producing documents lawfully
            requested in the course of a suit prosecuted by MSSM for
            infringement of the Patent Rights; provided MSSM shall pay all
            reasonable expenses (including attorneys' fees) incurred by MAGNA in
            connection with such cooperation. MSSM shall cooperate with MAGNA in
            the prosecution of a suit by MAGNA for infringement of the Patent
            Rights, provided that MAGNA shall pay all reasonable expenses
            (including attorneys' fees) involved in such cooperation.

      g.    MAGNA shall, upon receipt of reasonable documentation, promptly
            reimburse MSSM for all of the fees and expenses reasonably incurred
            by MSSM in the prosecution and maintenance of the Patent Rights.

7.    Liability and Indemnification.

      a.    MAGNA shall indemnify, defend and hold harmless MSSM and its
            trustees, officers, directors, medical and professional staff,
            employees, students and agents and their respective successors,
            heirs and assigns (the "Indemnitees"), against any liability,
            damage, loss or expense (including reasonable attorneys' fees and
            expenses of litigation) incurred by or imposed upon the Indemnitees
            or any one of them in connection with any claims, suits, actions,
            demands or judgments: (i) arising out of the design, production,
            manufacture, sale, use in commerce or in human clinical trials,
            lease, or promotion by MAGNA or by a licensee, Affiliate or agent of
            MAGNA of any Licensed Product, process or service relating to, or
            developed pursuant to, this Agreement, or (ii) arising out of any
            other activities to be carried out by MAGNA pursuant to this
            Agreement.
<PAGE>

      b.    MAGNA's indemnification under subsection a.(i), above, shall apply
            to any liability, damage, loss or expense whether or not it is
            attributable to the negligent activities of the Indemnitees. MAGNA's
            indemnification under subsection a (ii), above, shall not apply to
            any liability, damage, loss or expense to the extent that it is
            attributable to the gross negligence or intentional misconduct of
            the Indemnitees.

      c.    MAGNA shall, at its own expense, provide attorneys reasonably
            acceptable to MSSM to defend against any actions brought or filed
            against any party indemnified hereunder with respect to the subject
            of indemnity contained herein, whether or not such actions are
            rightfully brought.

8.    Security for Indemnification.

      a.    At such time as any Licensed Product is being commercially
            distributed or sold (other than for the purpose of obtaining
            regulatory approvals) by MAGNA or by a sub-licensee, Affiliate or
            agent of MAGNA, MAGNA shall at its sole cost and expense, procure
            and maintain policies of comprehensive general liability insurance
            in amounts not less than $5 million per incident and $5 million
            annual aggregate and naming the Indemnitees as additional insured
            parties. Such comprehensive general liability insurance shall
            provide (i) product liability coverage and (ii) broad form
            contractual liability coverage for MAGNA's indemnification under
            Section 7 of this Agreement. The minimum amounts of insurance
            coverage required under this Section 8 shall not be construed as a
            limit of MAGNA 's liability with respect to its indemnification
            under Section 8 of this Agreement.

      b.    MAGNA shall provide MSSM with MAGNA written evidence of such
            insurance upon request of MSSM. MAGNA shall provide MSSM with
            written notice at least 60 days prior to the cancellation,
            non-renewal or material change in such insurance; if MAGNA does not
            obtain replacement insurance providing comparable coverage within
            such 60 day period effective immediately upon notice to MAGNA, MSSM
            shall have the right to terminate this Agreement effective at the
            end of such 60 day period without notice or any additional waiting
            periods.

      c.    MAGNA shall maintain such comprehensive general liability insurance
            beyond the expiration or termination of this Agreement during: (i)
            the period that any product, process or service, relating to, or
            developed pursuant to, this Agreement is being commercially
            distributed or sold (other than for the purpose of obtaining
            regulatory approvals) by MAGNA or by a licensee, Affiliate or agent
            of MAGNA, and (ii) a reasonable period after the period referred to
            in (c)(i) above which in no event shall be less than three years.
<PAGE>

9.    Term and Termination.

      a.    This Agreement shall come into force as of the Effective Date.
            Unless sooner terminated as provided herein, this Agreement shall
            expire on the expiration of the last to expire of the Patent Rights.

      b.    At any time prior to expiration of the term of this Agreement either
            party may terminate this Agreement forthwith for cause upon notice
            to the other party. "Cause" for termination of this Agreement shall
            be deemed to exist if either MSSM or MAGNA materially breaches or
            defaults in the performance or observance of any of the provisions
            of this Agreement and such breach or default is not cured within
            ninety(90) days or, in the case of failure to pay any amounts due
            hereunder, 30 days (unless otherwise specified herein) after the
            giving of notice by the other party specifying such breach or
            default, or if either MSSM or MAGNA discontinues its business or
            becomes insolvent or bankrupt.

      c.    Any amount payable hereunder by one of the parties to the other,
            which has not been paid by its due date of payment shall bear
            interest from its due date of payment until the date of actual
            payment, at a rate per annum equal to of two percent per annum in
            excess of the Prime Rate prevailing at Citibank, N.A., New York, New
            York, during the period of arrears and such amount and the interest
            thereon may be set off against any amount due, whether in terms of
            this Agreement or otherwise, to the party in default by any
            non-defaulting party.

      c.    Upon termination of this Agreement for any reason, MSSM's rights in
            and to the Patent Rights shall revert to MSSM. MAGNA's rights shall
            remain with MAGNA.

      d.    Termination of this Agreement shall not relieve the parties of any
            obligation occurring prior to such termination.

      e.    Sections 3b. 3c., 6, 7, 8 and 13 hereof shall survive and remain in
            full force and effect after any termination, cancellation or
            expiration of this Agreement.

10.   Representation and Covenants

a.    MSSM hereby represents, warrants, and covenants to the MAGNA hereto that
      it is a corporation duly organized and validly existing under the laws of
      the state or other jurisdiction of its incorporation or formation;

b.    MAGNA hereby represents, warrants and covenants to the other party hereto
      that it is a corporation duly organized and validly existing under the
      laws of the state or other jurisdiction of its incorporation or formation;

c.    Each of MSSM and MAGNA hereby represents, warrants and covenants to the
      other party hereto as follows:

            i)    the execution, delivery and performance of this Agreement by
                  such party has been duly authorized by all requisite corporate
                  action;
<PAGE>

            ii)   it has the power and authority to execute and deliver this
                  Agreement and to perform its obligations hereunder;

            iii)  the execution, delivery and performance by such party of this
                  Agreement and its compliance with the terms and provisions
                  hereof is not prohibited and does not and will result in a
                  breach of any of the terms and provisions of, or constitute a
                  default under, (i) a loan agreement, guaranty, financing
                  agreement, agreement affecting a product, or other agreement
                  or instrument binding or affecting it or its property; (ii)
                  the provisions of its charter documents or bylaws; or (iii)
                  any order, writ, injunction or decree of any court or
                  governmental authority entered against it or by which any of
                  its property is bound;

            iv)   the execution, delivery and performance of this Agreement by
                  such party does not require the consent, approval, or
                  authorization of, or notice, declaration, filing or
                  registration with, any governmental or regulatory authority,
                  and the execution, delivery or performance of this Agreement
                  will not violate any law, rule or regulation applicable to
                  such party;

            v)    this Agreement has been duly authorized, executed and
                  delivered and constitutes such party's legal, valid and
                  binding obligation enforceable against it in accordance with
                  its terms subject, as to enforcement, to bankruptcy,
                  insolvency, reorganization and other laws of general
                  applicability relating to or affecting creditors' rights and
                  to the availability of particular remedies under general
                  equity principles; and

            vi)   it shall comply with all applicable material laws and
                  regulations relating to its activities under this Agreement.

            vii)  Each party represents that performance of all the terms of
                  this Agreement will not breach any agreement to keep in
                  confidence proprietary information acquired by a party prior
                  to the execution of this Agreement.

      d.    Except as otherwise expressly provided herein, MSSM hereby
            represents, warrants and covenants to MAGNA that, to the best of its
            knowledge and belief:

            i)    MSSM has the full right, power and authority to grant all of
                  the right, title and interest in the License; and

            ii)   there are no judgments or settlements against or owed by MSSM,
                  or any pending or threatened claims or litigation relating to
                  MSSM's interest in the Patent Rights.
<PAGE>

11.   Assignment.

      Except for sublicenses granted in accordance with Section 2.b. and c.,
      MAGNA shall not have the right to assign, delegate or transfer at any time
      to any party, in whole or in part, any or all of MSSM's rights, duties and
      interest herein granted without first obtaining the written consent of
      MSSM to such assignment, such consent not to be unreasonably withheld,
      provided that MAGNA may assign its License without the consent of MSSM if
      the Assignee assumes MAGNA's obligations hereunder with respect to the
      payment of royalties to MSSM.

12.   Use of Name.

      Neither party may use the name of the other or its Affiliates in any
      publicity or advertising. Except as may be necessary in order to comply
      with its public disclosure and reporting obligations under the securities
      laws or other applicable law, a party may issue a press release or
      otherwise publicize or disclose this Agreement or the confidential terms
      and conditions hereof only with the prior written consent of the other
      party.

13.   Miscellaneous.

      a.    In carrying out this Agreement the parties shall comply with all
            local, state and federal laws and regulations including but not
            limited to, the provisions of Title 35 U.S.C.A. ss. 200 et seq. and
            15 CFR ss. 368 et seq.

      b.    If any provision of this Agreement is determined to be invalid or
            void, the remaining provisions shall remain in effect.

      c.    This Agreement shall be deemed to have been made in the State of New
            York and shall be governed and interpreted in all respects under the
            laws of the State of New York. Any and all disputes hereunder shall
            be brought and resolved solely in the courts of the State of New
            York in and for the Borough of Manhattan.

      d.    All payments or notices required or permitted to be given under this
            agreement shall be given in writing and shall be effective when
            either personally delivered or deposited, postage prepaid, in the
            United States registered or certified mail, addressed as follows:

            To MSSM:        Mount MSSM School of Medicine of New York University
                            Attention: Executive Director.
                            Office of Industrial Liaison
                            One Gustave L. Levy Place
                            New York, New York 10029-6574

            Copy to:        General Counsel (at the same address)

            To MAGNA:       Magna-Lab Inc.
                            Attention: John R. Geisel, President
                            Six Kimball Lane
                            Lynnfield, Massachusetts  01940
<PAGE>

            or such other address or addresses as either party may hereafter
            specify by written notice to the other. Such notices and
            communications shall be deemed to have been received by the
            addresses on the date of delivery if personally delivered or 14 days
            after having been sent by registered mail.

      e.    This Agreement and the exhibits attached hereto constitute the
            entire Agreement between the parties with respect to the subject
            matter hereof and no variations, modification or waiver of any of
            the terms or conditions hereof shall be deemed valid unless made in
            writing and signed by both parties hereto. This Agreement supersedes
            any and all prior agreements or understandings, whether oral or
            written, between MAGNA and MSSM.

      f.    No waiver by either party of any non-performance or violation by the
            other party of any of the covenants, obligations or agreements of
            such other party hereunder shall be deemed to be a waiver of any
            subsequent violation or non-performance of the same or any other
            covenant, agreement or obligation, nor shall forbearance by any
            party be deemed to be a waiver by such party of its rights or
            remedies with respect to such violation or non-performance.

      g.    The descriptive headings contained in this Agreement are included
            for convenience and reference only and shall not be held to expand,
            modify or aid in the interpretation, construction or meaning of this
            Agreement.

      h.    It is not the intent of the parties to create a partnership or joint
            venture or to assume partnership responsibility or liability. The
            obligations of the parties shall be limited to those set out herein
            and such obligations shall be several and not joint.

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

MOUNT SINAI SCHOOL OF MEDICINE              MAGNA-LAB, INC.
OF NEW YORK UNIVERSITY

By: /s/ Nathan Kase 09.11.02                By: /s/ John R. Geisel 09.09.02
    ------------------------------              --------------------------------
                                                John R. Geisel

Date:                                       Date:
    ------------------------------              --------------------------------

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