Document:

EX-4.6

                        EMPLOYMENT AND SERVICE AGREEMENT

EMPLOYMENT  AND  SERVICE   AGREEMENT   between   EuroTrust  A/S,  a  corporation
established  under  the  laws  of  the  Kingdom  of  Denmark,  with  offices  at
Poppelgardvej  11-13 2860  Soborg,  Denmark,  (the  "Company")  and Soren  Degn,
residing at Ved Lindelund DK-2605, Brondby, Denmark (the "Executive").

      WHEREAS,  the Executive has been employed by the Company since 1 November,
2001 and has been the Chief Financial  Officer of the Company since 1 September,
2003;

      WHEREAS,  the Executive and the Company are parties to a Service Agreement
made as of 1  September,  2003;  and

      WHEREAS,  the  Executive  and  the  Company  desire  to  enter  into a new
Employment and Service Agreement effective as of 1 January, 2005

      NOW,  THEREFORE,  for good and  valuable  consideration,  it is  agreed as
follows:

      1.    TERM.  Subject  to the  terms  and  conditions  hereof,  the term of
employment  of the  Executive  under  this  Agreement  shall  be for the  period
commencing  on 1 January  2005 and  terminating  as provided in Section 6 hereof
(the "Employment Term").

      2.    DUTIES  AND  RESPONSIBILITIES.   During  the  Employment  Term,  the
Executive shall serve as Chief Financial Officer of the Company. He shall report
to, and be subject to, the direction of the Company's  Chief  Executive  Officer
and Board of  Directors  and shall  perform  such  duties  and  responsibilities
commensurate with his title

<PAGE>

and position as may be assigned to him from time to time by the Chief  Executive
Officer and Board of Directors.  The  Executive  shall work on a full time basis
and shall devote his time, energy and attention to the business of the Company.

      3.    COMPENSATION.  In payment  for the  services  to be  rendered by the
Executive  hereunder:

      (a)   the  Executive  shall be paid at the annual  salary at a rate of DKK
1,080,000  (the  "Annual  Salary"),  which  shall be  payable  in equal  monthly
payments  in arrears  on the last day of each  month;  the Annual  Salary may be
increased from time to time at the sole  discretion of the Board of Directors of
the Company;

      (b)   The  Executive  may at his option direct the Company to directly pay
certain expenses of Executive which may NOT be considered to be business related
expenses, such as family travel expenses.  Executive shall advise the Company as
to that portion of his Annual  Salary which he wishes to allocate to the payment
of such expenses

      (c)   The Company hereby grants to the  Executive,  effective 17 May, 2005
an option to purchase  675,000  ordinary shares DKK1.25 of the Company (equal to
112,500  ADRs) at a price of USD $4.75  for each six  ordinary  shares  DKK 1.25
(equal to one ADR),  the closing  price on an ADR on the NASDAQ Small Cap Market
on 16 May, 2005,  such option to expire on 30 April,  2015 and having such other
terms as will be set forth in an option agreement to be entered into between the
Company and the Executive.

      4.    EXPENSES AND BENEFITS.

      (a)   The  Company  shall,  consistent  with its policy of  reporting  and
reimbursement of business  expenses,  reimburse  Executive for such ordinary and

                                       2
<PAGE>

necessary  business  related  expenses as shall be incurred by  Executive in the
course of the performance of his duties under this Agreement.

      (b)   Executive  shall be  entitled to holidays  (vacation)  annually,  in
accordance  with the provisions of the Holidays Act in force in Denmark,  as the
same may be amended from time to time.

      (c)   The Executive shall decide the time of the taking of his holidays in
consultation  with the Chief Executive Officer which shall take into account the
requirements of the Company.

      (d)   The Executive shall not be paid any holiday  allowance as may be set
forth in the  Holidays  Act,  but in lieu  thereof,  the  Company  shall pay the
Executive DKK 50,000.00 in connection with his holidays.

      (e)   The Company shall provide the  Executive  with a company  automobile
(the  "Company  Car").  The Company shall pay all expenses  associated  with the
operation  of  the  Company  Car,  including  fuel,  maintenance,   repairs  and
insurance.  The  Executive  may  use the  Company  Car  for  private  use at the
Company's expense.

      (f)   Upon  termination  of this  Agreement for any reason,  the Executive
shall at his sole option (to be exercised within 30 days of such termination) be
entitled to purchase  the Company Car for an amount which is equal to the lesser
of (i) the book value of the Company Car on the books of the Company at the date
of  termination  or (ii) the fair market value of the Company Car at the date of
termination.

      (g)   The  Company  shall  make an  annual  pension  contribution  for the
Executive which shall be equal to 15% of the Executive's Annual Salary.

                                       3
<PAGE>

      (h)   The Company shall pay for one or more life  insurance and disability
insurance  policies for the Executive,  with the beneficiary of such policies to
be as named from time to time by the Executive. The amount and specific coverage
of such  policies to be as chosen by the  Executive;  provided  that the maximum
annual premiums to be paid by the Company for all such policies shall not exceed
DKK 100,000.

      5.    TERMINATION.  The Executive's employment hereunder may be terminated
under the following circumstances:

      (a)   This Agreement shall not have a fixed  termination date; the Company
may terminate  this  Agreement at its sole  discretion as of the last day of any
calendar year by providing to the Executive  written notice of such  termination
at least 24 months in advance of such  termination  date  (I.E.  if the  Company
wishes to terminate  this  Agreement as of 31 December,  2008 it must notify the
Executive of such termination prior to 1 January, 2007).

      (b)   The  Executive may terminate  this  Agreement  upon six months prior
written notice to the Company.

      (c)   This  Agreement  shall  automatically  terminate  upon the  death of
Executive in which event the Company  shall pay to the widow and/or  children of
the  Executive an amount equal to one-half of the  Executive's  Annual Salary at
the time of his death.

      (d)   The  Company may  terminate  this  Agreement  at any time during the
Employment Term for "cause". For purposes of this subsection 5 (d) "cause" shall
mean (i)  breach by  Executive  of any of the  covenants  set forth in Section 6
hereof,  (ii)  negligence  or  malfeasance  on the part of the  Executive in the
performance of his duties  hereunder  that causes  material harm to the Company,
and (iii) the conviction of the

                                       4
<PAGE>

Executive,  by a court of  competent  jurisdiction,  of a felony or other  crime
involving moral turpitude.  Termination  pursuant to this subsection 5 (d) shall
be  effective  immediately  upon giving the  Executive  written  notice  thereof
stating the reason or reasons therefor.

      6.    EXECUTIVE COVENANTS.

      (a)   The  Executive  agrees not to use or  disclose,  either while in the
Company's  employ  or at any time  thereafter,  except  with the  prior  written
consent of the Board of Directors,  any trade secrets,  proprietary information,
or other  information  that  the  Company  considers  confidential  relating  to
processes,  suppliers,  customers,   compositions,   improvements,   inventions,
operations, processing, marketing, distributing, selling, cost and pricing data,
or master files utilized by the Company,  not presently  generally  known to the
public,  and which is, obtained or acquired by the Executive while in the employ
of the Company, whether before or after the date of this Agreement.

      (b)   During the term of this Agreement,  Executive shall not, directly or
indirectly,  solicit,  induce,  encourage  or attempt to  influence  any client,
customer,  employee,  consultant,  independent  contractor,  or  supplier of the
Company to cease to do business or terminate  his  employment  with the Company,
and shall not engage in (as a  principal,  partner,  director,  officer,  agent,
employee,  consultant or otherwise) or be financially interested in any business
which at the time is a direct  competitor of the Company.  Nothing  contained in
this Section 6 (b) shall prevent the Executive  from holding for  investment not
more than ten percent (10%) of any class of equity securities of a company whose
securities are publicly  traded or from engaging in any activities  that are not
in direct  competition with the business  activities of the Company.  In case of
any

                                       5
<PAGE>

breach by the  Executive  of this  Section 6 (b) the  Executive  agrees that the
Company may obtain a  restrictive  injunction  without  security,  and Executive
agrees to pay to the Company all damages  caused by such breach,  which  damages
shall  include  all  expenses  incurred  by the  Company in  obtaining  any such
injunction and/or damage award, including all reasonable legal fees.

      7.    SUCCESSORS;  BINDING  AGREEMENT.  This agreement  shall inure to the
benefit  of  and  be   enforceable   by  the   Executive's   personal  or  legal
representatives,  executors,  administrators,  successors,  heirs, distributees,
devisees and legatees.  If the Executive should die while any amount would still
be payable  hereunder if the Executive had continued to live,  all such amounts,
unless otherwise provided herein,  shall be paid in accordance with the terms of
this Agreement to Executive's devisee, legatee or other designee or, if there be
no such designee, to the Executive's estate.

      8.    AMENDMENT;  WAIVER. No provisions of this Agreement may be modified,
supplemented, waived or discharged unless such waiver, modification or discharge
is agreed to in writing signed by the Executive and the Company.

      9.    APPLICABLE  LAW.  The  validity,  interpretation,  construction  and
performance  of this  Agreement  shall be governed by the laws of the Kingdom of
Denmark. Any dispute between the parties with respect to this Agreement shall be
settled  by  arbitration  in  accordance  with the  Danish  law on the  Rules of
Conciliation  and  Arbitration and any award shall be final and binding upon the
parties.

      10.   NOTICES.  Any notice,  request,  instruction or other document to be
given hereunder by any party to the other party shall be in writing and shall be
deemed to have been duly given when delivered  personally or five (5) days after
dispatch by registered

                                       6
<PAGE>

mail, postage prepaid, to the party to whom the same is so given or made; to the
address for such party as is set forth on the first page of this Agreement or to
such other address as the one party shall specify to the other party in writing.

      11.   ENTIRE  AGREEMENT;  OLD  AGREEMENT.  This  Agreement  sets forth the
entire  agreement  of the  parties  hereto  in  respect  of the  subject  matter
contained herein.  The parties agree that the Old Agreement is hereby terminated
and canceled as of 1 January, 2005.

      IN WITNESS  WHEREOF,  the parties have executed this  Agreement on 17 May,
2005.

                                            BY:
                                               ---------------------------------

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

                                       7EXHIBIT 10.5

                          REGISTRATION RIGHTS AGREEMENT
                          -----------------------------

         This  Registration  Rights  Agreement  (this  "Agreement")  is made and
entered into as of this __ day of September,  2004 by and between BIONOVO,  INC.
(the  "Company"),  and the Purchasers  listed on Schedule 1 attached hereto (the
"Purchasers").

                               W I T N E S S E T H
                               - - - - - - - - - -

         WHEREAS,  pursuant to a 6% Convertible Secured Note Purchase Agreement,
dated as of the  date  hereof,  between  the  Company  and the  Purchasers  (the
"PURCHASE AGREEMENT"), the Company has agreed to issue and sell to the Purchaser
an aggregate of $500,000 in principal  amount of the  Company's 6 %  Convertible
Secured Notes due September 2005 (the "Notes"), which Notes are convertible into
shares (the "Underlying Shares") of common stock of the Company,  $___ par value
per  share  ("COMMON  STOCK"),  in  accordance  with the  terms of the  Purchase
Agreement and the Notes.  Additionally,  pursuant to the Purchase Agreement, the
Company  has  agreed to  provide  to the  Purchaser  one or more  warrants  (the
"WARRANTS")  to purchase  shares of the  Company's  Common  Stock (the  "WARRANT
SHARES", and together with the Underlying Shares, the "SHARES").

         WHEREAS,  to induce the  Purchasers to execute and deliver the Purchase
Agreement,  the  Company  has  agreed to  provide  to the  Purchasers  and their
permitted assigns certain  registration rights under the Securities Act of 1933,
as amended (the "SECURITIES ACT"), and applicable state securities laws; and

         WHEREAS,  this  Agreement,   together  with  the  Notes,  the  Purchase
Agreement  and the Warrants,  are  hereinafter  collectively  referred to as the
"TRANSACTION DOCUMENTS".

         NOW  THEREFORE,  in  consideration  of the foregoing and other good and
valuable consideration, the parties hereto agree as follows:

         1.       DEFINITIONS.

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

                  (a)      "CLAIMS"  shall have the  meaning  ascribed  to it in
                           Section 6(a).

                  (b)      "EXCESS LIABILITY" shall have the meaning ascribed to
                           it in Section 6(e).

                  (c)      "HOLDER"  or  "HOLDERS"  mean a holder or  holders of
                           Registrable Securities.

                  (d)      "INDEMNIFIED  PERSON" shall have the meaning ascribed
                           to it in Section 6(a).

                  (e)      "REGISTRABLE  SECURITIES"  shall  mean (i) the Shares
                           and the  shares of Common  Stock or other  securities
                           issued or issuable to any  Purchaser or its permitted
                           transferee  or designee  (a) upon  conversion  of the
                           Notes and upon the exercise of the  Warrants,  or (b)
                           upon any  distribution  with respect to, any exchange
                           for or any replacement of such Notes or Warrants,  or
                           (c) upon any conversion,  exercise or exchange of any
                           securities   issued  in  connection   with  any  such
                           distribution,    exchange   or   replacement;    (ii)
                           securities  issued or issuable  upon any stock split,
                           stock  dividend,  recapitalization  or similar  event
                           with  respect  to such  shares of

<PAGE>

                           Common Stock;  and (iii) any other security issued as
                           a dividend or other  distribution with respect to, in
                           exchange for, or in  replacement  of, the  securities
                           referred to in the preceding clauses.

                  (f)      "REGISTRATION PERIOD" shall have the meaning ascribed
                           to it in Section 2(iii).

                  (g)      "REGISTRATION   STATEMENT"   means   a   registration
                           statement or  registration  statements of the Company
                           filed under the Securities  Act covering  Registrable
                           Securities.

                  (h)      "REGISTER,"  "REGISTERED" and "REGISTRATION" refer to
                           a  registration  effected by  preparing  and filing a
                           registration   statement  in   compliance   with  the
                           Securities  Act and  pursuant  to Rule 415  under the
                           Securities  Act or any successor  rule  providing for
                           offering  securities  on a  continuous  basis  ("RULE
                           415"),   and   the   declaration   or   ordering   of
                           effectiveness of such  registration  statement by the
                           United States Securities and Exchange Commission (the
                           "COMMISSION").

                  (i)      "RULE 144" shall have the  meaning  ascribed to it in
                           Section 8.

                  (j)      "SECURITIES  ACT"  shall mean the  Securities  Act of
                           1933, as amended.

                  (k)      "SHARES" means the Underlying  Shares and the Warrant
                           Shares.

                  (l)      "VIOLATIONS" shall have the meaning ascribed to it in
                           Section 6(a).

                  (m)      "WARRANT  SHARES"  means the  shares of Common  Stock
                           issued or issuable  upon exercise of, or otherwise in
                           respect of, the Warrants.

         Capitalized terms defined in the introductory paragraph or the recitals
to  this  Agreement  shall  have  the  respective   meanings  therein  provided.
Capitalized  terms used herein and not otherwise  defined  herein shall have the
meanings  set forth in the Purchase  Agreement  or elsewhere in the  Transaction
Documents.

         2.       MANDATORY REGISTRATION.

                  (i)      The   Company   shall   prepare  and  file  with  the
Securities and Exchange  Commission (the  "Commission")  not later than the 90th
day (the  "FILING  DATE")  after the  effective  date of the first  merger  (the
"MERGER")  of the Company with a company  required to file  reports  pursuant to
Section  13(a) or 15(d) of the  Securities  Exchange Act of 1934 (the  "EXCHANGE
ACT.) a Registration Statement or Registration Statements (as necessary) on Form
SB-2  covering  the resale of all of the  Registrable  Securities,  in an amount
sufficient  to cover the resale of the Shares  issuable  upon  conversion of the
Notes and exercise of the Warrants.  In the event that Form SB-2 is  unavailable
and/or  inappropriate for such a registration,  the Company shall use such other
form as is available and appropriate for such a registration.  Any  Registration
Statement  prepared  pursuant  hereto  shall  register  for resale at least that
number of shares of Common Stock equal to the Shares.  The Company shall use its
best efforts to cause the Registration  Statement to be declared effective under
the Securities Act as promptly as possible after the filing thereof,  but in any
event  prior to the 120th day after the Merger  (such day  referred to herein as
the  "Effective  Date");  PROVIDED  THAT, if the  Registration  Statement is not
declared  effective  by the  Effective  Date then the Company  shall pay to each
Purchaser an amount equal to one percent (1%) per 30-day  period of the purchase
price paid for the Notes purchased by such Purchaser.  Thereafter,  for every 30
days that pass during which the Registration Statement has

                                       2
<PAGE>

not  been  declared  effective,  the  Company  shall  pay to each  Purchaser  an
additional  amount equal to one percent (1%) of the purchase  price paid for the
Notes  purchased by such  Purchaser.  Each such payment shall be due within five
days of the end of each 30-day period.

                  (ii)     The Company  shall use its best  efforts to keep each
Registration  Statement  effective  pursuant to Rule 415 at all times until such
date  as is  the  earlier  of (i)  the  date  on  which  all of the  Registrable
Securities have been sold and (ii) the date on which the Registrable  Securities
(in the opinion of counsel to each Purchaser and acceptable to legal counsel for
the Company) may be  immediately  sold without  restriction  (including  without
limitation  as  to  volume   restrictions  by  each  holder   thereof)   without
registration under the Securities Act (the "REGISTRATION PERIOD").

                  (iii)    If any offering pursuant to a Registration Statement,
pursuant to Section 2 hereof,  involves an underwritten offering (which may only
be with the  consent of the  Company),  each  Purchaser  shall have the right to
select legal counsel and an investment banker or bankers and manager or managers
to administer to the offering,  which investment banker or bankers or manager or
managers shall be reasonably satisfactory to the Company.

         3.       OBLIGATIONS   OF  THE   COMPANY.   In   connection   with  the
registration  of the  Registrable  Securities,  the Company shall do each of the
following:

                  (a)      Prepare and file with the Commission the Registration
Statements  required  by  Section  2  of  this  Agreement  and  such  amendments
(including  post-effective  amendments)  and  supplements  to  the  Registration
Statements  and  the  prospectuses  used in  connection  with  the  Registration
Statements,  as may be necessary to keep the Registration effective at all times
during the Registration  Period, and, during the Registration  Period, to comply
with the provisions of the Securities Act with respect to the disposition of all
of the  Registrable  Securities  until  such  time  as all of  such  Registrable
Securities  have been  disposed of in  accordance  with the intended  methods of
disposition  by the seller or sellers  thereof as set forth in the  Registration
Statements;

                  (b)      If  the  Registrable  Securities  are  included  in a
Registration   Statement,   the  Company  shall  promptly  furnish,  after  such
Registration  Statement  is  prepared,  filed  with  the  Commission,   publicly
disseminated and distributed and received by the Company,  to each Purchaser and
its  legal  counsel,  a copy of the  Registration  Statement,  each  preliminary
prospectus,  each final prospectus,  and all amendments and supplements  thereto
and such other  documents as each Purchaser may  reasonably  request in order to
facilitate the disposition of its Registrable Securities;

                  (c)      As  soon  as  practicable  for  the  Company  and its
counsel, but no later than five business days after receipt thereof,  furnish to
each Purchaser and its counsel copies of appropriate  correspondence between the
Company  and the  Commission  with  respect  to any  registration  statement  or
amendment or supplement thereto filed pursuant to this Agreement;

                  (d)      Use all best  efforts to (i) register and qualify the
Registrable  Securities  covered by the Registration  Statement under such other
securities  or blue  sky  laws,  if  applicable,  of such  jurisdictions  as the
Purchaser may reasonably  request,  (ii) prepare and file in those jurisdictions
such amendments  (including  post-effective  amendments) and supplements to such
registrations   and   qualifications   as  may  be  necessary  to  maintain  the
effectiveness  thereof at all times during the Registration  Period,  (iii) take
such other  actions as may be  necessary  to  maintain  such  registrations  and
qualifications  in effect at all times during the  Registration  Period and (iv)
take all other  actions  necessary  or  advisable  to  qualify  the  Registrable
Securities for sale in such jurisdictions, except that the Company shall not for
any such  purpose be required to qualify  generally  to do business as a foreign
corporation in any jurisdiction wherein it would not

                                       3
<PAGE>

but for the requirements of this subsection (d) be obligated to be so qualified,
or to subject  itself to  taxation  in any such  jurisdiction,  or to consent to
general service of process in any such jurisdiction;

                  (e)      List such  securities on The American Stock Exchange,
if the  Company's  securities  are  listed  on such  market,  and all the  other
national  securities  exchanges on which any  securities of the Company are then
listed, and file any filings required by The American Stock Exchange and/or such
other securities exchanges;

                  (f)      Notify  each  Purchaser  and  (if  requested  by such
Purchaser) confirm such advice in writing,  (i) when or if the prospectus or any
prospectus  supplement  or  post-effective  amendment  has been  filed  with the
Commission,   and,   with   respect  to  the   Registration   Statement  or  any
post-effective  amendment,  when the same has  been  declared  effective  by the
Commission,  (ii) of any request by the Commission for amendments or supplements
to the Registration  Statement or the prospectus or for additional  information,
(iii) of the  issuance  by the  Commission  of any  stop  order  suspending  the
effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose,  (iv) of the receipt by the Company of any  notification  with
respect to the suspension of the  qualification  of the  Registrable  Shares for
sale in any  jurisdiction or the initiation or threatening of any proceeding for
such  purpose,  and (v) of the  happening  of any event as a result of which the
prospectus included in such Registration  Statement, as then in effect, includes
an  untrue  statement  of a  material  fact or omits to  state a  material  fact
required to be stated  therein or necessary to make the  statements  therein not
misleading in the light of the circumstances then existing;

                  (g)      If any fact  contemplated  by clause (v) of paragraph
(f), above, shall exist, prepare a supplement or post-effective amendment to the
Registration  Statement or the related  prospectus or any document  incorporated
therein by reference or file any other required  document so that, as thereafter
delivered to the purchaser of the Registrable Securities the prospectus will not
contain an untrue  statement of material fact or omit to state any material fact
necessary to make the statements therein not misleading;

                  (h)      If  the  Company  has  consented  to an  underwritten
offering and such offering is underwritten,  at the request of any Purchaser, to
furnish  on  the  date  that   Registrable   Securities  are  delivered  to  the
underwriters for sale pursuant to such  registration:  (i) an opinion dated such
date of counsel  representing the Company for the purposes of such registration,
addressed  to  the  underwriters  and  to  such  Purchaser,  stating  that  such
registration  statement has become  effective  under the Securities Act and that
(A) to the  best  knowledge  of such  counsel,  no  stop  order  suspending  the
effectiveness  thereof has been issued and no proceedings  for that purpose have
been instituted or are pending or contemplated  under the Securities Act and (B)
the  registration  statement,  the  related  prospectus  and each  amendment  or
supplement  thereof  comply  as to  form  in  all  material  respects  with  the
requirements  of the  Securities  Act (except that such counsel need not express
any  opinion  as to  financial  statements  or other  financial  data  contained
therein) and (ii) a letter dated such date from the Company's independent public
accountants  addressed to the underwriters  and to such Purchaser,  stating that
they are independent public accountants within the meaning of the Securities Act
and that, in the opinion of such  accountants,  the financial  statements of the
Company  included  in  the  registration  statement  or the  prospectus,  or any
amendment or supplement thereof, comply as to form in all material respects with
the applicable  accounting  requirements  of the Securities Act, and such letter
shall additionally cover such other financial matters (including  information as
to the period  ending no more than five  business days prior to the date of such
letter) with respect to such  registration as such  underwriters  may reasonably
request;

                  (i)      Cooperate  with  the  Purchasers  to  facilitate  the
timely  preparation and delivery of certificates for the Registrable  Securities
to be  offered  pursuant  to  the  Registration

                                       4
<PAGE>

Statement and to enable such  certificates for the Registrable  Securities to be
in such  denominations  or  amounts,  as the case may be, as the  Purchaser  may
reasonably request,  and registered in such names as the Purchasers may request;
and,  within three business days after a Registration  Statement  which includes
Registrable Securities is ordered effective by the Commission, the Company shall
deliver,  and shall cause legal counsel  selected by the Company to deliver,  to
the  transfer  agent  for  the  Registrable  Securities  (with  copies  to  each
Purchaser) an appropriate instruction and opinion of such counsel,  satisfactory
to the Company, and the Purchaser and its legal counsel;

                  (j)      Enter into customary  agreements  (including,  in the
case of an underwritten offering, underwriting agreements in customary form, and
including  provisions  with  respect  to  indemnification  and  contribution  in
customary form and consistent  with the provisions  relating to  indemnification
and contribution  contained herein) and take all other customary and appropriate
actions in order to expedite or facilitate the  disposition of such  Registrable
Securities and in connection therewith:

                           (i)      make such  representations and warranties to
each Purchaser and the underwriters, if any, in form, substance and scope as are
customarily made by issuers to underwriters in similar underwritten offerings;

                           (ii)     to the extent  requested  and  customary for
the relevant  transaction,  enter into a  securities  sales  agreement  with any
Purchaser and such  representative  of such  Purchaser as such  Purchaser  shall
select relating to the Registration  and providing for, among other things,  the
appointment of such  representative  as agent for such Purchaser for the purpose
of soliciting  purchases of Registrable  Securities,  which  agreement  shall be
customary   in  form,   substance   and  scope  and  shall   contain   customary
representations, warranties and covenants; and

                           (iii)    deliver   such   customary   documents   and
certificates as may be reasonably  requested by any Purchaser whose  Registrable
Securities are being sold or by the managing underwriters, if any.

The above shall be done (y) at the effectiveness of such Registration  Statement
(and each post-effective amendment thereto) in connection with any registration,
and (z) at each closing under any  underwriting  or similar  agreement as and to
the extent required thereunder.

                  (k)      The Company shall hold in confidence and not make any
disclosure  of  information  concerning  any  Purchaser  provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or
state securities laws and/or the requests of any self-regulatory  organizations,
(ii) the  disclosure  of such  information  is  necessary  to avoid or correct a
misstatement  or omission in any  Registration  Statement,  (iii) the release of
such  information is ordered  pursuant to a subpoena or other order from a court
or governmental  body of competent  jurisdiction,  or (iv) such  information has
been  made  generally  available  to the  public  other  than by  disclosure  in
violation of this or any other agreement. The Company agrees that it shall, upon
learning that disclosure of such information  concerning any Purchaser is sought
in or by a court or governmental body of competent  jurisdiction or though other
means, give prompt notice to such Purchaser prior to making such disclosure, and
allow such Purchaser, at its expense, to undertake appropriate action to prevent
disclosure of, or to obtain a protective order for, such information.

         4.       OBLIGATIONS  OF  THE  PURCHASER  TO  PROVIDE  INFORMATION.  In
connection with the registration of the Registrable  Securities,  each Purchaser
shall furnish to the Company such information  regarding itself, the Registrable
Securities  held by it and the intended method of disposition of the Registrable
Securities held by it as shall be reasonably required to effect the registration
of such  Registrable  Securities,  and each Purchaser  shall execute any and all
such

                                       5
<PAGE>

documents  in  connection  with such  registration  as the Company and its legal
counsel may reasonably  request.  At least five business days prior to the first
anticipated filing date of the Registration Statement,  the Company shall notify
each Purchaser of the  information  the Company  requires of any Purchaser to be
included in the  Registration  Statement.  Each Purchaser  shall give sufficient
notice to the Company  before  selling any  Registrable  Securities  so that the
Company may  prepare and file any  necessary  post-effective  amendments  to the
Registration  Statement  or such  additional  filings as shall be  necessary  or
desirable.

         5.       EXPENSES   OF   REGISTRATION.   All   expenses,   other   than
underwriting discounts and commissions and other fees and expenses of investment
bankers  and other than  brokerage  commissions,  incurred  in  connection  with
registrations,  filings or qualifications  pursuant to Section 3, but including,
without limitation, all registration,  listing, and qualification fees, printing
and accounting fees, and the fees and  disbursements of counsel for the Company,
and the fees of one counsel to Duncan Capital, LLC, as purchaser  representative
for the Purchasers,  with respect to the  Registration  Statement filed pursuant
hereto,  shall be borne  by the  Company  provided,  that the  expenses  of such
counsel  shall  not  exceed  $50,000.  Any  amounts  paid  by  the  Company  for
transaction and/or registration fees should not exceed $70,000.

         6.       INDEMNIFICATION.  In the event any Registrable  Securities are
included in a Registration Statement under this Agreement:

                  (a)      The Company  will  indemnify  and hold  harmless  the
Purchasers, each of the investment advisor and sub-advisor of each Purchaser and
their officers, directors, members, partners and shareholders,  and each person,
if any, who controls any Purchasers  within the meaning of the Securities Act or
the Exchange Act (each, an "INDEMNIFIED  PERSON"),  against any losses,  claims,
damages,  liabilities  or expenses  (joint or several)  incurred  (collectively,
"CLAIMS") to which any of them may become subject under the Securities  Act, the
Exchange Act or  otherwise,  insofar as such Claims (or actions or  proceedings,
whether  commenced or threatened,  in respect thereof) arise out of or are based
upon: (i) any untrue  statement or alleged  untrue  statement of a material fact
contained in the Registration Statement or any post-effective  amendment thereof
or the omission or alleged omission to state therein a material fact required to
be stated therein or necessary in order to make the statements therein, in light
of the  circumstances  in which they were made, not misleading,  (ii) any untrue
statement  or alleged  untrue  statement  of a material  fact  contained  in any
preliminary  prospectus if used prior to the effective date of such Registration
Statement, or contained in the final prospectus (as amended or supplemented,  if
the  Company  files  any  amendment  thereof  or  supplement  thereto  with  the
Commission)  or the  omission to state  therein any material  fact  necessary in
order to make the statements made therein,  in light of the circumstances  under
which  they were  made,  not  misleading,  or (iii)  any  violation  or  alleged
violation by the Company of the  Securities  Act, the Exchange Act, any state or
foreign  securities law or any rule or regulation  under the Securities Act, the
Exchange  Act or any state or foreign  securities  law (the matters in foregoing
clauses (i) through (iii) being, collectively, "VIOLATIONS"). The Company shall,
subject to the  provisions  of Section  6(b) below,  reimburse  each  Purchaser,
promptly  as such  expenses  are  incurred  and are  due  and  payable,  for any
reasonable  legal and other  reasonable  costs,  expenses and  disbursements  in
giving testimony or furnishing documents in response to a subpoena or otherwise,
including without limitation, the costs, expenses and disbursements, as and when
incurred,  of  investigating,  preparing  or defending  any such  action,  suit,
proceeding or  investigation  (whether or not in connection  with  litigation in
which  such  Purchaser  is a  party),  incurred  by it in  connection  with  the
investigation  or defense of any such  Claim.  Notwithstanding  anything  to the
contrary  contained  herein,  the  indemnification  agreement  contained in this
Section  6(a)  shall not (i) apply to any Claim  arising  out of or based upon a
modification  which occurs in reliance upon and in conformity  with  information
furnished  in writing to the Company by or on behalf of any  Indemnified  Person
expressly  for  use in  connection  with  the  preparation  of the  Registration
Statement or any such amendment thereof or

                                       6
<PAGE>

supplement  thereto;  (ii) be  available  to the extent that such Claim is based
upon a failure  of any  Purchaser  to deliver  or to cause to be  delivered  the
prospectus  made  available by the Company,  if such  prospectus was timely made
available  by the Company  pursuant to Section  3(b)  hereof;  or (iii) apply to
amounts paid in settlement of any Claim if such  settlement is effected  without
the  prior  written  consent  of  the  Company,   which  consent  shall  not  be
unreasonably  withheld.  Such  indemnity  shall  remain in full force and effect
regardless of any investigation  made by or on behalf of the Indemnified  Person
and shall  survive the transfer of the  Registrable  Securities by any Purchaser
pursuant  to  Section  9.  Notwithstanding  anything  to the  contrary  in  this
Agreement or the Purchase Agreement, the aggregate payments for indemnification,
including the reasonable fees and expenses of legal counsel, made by the Company
to each Purchaser or each of its officers, directors, and shareholders, and each
person,  if any, who controls the Purchaser within the meaning of the Securities
Act or the Exchange Act, pursuant to this Section 6 with respect to a Violation,
Claim,  or series of Violations  or Claims,  shall not exceed an amount equal to
the Purchase Price.

                  (b)      The  Purchaser  will  indemnify  the  Company and its
officers  and  directors  against  any  Claims  arising  out of or based  upon a
Violation  which  occurs in reliance  upon and in  conformity  with  information
furnished in writing to the Company, by or on behalf of the Purchaser, expressly
for  use in  connection  with  the  preparation  of the  Registration  Statement
(including any  modifications,  amendments or supplements  thereto),  subject to
such  limitations  and  conditions  as are  applicable  to  the  indemnification
provided by the Company in this Section 6; provided,  however,  that in no event
shall any indemnity by such Purchaser  under this Section 6 exceed the amount of
the net  proceeds  received by such  Purchaser in  connection  with the offering
effected through such Registration Statement.

                  (c)      Promptly after receipt by an Indemnified Person under
this  Section 6 of notice  of the  commencement  of any  action  (including  any
governmental  action),  such  Indemnified  Person  shall,  if a Claim in respect
thereof is to be made  against  any  indemnifying  party  under this  Section 6,
deliver to the indemnifying party a written notice of the commencement  thereof,
and the  indemnifying  party shall have the right to participate  in, and to the
extent  that  the  indemnifying  party  so  desires,   jointly  with  any  other
indemnifying party similarly notified,  to assume control of the defense thereof
with counsel mutually satisfactory to the indemnifying party and the Indemnified
Person,  provided,  however,  that an Indemnified Person shall have the right to
retain its own counsel with the  reasonable  fees and expenses to be paid by the
indemnifying  party,  if, in the reasonable  opinion of counsel  retained by the
indemnifying party, the representation by such counsel of the Indemnified Person
and the  indemnifying  party would be  inappropriate  due to actual or potential
differing  interests  between  such  Indemnified  Person  and  any  other  party
represented by such counsel in such proceeding. In such event, the Company shall
pay for only one  separate  legal  counsel  for the  Purchaser,  and such  legal
counsel  shall be selected  by the  Purchaser.  The  failure to deliver  written
notice to an indemnifying  party within a reasonable time after the commencement
of any such action shall not relieve such indemnifying party of any liability to
the  Indemnified  Person  under this  Section 6,  except to the extent  that the
indemnifying  party is materially  prejudiced in its ability to such action. The
indemnification required by this Section 6 shall be made by periodic payments of
the amount thereof during the course of the  investigation  or defense,  as such
expense, loss, damage or liability is incurred and is due and payable.

                  (d)      No  indemnifying  party,  in the  defense of any such
claim or litigation,  shall,  except with the consent of each Indemnified Party,
consent to entry of any  judgment  or enter into any  settlement  which does not
include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Person of an unconditional and irrevocable  release from all
liability in respect of such claim or litigation.

                                       7
<PAGE>

                  (e)      Notwithstanding the foregoing, to the extent that any
provisions  relating  to  indemnification  or  contribution   contained  in  the
underwriting agreements entered into among the Company, the underwriters and the
Purchaser in connection  with the  underwritten  public offering are in conflict
with the foregoing  provisions,  the provisions in such underwriting  agreements
shall be controlling  as to the  Registrable  Securities  included in the public
offering;  PROVIDED,  HOWEVER,  that if, as a result of this Section  6(e),  the
Purchaser,  or the investment advisor or sub-investment advisor of the Purchaser
or each of its  officers,  directors,  members,  partners,  shareholders  or any
person controlling the Purchaser is or are held liable with respect to any Claim
for which they  would be  entitled  to  indemnification  hereunder  but for this
Section 6(e) in an amount which exceeds the aggregate  proceeds received by such
Purchaser  from the sale of  Registrable  Securities  included in a registration
pursuant to such underwriting  agreement (the "EXCESS  LIABILITY"),  the Company
shall reimburse the Purchaser for such Excess Liability.

         7.       CONTRIBUTION.   To  the  extent  any   indemnification  by  an
indemnifying   party  is  prohibited  or  limited  under   applicable  law,  the
indemnifying  party agrees to  contribute  to the amount paid or payable by such
indemnified party as a result of such loss, claim, damage,  liability or expense
in such  proportion  as is  appropriate  to reflect  the  relative  fault of the
indemnifying  party on the one hand and the Indemnified Person on the other hand
in connection  with the statements or omissions which resulted in such Claim, as
well as any other relevant equitable  considerations.  The relative fault of the
indemnifying  party and the Indemnified  Person shall be determined by reference
to, among other things,  whether the untrue  statement of a material fact or the
omission  to state a  material  fact on which  such  Claim is based  relates  to
information supplied by the indemnifying party or by the Indemnified Person, and
the parties' relative intent,  knowledge,  access to information and opportunity
to correct or prevent such statement or omission.  Notwithstanding the forgoing,
(a) no contribution shall be made under  circumstances where the payor would not
have been  liable for  indemnification  under the fault  standards  set forth in
Section  6,  (b) no  seller  of  Registrable  Securities  guilty  of  fraudulent
misrepresentation  (within the meaning of Section 11(f) of the  Securities  Act)
shall be entitled to contribution from any seller of Registrable  Securities who
was not guilty of such fraudulent  misrepresentation and (c) contribution by any
seller of Registrable  Securities shall be limited in amount to the net proceeds
received  by such  seller  from the  sale of such  Registrable  Securities.  The
Company  and the  Purchaser  agree  that it would not be just and  equitable  if
contribution  pursuant to this Section 7 were  determined by PRO RATA allocation
(even if any  Purchaser  and any other party were treated as one entity for such
purpose) or by any other method of allocation  that does not take account of the
equitable considerations referred to in this Section.

         8.       REPORTS UNDER EXCHANGE ACT. With a view to making available to
the Purchasers the benefits of Rule 144 promulgated  under the Securities Act or
any other  similar rule or  regulation  of the  Commission  that may at any time
permit the  Purchasers to sell  securities of the Company to the public  without
registration  ("RULE 144"),  after the Merger,  the Company  agrees to cause its
successor in interest by merger to:

                           (i)      make and keep public information  available,
as those terms are understood and defined in Rule 144;

                           (ii)     file with the  Commission in a timely manner
all reports and other documents required of the Company under the Securities Act
and the Exchange Act; and

                           (iii)    furnish  to any  Purchaser  so  long as such
Purchaser owns Shares or Notes promptly upon request, (i) a written statement by
the  Company  that  it has  complied  with  the  reporting  requirements  of the
Securities  Act and the Exchange  Act,  (ii) a copy of the most recent annual or
periodic  report of the Company and such other reports and documents so filed by
the Company and (iii) such other  information as may be reasonably  requested to
permit  the  Purchaser  to sell such  securities  pursuant  to Rule 144  without
registration.

                                       8
<PAGE>

         9.       ASSIGNMENT OF THE REGISTRATION  RIGHTS. The rights to have the
Company  register  Registrable  Securities  pursuant to this Agreement  shall be
automatically assigned by any Purchaser to any transferee of the Shares or Notes
held by such  Purchaser  if:  (a) such  Purchaser  agrees  in  writing  with the
transferee  or assignee to assign such rights,  and a copy of such  agreement is
furnished to the Company within a reasonable time after such assignment; (b) the
Company is, at the time of such  transfer  within five  business days after such
transfer or assignment, furnished with written notice of the name and address of
such transferee or assignee;  (c) at or before the time the Company receives the
written notice  contemplated  by clause (b) of this sentence,  the transferee or
assignee agrees in writing with the Company to be bound by all of the provisions
contained herein;  and (d) the transfer of the relevant Shares complies with the
restrictions set forth in Section 4 of the Purchase Agreement.

         10.      AMENDMENT  OF  REGISTRATION  RIGHTS.  Any  provision  of  this
Agreement  may be  amended  and the  observance  thereof  may be waived  (either
generally   or  in  a   particular   instance   and  either   retroactively   or
prospectively),  only with the  written  consent  of the  Company  and each such
Purchaser.  Any amendment or waiver  effected in accordance with this Section 10
shall be binding upon such Purchaser and the Company.

         11.      MISCELLANEOUS.

                  (a)      A person  or  entity  is  deemed  to be a  holder  of
Registrable  Securities  whenever  such  person  or entity  owns of record  such
Registrable Securities or Notes convertible into such Registrable Securities. If
the Company receives conflicting instructions,  notices or elections from two or
more persons or entities with respect to the same  Registrable  Securities,  the
Company  shall  act  upon the  basis of the  instructions,  notice  or  election
received from the registered owner of such Registrable Securities or Notes.

                  (b)      Any notice  required or permitted  hereunder shall be
given in writing (unless otherwise specified herein) and shall be effective upon
personal  delivery,  via facsimile  (upon receipt of  confirmation of error-free
transmission)  or two  business  days  following  deposit of such notice with an
internationally  recognized courier service,  with postage prepaid and addressed
to each of the other parties thereunto entitled at (i) if to the Company, to the
address set forth below in this Section 11(b), or (ii) if to a Purchaser, to the
address set forth below such  Purchaser's  name on the signature page below,  or
(iii) at such other  addresses as a party may designate by ten (10) days advance
written notice to each of the other parties hereto.

                                       9
<PAGE>

All notices shall be addressed as follows:

         Company:                   Bionovo, Inc.
                                    2320 Woolsey St., Suite 100
                                    Berkeley, CA, 94705

                                    Tel.:
                                    Fax:

                                    with a copy to:

                                    Greenberg Traurig
                                    200 Park Avenue
                                    New York, NY 10022

                                    ATTENTION:  Robert H. Cohen, Esq.

                                    Tel:    212-801-6907
                                    Fax:    212-801-6400

         Purchasers:                Bridges and PIPES, LLC
                                    830 Third Avenue
                                    14th Floor
                                    New York, NY 10022
                                    ATTENTION: David Fuchs

                                    Tel: 212-355-1601
                                    Fax: 212-581-7010

                                    Rockwood Group, LLC
                                    830 Third Avenue
                                    14th Floor
                                    New York, NY 10022
                                    ATTENTION: Dan Purjes

                                    Tel: 212-922-2083
                                    Fax: 212-581-5193

                                    DCOFI Master LDC
                                    830 3rd Avenue, 14th Floor
                                    New York, NY 10022
                                    ATTENTION: Richard Smithline

                                    Tel: 212-922-2086
                                    Fax: 212-922-2081

                                    with a copy to:

                                       10
<PAGE>

                                    Katten Muchin Zavis Rosenman
                                    575 Madison Avenue
                                    New York, NY 10022
                                    ATTENTION: Howard Jacobs, Esq.

                                    Tel: 212-940-8505
                                    Fax: 212-940-8776

                  (c)      Failure of any party to exercise  any right or remedy
under this Agreement or otherwise,  or delay by a party in exercising such right
or remedy, shall not operate as a waiver thereof.

                  (d)      This Agreement  shall be governed by and  interpreted
in accordance  with the laws of the State of New York,  without giving effect to
conflicts of laws issues.  Each of the parties agrees to the jurisdiction of the
federal courts whose districts encompass any part of the City of New York or the
state  courts  of the  State  of New  York  sitting  in the  City 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. This Agreement may be signed in two or more counterparts, each of
which  shall be deemed an  original.  The  headings  of this  Agreement  are for
convenience   of   reference   and  shall  not  form  part  of,  or  affect  the
interpretation  of, this Agreement.  If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction,  such validity or unenforceability
shall not  affect  the  validity  or  enforceability  of the  remainder  of this
Agreement  or the  validity or  enforceability  of this  Agreement  in any other
jurisdiction. Subject to the provisions of Section 10 hereof, this Agreement may
be amended only by an  instrument  in writing  signed by the party to be charged
with enforcement.

                  (e)      This Agreement,  together with the other  Transaction
Documents,  constitutes  the entire  agreement  among the  parties  hereto  with
respect to the  subject  matter  hereof.  This  Agreement  supersedes  all prior
agreements  and  understandings  among the parties  hereto  with  respect to the
subject matter hereof.

                  (f)      Subject to the requirements of Section 9 hereof, this
Agreement  shall inure for the benefit of and be binding upon the successors and
assigns of each of the parties hereto.

                  (g)      All pronouns and any variations  thereof refer to the
masculine, feminine or neuter, singular or plural, as the context may require.

                  (h)      The  Company  acknowledges  that any  failure  by the
Company  to  perform  its  obligations  under  Section  2, or any  delay in such
performance  could result in direct and indirect damages to the Purchasers,  and
the Company agrees that,  after notice and time to cure in addition to any other
liability  the  Company  may have by reason of any such  failure  or delay,  the
Company shall be liable for all direct and  consequential  damages caused by any
such  failure or delay.  Nothing  herein shall limit each  Purchaser's  right to
pursue any claim seeking such direct or consequential damages.

                                       11
<PAGE>

         IN WITNESS WHEREOF,  the parties have caused this  Registration  Rights
Agreement to be executed as of the date first written above.

                                  BIONOVO, INC.

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

PURCHASERS:

Bridges & PIPES LLC
830 3rd Avenue, 14th Floor
New York, NY 10022
Tax ID# 72-153-8933

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

DCOFI Master LDC
830 3rd Avenue, 14th Floor
New York, NY 10022
EIN #: 98-0432791

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

Rockwood Group LLC
830 3rd Avenue, 14th Floor
New York, NY 10022
Tax ID# 22-3860770

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

                                       12
<PAGE>

                                   SCHEDULE 1

Bridges & PIPES LLC
830 3rd Avenue, 14th Floor
New York, NY 10022
Tax ID# 72-153-8933
$250,000.00

DCOFI Master LDC
830 3rd Avenue, 14th Floor
New York, NY 10022
EIN #: 98-0432791
$200,000.00

Rockwood Group LLC
830 3rd Avenue, 14th Floor
New York, NY 10022
Tax ID# 22-3860770
$50,000.00

                                       13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]