Document:

EXHIBIT 10.1

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN
EXEMPTION FROM REGISTRATION PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED ("SECURITIES ACT"). THIS SUBSCRIPTION AGREEMENT SHALL NOT CONSTITUTE AN
OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES IN ANY
JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. THE
SECURITIES ARE "RESTRICTED" AND MAY NOT BE RESOLD OR TRANSFERRED EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM.

                         SERIES E CONVERTIBLE PREFERRED
                             SUBSCRIPTION AGREEMENT
                             ----------------------

                           IMMTECH INTERNATIONAL, INC.

            This Agreement has been executed by the subscribers set forth on
Appendix A hereto (each, a "Subscriber") in connection with the private
placement of the Series E Convertible Preferred Stock ("Series E Stock") of
Immtech International, Inc., located at 150 Fairway Drive, Suite 150, Vernon
Hills, Illinois 60061, a corporation organized under the laws of Delaware, USA
("Company"). The terms on which the Series E Stock may be converted into common
stock of the Company, $0.01 par value, ("Common Stock") and the other terms of
the Series E Stock are set forth in the Certificate of Designation of Series E
Convertible Preferred Stock ("Series E Certificate of Designation") attached
hereto as Exhibit A. For each share of Series E Stock purchased at the Initial
Closing (defined below) by a Subscriber, the Company will grant to such
Subscriber (i) a warrant ("Warrant") to purchase 0.625 shares of the Company's
common stock pursuant to the terms of the Warrant (Exhibit B) and (ii) an option
("Option") to purchase one-quarter share of Series E Stock pursuant to the terms
set forth herein. This Subscription and, if accepted by the Company, the offer
and sale of the Series E Stock, the Warrant, the Option and the underlying
Common Stock (collectively, the "Securities"), are being made in reliance on an
exemption for non-public offerings under Section 4(2) of the Securities Act of
1933, as amended ("Securities Act") and are intended to qualify for the safe
harbor protections afforded by Rule 506 of Regulation D or Regulation S of the
Securities Act.

            Each Subscriber hereby represents and warrants, severally and not
jointly, to the Company as follows:

            1. Agreement to Sell and Purchase the Securities.

            (a) Purchase Price. The Company will sell, and the Subscriber will
buy, the number of shares of Series E Stock set forth next to the Subscriber's
name on Appendix A for the purchase price of $25.00 U.S. Dollars per share (the
aggregate price of the Series E Stock purchased by the Subscriber, the "Purchase
Price") in reliance upon the representations and warranties of the Company and
Subscriber contained in this Agreement and the terms and conditions hereinafter
set forth. Concurrently at the Initial Closing, the Company will grant to each
Subscriber, for each one share of Series E Stock purchased by such Subscriber,
(i) a Warrant to purchase 0.625 shares of Common Stock, such Warrant to have an
exercise price of $10.00 per share of Common Stock and an exercise period of up
to three years as per the terms of the Warrant attached hereto as Exhibit B and
(ii) the Option to purchase at any time [and from time-to-time] until the date
that is 30 days after the date of an Effective Registration Statement (defined
below), at $25.00 per share, up to one additional share of Series E Stock for
each four shares purchased at the Initial Closing.

            (b) Form of Payment. Subscriber shall pay the Purchase Price by
delivering funds in U.S. Dollars by wire transfer to Cadwalader, Wickersham &
Taft LLP ("CWT"), for the benefit of the Company, against delivery of the
certificates representing the shares of Series E Stock and Warrant issuable in
exchange therefor. Warrant and Option exercise payments shall be made directly
to the Company pursuant to the payment instructions on the Warrant.

            (c) Wire Instructions. Wire instructions for CWT are as follows:

                  CHASE PRIVATE BANK
                  1211 Avenue of the Americas, 37th Floor
                  New York, NY 10036
                  ABA#021000021
                  Cadwalader Wickersham & Taft LLP
                  Primary Trust Account
                  A/C#967-707234
                  For the benefit of Immtech International, Inc.

            (d) Initial Closing. Subject to the conditions set forth below, the
purchase and sale of the Securities shall take place on or before December 13,
2005, at the offices of Cadwalader, Wickersham & Taft LLP, One World Financial
Center, New York, New York 10281, at 10:00 a.m., or at such other time and place
as the Company and the Subscriber mutually agree (which date and event are
designated as the "Initial Closing Date" and "Initial Closing," respectively).
At the Initial Closing the Company shall deliver to the Subscriber original
certificates and instruments, as applicable, representing the Securities to be
purchased at the Initial Closing, against delivery by the Subscriber of a wire
transfer in the amount of the aggregate Purchase Price therefor. The delivery of
the Securities and the Initial Closing shall be simultaneous in that neither the
delivery of the Securities nor any event required by the terms of this Agreement
to occur thereat shall be deemed to have occurred until such delivery and all
such events shall have occurred, and when such delivery and all such events have
occurred, they shall be deemed to have occurred simultaneously.

            2. Representation and Warranties of the Subscriber. Each Subscriber
acknowledges, represents, warrants, agrees and covenants as follows:

            (a) Authorization. If the Subscriber is a corporation, the
corporation is duly incorporated or organized and validly existing in the
jurisdiction of its incorporation or organization and has all requisite power
and authority to purchase and hold the Securities. The decision to invest and
the execution and delivery of this Agreement by a corporate Subscriber, the
performance of the obligations hereunder and the consummation of the
transactions contemplated hereby have been duly authorized and require no other
proceedings on the part of the Subscriber. The individual signing this Agreement
has all right, power and authority to execute and deliver this Agreement on
behalf of the corporate Subscriber.

            This Agreement has been duly executed and delivered by the
Subscriber and, assuming the execution and delivery hereof and acceptance
thereof by the Company, will constitute the legal, valid and binding obligations
of the Subscriber, enforceable against the Subscriber in accordance with its
terms.

            (b) Evaluation of Risks. The Subscriber has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of, and bearing the economic risks entailed by, an investment
in the Company and of protecting its interests in connection with this
transaction. Subscribers recognize that an investment in the Company involves a
high degree of risk.

            (c) Independent Counsel. Subscriber acknowledges that he, she or it
has been advised to consult with their own attorney regarding legal matters
concerning the Company and to consult with their tax advisor regarding the tax
consequences of acquiring the Securities.

            (d) Access to Information. Subscriber acknowledges that he, she or
it has been permitted access, to the Subscriber's satisfaction, to the Company's
books, records, reports and other information, including without limitation,
public filings made pursuant to the Securities Exchange Act of 1934, as amended.
The Subscriber may read and copy any materials that the Company files with the
Securities and Exchange Commission ("SEC") at the SEC's Public Reference Room at
450 Fifth Street, N.W., Washington, D.C. 20549. You may obtain information on
the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.
Our reports, proxy statements and other documents filed electronically with the
SEC are available at the website maintained by the SEC at http://www.sec.gov. We
also make available free of charge on or through our Internet website,
http://www.immtech-international.com, our annual, quarterly and current reports,
and, if applicable, amendments to those reports, filed or furnished pursuant to
Section 13(a) of the Exchange Act, as soon as reasonably practicable after we
electronically file such reports with the SEC. Information on our website is not
a part of this Agreement.

            (e) No Registration. Subscriber understands that the Securities have
not been registered under the Securities Act or any other Securities laws but
are being offered and sold to Subscribers in reliance upon specific exemptions
from the registration requirements of Federal and State securities laws and that
the Company is relying upon the truth and accuracy of the representations,
warranties, agreements, acknowledgments and understandings of Subscriber set
forth herein in order to determine the applicability of such exemptions and the
suitability of Subscribers to acquire the Securities.

            (f) Registration Exemption. The Subscriber is either:

            (i) "U.S. Person" as defined in Regulation S (as the same may be
      amended from time to time) promulgated under the Securities Act.(1) and
      the Subscriber has submitted to the Company a complete and executed
      "Accredited Investor Questionnaire" substantially in the form attached
      hereto as Exhibit C. The Subscriber hereby certifies that he, she or it is
      an "Accredited Investor", as that term is defined under Rule 501(a) of the
      Securities Act and all information which the Subscriber has provided to
      the Company in the Accredited Investor Questionnaire is correct and
      complete as of the date set forth thereon. The Subscriber is aware that
      the sale of the Securities is being made in reliance on Rule 506 of
      Regulation D, an exemption for non-public offerings under Section 4(2) of
      the Securities Act; or

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

(1) Pursuant to Regulation S, a "U.S. Person" means: (i) any natural person
resident in the United States, (ii) any partnership or corporation organized or
incorporated under the laws of the United States, (iii) any estate of which any
executor or administrator is a U.S. Person, (iv) any trust of which any trustee
is a U.S. Person, (v) any agency or branch of a foreign entity located in the
United States, (vi) any non-discretionary account or similar account (other than
an estate or trust) held by a dealer or other fiduciary organized, incorporated
or (if any individual resident in the United States), (vii) any discretionary
account or similar account (other than an estate or trust) held by a dealer or
other fiduciary organized, incorporated or (if an individual resident in the
United States), or (viii) any partnership or corporation if organized under the
laws of any foreign jurisdiction and formed by any U.S. Person principally for
the purpose of investing in securities not registered under the Act, unless it
is organized or incorporated and owned by accredited investors (as defined in
Rule 501(a) under the Act) who are not natural persons, estates or trusts.

            (ii) The Subscriber is not a U.S. Person and at the time the
      subscription for this transaction was originated, Subscriber was outside
      the United States and no offer to purchase the Securities was made in the
      United States to the Subscriber. Except for a transaction registered under
      the Securities Act or pursuant to an exemption from such registration, the
      Subscriber agrees not to reoffer or sell the Securities, or to cause any
      transferee permitted hereunder to reoffer or sell the Securities, within
      the United States, or for the account or benefit of a U.S. Person, (i) as
      part of the distribution of the Securities at any time, or (ii) otherwise,
      until at least one year after the Securities are issued ("Holding
      Period"), and, in either case, only in a transaction meeting the
      requirements of Regulation S or Rule 144 under the Securities Act,
      including without limitation, where the offer (i) is not made to a person
      in the United States and either (A) at the time the buy order is
      originated, the buyer is outside the United States or the Seller and any
      person acting on its behalf reasonably believe that the buyer is outside
      the United States, or (B) the transaction is executed in, on or through
      the facilities of a designated offshore securities market and neither the
      seller nor any person acting on its behalf knows that the transaction has
      been pre-arranged with a buyer in the United States; and (ii) no directed
      selling efforts shall be made in the United States by the buyer, an
      affiliate or any person acting on their behalf.

            (g) Investment Intent. Subscriber is acquiring the Securities solely
for his, her or its own account and not with a view to the distribution thereof
to or for the benefit or account of any U.S. Person, in whole or in part.
Subscriber understands and agrees he, she or it may bear the economic risk of an
investment in the Securities for an indefinite period of time.

            (h) Transfer Restrictions. Subscriber does not now have or, in the
future, will not take any short position or comparable hedge position in the
Company's Common Stock or make any promissory notes and/or pledges on the
Company's Common Stock. Stop transfer instructions have been or will be placed
on any certificates or other documents evidencing the Securities so as to
restrict the resale, pledge, hypothecation or other transfer thereof in
accordance with the provisions hereof and the provisions of the Securities Act.

            The Subscriber understands that the Company is the issuer of the
securities which are the subject of this Agreement, and that, for purposes of
Regulation S, a "distributor" is any underwriter, dealer or other person who
participates, pursuant to a contractual arrangement, in the distribution of
securities offered or sold in reliance on Regulation S and that an "affiliate"
is any partner, officer, director or any person directly or indirectly
controlling, controlled by or under common control with the person in question.
In this regard, the Subscriber shall not, during the one year Holding Period set
forth under Rule 903(c)(2), act as a distributor, either directly or through any
affiliate, nor shall he sell, transfer, hypothecate or otherwise convey the
securities or interest therein, other than outside the United States to a
non-U.S. person.

            (i) Transfer Restrictions Regarding Securities. Upon conversion of
any part or all of the Series E Stock at any time as permitted hereby, if the
holder of the Series E Stock being converted makes the certification, pursuant
to the Notice of Conversion attached hereto as Exhibit D, that such holder has
complied with all of the requirements of the Securities Act and such other
requirements as set forth herein, then the Company shall cause its transfer
agent to deliver the underlying Common Stock ("Underlying Shares") upon such
conversion with restrictive legend or stop transfer instructions.

            (j) General Solicitation. The Securities were not offered to the
Subscriber by any form of general solicitation or advertising within the meaning
of Rule 502(c) of the Securities Act. The Subscriber is not subscribing for
Securities as a result of or subsequent to any advertisement, article, notice or
other communication published in any newspaper, magazine, or similar media or
broadcast over television or radio, or presented at any seminar or meeting.
Neither the Subscriber nor any affiliate nor any person acting on their behalf,
has made any "directed selling efforts" (as defined in Regulation S) in the
United States.

            (k) Investment Company. The Subscriber is not an "investment
company" or an entity controlled by an "investment company", as such terms are
defined in the Investment Company Act of 1940, as amended.

            3. Representations and Warranties of the Company. The Company hereby
represents and warrants to each Subscriber that the following are true and
correct as of the Initial Closing Date:

            (a) Organization; Qualification. The Company is a corporation duly
organized and validly existing under the laws of the State of Delaware and is in
good standing under such laws. The Company has all requisite corporate power and
authority to own, lease and operate its properties and assets, and to carry on
its business as presently conducted. The Company is qualified to do business as
a foreign corporation in each jurisdiction in which the ownership of its
property or the nature of its business requires such qualification, except where
failure to so qualify would not have a material adverse effect on the Company.

            (b) Capitalization. The authorized capital stock of the Company
consists of (a) 100,000,000 shares of Common Stock, $0.01 par value per share,
of which (i) 11,738,056 are outstanding, (ii) 330,316 shares are reserved for
conversion of Series A Convertible Preferred Stock, (iii) 84,150 shares are
reserved for conversion of Series B Stock, (iv) 263,212 shares are reserved for
conversion of Series C Stock, (v) 325,558 shares are reserved for conversion of
Series D Stock, (vi) 593,040 shares are reserved for conversion of Series E
Stock, (vii) 1,244,179 shares are reserved for exercise of outstanding options
and (viii) 2,698,612 are reserved for exercise of outstanding warrants, and (b)
5,000,000 shares of Preferred Stock, $0.01 par value, of which (v) 320,000 are
designated Series A of which 58,400 are outstanding, (w) 240,000 are designated
Series B of which 13,464 are outstanding, (x) 160,000 are designated Series C of
which 46,536 are outstanding, (y) 200,000 are designated Series D of which
117,200 are outstanding and (z) 167,000 will be designated Series E. All
outstanding shares of Common Stock, Series A Convertible Preferred Stock, Series
B Convertible Preferred Stock, Series C Convertible Preferred Stock and Series D
Convertible Preferred Stock have been, and all shares of Series E Stock issued
hereunder and all shares of Common Stock underlying such Series E Stock will be
when issued, duly authorized and fully paid and nonassessable.

            (c) Authorization. The Company has all requisite corporate right,
power and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby. All corporate action on the part of the
Company, its directors and stockholders necessary for the authorization,
execution, delivery and performance of this Agreement by the Company, the
authorization, sale, issuance and delivery of the Shares and the performance of
the Company's obligations hereunder has been taken. This Agreement has been duly
executed and delivered by the Company and constitutes a legal, valid and binding
obligation of the Company enforceable in accordance with its terms, subject to
laws of general application relating to bankruptcy, insolvency and the relief of
debtors and rules of law governing specific performance, injunctive relief or
other equitable remedies, and to limitations of public policy as they may apply
to the indemnification provisions set forth in Section 4(d) of this Agreement.
Upon their issuance and delivery pursuant to this Agreement, the Shares will be
validly issued, fully paid and nonassessable and will be free of any liens or
encumbrances other than those created hereunder or by the actions of the
Subscriber; provided, however, that the Shares are subject to restrictions on
transfer under state and/or federal securities laws. The issuance and sale of
the Shares will not give rise to any preemptive right or right of first refusal
or right of participation on behalf of any person.

            (d) No Conflict. The execution and delivery of this Agreement do
not, and the consummation of the transactions contemplated hereby will not,
conflict with, or result in any violation of, or default, or give rise to a
right of termination, cancellation or acceleration of any material obligation or
to a loss of a material benefit, under, any provision of the Articles of
Incorporation, and any amendments thereto, Bylaws and any amendments thereto of
the Company or any material mortgage, indenture, lease or other agreement or
instrument, permit, concession, franchise, license, judgment, order, decree
statute, law, ordinance, rule or regulation applicable to the Company, its
properties or assets and which would have a material adverse effect on the
Company's business and financial condition.

            (e) Governmental Consent, etc. No consent, approval or authorization
of or designation, declaration or filing with any governmental authority on the
part of the Company is required in connection with the valid execution and
delivery of this Agreement, or the offer, sale or issuance of the Shares, or the
consummation of any other transaction contemplated hereby.

            (f) Reporting Issuer Company Status. The Company is a "Reporting
Issuer" as defined in Rule 902 of Regulation S. The Company is in full
compliance, to the extent applicable, with all reporting obligations under
either Section 12(b), 12(g) or 15(d) of the Securities Exchange Act of 1934, as
amended ("Exchange Act"). The Company has registered its Common Stock pursuant
to Section 12 of the Exchange Act and the Company's Common Stock is listed on
the American Stock Exchange under the symbol "IMM".

            4. Representations and Warranties of the Company and Subscribers.
Each of the Subscribers, severally and not jointly (on the one hand), and the
Company (on the other hand) represent and warrant to the other the following
with respect to itself:

            (a) Subscription Agreement. The Subscription Agreement has been duly
authorized, validly executed and delivered on behalf of the Company and the
Subscriber and is a valid and binding agreement in accordance with its terms,
subject to general principles of equity and to bankruptcy or other laws
affecting the enforcement of creditors' rights generally.

            (b) Non-contravention. The execution and delivery of the
Subscription Agreement and the consummation of the issuance of the Securities
and the transaction contemplated by the Subscription Agreement do not and will
not conflict with or result in a breach by the Company or any Subscriber of any
of the terms or provisions of, or constitute a default under, the articles of
incorporation or Bylaws of the Company or any Subscriber, or any indenture,
mortgage, deed of trust of other material agreement or instrument to which the
Company or any Subscriber is a party or by which it or any of its properties or
assets are bound, or any existing applicable law, rule or regulation or any
applicable decree, judgment or order of any court, Federal or State regulatory
body, administrative agency or other governmental body having jurisdiction over
the Company or any Subscriber or any of its properties or assets.

            (c) Approvals. Neither the Company nor the Subscriber is aware of
any authorization, approval or consent of any governmental body which is legally
required for the issuance and sale of the Securities.

            (d) Indemnification. Each of the Company and the Subscriber agree to
indemnify the other and to hold the other harmless from and against any and all
losses, damages, liabilities, costs and expenses (including reasonable
attorneys' fees) which the other may sustain or incur in connection with the
breach by the indemnifying party of any representation, warranty or covenant
made by it in this Agreement.

            (e) Exemption; Reliance on Representations. Subscriber understands
that the offer and sale of the Securities are not being registered under the
Securities Act and that the Securities are being offered and sold under an
exemption from registration pursuant to Section 4(2) of the Securities Act. The
Company intends that the offer and sale of the Securities qualifies for the safe
harbor protection provided by either Regulation D, Rule 506 or Regulation S of
the Securities Act. Each of the Company and Subscriber agree to comply in all
respects with the provisions of Regulation D or Regulation S, as applicable, in
connection with the transactions contemplated hereby.

            (f) Stock Delivery Instructions/Legend. The Series E Stock
certificates, the Warrants and the Common Stock certificates for the Underlying
Shares in the event of Conversion or exercise (unless then registered pursuant
to the Securities Act) shall be delivered bearing a legend substantially as
follows:

"THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN SOLD
PURSUANT TO SECTION 4(2) AN EXEMPTION FROM REGISTRATION PROMULGATED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED ("SECURITIES ACT"). THESE SECURITIES ARE
"RESTRICTED" AND MAY NOT BE OFFERED, RESOLD OR TRANSFERRED EXCEPT AS PERMITTED
UNDER THE SECURITIES ACT PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM;
HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED."

            5. Covenants of the Company. The Company covenants and agrees that
on and after the Initial Closing Date it will:

            (a) Registration Rights. The Company will use commercially
reasonable efforts to register the Underlying Shares on Form S-3 pursuant to the
Securities Act and to keep such registration effective for the lesser of (i) 12
months from the date of issuance or (ii) until such time as all Series E Stock
have been converted to Common Stock. The Company shall file, or amend, a Form
S-3 registration statement to effect the registration of the Underlying Shares
within 30 business days from the Initial Closing Date ("Registration Date") and
use best efforts to have the registration statement declared effective within 90
days of filing or 120 days if the registration statement is subjected to review
by the SEC (an "Effective Registration Statement").

            6. Conditions to the Company's Obligation to Sell. The obligation of
the Company to sell the Series E Stock and Warrant is subject to the
satisfaction of each of the following conditions (any of which may be waived by
the Company in whole or in part):

            (a) The execution and delivery by the Subscriber of this Agreement;
and

            (b) All representations and warranties of the Subscriber being true
and correct.

            7. Conditions to Subscriber's Obligation to Purchase. The obligation
of the Subscriber to purchase the Series E Stock is subject to the satisfaction
of each of the following conditions (any of which may be waived by the
Subscriber in whole or in part):

            (a) The execution and delivery by the Company of this Agreement;

            (b) Delivery of the original Series E Stock as described herein; and

            (c) All representations and warranties of the Company being true and
correct.

            8. Miscellaneous.

            (a) This Agreement will be construed and enforced in accordance with
and governed by the laws of the State of New York, without reference to
principles of conflicts of law. Each of the parties consents to the jurisdiction
of the federal courts of any New York district or the state courts of the State
of New York in connection with any dispute arising under this Agreement and
hereby waives, to the maximum extent permitted by law, any objection, including
any objection based on forum non conveniens, to the bringing of any such
proceeding in such jurisdictions. Each party hereby agrees that if the other
party to this Agreement obtains a judgment against it in a New York proceeding,
the party which obtained such judgment may enforce same by summary judgment in
the courts of any country having jurisdiction over the party against whom such
judgment was obtained, and each party hereby waives any defenses available to it
under local law and agrees to the enforcement of such a judgment. Each party to
this Agreement irrevocably consents to the service of process in any such
proceeding by the mailing of copies thereof by registered or certified mail,
postage prepaid, to such party at its address set forth herein. Nothing herein
shall affect the right of any party to serve process in any other manner
permitted by law.

            (b) If for any reason the transactions contemplated by this
Agreement are not consummated, each of the parties hereto shall keep
confidential any information obtained from any other party (except information
publicly available or in such party's domain prior to the date hereof, and
except as required by court order) and shall promptly return to the other
parties all schedules, documents, instruments, work papers or other written
information, without retaining copies thereof, previously furnished by it as a
result of this Agreement or in connection herewith.

            (c) In lieu of the original Agreement, a facsimile transmission or
copy of the original Agreement shall be as effective and enforceable as the
original. This Agreement may be executed in counterparts which shall be
considered an original document and which together shall be considered a
complete document.

            (d) This Agreement and Exhibits hereto constitute the entire
agreement between the Subscriber and the Company with respect to the subject
matter hereof.

            (e) The Subscriber represents to the Company that the
representations and warranties of the Subscriber contained herein are complete
and accurate and may be relied upon by the Company in determining the
availability of an exemption from registration under federal and state
securities laws in connection with a private offering of securities.

            (f) In the event that any provision of this Agreement becomes or is
declared by a court of competent jurisdiction to be illegal, unenforceable or
void, this Agreement shall continue in full force and effect without said
provision; provided that no such severability shall be effective if it
materially changes the economic benefit of this Agreement to any party.

            (g) This Agreement is binding upon and shall inure to the benefit of
each of the Company and the Subscriber and may not be assigned by the Subscriber
without the prior written consent of the Company.

            (h) If the parties hereto are unable to resolve any dispute under
this Agreement by negotiations, the dispute shall be exclusively settled by
confidential arbitration under the then current Commercial Arbitration Rules of
the American Arbitration Association in New York City by three arbitrators, one
selected by the Company, one by the Subscriber and the third by the two so
selected. Judgment upon any arbitrators' award may be entered in any court
having jurisdiction. The arbitrators shall have no authority to amend this
Agreement.

            (i) Each of the parties agree to keep confidential and not to
disclose to or use for the benefit of any third party the terms of this
Agreement or any other information which at any time is communicated by the
other party as being confidential without the prior written approval of the
other party; provided, however, that this provision shall not apply to
information which, at the time of disclosure, is already part of the public
domain (except by breach of this Agreement) and information which is required to
be disclosed by law.

            (j) Each of the parties shall pay its own fees and expenses
(including the fees of any attorneys, accountants, appraisers or others engaged
by such party) in connection with this Agreement and the transactions
contemplated hereby.

            (k) This Agreement and any Security issued pursuant to this
Agreement may be amended by the Company (1) without the consent of the holder
for the purpose of (i) curing any ambiguity, or curing, correcting or
supplementing any defective provision contained herein, or making any other
provisions with respect to matters or questions arising under this Agreement
that is not inconsistent with the provisions of this Agreement or the
Securities, (ii) evidencing the succession of another corporation to the Company
and the assumption by any such successor of the covenants of the Company
contained in this Agreement and the Securities, (iii) or (iv) amending this
Agreement and the Securities in any manner that the Company may deem to be
necessary or desirable and that will not adversely affect the interests of the
Holders in any material respect or (2) with the consent of the purchasers or
holders, as the case may be, of a majority of the Series E Stock.
<PAGE>

            IN WITNESS WHEREOF, this Subscription Agreement was duly executed on
the date first written below.

                                       _______________________________________
                                       Subscriber

                                       By:____________________________________
                                          Name:
                                          Title:

                                       Number of Shares Subscribed:___________
                                       Aggregate Purchase Price:______________

                                       Executed at ___________________________
                                       this ____ day of ________________, 2005

Agreed to and Accepted on
this _____ day of ________, 2005
Number of Shares Accepted_________

IMMTECH INTERNATIONAL, INC.

By:____________________________________________
   Name:  T. Stephen Thompson
   Title: President and Chief Executive Officer

<PAGE>

FULL NAME AND ADDRESS OF SUBSCRIBER FOR REGISTRATION PURPOSES:

NAME:             ____________________________________________________________

ADDRESS:          ____________________________________________________________

TEL NO:           ____________________________________________________________

FAX NO:           ____________________________________________________________

CONTACT           ____________________________________________________________

NAME:             ____________________________________________________________

DELIVERY INSTRUCTIONS (IF DIFFERENT FROM REGISTRATION NAME):

NAME:             ____________________________________________________________

ADDRESS:          ____________________________________________________________

TEL NO:           ____________________________________________________________

FAX NO:           ____________________________________________________________

CONTACT NAME:     ____________________________________________________________

SPECIAL
INSTRUCTIONS:     ____________________________________________________________

                                Instructions - 1

<PAGE>

                                    Exhibit A
                                    ---------

                           Certificate of Designation
                           --------------------------
                      Series E Convertible Preferred Stock
                      ------------------------------------

<PAGE>

                                    Exhibit B
                                    ---------

                                     Warrant
                                     -------

<PAGE>

                                    Exhibit C

                          REQUIRED OF U.S. PERSONS ONLY
                          -----------------------------

                           IMMTECH INTERNATIONAL, INC.
                        ACCREDITED INVESTOR QUESTIONNAIRE

Note: Individuals must complete SECTION I and Corporations, Partnerships,
      Trusts and other Entities must complete SECTION II

ALL QUESTIONS IN THE APPROPRIATE SECTION MUST BE ANSWERED

SECTION I.  QUESTIONS FOR INDIVIDUALS

1.    Name: ___________________________________
      ----

      U.S. Citizen:           Yes____     No____      Age:____

      Number of Dependents:____           Social Security No.:_____________

2. Accredited Investor Suitability Requirements. An individual will qualify as
an Accredited Investor as defined in Rule 501(a) of the Securities Act of 1933
("Securities Act") if he or she meets any one of the following requirements. The
undersigned entity certifies that he/she is an Accredited Investor because:

(A) Yes____     No____ I am a natural person and had an individual income in
excess of $200,000 in each of the two most recent years and reasonably expect an
income in excess of $200,000 in the current year. For these purposes "income"
means my individual adjusted gross income for federal income tax purposes, plus
(i) any deduction for long term capital gain; (ii) any deduction for depletion;
(iii) any exclusion for interest; and (iv) any losses of a partnership allocated
to an individual limited partner.

(B) Yes____     No____ I am a natural person and had a joint income with my
spouse in excess of $300,000 in each of the two most recent years and reasonably
expect a joint income with my spouse in excess of $300,000 in the current year.
For these purposes "income" shall be determined as set forth in Section 2(A)
above.

(C) Yes____     No____ I am a natural person and had an individual net worth on
the date hereof (or joint net worth with my spouse) in excess of $1 million
(including my home, home furnishings and automobiles).

SECTION II. QUESTIONS FOR CORPORATIONS, PARTNERSHIPS, TRUSTS AND OTHER ENTITIES

1. Name and Nature of Entity:   _______________________________

2. Date of Organization:        _______________________________

3. State of Organization:       _______________________________

4. Taxpayer Identification No.: _______________________________

5. Accredited Investor Suitability Requirements:

(A) Yes____     No____ Was the entity formed for the specific purpose of
investing in the securities (as defined in Section 3(a)(10) of the Securities
Exchange Act of 1934 ((the "Exchange Act")) or in the equity securities (as
defined in Section 3(a)(11) of the Exchange Act) of Immtech International Inc.
(separately and any combination thereof, the "Securities")?

(B) If your answer to question 5(A) above is "No," CHECK whichever of the
following statements is applicable to the entity; if your answer to question (A)
is "Yes" or if none of the statements in clause (1) below is applicable, the
entity must be able to certify to statement 5(B)(2) below in order to qualify as
an Accredited Investor.

(1) The undersigned entity certifies that it is an Accredited Investor because
it is:

(i) Yes____     No____ a bank, as defined in Section 3(a)(2) of the Securities
Act, or a savings and loan association or other institution as defined in
Section 3(a)(5)(A) of the Securities Act, whether acting in an individual or
fiduciary capacity;

(ii) Yes____    No____ a broker or dealer registered pursuant to Section 15 of
the Exchange Act;

(iii) Yes____   No____ an insurance company as defined in Section 2(13) of the
Securities Act;

(iv) Yes____    No____ an investment company registered under the Investment
Company Act of 1940 ("1940 Act");

(v) Yes____     No____ a business development company as defined in Section
2(a)(48) of the 1940 Act;

(vi) Yes____    No____ a Small Business Investment Company licensed by the U.S.
Small Business Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958;

(vii) Yes____   No____ a plan established by a state or its political
subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees, provided that such employee
benefit plan has total assets in excess of $5,000,000;

(viii) Yes____  No____ an employee benefit plan within the meaning of the
Employee Retirement Income Security Act of 1974, provided that (A) the
investment decision is made by a plan fiduciary, as defined in Section 3(21) of
such act, and the plan fiduciary is either a bank, insurance company or
registered investment adviser, or (B) the employee benefit plan has total assets
in excess of $5,000,000, or (C) the plan is a self-directed plan and the
investment decisions are made solely by persons that are Accredited Investors
(if a self-directed plan with more than one investment account: (1) each
participant must maintain a separate investment account within the plan, and (2)
the funds of the separate investment accounts within the plan must not be
commingled);

(ix) Yes____    No____ a private business development company as defined in
Section 202(a)(22) of the 1940 Act;

(x) Yes____     No____ an organization described in Section 501(c)(3) of the
Internal Revenue Code of 1986, as amended, a corporation, a Massachusetts or
similar business trust, or partnership, not formed for the specific purpose of
acquiring the Securities, with total assets in excess of $5,000,000; or

(xi) Yes____    No____ a trust, with total assets in excess of $5,000,000, not
formed for the specific purpose of acquiring the Securities, whose subscription
is directed by a sophisticated person as defined in Rule 506(b)(2)(ii)
promulgated under the Securities Act.

(2) The undersigned entity certifies that it is an Accredited Investor because
each of its stockholders, partners or other equity holders meets at least one of
the following conditions:

(i) Yes____     No____ He/She is a natural person and had an individual net
worth (or joint net worth with spouse) at the time of subscription in excess of
$1 million (including home, home furnishings and automobiles).

(ii) Yes____    No____ He/She is a natural person and had an individual income
in excess of $200,000 (or joint income with spouse in excess of $300,000) in
each of the two most recent years and reasonably expects an individual income in
excess of $200,000 (or joint income with spouse in excess of $300,000) in the
current year. For these purposes "income" means individual adjusted gross income
for federal income tax purposes, plus (i) any deduction for long term capital
gains; (ii) any deduction for depletion; (iii) any exclusion for interest; and
(iv) any losses of a partnership allocated to an individual limited partner.

(iii) Yes____     No____ The stockholder, partner or other equity holder is a
corporation, partnership, trust or other entity which meets the description of
at least one of the organizations specified in statement B(1) above or whose
stockholders, partners or other equity holders meet at least one of the
descriptions in this statement B(2).

IN WITNESS WHEREOF, the undersigned has executed this Investor Questionnaire
this ____ day of ________, 2005, and declares that it is truthful and correct.

Name of Investor or Entity:                 ___________________________________

Signature of Investor or Representative:    ___________________________________

If an Entity, Name and Title of Signatory   ___________________________________

Address:                                    ___________________________________

                                            ___________________________________

<PAGE>

                                    Exhibit D

                              NOTICE OF CONVERSION
  (To be Executed by the Registered Holder in order to Convert the Convertible
                                 Series E Stock)

            The undersigned hereby irrevocably elects to convert the above
Series E Stock No. ___________ into Shares of common stock, $0.01 par value
("Common Stock") of Immtech International, Inc. (the "Company") according to the
conditions hereof, as of the date written below.

            The undersigned represents and warrants that:

1. The undersigned represents and warrants that all offers and sales by the
   undersigned of the shares of Common Stock issuable to the undersigned upon
   conversion of the Series E Stock shall be made pursuant to an exemption from
   registration under the Securities Act of 1933, as amended ("Securities Act")
   or pursuant to registration of the Common Stock under the Securities Act,
   subject to any restrictions on sale or transfer set forth in the Series E
   Convertible Preferred Subscription Agreement between the Company and the
   original holder of the Series E Stock submitted herewith for conversion.

2. The undersigned has not engaged in any transaction or series of transactions
   that is a part of or a plan or scheme to evade the registration requirements
   of the Securities Act.

3. Upon conversion pursuant to this Notice of Conversion, the undersigned will
   not own or be deemed to beneficially own (within the meaning of the
   Securities Exchange Act of 1934) 4.99% or more of the then issued and
   outstanding shares of the Company.

_______________________________________    ____________________________________
          Date of Conversion*                  Applicable Conversion Price

_______________________________________    ____________________________________
Number of Common Shares upon Conversion          $ Amount of Conversion

_______________________________________    ____________________________________
               Signature                                  Name

Address:                                   Deliver Shares to:
_______________________________________    ____________________________________
_______________________________________    ____________________________________
_______________________________________    ____________________________________
_______________________________________    ____________________________________

* The original Series E Stock Certificate and Notice of Conversion must be
received by the Company by the third business day following the Date of
Conversion.

<PAGE>

                                   Appendix A
-------------------------------------------------------------------------------

                      Subscriber Name                        No. of Shares
------------------------------------------------------- -----------------------

1.
------------------------------------------------------- -----------------------

2.
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3.
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4.
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5.
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6.
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7.
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8.
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9.
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10.
------------------------------------------------------- -----------------------EXHIBIT 10.2

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED ("SECURITIES ACT"), OR ANY OTHER LAWS
AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER LAWS. NEITHER THE SECURITIES
EVIDENCED BY THIS CERTIFICATE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR IN A TRANSACTION EXEM.PT FROM, OR NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

                             STOCK PURCHASE WARRANT
                              Warrant No. 2005 -___

                                                               December 13, 2005

      Immtech International, Inc., a Delaware corporation ("Company") hereby
grants __________________________ (Warrant Holder"), on the terms and conditions
set forth below, the right to purchase from the Company at any time during the
Exercise Period (hereinafter defined) up to ________ fully-paid and
non-assessable shares of common stock, par value $0.01 per share, of the Company
(the "Common Stock") at the Exercise Price (hereinafter defined).

Section 1.  Definitions.

      "Aggregate Exercise Price" means the Exercise Price multiplied by the
total number of shares of Common Stock for which this Warrant is being
exercised.

      "Exercise Date" means the date this Warrant, the Exercise Notice and the
Aggregate Exercise Price are received by the Company.

      "Exercise Notice" means the form attached hereto as Exhibit A, duly
executed by the Warrant Holder.

      "Exercise Period" means the period beginning on the date of issuance of
this Warrant and continuing until the third anniversary; provided that (i) if
the Company exercises its right to redeem this Warrant pursuant to Section 5
hereof the Exercise Period shall end on such date of redemption and (ii) the
Exercise Period shall terminate upon any attempted transfer of this Warrant
without the prior written consent of the Company's Board of Directors.

      "Exercise Price" is $10.00 per share of Common Stock.

      "Fair Market Value" means the volume weighted average of the Company's
Common Stock for the 10 days preceding the date of issuance of this Warrant.

      "Warrant" means the right to purchase shares of Common Stock granted by
this warrant.

      "Warrant Shares" means shares of Common Stock issuable upon exercise of
this Warrant.

      Section 2. Exercise. (a) This Warrant may be exercised by the Warrant
Holder, in whole or in part, at any time and from time to time during the
Exercise Period by the delivery to the Company at the address set forth in
Section 10 hereof this Warrant, the Exercise Notice duly executed by the Warrant
Holder and the Aggregate Exercise Price.

      (b) Subject to paragraph (c) below, payment of the Aggregate Exercise
Price shall be made by check or bank draft payable to the order of the Company
or by wire transfer to an account designated by the Company.

      (c) In the event that the Warrant is not exercised in full, the number of
Warrant Shares shall be reduced by the number of Warrant Shares for which the
Warrant is exercised, and the Company, at its expense, shall issue and deliver
to the Warrant Holder a new Warrant in the name of the Warrant Holder,
reflecting the reduced number of Warrant Shares.

Section 3. Delivery of Stock Certificates. (a) Subject to the terms and
conditions of this Warrant, promptly after the exercise of this Warrant in full
or in part, the Company will cause to be issued in the name of and delivered to
the Warrant Holder, or as the Warrant Holder may lawfully direct, a certificate
or certificates for the number of validly issued, fully paid and non-assessable
Warrant Shares to which the Warrant Holder is entitled upon such exercise,
together with any other stock or other securities or property (including cash,
where applicable) to which the Warrant Holder is entitled in accordance with the
provisions hereof.

      (b) This Warrant may not be exercised as to fractional shares of Common
Stock. In the event that the exercise of this Warrant would result in the right
to acquire a fractional share, then such fractional share shall be considered a
whole share and shall be added to the number of Warrant Shares issuable to the
Warrant Holder upon exercise of this Warrant.

Section 4. Representations, Warranties and Covenants of the Company. (a) The
Company will take all necessary action as may be required and permitted for the
legal and valid issuance of this Warrant and the Warrant Shares to the Warrant
Holder.

      (b) The Warrant Shares, when issued in accordance with the terms hereof,
will be duly authorized and, when paid for or issued in accordance with the
terms hereof, will be validly issued, fully paid and non-assessable.

      (c) The Company has authorized and reserved for issuance to the Warrant
Holder the requisite number of shares of Common Stock to be issued pursuant to
this Warrant. The Company will at all times reserve and keep available, solely
for issuance and delivery as Warrant Shares hereunder, such shares of Common
Stock as shall from time to time be issuable as Warrant Shares, and will
accordingly adjust the number of such shares of Common Stock promptly upon the
occurrence of any of the events specified in Section 5 hereof.

Section 5. Redemption. At any time after the first anniversary of the date
hereof if the Company's Common Stock closes above $15.00 of the Exercise Price
for 20 of 30 consecutive "trading days" (days the principal exchange on which
the Common Stock is traded is open for business (and or, if the Common Stock is
no longer traded on an exchange, business days), the Company may redeem any
unexercised portion of this Warrant for a redemption fee of $0.10 per share
("Redemption Fee"). At least 20 trading days prior to the date fixed for the
redemption the Company shall mail written notice to each Warrant Holder at his
address last shown on the records of the Company, notifying such holder of the
redemption, specifying the date of the redemption ("Redemption Date") and the
date on which such holder's exercise rights terminate (which shall be no more
than 5 business days prior to the Redemption Date) and calling upon such holder
to surrender to the Company, in the manner and at the place designated, his
Warrant, to the extent unexercised. From and after the Redemption Date, the
Warrant Holder shall have no rights with respect of the Warrant except the right
to receive the Redemption Fee without interest upon surrender of his Warrant.

Section 6. Rights As Stockholder. Prior to exercise of this Warrant, the Warrant
Holder shall have no rights as a stockholder of the Company with respect to the
Warrant Shares, including the right to vote such shares, receive dividends or
other distributions, or be notified of stockholder meetings.

Section 7. Replacement of Warrant. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of the
Warrant and, in the case of any of the foregoing, upon delivery of an indemnity
agreement or security reasonably satisfactory in form and amount to the Company
or, in the case of any such mutilation, on surrender and cancellation of such
Warrant, the Company at its expense will execute and deliver, in lieu thereof, a
new Warrant of like tenor.

Section 8. Restricted Securities. The securities evidenced by this Warrant have
not been registered under the U.S. Securities Act of 1933, as amended, or any
other laws and have been issued in reliance upon an exemption from the
registration requirements of the Securities Act and such other laws. Neither the
securities evidenced by this certificate nor any interest or participation
herein may be offered, sold, assigned, transferred, pledged, encumbered,
hypothecated or otherwise disposed of except pursuant to an effective
registration statement under the Securities Act or in a transaction exempt from,
or not subject to, the registration requirements of the Securities Act. Any
replacement Warrants issued pursuant to Sections 2 or 8 hereof and any Warrant
Shares issued upon exercise hereof, shall bear the legend set forth at the head
of this Warrant. Such legend shall only be removed in the event that the
security which would otherwise bear such legend is registered pursuant to the
Securities Act and the party seeking to remove such legend provides the Company
with an opinion of counsel, which opinion shall be satisfactory to the Company,
stating the removal of such legend is appropriate.

Section 9. Registration Rights. The Company will use commercially reasonable
efforts to register the Warrant Shares on Form S-3 pursuant to the Securities
Act and to keep such registration effective for the lesser of (i) 12 months from
the date of issuance or (ii) until such time as all Warrant Shares have been
sold. The Company shall file, or amend, a Form S-3 registration statement to
effect the registration of the Warrant Shares within 30 business days from the
Closing Date ("Registration Date") and use best efforts to cause the
registration statement to be effective within 120 days of the Closing Date (an
"Effective Registration Statement").

Section 10. Notices. All notices, demands, requests, consents, approvals, and
other communications required or permitted hereunder shall be in writing and
shall be deemed duly given upon receipt, on the fifth business day thereafter if
deposited in the mail or upon confirmation of transmission if transmitted by
electronic means. The addresses and facsimile numbers for such communications
shall be:

if to the Company:      Immtech International, Inc.
                        150 Fairway Drive, Suite 150
                        Vernon Hills, IL 60061

Attention:              T. Stephen Thompson, Chief Executive Officer
                        Telephone: (847) 573-0033
                        Facsimile: (847) 573-8288

if to Warrant Holder:   [Name]
                        [Address]
                        Telephone: (xxx) xxx-xxxx
                        Facsimile: (xxx) xxx-xxxx

      Either party hereto may from time to time change its address or facsimile
number for notices under this Section 10 by giving written notice of such change
to the other party hereto.

Section 11. Miscellaneous.

            (a) Headings. The headings in this Warrant are for purposes of
reference only, and shall not limit or otherwise affect any of the terms hereof.

            (b) Applicable Law. This Warrant shall be governed by the internal
laws of the State of New York, without giving effect to the conflicts of law
provisions thereof.

            (c) Severability. The invalidity or unenforceability of any
provision hereof shall in no way affect the validity or enforceability of any
other provision.

            (d) Entire Agreement. This Warrant constitutes the entire agreement
among the parties with respect to the subject matter hereof. No amendment to
this Warrant shall be effective unless in writing signed by the party against
which enforcement of such is sought.

            (e) Dispute Resolution. If the parties hereto are unable to resolve
any dispute under this Warrant by negotiations, the dispute shall be exclusively
settled by confidential arbitration under the then current Commercial
Arbitration Rules of the American Arbitration Association in New York City by
three arbitrators, one selected by the Company, one by the Warrant Holder and
the third by the two so selected. Judgment upon any arbitrators' award may be
entered in any court having jurisdiction. The arbitrators shall have no
authority to amend this Warrant.
<PAGE>

      IN WITNESS WHEREOF, this Warrant was duly executed by the undersigned as
of the date first set forth above.

                                IMMTECH INTERNATIONAL, INC.

                                By:
                                   --------------------------------------------
                                   Name:  T. Stephen Thompson
                                   Title: President and Chief Executive Officer

<PAGE>

                              WARRANT EXERCISE FORM
                           IMMTECH INTERNATIONAL, INC.

      The undersigned ("Warrant Holder") hereby irrevocably exercises the right
to purchase __________________ shares of Common Stock, $0.01 par value, of
Immtech International, Inc., an entity organized and existing under the laws of
the State of Delaware (the "Company"), evidenced by the attached Warrant, and
herewith makes payment of the Aggregate Exercise Price for such shares in full
in the form of (check the appropriate box) (i) by certified or bank check in the
amount of $________ per Share and the aggregate amount of $___________ or (ii)
by wire transfer of immediately available funds to an account designated by the
Company.

      By delivering this notice, the undersigned agrees to be subject to the
terms and conditions of the attached Warrant.

      The undersigned requests that stock certificate(s) for the Shares to be
issued pursuant to this Warrant Exercise Form, and any Warrant representing any
unexercised portion hereof be issued, in the name of the Warrant Holder and
delivered to the undersigned at the address set forth below and be registered on
the books and records of the Company with the transfer agent.

Dated:   __________________

_______________________________________
Signature of Warrant Holder

_______________________________________
Name of Warrant Holder (Print)

_______________________________________
Address

                                     NOTICE

      The signature to the foregoing Exercise Form must correspond to the name
as written upon the face of the attached Warrant in every particular, without
alteration, enlargement or any other change whatsoever.

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