Document:

EXHIBIT 10.1

                            TERMINATION AGREEMENT(1)

      This Termination Agreement ("this Agreement"), dated as of this 7th day of
April 2004 (the "Termination Effective Date"), is by and between IMMUNOMEDICS,
INC., a Delaware corporation having its principal place of business at 300
American Road, Morris Plains, New Jersey 07950 ("Immunomedics"), and AMGEN INC.,
a Delaware corporation having its principal place of business at One Amgen
Center Drive, Thousand Oaks, California 91320 1789 ("Amgen").

      WHEREAS, Immunomedics and Amgen are parties to a Development and License
Agreement, effective as of December 17, 2000, providing for development and
commercialization of Epratuzumab together with the Addendum to Development and
License Agreement of even date therewith and Amendment Number One thereto dated
as of April 1, 2001 ("the D&L Agreement"), which agreement remains in effect as
of the Termination Effective Date;

      WHEREAS, Amgen and Immunomedics wish to terminate the D&L Agreement in
accordance with the terms of this Termination Agreement and not the terms of the
D&L Agreement and to supersede all communications between the Parties relating
to the subject of termination;

      WHEREAS, in conjunction with termination of the D&L Agreement, Amgen will
transfer to Immunomedics and Immunomedics will assume all obligations,
responsibility and control over regulatory and operational matters with respect
to certain clinical studies relating to Epratuzumab,

      WHEREAS, in conjunction with termination of the D&L Agreement,
Immunomedics and Amgen wish to confirm termination or transfer to Immunomedics
of all other instruments related to the D&L Agreement and to finally resolve all
outstanding issues as to each party's rights and obligations arising out of or
relating to the D&L Agreement, in each instance in accordance with this
Termination Agreement,

      NOW THEREFORE, in consideration of the foregoing, and the representations
and agreements set forth herein, Immunomedics and Amgen agree as follows:

1.    CERTAIN CAPITALIZED TERMS. As used in this Termination Agreement, the
      following terms shall have the respective meanings set forth below.
      Additional capitalized terms used but not defined herein, if any, shall
      have the respective meanings for such terms set forth in the D&L
      Agreement.

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      (1)   LEGEND: IN THIS DOCUMENT, [*] CONNOTES MATERIAL THAT HAS BEEN
                    OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT OF
                    THE SAME. SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE
                    SECURITIES AND EXCHANGE COMMISSION ON A CONFIDENTIAL BASIS.

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      (a)   "Affiliate" means any corporation or other entity which is directly
            or indirectly controlling, controlled by, or under common control
            with a party. For the purpose of this Termination Agreement,
            "control" shall mean the direct or indirect ownership of fifty
            percent (50%) or more of the outstanding shares or other voting
            rights to elect directors of the subject entity, or if not meeting
            the preceding, any entity owned or controlled by or owning or
            controlling such entity at the maximum control or ownership right
            permitted in the country where such entity exists.

      (b)   Amgen Confidential Information," means, other than Transferred
            Confidential Information, any and all data, information, results,
            conclusions and the like of any kind whatsoever (and all tangible
            and intangible embodiments thereof of any kind whatsoever) which is
            owned or controlled by Amgen prior to, or after, the Termination
            Effective Date.

      (c)   "Amgen Inventory" has the meaning set forth in Section 4(a) hereof.

      (d)   "Amgen Know-How" [*] For the avoidance of doubt, it is intended that
            Amgen Know-How shall exclude Immunomedics Know-How and Joint
            Know-How.

      (e)   "Amgen Losses" has the meaning set forth in Section 16(b) hereof.

      (f)   "Amgen Materials" has the meaning set forth in Section 4(a) hereof.

      (g)   "Amgen Premises" means Amgen's premises in Thousand Oaks,
            California.

      (h)   [*]

      (i)   [*]

      (j)   [*]

      (k)   "Assumed Clinical Studies" has the meaning set forth in Section
            13(a) hereof.

      (l)   "Clinical Studies Assignment Agreements" has the meaning set forth
            in Section 13(b) hereof.

      (m)   "Clinical Studies Contracts" has the meaning set forth in Section
            13(b) hereof.

      (n)   "Clinical Trial Services Agreements" has the meaning set forth in
            Section 13(e) hereof.

      (o)   "D&L Agreement" has the meaning set forth in the Recitals.

      (p)   "Deliverables" has the meaning set forth in Section 5 hereof.

      (q)   "Delivery" has the maining set forth in 4(b) hereof.

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      (r)   [*]

      (s)   "Genetic Material" shall mean (a) a nucleotide sequence, including
            DNA, RNA and complementary and reverse complementary nucleotide
            sequences thereto, whether coding or noncoding and whether intact or
            a fragment, as well as vectors containing said nucleotide sequence,
            (b) all other materials derived from or containing such nucleotide
            sequence, including without limitation derivatives thereof, progeny
            thereof, modifications thereof or improvements thereto (including,
            but not limited to, additions, deletions and substitutions thereof),
            and (c) gene therapy and delivery systems containing any such
            nucleotide sequence and/or materials.

      (t)   [*]

      (u)   "Immunomedics Confidential Information" means any and all data,
            information, results, conclusions and the like of any kind
            whatsoever (and all tangible and intangible embodiments thereof of
            any kind whatsoever) which are owned or controlled by Immunomedics
            prior to, or after, the Termination Effective Date and (ii)
            Transferred Confidential Information.

      (v)   "Immunomedics Know-How" [*]

      (w)   "Immunomedics Losses" has the meaning set forth in Section 16(a)
            hereof.

      (x)   "Joint Confidential Information" means any and all data,
            information, results, conclusions and the like of any kind
            whatsoever (and all tangible and intangible embodiments thereof of
            any kind whatsoever) relating to [*].

      (y)   [*]

      (z)   "Materials" means any and all proprietary materials including, but
            not limited to, [*]

      (aa)  "Material Transfer Agreements" has the meaning set forth in Section
            12 hereof.

      (bb)  "Other Transaction Document" has the meaning set forth in Section 2
            hereof.

      (cc)  "Non-Assumed Clinical Studies Contracts" has the meaning set forth
            in Section 13(d) hereof.

      (dd)  "Person" means any natural person, corporation, business trust,
            association, partnership, limited liability company, joint venture,
            governmental entity or any other entity.

      (ee)  "Product(s)" shall mean the following products which are owned or
            controlled by Immunomedics or Amgen: (a) Epratuzumab and (b) any 2nd
            Generation Product for which Amgen [*].

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      (ff)  [*]

      (gg)  [*]

      (hh)  [*]

      (ii)  "Termination Effective Date" has the meaning set forth in the
            Recitals.

      (jj)  "Transferred Confidential Information" means any and all data,
            information, results, conclusions and the like of any kind
            whatsoever (and all tangible and intangible embodiments thereof of
            any kind whatsoever) which are to be transferred to Immunomedics in
            accordance with Sections 3, 4, 5, 6, 7, 11 and 12 of this Agreement,
            all of which shall be deemed to be Immunomedics Confidential
            Information.

2.    TERMINATION OF AGREEMENTS, RIGHTS AND OBLIGATIONS.

      (a)   The parties hereby agree, acknowledge and confirm that, effective as
            of the Termination Effective Date, the D&L Agreement and all
            agreements or instruments between Immunomedics and Amgen (or by
            Immunomedics or Amgen for the benefit of the other) listed on
            Exhibit A hereto (collectively, the "Other Transaction Documents"),
            are terminated in their entirety and of no force or effect,
            including all licenses (except for the Amgen Retained License),
            sublicenses, rights and obligations thereunder (including any rights
            and obligations which according to their terms or otherwise were
            intended to survive termination or expiration of the relevant
            agreement).

      (b)   Without limitation of the foregoing, and for the avoidance of doubt

            (i)   Amgen acknowledges and agrees, on behalf of itself and its
                  Affiliates that, as of the Termination Effective Date, except
                  as expressly set forth herein, any and all rights of Amgen
                  with respect to Licensed Patent Rights, Licensed Trademark
                  Rights and Licensed Know-How revert to Immunomedics, and
                  neither Amgen nor any of its Affiliates has or shall have any
                  rights or claims of any nature whatsoever (A) to, in, arising
                  out of, or with respect to, Licensed Patent Rights, Licensed
                  Trademark Rights and Licensed Know How, or the development,
                  commercialization, sale, use, sublicense, assignment or other
                  transfer of Products, or (B) under or arising out of the D&L
                  Agreement or any Other Transaction Document, and

            (ii)  Immunomedics acknowledges and agrees, on behalf of itself and
                  its Affiliates that, as of the Termination Effective Date,
                  except as expressly set forth herein, any and all obligations
                  of Amgen or any of its Affiliates with respect to (A) the D&L
                  Agreement and all Other Transaction Documents or (B) the
                  Licensed Patent Rights, Licensed Trademark Rights, Licensed
                  Know-How and Products, are terminated and of no force

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                  or effect. Without limiting the generality of the foregoing,
                  Immunomedics acknowledges and agrees that Amgen has no further
                  monetary obligation pursuant to Sections 10.0, 11.0, 12.0,
                  16.4 or 18.3.2 of the D&L Agreement.

      (c)   Notwithstanding any other provision of this Agreement, Immunomedics
            agrees that Amgen will retain and have the continuing right to
            exploit the Amgen Retained License.

3.    IMMUNOMEDICS KNOW-HOW LICENSE.  [*] Amgen hereby grants to Immunomedics
      an irrevocable, royalty-free, exclusive license, with the right to
      sublicense, under Amgen's interest in [*] (but only to the
      extent such grant is consistent with other contractual obligations
      Amgen may have at the Effective Date of Termination) to make, have
      made, use, sell, lease, offer to sell or lease, import, export or
      otherwise exploit, or transfer physical possession of or title in,
      Epratuzumab and 2nd Generation Products.

4.    INVENTORY.

      (a)   Promptly after the Termination Effective Date, Immunomedics will
            make, and Amgen will cooperate with Immunomedics' reasonable
            requests in making, appropriate arrangements for the shipment from
            Amgen to Immunomedics at Immunomedics' principal place of business
            identified in the first paragraph hereof or such other location or
            locations as may be determined by Immunomedics, Amgen's inventory of
            Epratuzumab and antibody cell line samples as listed in Exhibit B
            (collectively, "Amgen Inventory"). For the avoidance of doubt, Amgen
            has no obligation to deliver to Immunomedics [*] (the "Amgen
            Materials"). Subject to the Amgen Retained License, Amgen shall
            destroy any such Amgen Materials within sixty (60) days after the
            Termination Effective Date and shall, upon written request, so
            certify to Immunomedics in writing.

      (b)   Subject to Immunomedics making appropriate shipping arrangements as
            provided in the first sentence of Section 4(a), Amgen will effect
            the delivery of Amgen Inventory (to the extent not previously
            delivered to Immunomedics as indicated on Exhibit B hereto) to
            Immunomedics' designated shipping company at the Amgen Premises (the
            "Delivery") within ten (10) business days after the Termination
            Effective Date. Upon Delivery, all Amgen Inventory shall be free and
            clear of all liens, claims or encumbrances of any kind or nature
            arising from any action of Amgen. Risk of loss for all Amgen
            Inventory shall rest with Immunomedics after the Termination
            Effective Date, except to the extent that loss arises as a result of
            the [*] of Amgen in the storage and handling thereof.

      (c)   All Amgen Inventory is being transferred to Immunomedics on an "as
            is" and "with all faults" basis and Amgen assumes no responsibility
            therefor. Immunomedics agrees to accept the Amgen Inventory "as is"
            and "with all faults"; provided, however, Amgen hereby represents
            that to the best of its knowledge the Materials which are biological
            materials are free from infectious or adventitious agents.

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      (d)   [*]

      (e)   Immunomedics hereby agrees to defend and indemnify and hold harmless
            Amgen from and against any and all claims, liability or damage
            arising from or relating to the use, storage, handling, distribution
            or other exploitation of Amgen Inventory after delivery thereof to
            Immunomedics pursuant to this Agreement.

5.    DELIVERABLES. As promptly as practicable after the Termination
      Effective Date, and in any event not later than the dates set forth in
      Exhibit C, Amgen will deliver or cause to be delivered to Immunomedics,
      at its principal place of business identified in the first paragraph
      hereof or such other location or locations as may be designated by
      Immunomedics to Amgen, all of the documents, clinical data and other
      materials listed on Exhibit C hereto (collectively, "Deliverables") on
      an "as is" and "with all faults" basis, to the extent not previously
      delivered.  [*]  Amgen agrees to execute any and all additional
      instruments of assignment or other documentation, and take any other
      actions as reasonably necessary to vest in Immunomedics valid title to
      all Deliverables, free and clear of all liens, claims or encumbrances
      of any kind or nature arising from any action of Amgen, at
      Immunomedics' sole cost and expense.  Risk of loss for any Deliverable
      shall rest with Immunomedics after the Termination Effective Date.
      Notwithstanding the above, Amgen may retain, for archival purposes or
      other purposes allowed hereunder, a copy of any and all individual
      items of the Deliverables.

6.    ADDITIONAL AMGEN INVENTORY AND DELIVERABLES.  With respect to the Amgen
      Inventory and Deliverables being provided to Immunomedics under
      Sections 4 and 5 above, should Amgen, in the normal course of business,
      and without any express obligation to investigate, discover any
      additional Epratuzumab or murine LL2 monoclonal antibody or information
      that would fall within one of the categories of Deliverables set forth
      in Exhibit C, Amgen will provide such antibodies or information in a
      reasonable manner to Immunomedics.

7.    REGULATORY FILINGS.

      Amgen hereby assigns to Immunomedics Amgen's entire right, title and
      interest in and to all regulatory filings, regulatory approvals, and other
      similar governmental authorizations, permits or approvals on an "as is"
      and "with all faults" basis, in each case to the extent directly relating
      to Epratuzumab, including without limitation, those listed on Exhibit D
      hereto. Amgen represents, warrants and covenants that the items, property
      and rights being assigned pursuant to this Section 7 are free and clear of
      all liens, claims or encumbrances of any kind or nature arising from any
      action of Amgen. Amgen agrees to execute, and to file or record with or
      provide proper notice to, or (if appropriate) enable Immunomedics to file
      or record with or provide proper notice to, the appropriate governmental
      offices, and any additional instruments of assignment or other
      documentation, as may be reasonably requested by Immunomedics to assure
      Immunomedics of the benefit of the assignments provided for in this
      Section 7, at Immunomedics' sole cost and expense.

8.    [*]

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9.    NO OTHER WARRANTIES.

      EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH HEREIN,
      NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND. EXCEPT
      AS EXPRESSLY SET FORTH HEREIN, ALL ITEMS DELIVERED OR ASSIGNED BY AMGEN
      HEREUNDER, INCLUDING WITHOUT LIMITATION THE AMGEN INVENTORY, DELIVERABLES,
      AND REGULATORY FILINGS, APPROVALS, AUTHORIZATIONS OR PERMITS, ASSUMED
      CLINICAL STUDIES, CLINICAL STUDIES CONTRACTS AND OTHER CONTRACTS, ARE
      PROVIDED "AS IS", "WITH ALL FAULTS", AND WITH NO WARRANTY OF ANY KIND,
      AMGEN EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING ANY IMPLIED
      WARRANTIES OF MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE AND
      NON-INFRINGEMENT.

10.   PATENT PROSECUTION.

      (a)   Immunomedics shall have sole responsibility with respect to, and
            bear all expenses arising in connection with, the prosecution,
            maintenance and enforcement of Collaboration Patent Rights after the
            Termination Effective Date.

      (b)   Promptly after the Termination Effective Date, Amgen will, or will
            cause its agents to, transfer to Immunomedics or its designated
            agent all files pertaining to prosecution or maintenance of patent
            applications and patents directed to Collaboration Patent Rights,
            Amgen will execute all documents reasonably necessary to transfer to
            Immunomedics the right to control all such patent prosecution.

11.   CONSIDERATION.

      (a)   On the Termination Effective Date, Immunomedics shall execute and
            deliver to Amgen the warrant attached hereto as Exhibit E.

      (b)   Within thirty (30) days after FDA approval of sale in the United
            States of Epratuzumab for the treatment of non Hodgkin's lymphoma,
            Immunomedics or any successor thereof will pay to Amgen six hundred
            thousand U.S. dollars ($600,000).

12.   MATERIAL TRANSFER AGREEMENTS.

      The parties acknowledge that, pursuant to a separate letter agreement,
      Amgen will assign to Immunomedics effective as of the Termination
      Effective Date certain of its rights, and Immunomedics will assume all of
      Amgen's obligations relating to such assigned rights, under the material
      transfer agreements listed on Exhibit F hereto (the "Material Transfer
      Agreements"), subject, in the case of each Material Transfer Agreement, to
      any required consent to such assignment of such Material Transfer
      Agreement. In particular, Amgen will assign its rights relating to data
      and results resulting from the conduct of the research

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      program, intellectual property, publications and enforcement of such
      rights. [*] Amgen and Immunomedics shall cooperate in good faith to obtain
      any necessary consent to such assignment (and upon any such necessary
      consent being obtained, such assignment shall be deemed to have been
      effected hereby), provided that neither Immunomedics nor Amgen shall be
      required to pay any consideration to obtain such consent. To the extent
      any other obligations under the Material Transfer Agreements remain with
      Amgen, Immunomedics hereby grants to Amgen rights under the Licensed
      Patents Rights and Licensed Know How to the extent necessary for Amgen to
      satisfy its obligations under such Material Transfer Agreements.

13.   ASSUMED CLINICAL STUDIES.

      (a)   Immunomedics, promptly after the Termination Effective Date, will
            assume all obligations, responsibility and control over regulatory
            and operational matters with respect to the clinical studies
            identified and described in Exhibit G (the "Assumed Clinical
            Studies"). Immunomedics shall provide Amgen with a copy of any data
            and results arising from the conduct and completion of the Assumed
            Clinical Studies relating to the safety of the Product, including
            but not limited to adverse events. Amgen will provide financial
            reimbursement up to a total aggregate amount not to exceed [*] for
            costs associated with such Assumed Clinical Studies, payable after
            receipt by Amgen of a detailed invoice.

      (b)   The parties acknowledge that, pursuant to separate letter agreements
            (the "Clinical Studies Assignment Agreements"), Amgen will assign to
            Immunomedics, subject to the receipt of any required consent to such
            assignment, all of Amgen's rights, and Immunomedics will assume all
            of Amgen's obligations, under the agreements listed on Exhibit G
            hereto as of the dates set forth therein, all of which are
            agreements for clinical sites related to the Assumed Clinical
            Studies (the "Clinical Studies Contracts").

      (c)   [*]

      (d)   With respect to those clinical sites not assumed by Immunomedics
            pursuant to subparts (a) and (b) above, as listed in Exhibit H (the
            "Non-Assumed Clinical Studies Contracts"), the parties acknowledge
            that, pursuant to a separate letter agreement, Amgen will assign to
            Immunomedics effective as of the Termination Effective Date, and
            subject to the receipt of any required consent to such assignment,
            its rights relating to data and results resulting from the conduct
            of the clinical study, access to and inspection of all such data and
            results, publications, confidentiality and enforcement of such
            rights, [*] Immunomedics will assume all of Amgen's obligations
            relating to such rights. Immunomedics hereby grants to Amgen the
            rights, [*] necessary for Amgen to satisfy its obligations under
            such Non-Assumed Clinical Studies Contracts. Amgen shall provide to
            Immunomedics copies of all the contracts listed in Exhibit H within
            ten (10) business days of the Termination Effective Date.

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      (e)   In connection with the conduct of the clinical studies under the
            Clinical Studies Contracts and the Non-Assumed Clinical Studies
            Contracts, Amgen entered into agreements with certain third party
            vendors set forth in Exhibit I (the "Clinical Trial Services
            Agreements") to perform certain clinical trial services. The parties
            acknowledge that, pursuant to a separate letter agreement, Amgen
            will assign to Immunomedics effective as of the Termination
            Effective Date its rights relating to data and results resulting
            from the performance of the services under the Clinical Trial
            Services Agreements, confidentiality and enforcement of such rights,
            and Immunomedics will assume all of Amgen's obligations relating to
            such rights. [*]

      (f)   Amgen shall continue to be responsible for the costs of all clinical
            studies not assumed by Immunomedics hereunder.

14.   RELEASES; COVENANTS NOT TO SUE, NO ASSIGNMENT OF CLAIMS.

      (a)   Releases.

      (i)   Amgen, on behalf of itself and its officers, directors, employees,
            agents and Affiliates and each of their respective successors and
            assigns, hereby irrevocably and unconditionally releases and forever
            discharges Immunomedics, and its officers, directors, employees,
            agents and Affiliates and each of their respective successors and
            assigns, from all claims, liabilities, indemnifications,
            obligations, causes of action and demands of any nature whatsoever,
            whether known or unknown, on account of or arising from the D&L
            Agreement or any Other Transaction Documents, the Licensed Patent
            Rights, Licensed Trademark Rights, Licensed Know How, or the
            development, commercialization, sale, use, sublicense, assignment or
            other transfer of Products or any breach of any of the foregoing,
            including any remedies which Amgen might otherwise now or hereafter
            have thereunder, both in equity and at law, except as set forth in
            Section 16 of this Termination Agreement, but excluding all claims,
            liabilities, indemnifications, obligations, causes of action and
            demands that arise from and after the Termination Effective Date
            under this Termination Agreement or any agreement or instrument
            entered into on or after the Termination Effective Date between
            Immunomedics and Amgen (or by Immunomedics or Amgen for the benefit
            of the other) pursuant to or as contemplated by this Termination
            Agreement.

      (ii)  Immunomedics, on behalf of itself and its officers, directors,
            employees, agents and Affiliates and each of their respective
            successors and assigns, hereby irrevocably and unconditionally
            releases and forever discharges Amgen, and its officers, directors,
            employees, agents and Affiliates and each of their respective
            successors and assigns, from all claims, liabilities,
            indemnifications, obligations, causes of action and demands of any
            nature whatsoever, whether known or unknown, on account of or
            arising from the D&L Agreement or any Other Transaction Documents,
            the Licensed

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            Patent Rights, Licensed Trademark Rights, Licensed Know How, or the
            development, commercialization, sale, use, sublicense, assignment or
            other transfer of Products or any breach of any of the foregoing,
            including any remedies which Immunomedics might otherwise now or
            hereafter have thereunder, both in equity and at law, except as set
            forth in Section 16 of this Termination Agreement, but excluding all
            claims, liabilities, indemnifications, obligations, causes of action
            and demands that arise from and after the Termination Effective Date
            under this Termination Agreement or any agreement or instrument
            entered into on or after the Termination Effective Date between
            Immunomedics and Amgen (or by Immunomedics or Amgen for the benefit
            of the other) pursuant to or as contemplated by this Termination
            Agreement.

      (iii) In connection with the foregoing releases set forth in this Section
            14(a), except as expressly set forth therein, each of Immunomedics
            and Amgen hereby waives the benefits of Section 1542 of the
            California Civil Code which provides:

            "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
            NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING
            THE RELEASE WHICH, IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED
            HIS SETTLEMENT WITH THE DEBTOR."

            Notwithstanding the provisions of Section 1542, this Termination
            Agreement releases claims to the extent provided in Section 14(a)(i)
            and (ii) above, whether known, unknown, foreseen, unforeseen, patent
            or latent which each party has as of the date hereof against the
            other, and this release shall act as a release of future claims that
            may arise from acts arising prior to the Termination Effective Date,
            whether such claims are currently known, unknown, foreseen,
            unforeseen, patent or latent. Each of Immunomedics and Amgen
            understands and acknowledges the significance and consequence of
            such specific waiver of Section 1542 and hereby assumes full
            responsibility for such waiver.

      (b)   Covenants Not to Sue. The parties, on behalf of themselves and their
            respective officers, directors, employees, agents and Affiliates and
            each of their respective successors and assigns, hereby irrevocably
            and unconditionally waive and give up any right to, and covenant and
            agree not to and not to permit any other party acting on their
            behalf to, commence any action, or bring any charge or complaint,
            against each other or any of the other persons released under
            Section 14(a) above, with, respect to the claims, liabilities,
            obligations, causes of action or demands so released under Section
            14(a) above, or to seek or be entitled to any equitable or monetary
            relief in any action or in connection with any charge or complaint
            that may be commenced or brought on their behalf with respect
            thereto.

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      (c)   No Assignment of Claims. Each party hereby represents and warrants
            to the other that neither it nor any of its Affiliates has assigned
            to any other Person any claims, causes of action or demands released
            pursuant to Section 14(a) above.

      (d)   No Admission. Each party acknowledges that this Termination
            Agreement effects the settlement of existing and potential claims,
            and nothing herein is intended to constitute or should be construed
            as an admission of liability to any party or to any Person.

15.   CONFIDENTIALITY.

      (a)   Immunomedics Confidential Information. Subject to the further
            provisions of this Section 15, Amgen will keep confidential and will
            not publish or otherwise disclose or use for any purpose any
            Immunomedics Confidential Information except

            (i)   as separately agreed to in writing by Immunomedics after the
                  Termination Effective Date;

            (ii)  to the extent that such Immunomedics Confidential Information
                  (a) was generally available to the public or otherwise part of
                  the public domain at the time of its disclosure to Amgen, or
                  (b) became generally available to the public or otherwise part
                  of the public domain after its disclosure or development, as
                  the case may be, other than through any act or omission of
                  Amgen in breach of this Section 15, or

            (iii) to the extent that (a) such Immunomedics Confidential
                  Information is required to be disclosed in prosecuting or
                  defending litigation (including any litigation relating to the
                  enforcement of this Termination Agreement) or complying with
                  any court order or governmental regulation or (b) Amgen
                  determines in good faith, after consultation with outside
                  legal counsel, that such Immunomedics Confidential Information
                  is otherwise required by law (including any rule, regulation,
                  policy or practice of any regulatory agency or authority or
                  any stock market or exchange on which any securities of Amgen
                  are listed and traded) to be disclosed.

      (b)   Permitted Disclosure. Notwithstanding the above, Amgen retains the
            following rights:

            (i)   the right to use, publish or otherwise disclose Joint
                  Confidential Information (for the avoidance of doubt,
                  including in connection with the filing, prosecution or
                  enforcement of any patent applications/patents), only to the
                  extent Amgen uses or develops such Joint Confidential
                  Information in conjunction with practice under the Amgen
                  Retained License and, with respect to Joint Confidential
                  Information relating to Epratuzumab, subject to subpart (d)
                  below other than with respect to the permitted disclosures
                  under subpart (b)(ii) below;

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            (ii)  the right to publish Transferred Confidential Information in
                  connection with the publication of the following Amgen
                  manuscripts, subject to the right of Immunomedics to review
                  and comment on any such manuscript insofar as the same relates
                  to Epratuzumab by Amgen providing Immunomedics with a copy of
                  such manuscript in proposed final form at least thirty (30)
                  days prior to its submission; [*]

      (c)   Amgen Confidential Information. Immunomedics will keep confidential
            and will not publish or otherwise disclose or use for any purpose
            any Amgen Confidential Information, except

            (i)   as separately agreed to in writing by Amgen after the
                  Termination Effective Date;

            (ii)  to the extent that such Amgen Confidential Information (a) was
                  generally available to the public or otherwise part of the
                  public domain at the time of its disclosure to Immunomedics,
                  or (b) became generally available to the public or otherwise
                  part of the public domain after its disclosure or development,
                  as the case may be, other than through any act or omission of
                  Immunomedics in breach of this Section 15, or

            (iii) to the extent that (a) such Amgen Confidential Information is
                  required to be disclosed in prosecuting or defending
                  litigation (including any litigation relating to the
                  enforcement of this Termination Agreement) or complying with
                  any court order or governmental regulation or (b) Immunomedics
                  determines in good faith, after consultation with outside
                  legal counsel, that such Amgen Confidential Information is
                  otherwise required by law (including any rule, regulation,
                  policy or practice of any regulatory agency or authority or
                  any stock market or exchange on which any securities of
                  Immunomedics are listed and traded) to be disclosed.

      (d)   Publication by Amgen. Other than with respect to the permitted
            disclosures under subpart (b) above, Amgen shall hold confidential
            and not publish, without the express written consent of
            Immunomedics, any data, results, information (including, but not
            limited to chemical, pharmacological, toxicological, research,
            pre-clinical or clinical data) or analytical data or methods
            regarding Epratuzumab not otherwise generally available to the
            public or being part of the public domain at the time of disclosure.

16.   INDEMNIFICATION.

      (a)   Indemnification By Amgen. Amgen shall indemnify Immunomedics
            against, and hold Immunomedics harmless from, and at Immunomedics
            option, defend Immunomedics against, any and all liabilities,
            losses, damages, costs and expenses to Immunomedics (collectively,
            "Immunomedics Losses") arising out of or relating to (i) any third
            party claims of any kind or nature in connection with the research
            or development of Epratuzumab, or actions or omissions relating

                                       12
<PAGE>

            thereto, in each case wherein any injury or claimed injury (personal
            or otherwise) underlying such claim occurred or is alleged to have
            occurred prior to the Termination Effective Date and was occasioned
            or caused by, on behalf of, under authority of, or pursuant to
            contracts with, Amgen, any of its Affiliates or their respective
            licensees or sublicensees; or (ii) any representation or warranty of
            Amgen contained in this Termination Agreement being untrue in any
            material respect, except to the extent in either (i) or (ii) above
            that such Immunomedics Losses are attributable to the willful
            misconduct or negligence of Immunomedics or its Affiliates or their
            respective licensees or sublicensees. For purposes hereof, any
            manufacturing or other activities or obligations performed or
            provided by Immunomedics shall not be considered to have been
            performed or provided on behalf of, or under authority of, Amgen,
            its Affiliates or sublicensees.

      (b)   Indemnification By Immunomedics. Immunomedics shall indemnify Amgen
            against, and hold Amgen harmless from, and at Amgen's option, defend
            Amgen against, any and all liabilities, losses, damages, costs and
            expenses to Amgen (collectively, "Amgen Losses") arising out of or
            relating to (i) any third party claims of any kind or nature (a) in
            connection with the research, development, manufacturing, marketing
            or sale of Epratuzumab, or actions or omissions relating thereto,
            wherein any injury or claimed injury (personal or otherwise)
            underlying such claim occurred or is alleged to have occurred prior
            to the Effective Date of the D&L Agreement, or (b) in connection
            with the research, development or manufacturing of Epratuzumab
            (other than by, on behalf of or under authority of Amgen, its
            Affiliates, or sublicensees), wherein any injury or claimed injury
            (personal or otherwise) underlying such claim occurred or is alleged
            to have occurred during the term of the D&L Agreement, or (c) in
            connection with the research, development, manufacturing, marketing,
            sale or other exploitation of Epratuzumab for the period from and
            after the Termination Effective Date regardless of whether such
            Amgen Losses are attributable to items assigned or transferred from
            Amgen to Immunomedics; or (ii) any representation or warranty of
            Immunomedics in this Termination Agreement being untrue in any
            material respect; except to the extent in either (i) or (ii) above
            that such Amgen Losses are attributable to the willful misconduct or
            negligence of Amgen or its Affiliates or their respective licensees
            or sublicensees.

      (c)   Notice of Indemnification Claim. Each party will notify the other
            party in writing within five (5) business days of becoming aware of
            a claim for which indemnification may be sought hereunder. Failure
            to provide such notice shall not result in a waiver of the
            indemnification rights set out in paragraphs 16(a) and (b) above in
            the absence of a showing of actual prejudice to the party owing the
            duty of indemnification from such failure to receive notice at an
            earlier time than actually received. The party seeking
            indemnification and its employees and agents shall cooperate
            reasonably with, and allow access to, the other party and its legal
            representatives in the investigation and defense of any action,
            claim or liability covered by this indemnification section.

                                       13
<PAGE>

17.   ENTIRE AGREEMENT. This Termination Agreement (including the Exhibits
      attached hereto which are incorporated by reference herein) constitutes
      the entire agreement between the parties with respect to the subject
      matter hereof (and thereof) and supersedes all previous agreements or
      understandings between the parties.  This Termination Agreement shall
      bind and inure to the benefit of, and be enforceable by, the parties
      and, with respect to Sections 14 and 28, the other persons referred to
      therein, and the respective successors, assigns, heirs, executors and
      administrators of the parties and such other persons, respectively.
      This Termination Agreement may only be changed or modified by written
      agreement of the parties.

18.   GOVERNING LAW AND JURISDICTION. This Termination Agreement will be
      governed by and interpreted in accordance with the laws of the State of
      California, without reference to its conflicts of law principles, The
      parties hereby submit to the exclusive jurisdiction of the California
      courts, both state and federal, in all matters concerning this Termination
      Agreement.

19.   COUNTERPARTS. This Termination Agreement may be executed in counterparts
      (and by facsimile signatures), each of which shall be deemed an original
      but which together shall constitute one and the same instrument.

20.   VALIDITY AND BINDING NATURE OF AGREEMENT. Each party hereby represents and
      warrants to the other that this Termination Agreement has been duly
      authorized, executed and delivered by, and is the valid and binding
      obligation of, such party, enforceable against such party in accordance
      with its terms,

21.   NO OTHER REPRESENTATIONS. Each party acknowledges having read this
      Termination Agreement and fully understands its provisions, and
      acknowledges and agrees that no representation or promise not contained
      herein has been made to induce such party to enter into this Termination
      Agreement.

22.   LEGAL ADVICE. Each party has had the opportunity to receive and has
      received independent legal advice from attorneys of their choice with
      respect to the advisability of making the settlement and release provided
      herein and of executing this Termination Agreement.

23.   PUBLIC ANNOUNCEMENTS. Neither party will make any public announcement
      regarding this Termination Agreement without the prior approval of the
      other party, Notwithstanding the above, promptly after the execution
      and delivery of this Agreement, the parties shall issue a press release
      in the form attached hereto and incorporated herein as Exhibit J. In
      addition, in no event will either party use the name of the other party
      in any press release or other public announcement without the prior
      approval of the named party; provided, however, that no such approval
      of the other party shall be necessary if the press release or other
      public announcement is substantially similar to releases or
      announcements previously approved by such party (provided, however,
      that the term "substantially similar" shall not be deemed to permit
      additional information to be included in any such release or
      announcement if such information has not been previously approved by
      the other party) provided that this Section 23 shall not impair a

                                       14
<PAGE>

      party's right to provide truthful testimony or other information, or to
      otherwise make public statements or disclosures, to the extent a party,
      after consultation with outside legal counsel, determines in good faith
      that it is required by law to do so. The parties acknowledge that Amgen
      and/or Immunomedics may be obligated to file a copy of this Agreement
      with the U.S. Securities and Exchange Commission, and each such party
      shall be entitled to make such filing, provided however, that it
      requests confidential treatment of the more sensitive terms hereof to
      the extent such confidential treatment is reasonably available to the
      filing party under the circumstances then prevailing.  In the event of
      any such filing, the filing party will provide the non-filing party
      with an advance copy of this Agreement marked to show provisions for
      which the filing party intends to seek confidential treatment, and the
      filing party shall include the non-filing party's comments thereon,
      which comments shall be provided within [*] of receipt of the advance
      copy by the non-filing party.  Each party agrees not to publicly
      disparage or defame, or make any material misrepresentation regarding
      the other party or any officer, director or employee of the other party.

24.   NOTICE. Any notice, demand or communication under this Termination
      Agreement shall be in writing and served by personal delivery, registered
      or certified mail, or by overnight delivery by a nationally recognized
      overnight delivery service, to the address of the party receiving notice
      as set forth in the first paragraph of this Termination Agreement, or at
      any domestic address that a party may provide to any other party in
      writing from time to time.

25.   SEVERABILITY. Whenever possible, each provision of this Termination
      Agreement shall be interpreted in such manner as to be effective and
      valid under applicable law, but if any provision of this Termination
      Agreement shall become prohibited or invalid under applicable law, such
      provision shall be ineffective only to the extent of such prohibition
      or invalidity without invalidating the remainder of such provision or
      the remaining provisions of this Termination Agreement, which shall
      remain in full force and effect.

26.   WAIVER. No waiver of any provision of this Termination Agreement or of
      any provision of any agreement or instrument entered into in accordance
      herewith or as contemplated hereby shall be valid unless made in
      writing and executed by a duly authorized officer of the waiving party.
      Failure of either party to insist upon strict observance of or
      compliance with any of the terms of this Termination Agreement in one
      or more instances shall not be deemed to be a waiver of its rights to
      insist upon such observance of or compliance with such terms or the
      other terms hereof with respect to subsequent failures in the future,

27.   FURTHER ASSURANCES. Each of the parties hereto hereby agrees to take or
      cause to be taken such further actions, to execute, deliver and file or
      cause to be executed, delivered and filed such further documents, and will
      obtain such consents, as may be necessary or as may be reasonably
      requested in order to fully effectuate the purposes, terms and conditions
      of this Agreement.

                                       15
<PAGE>

      IN WITNESS WHEREOF, Immunomedics, Inc. and Amgen Inc. have caused this
Termination Agreement to be duly executed by their authorized representatives
as of the date first written above.

      IMMUNOMEDICS, INC.

      By:   /s/ Cynthia L. Sullivan
         -----------------------------------------------------

      Name:  Cynthia L. Sullivan
             -------------------------------------------------

      Title: President & CEO
             -------------------------------------------------

      AMGEN INC.

      By:  /s/ Roger M. Perlmutter
           ---------------------------------------------------

      Name:    Roger M. Perlmutter

      Title:   Executive Vice President,
               Research and Development

                                       16
<PAGE>

                                  EXHIBIT A

                         Other Transaction Documents

                                     [*]

                                      A-1
<PAGE>

                                  EXHIBIT B

                               Amgen Inventory

MASTER CELL BANK VIALS

EPRATUZUMAB PRECLINICAL INVENTORY:

      EPRATUZUMAB FROM [*]
      EPRATUZUMAB FROM [*]
      EPRATUZUMAB FROM [*]
      EPRATUZUMAB FROM [*]
      [*]

EPRATUZUMAB MANUFACTURING INVENTORY:

<TABLE>
<CAPTION>
                                     -----------------------------------------------------------------
                                     LOT   DESC.                                 EXP DATE   NO. VIALS
                                     -----------------------------------------------------------------
<S>                                  <C>   <C>                                    <C>       <C>
Nude Vials                           [*]   [*]                                   [*]        [*]
                                     -----------------------------------------------------------------
                                     [*]   [*]                                   [*]        [*]
                                     -----------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                ----------------------------------------------------------------------------------------------------------
PACKAGED        PACKAGING LOT        LOT   DESC.                                 EXP DATE   NO. VIALS    VIALS/BX  NO. BOX
                ----------------------------------------------------------------------------------------------------------
<S>             <C>                  <C>   <C>                                   <C>        <C>          <C>       <C>
[*]             [*]                  [*]   [*]                                   [*]        [*]          [*]       [*]
                ----------------------------------------------------------------------------------------------------------
                [*]                  [*]   [*]                                   [*]        [*]          [*]       [*]
                ----------------------------------------------------------------------------------------------------------
                [*]                  [*]   [*]                                   [*]        [*]          [*]       [*]
                ----------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                     -----------------------------------------------------------------
                                     LOT   DESC.                                 EXP DATE   KG
                                     -----------------------------------------------------------------
<S>                                  <C>   <C>                                   <C>        <C>
Bulk Lots                            [*]   [*]                                   [*]        [*]
                                     -----------------------------------------------------------------
</TABLE>

                                      B-1

<PAGE>

                                  EXHIBIT C

                                 Deliverables

A.    Deliverables to be transferred within [*] of the Termination Effective
      Date:

                         1.    [*]

                         2.    [*]

                         3.    [*]

                         4.    [*]

                         5.    [*]

                               a.    [*]

                               b.    [*]

                               c.    [*]

                         6.    [*]

                         7.    [*]

                         8.    [*]

                         9.    [*]

B.    Deliverables to be transferred [*] of the Termination Effective Date:

                         1.    [*]

                         2.    [*]

                         3.    [*]

                         4.    [*]

                         5.    [*]

C.    Deliverables to be transferred within [*] of the Termination Effective
      Date:

                         1.    [*]

                         2.    [*]

                                      C-1
<PAGE>

                         3.    [*]

                         4.    [*]

                                      C-2
<PAGE>

                                 EXHIBIT C-1

                                     [*]

                                      C-1-1
<PAGE>

                                       [*]

================================================================================
Sending company name:

--------------------------------------------------------------------------------
[*]

--------------------------------------------------------------------------------
[*]

  [*]                          [ ]  Other, specify __________________________
--------------------------------------------------------------------------------
[*]

  [*]                   [ ] Other, specify
--------------------------------------------------------------------------------
[*]

  [*]                   [ ] Other, specify
--------------------------------------------------------------------------------
Signature of person responsible [*]

Name ___________________________________       Title ___________________________

Signature _______________________________________    Date ______________________
================================================================================

================================================================================
Receiving company name:
--------------------------------------------------------------------------------
[*] completed and accepted

   [ ] Yes           [ ] Pending, explain ______________________________________
--------------------------------------------------------------------------------
Signature of person responsible for this transfer

Name _______________________________         Title _____________________________

Signature ______________________________             Date ______________________
================================================================================

                                     C-1-2

<PAGE>

                                 EXHIBIT C-2

                                     [*]

OBJECTIVE:

                                     [*]

                                     C-2-1

<PAGE>

                                     [*]

================================================================================
[*]

--------------------------------------------------------------------------------
[*]

--------------------------------------------------------------------------------
[*]

          ==========================================================
--------------------------------------------------------------------------------
[*]

Name                                 Title
================================================================================

Signature                                           Date
================================================================================

================================================================================
Receiving company name:
=======================

--------------------------------------------------------------------------------
Document total number of content files received:
================================================

         ===========================================================
--------------------------------------------------------------------------------
[*] completed and accepted

       [ ] Yes      [ ] Pending, explain
       =========================================================================
---------------------------------------------------------------------------
Signature of person responsible for this transfer
=================================================

Name                                 Title
================================================================================

Signature                                           Date
================================================================================
================================================================================

                                      C-2-2

<PAGE>

                                 EXHIBIT C-3

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
REPORT     OTHER ID      STUDY TITLE                           RESEARCHERS        STATUS         CITED  INCLUDED IN 2003 IND
NO.                                                                                              IN IB  ANNUAL REPORT? (AR)
================================================================================================================================
<S>        <C>           <C>                                   <C>                <C>            <C>    <C>
[*]        [*]           [*]                                   [*]                [*]            [*]    [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]            [*]    [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]            [*]    [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]            [*]    [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]            [*]    [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]            [*]    [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]            [*]    [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]            [*]    [*]

--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     C-3-1

<PAGE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
REPORT     OTHER ID      STUDY TITLE                           RESEARCHERS        STATUS         CITED  INCLUDED IN 2003 IND
NO.                                                                                              IN IB  ANNUAL REPORT? (AR)
================================================================================================================================
<S>        <C>           <C>                                   <C>                <C>            <C>    <C>
[*]        [*]           [*]                                   [*]                [*]            [*]    [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]            [*]    [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     C-3-2
<PAGE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
REPORT     OTHER ID      STUDY TITLE                           RESEARCHERS        STATUS         CITED  INCLUDED IN 2003 IND
NO.                                                                                              IN IB  ANNUAL REPORT? (AR)
================================================================================================================================
<S>        <C>           <C>                                   <C>                <C>           <C>     <C>
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     C-3-3

<PAGE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
REPORT     OTHER ID      STUDY TITLE                           RESEARCHERS        STATUS         CITED  INCLUDED IN 2003 IND
NO.                                                                                              IN IB  ANNUAL REPORT? (AR)
================================================================================================================================
<S>        <C>           <C>                                   <C>                <C>            <C>    <C>
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]           [*]     [*]

--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     C-3-4

<PAGE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
REPORT     OTHER ID      STUDY TITLE                           RESEARCHERS        STATUS         CITED  INCLUDED IN 2003 IND
NO.                                                                                              IN IB  ANNUAL REPORT? (AR)
================================================================================================================================
<S>        <C>           <C>                                   <C>                <C>            <C>    <C>
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------------------------------
[*]        [*]           [*]                                   [*]                [*]                   [*]

--------------------------------------------------------------------------------------------------------
</TABLE>

           [*]

           [*]

           [*]

           [*]

                                     C-3-5

<PAGE>

                                  EXHIBIT D

                              Regulatory Filings

                                     [*]

                                      D-1

<PAGE>

                                  EXHIBIT E

                        COMMON STOCK PURCHASE WARRANT

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), OR ANY APPLICABLE STATE SECURITIES LAW. SUCH SECURITIES MAY NOT BE SOLD
OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION UNDER THE ACT
AND ANY APPLICABLE STATE SECURITIES LAW.

NUMBER OF SHARES:  100,000                                   WARRANT NO. _____
(SUBJECT TO ADJUSTMENT)                                          APRIL 7, 2004

                              IMMUNOMEDICS, INC.

                        COMMON STOCK PURCHASE WARRANT

              Void after the date set forth in Section 3 herein

      This Common Stock Purchase Warrant (the "Warrant") entitles Amgen Inc.,
(together with its permitted transferees, the "Holder"), for value received, to
purchase from IMMUNOMEDICS, INC., a Delaware corporation (the "Company"), up to
100,000 fully paid and nonassessable shares of the Company's common stock, par
value $0.01 per share ("Common Stock"), subject to adjustment and vesting as set
forth herein (the "Warrant Shares"). This Warrant shall be exercisable, if at
all, at a price equal to $16.00 per share, subject to adjustment as set forth
herein (the "Exercise Price"). This Warrant also is subject to the following
terms and conditions:

      1. EXERCISE OF WARRANT. Subject to the terms and conditions hereof, this
Warrant may be exercised at the option of the Holder in whole or in part at any
time from and after the date hereof and before the date of expiration set forth
in Section 3 below. Exercise shall be by presentation and surrender to the
Company at its principal office of this Warrant and the subscription form
annexed hereto as Exhibit I, executed by the Holder, together with payment to
the Company in accordance with Section 2 hereof in an amount equal to the
product of the Exercise Price multiplied by the number of Warrant Shares being
purchased upon such exercise. If this Warrant is exercised in part only, the
Company shall, promptly after presentation of this Warrant upon such exercise,
execute and deliver a new Warrant, dated as of the date hereof, evidencing the
right of the Holder to purchase the balance of the Warrant Shares purchasable
hereunder upon the same terms and conditions herein set forth. Upon and as of
receipt by the Company of such properly completed and duly executed subscription
form accompanied by

                                       1
<PAGE>

payment as herein provided, the Holder shall be deemed to be
the holder of record of the Warrant Shares issuable upon such exercise,
notwithstanding that the stock transfer books of the Company shall then be
closed or that certificates representing such Warrant Shares shall not then
actually be delivered to the Holder. Certificates for the Warrant Shares so
purchased, together with any other securities or property to which the Holder is
entitled upon such exercise, shall be delivered to the Holder by the Company's
transfer agent at the Company's expense promptly after this Warrant has been
exercised (and in any event within 30 days). Each stock certificate so delivered
shall be in such denominations of Warrant Shares as may be requested by the
Holder and shall be registered as set forth in the applicable subscription form.

      2. PAYMENT OF EXERCISE PRICE. The Exercise Price for the Warrant Shares
being purchased may be paid in cash or by check payable to the Company or wire
transfer of immediately available funds.

      3. EXPIRATION DATE. This Warrant shall expire on April 6, 2009 (or in the
event that April 6, 2009 is not a business day, the next succeeding business
day).

      4. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The number
and kind of securities purchasable upon the exercise of this Warrant and the
Exercise Price shall be subject to adjustment from time to time upon the
happening of certain events as follows:

            4.1 SUBDIVISION OR COMBINATION OF STOCK. If at any time or from time
to time after the date hereof the Company shall subdivide its outstanding shares
of Common Stock, the Exercise Price in effect immediately prior to such
subdivision shall be reduced proportionately and the number of shares of Common
Stock (calculated to the nearest whole share) shall be increased
proportionately, and conversely, in the event the outstanding shares of Common
Stock shall be combined into a smaller number of shares, the Exercise Price in
effect immediately prior to such combination shall be increased proportionately
and the number of shares of Common Stock (calculated to the nearest whole share)
shall be decreased proportionately.

            4.2 ADJUSTMENT FOR STOCK DIVIDENDS. If at any time the Company shall
declare a dividend payable in Common Stock or securities convertible into shares
of Common Stock or make any other distribution upon any class or series of stock
of the Company payable in shares of Common Stock or securities convertible into
shares of Common Stock, the Exercise Price and the number of shares to be
obtained upon exercise of this Warrant shall be adjusted proportionately to
reflect the issuance of any shares of Common Stock or convertible securities, as
the case may be, issuable in payment of such dividend or distribution.

            4.3 REORGANIZATION, RECLASSIFICATION, CONSOLIDATION, MERGER OR SALE.
In the event of any reorganization of the capital stock of the Company, a
consolidation or merger of the Company with another corporation (other than a
merger in which the Company is the surviving corporation and the stockholders of
the Company prior to such merger own at least a majority of the outstanding
capital stock of the surviving corporation after such merger), the sale of all
or substantially all of the Company's assets or any transaction involving the
transfer of a majority of the voting power over the capital stock of the Company
effected in a manner such

                                       2
<PAGE>

that holders of Common Stock shall be entitled to receive stock, securities, or
other assets or property, then, as a condition of such reorganization,
reclassification, consolidation, merger, sale or transaction, lawful and
adequate provision shall be made whereby the Holder shall have the right to
purchase and receive (in lieu of the shares of the Common Stock immediately
theretofore purchasable and receivable upon the exercise of the rights
represented hereby) such shares of Common Stock, securities or other assets or
property as may be issued or payable with respect to or in exchange for a number
of outstanding shares of such Common Stock equal to the number of shares of such
stock immediately theretofore purchasable and receivable upon the exercise of
the rights represented hereby. In any such reorganization, consolidation,
merger, sale or transaction, including successive events of such nature,
appropriate provision shall be made with respect to the rights and interests of
the Holder such that the provisions hereof (including, without limitation,
provisions for adjustments of the Exercise Price and of the number of shares
purchasable and receivable upon the exercise of this Warrant) thereafter shall
be applicable, as nearly practicable, in relation to any shares of stock,
securities or assets thereafter deliverable upon the exercise hereof and,
promptly following any such reclassification, consolidation, merger, sale or
lease, the successor corporation (if other than the Company) resulting from such
reclassification, consolidation or merger or the corporation purchasing or
leasing such assets shall assume by a supplemental warrant agreement, executed
and mailed or delivered to the Holder at the last address thereof appearing on
the books of Company, the obligation to deliver to the Holder such shares of
stock, securities or assets as, in accordance with the foregoing provisions, the
Holder may be entitled to purchase.

            4.4 ADJUSTMENT OF NUMBER OF WARRANT SHARES. Upon each adjustment in
the Exercise Price pursuant to any provisions of this Section 4, the number of
Warrant Shares purchasable hereunder at that Exercise Price shall be adjusted,
to the nearest whole share, to the product obtained by multiplying such number
of shares purchasable immediately prior to such adjustment in the Exercise Price
by a fraction, the numerator of which shall be the Exercise Price immediately
prior to such adjustment and the denominator of which shall be the Exercise
Price immediately thereafter.

            4.5 MINIMAL ADJUSTMENTS. No adjustment in the Exercise Price and/or
the number of shares of Common Stock subject to this Warrant shall be made if
such adjustment would result in a change in the number of shares represented by
this Warrant of less than one (1) share (the "Adjustment Threshold Amount"). Any
adjustment not made because the Adjustment Threshold Amount is not satisfied
shall be carried forward and made, together with any subsequent adjustments, at
such time as (a) the aggregate amount of all such adjustments is equal to at
least the Adjustment Threshold Amount or (b) the Warrant is exercised.

            4.6 CERTIFICATE AS TO ADJUSTMENTS. Upon the occurrence of each
adjustment or readjustment of the Exercise Price pursuant to this Section 4, the
Warrant shall, without any action on the part of the Holder, be adjusted in
accordance with this Section 4, and the Company shall promptly compute such
adjustment or readjustment in accordance with the terms hereof and prepare and
furnish to the Holder a certificate signed by the Company's chief financial
officer setting forth such adjustment or readjustment, showing in detail the
facts upon which such adjustment or readjustment is based.

                                       3
<PAGE>

            4.7 WAIVER OF ADJUSTMENTS. Any adjustment of the Exercise Price
otherwise required to be made hereunder may be waived with the written consent
of the Holder and the Company.

      5. NOTICES OF RECORD DATE. In the case of any dividend or distribution,
the adjustment(s) provided for in Section 4 shall become effective immediately
after the date of the issuance or distribution of the shares of Common Stock
and, in the case of any subdivision or combination, the adjustment(s) provided
for in Section 4 shall become effective immediately after the effective date of
such action.

      6. FRACTIONAL SHARES. No fractional shares shall be issued upon exercise
of this Warrant. The Company shall, in lieu of issuing any fractional share, pay
the Holder entitled to such fraction a sum in cash equal to such fraction
multiplied by (i) if the Common Stock is not at the time of such determination
publicly traded, the fair market value as determined in good faith by the Board
of Directors of the Company or (ii) if the Common Stock is at the time of such
determination publicly traded, the market price of the Common Stock (the market
price determined, for any date, as the average of the closing prices of the
Common Stock on the Nasdaq National Market (or such other principal securities
exchange or automated quotation system upon which the Common Stock may then be
listed for public trading) for the five immediately preceding trading days on
such exchange).

      7. LOST, STOLEN OR DESTROYED WARRANT. Upon receipt by the Company of
evidence reasonably satisfactory to it of loss, theft, destruction or mutilation
of this Warrant and, in the case of loss, theft or destruction, of reasonably
satisfactory indemnification, or, in the case of mutilation, upon surrender of
this Warrant, the Company, at its expense, will execute and deliver, or instruct
the transfer agent, if any, to execute and deliver, a new Warrant of like tenor
and date, and any such lost, stolen or destroyed Warrant thereupon shall become
void.

      8.          ISSUE TAX. The issuance of certificates for shares of Common
                  Stock upon the exercise of this Warrant shall be made without
                  charge to the Holder for any issue tax or other tax in respect
                  thereof; provided, however, that the Company shall not be
                  required to pay any tax that may be payable in respect of any
                  transfer involved in the issuance and delivery of any
                  certificate in a name other than that of the then current
                  Holder of the Warrant being exercised.

      9. SHARES TO BE FULLY PAID; RESERVATION OF SHARES. The Company covenants
and agrees that all Warrant Shares which may be issued upon the exercise of this
Warrant will, upon issuance, be validly issued, fully paid and nonassessable and
free from all preemptive or any similar rights and free of any liens or
encumbrances arising through the Company, other than restrictions of transfer
under any state and federal securities laws, as applicable. The Company further
covenants and agrees that during the period within which this Warrant may be
exercised the Company will at all times have authorized and reserved, for the
purpose of issue or transfer upon exercise of this Warrant, a sufficient number
of authorized but unissued shares of Common Stock, when and as required to
provide for the exercise of the rights represented by this Warrant. The Company
will take all such action as may be necessary to assure that such shares of

                                       4
<PAGE>

Common Stock may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of any domestic securities
exchange or automated quotation system upon which the Common Stock is listed.

      10. NO IMPAIRMENT. The Company will not, by amendment of its Certificate
of Incorporation or bylaws, or through reorganization, consolidation, merger,
dissolution, issue or sale of securities, sale of assets or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Holder of this Warrant against
impairment. Without limiting the generality of the foregoing, the Company (a)
will not increase the par value of any shares of stock issuable upon the
exercise of this Warrant above the amount payable therefor upon such exercise,
and (b) will take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and non-assessable
shares of Common Stock upon exercise of this Warrant.

      11. NOTICES.

            All notices and other communications required or permitted hereunder
shall be effective upon receipt and shall be in writing and may be delivered in
person, by facsimile, overnight delivery service or U.S. mail, in which event it
may be mailed by first-class, certified or registered, postage prepaid,
addressed:

            if to the Holder, at

                  Amgen Inc.
                  One Amgen Center Drive
                  Thousand Oaks, CA  91320-1789
                  Attention:  Corporate Secretary
                  Fax:  (805) 447-1010

            or

            if to the Company, at

                  Immunomedics, Inc.
                  300 American Road
                  Morris Plains, New Jersey 07950
                  Attention:
                  Fax:

                                       5
<PAGE>

            with a copy to

                  Heller Ehrman White & McAuliffe LLP
                  4350 La Jolla Village Drive
                  San Diego, California 92122Attention:  Richard A. Kaufman,
                  Esq.
                  Fax:  (858) 450-8499

or in any case at such other address as the Holder or the Company shall have
furnished to the other in writing.

      12. RESTRICTIONS ON TRANSFER OF WARRANT SHARES; TRANSFERABILITY; REGISTER.

            12.1 The Holder shall not sell Warrant Shares, either under a
registration statement or otherwise, until the date that is 31 days after the
date of exercise of the Warrant.

            12.2 Prior to the time the Holder first exercises this Warrant, this
Warrant and all rights hereunder are transferable (to the extent permitted under
the Act), in whole, upon surrender of this Warrant with a properly executed
assignment (in the form of Exhibit II hereto) at the principal office of the
Company (or, if another office or agency has been designated by the Company for
such purpose, then at such other office or agency). The Warrant Shares may be
offered, resold, pledged or otherwise transferred from the Holder to a
transferee either (i) pursuant to an effective registration statement as
contemplated under Section 13, or (ii) in a transaction meeting the requirements
of Rule 144 under the Act ("Rule 144") or otherwise in accordance with the Act
and the applicable securities laws of any state of the United States or any
other applicable jurisdiction.

            12.3 The Company will maintain a register containing the name and
address of the Holder of this Warrant. The Holder may change its address as
shown on the warrant register by written notice to the Company requesting such
change.

      13. REGISTRATION RIGHTS.

            13.1 HOLDER INCIDENTAL REGISTRATION. Subject to Section 13.5, if the
Company files a registration statement under the Act (other than a registration
statement on Form S-4 or S-8 or any successor or similar forms) registering an
underwritten offering of Common Stock for cash consideration on any form that
also would permit the registration of the Warrant Shares and any shares of
common stock that may be issued or distributed with respect to, or in exchange
for, the Warrant Shares (the "Registrable Securities") and such filing is to be
on its behalf and/or on behalf of selling holders of the Company's securities,
the Company shall each such time promptly give the Holder written notice of its
intent to make such filing, setting forth the date on which the Company proposes
to file such registration statement, and advising the Holder of its right to
have Registrable Securities included in such registration. The Company will
select the managing underwriter and all other underwriters in any underwritten
offering pursuant to this Section 13.1. Upon the written request of the Holder
received by the Company no later than ten (10) days after the date of the
Company's notice, the Company shall use commercially

                                       6
<PAGE>

reasonable efforts to cause to be registered under the Act all of the
Registrable Securities that the Holder has so requested to be registered;
provided that if, at any time after giving written notice of its intention to
register any securities and prior to the effective date of the registration
statement filed in connection with such registration, the Company shall
determine for any reason not to proceed with the proposed registration of the
securities to be sold by it, the Company may, at its election, give written
notice of such determination to the Holder and, thereupon, shall be relieved of
its obligation to register any Registrable Securities in connection with such
registration (but not from its obligation to pay the registration expenses
pursuant to Section 13.4 in connection therewith). If, in the written opinion of
the managing underwriter, the total amount of such securities to be so
registered, including such Registrable Securities, will exceed the maximum
amount of the Company's securities that can be marketed either (a) at a price
reasonably related to the then current market value of such securities, or (b)
without otherwise materially and adversely affecting the entire offering, then
the Company shall include in such registration first (1st), all the securities
the Company proposes to sell for its own account or is required to register on
behalf of any third party exercising demand registration rights and without
having the adverse effect referred to above, and second (2nd), all Registrable
Securities requested to be included in such registration by the Holder pursuant
to this Section 13.1 and all shares of Common Stock requested to be included by
third parties exercising the rights similar to those granted in this Section
13.1, up to the number which the Company has been advised can be sold in such
offering without having either of the adverse effects referred to above. The
number of such Registrable Securities requested to be included in such
registration by the Holder pursuant to this Section 13.1 shall be limited to
such extent and shall be allocated pro rata among the Holder and third parties
exercising rights similar to those granted in this Section 13.1 on the basis of
the relative number of Registrable Securities the Holder has requested to be
included in such registration and the number of shares of Common Stock requested
to be included in such registration by such third parties.

            13.2 OBLIGATIONS OF THE COMPANY. Whenever the Company has filed a
registration statement pursuant to Section 13.1 that registers Registrable
Securities under the Act, the Company will:

            (a) furnish the Holder with a reasonable numbers of copies of the
Registration Statement and any Prospectus included therein (including each
preliminary Prospectus and any amendments or supplements thereto (including all
exhibits and documents incorporated by reference) in conformity with the
requirements of the Act);

            (b) use commercially reasonable efforts to register or qualify the
Registrable Securities covered by such Registration Statement under such other
securities or Blue Sky laws of such jurisdictions within the United States as
the Holder shall request for the distribution of the Registrable Securities
covered by the Registration Statement; provided, however, that the Company shall
not be required in connection therewith or as a condition thereto to qualify to
do business in or to file a general consent to service of process in any
jurisdiction wherein it would not but for the requirements of this paragraph (b)
be obligated to do so;

            (c) promptly notify the Holder (1) when such Registration Statement,
amendment, supplement or post-effective amendment has been filed, and, with
respect to such Registration Statement or any post-effective amendment, when the
same has become effective,

                                       7
<PAGE>

(2) of any comments by the SEC or by any Blue Sky or securities commissioner or
regulator of any state with respect thereto, (3) of the issuance by the SEC of
any stop order suspending the effectiveness of such Registration Statement or
the initiation or threatening of any proceedings for that purpose, or (4) of the
receipt by the Company of any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose;

            (d) provide the Holder and not more than one outside counsel for the
Holder the opportunity to participate in the preparation of such Registration
Statement, each Prospectus included therein or filed with the SEC, and each
amendment or supplement thereto, and (a) promptly incorporate in a Prospectus
supplement or post-effective amendment such information as the Holder or the
Holder's counsel reasonably determine is necessary and appropriate to be
included therein, (b) make all required filings of such Prospectus supplement or
such post-effective amendment as soon as practicable after the Company has
received notification of the matters to be incorporated in such Prospectus
supplement or post-effective amendment, and (c) supplement or make amendments to
such Registration Statement;

            (e) cooperate with the Holder to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be sold, and
enable such Registrable Securities to be in such denominations and registered in
such names as Holder may request at least five Business Days prior to any sale
of the Registrable Securities;

            (f) otherwise comply with all applicable rules and regulations of
the SEC, and make available to its security holders, as soon as reasonably
practicable, but not later than eighteen months after the effective date of the
Registration Statement, an earnings statement covering the period of at least
twelve months beginning with the first full month after the effective date of
such Registration Statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act; and

            (g) use commercially reasonable efforts to list the Registrable
Securities covered by such Registration Statement with any securities exchange
on which the Common Stock of the Company is then listed.

            13.4 FURNISH INFORMATION. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Warrant that the
Holder shall furnish to the Company such information regarding itself, the
Registrable Securities held by it, and the intended method of disposition of
such securities as the Company shall reasonably request in writing and as shall
be required in connection with the action to be taken by the Company.

            13.5 EXPENSES OF REGISTRATION. All expenses other than underwriting
discounts and commissions incurred in connection with registrations, filings or
qualifications of Registrable Securities pursuant to Section 13.1, including
without limitation all registration, filing and qualification fees, word
processing, duplicating, printers' and accounting fees (including the expenses
of any special audits or "cold comfort" letters required by or incident to such
performance and compliance), fees of the NASD or listing fees, messenger and
delivery expenses, all fees and expenses of complying with state securities or
Blue Sky laws, and fees and

                                       8
<PAGE>

disbursements of counsel for the Company and one outside legal counsel for the
Holder, hired to review and oversee any offering [*], shall be borne by the
Company. The Holder shall bear and pay the underwriting commissions and
discounts applicable to the Registrable Securities offered for its account in
connection with any regulations, filings and qualifications made pursuant to
this Warrant.

            13.6 UNDERWRITING REQUIREMENTS. In connection with any underwritten
offering, the Company shall not be required under Section 13.1 to include
Registrable Securities in such underwritten offering unless the Holder accepts
the terms of the underwriting of such offering that have been reasonably agreed
upon between the Company and the underwriters selected by the Company in
accordance with the terms of this Warrant.

            13.7 INDEMNIFICATION. For the purpose of this Section 13.7:

            (a) the term "Selling Stockholder" shall include the Holder and any
"affiliate" (as such term is defined in Rule 144) of the Holder, and their
respective permitted transferees and assigns;

            (b) the term "untrue statement" shall, with respect to any
Registration Statement, include any untrue statement or alleged untrue statement
of a material fact contained in the related Registration Statement, or any
omission or alleged omission to state in the related Registration Statement a
material fact required to be stated therein or necessary to make the statements
therein, not misleading, and, with respect to any Prospectus, include any untrue
statement or alleged untrue statement of a material fact contained in the
related Prospectus, or any omission or alleged omission to state in the related
Prospectus a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were
made, not misleading.

            (i) The Company agrees to indemnify and hold harmless the Selling
            Stockholder (and each person, if any, who controls the Selling
            Stockholder within the meaning of Section 15 of the Securities Act,
            each officer of the Selling Stockholder and each director of the
            Selling Stockholder) from and against any losses, claims, damages or
            liabilities to which the Selling Stockholder (or any such officer,
            director or controlling person) may become subject (under the
            Securities Act or otherwise) insofar as such losses, claims, damages
            or liabilities (or actions or proceedings in respect thereof) arise
            out of, or are based upon (i) any untrue statement or (ii) any
            failure by the Company to fulfill any undertaking included in the
            related Registration Statement, and the Company will reimburse the
            Selling Stockholder promptly as incurred for any legal or other
            expenses reasonably incurred in investigating, defending or
            preparing to defend any such action, proceeding or claim, provided,
            however, that the Company shall not be liable in any such case to
            the extent that such loss, claim, damage or liability (A) arises out
            of, or is based upon, an untrue statement made in conformity with
            written information furnished to the Company by the Selling
            Stockholder specifically for use in preparation of the Registration
            Statement or Prospectus (which has not been subsequently corrected
            or supplemented), (B) results directly from the failure of the
            Selling Stockholder to comply in all material respects with

                                       9
<PAGE>

            its covenants and agreements contained in Section 13 hereof
            respecting sale of the Warrant Shares, or (C) arises out of any
            statement or omission in any Prospectus that is corrected in any
            subsequent Prospectus that was delivered to the Selling Stockholder
            prior to the pertinent sale or sales by the Selling Stockholder.

            (ii) The Selling Stockholder agrees to indemnify and hold harmless
            the Company (and each person, if any, who controls the Company
            within the meaning of Section 15 of the Securities Act, each officer
            of the Company and each director of the Company) from and against
            any losses, claims, damages or liabilities to which the Company (or
            any such officer, director or controlling person) may become subject
            (under the Securities Act or otherwise), insofar as such losses,
            claims, damages or liabilities (or actions or proceedings in respect
            thereof) arise out of, or are based upon, any untrue statement if
            such untrue statement was made in conformity with written
            information furnished by the Selling Stockholder specifically for
            use in preparation of the Registration Statement or Prospectus, and
            the Selling Stockholder will reimburse the Company promptly as
            incurred for any legal or other expenses reasonably incurred in
            investigating, defending or preparing to defend any such action,
            proceeding or claim, provided, however, that the Selling Stockholder
            need not indemnify any of the aforementioned indemnitees for such
            losses, claims, damages or liabilities arising from any statement or
            omission in any Prospectus that is corrected in any subsequent
            Prospectus if the subsequent Prospectus was furnished to the person
            or entity asserting the loss, claim, damage or liability prior to
            the pertinent transaction or transactions; provided, further, that
            the Selling Stockholder's obligation to indemnify the Company shall
            be limited to the net amount received by the Selling Stockholder
            from the sale of the Warrant Shares to which the loss related.

            (iii) Promptly after receipt by any indemnified person of a notice
            of a claim or the beginning of any action in respect of which
            indemnity is to be sought against an indemnifying person pursuant to
            this Section 13.7, such indemnified person shall notify the
            indemnifying person in writing of such claim or of the commencement
            of such action, but the omission to so notify the indemnifying party
            will not relieve it from any liability which it may have to any
            indemnified party under this Section 13.7 (except to the extent that
            such omission materially and adversely affects the indemnifying
            party's ability to defend such action) or from any liability
            otherwise than under this Section 13.7. Subject to the provisions
            hereinafter stated, in case any such action shall be brought against
            an indemnified person, the indemnifying person shall be entitled to
            participate therein, and, to the extent that it shall elect by
            written notice delivered to the indemnified party promptly after
            receiving the aforesaid notice from such indemnified party, shall be
            entitled to assume the defense thereof, with counsel reasonably
            satisfactory to such indemnified person. After notice from the
            indemnifying person to such indemnified person of its election to
            assume the defense thereof, such indemnifying person shall not be
            liable to such indemnified person for any legal expenses
            subsequently incurred by such indemnified person in connection with
            the defense thereof, provided, however, that if there exists or
            shall exist a conflict of interest that would make it inappropriate,
            in the opinion of

                                       10
<PAGE>

            counsel to the indemnified person, for the same counsel to represent
            both the indemnified person and such indemnifying person or any
            "affiliate" or "associate" (as those terms are defined in Rule 405
            promulgated under the Securities Act) thereof, the indemnified
            person shall be entitled to retain its own counsel at the expense of
            such indemnifying person; provided, however, that no indemnifying
            person shall be responsible for the fees and expenses of more than
            one separate counsel (together with appropriate local counsel) for
            all indemnified parties. In no event shall any indemnifying person
            be liable in respect of any amounts paid in settlement of any action
            unless the indemnifying person shall have approved the terms of such
            settlement; provided that such consent shall not be unreasonably
            withheld. No indemnifying person shall, without the prior written
            consent of the indemnified person, effect any settlement of any
            pending or threatened proceeding in respect of which any indemnified
            person is or could have been a party and indemnification could have
            been sought hereunder by such indemnified person, unless such
            settlement includes an unconditional release of such indemnified
            person from all liability on claims that are the subject matter of
            such proceeding.

            (iv) If the indemnification provided for in this Section 13.7 is
            unavailable to or insufficient to hold harmless an indemnified party
            under subsection (i) or (ii) above in respect of any losses, claims,
            damages or liabilities (or actions or proceedings in respect
            thereof) referred to therein, then each indemnifying party shall
            contribute to the amount paid or payable by such indemnified party
            as a result of such losses, claims, damages or liabilities (or
            actions in respect thereof) in such proportion as is appropriate to
            reflect the relative fault of the Company on the one hand and the
            Selling Stockholder on the other in connection with the statements
            or omissions or other matters which resulted in such losses, claims,
            damages or liabilities (or actions in respect thereof), as well as
            any other relevant equitable considerations. The relative fault
            shall be determined by reference to, among other things, in the case
            of an untrue statement, whether the untrue statement relates to
            information supplied by the Company on the one hand or the Selling
            Stockholder on the other and the parties' relative intent,
            knowledge, access to information and opportunity to correct or
            prevent such untrue statement. The Company and the Selling
            Stockholder agree that it would not be just and equitable if
            contribution pursuant to this subsection (iv) were determined by pro
            rata allocation (even if Selling Stockholder were treated as one
            entity for such purpose) or by any other method of allocation which
            does not take into account the equitable considerations referred to
            above in this subsection (iv). The amount paid or payable by an
            indemnified party as a result of the losses, claims, damages or
            liabilities (or actions in respect thereof) referred to above in
            this subsection (iv) shall be deemed to include any reasonable legal
            or other expenses reasonably incurred by such indemnified party in
            connection with investigating or defending any such action or claim.
            Notwithstanding the provisions of this subsection (iv), Selling
            Stockholder shall not be required to contribute any amount in excess
            of the amount by which the net amount received by Selling
            Stockholder from the sale of the Warrant Shares to which such loss
            relates exceeds the amount of any damages which Selling Stockholder
            has otherwise been required to pay by reason

                                       11
<PAGE>

            of such untrue statement. No person guilty of fraudulent
            misrepresentation (within the meaning of Section 11(f) of the
            Securities Act) shall be entitled to contribution from any person
            who was not guilty of such fraudulent misrepresentation. Selling
            Stockholder's obligations in this subsection to contribute are
            several in proportion to their sales of Warrant Shares to which such
            loss relates and not joint.

            (v) The parties to this Warrant hereby acknowledge that they are
            sophisticated business persons who were represented by counsel
            during the negotiations regarding the provisions hereof including,
            without limitation, the provisions of this Section 13.7, and are
            fully informed regarding said provisions. They further acknowledge
            that the provisions of this Section 13.7 fairly allocate the risks
            in light of the ability of the parties to investigate the Company
            and its business in order to assure that adequate disclosure is made
            in the Registration Statement as required by the Securities Act and
            the Securities Exchange Act of 1934, as amended (the "Exchange
            Act"). The parties are advised that federal or state public policy
            as interpreted by the courts in certain jurisdictions may be
            contrary to certain of the provisions of this Section 13.7, and the
            parties hereto hereby expressly waive and relinquish any right or
            ability to assert such public policy as a defense to a claim under
            this Section 13.7 and further agree not to attempt to assert any
            such defense.

            13.8 INFORMATION AVAILABLE. So long as a Registration Statement is
effective covering the resale of Warrant Shares owned by the Holder, the Company
will furnish to the Holder, upon its request:

            (a) as soon as practicable after it is available, one copy of (i)
its Annual Report to Stockholders (which Annual Report shall contain financial
statements audited in accordance with generally accepted accounting principles
by a national firm of certified public accountants), (ii) its Annual Report on
Form 10-K and amendments, if any, and (iii) its Quarterly Reports on Form 10-Q
and amendments, if any (the foregoing, in each case, excluding exhibits, unless
specifically requested by the Holder); and

            (b) promptly upon the request of the Holder, an adequate number of
copies of the Prospectuses to supply to any other party requiring such
Prospectuses.

            13.9 COMPANY REPORTS FILED UNDER THE EXCHANGE ACT. With a view to
making available to the Holder the benefits of Rule 144 and other rules or
regulations of the SEC that may permit the Holder to sell the Warrant Shares
without registration, for the first two years after the Holder first exercises
this Warrant, the Company covenants and agrees to (a) comply with all of the
reporting requirements of the Exchange Act applicable to it and shall comply
with all other public information reporting requirements of the SEC that are
conditions to the availability of Rule 144 for the sale of the Warrant Shares
and (b) furnish to the Holder, upon request, a written statement by the Company
that it has complied with the reporting requirements of Rule 144, the Act and
the Securities Exchange Act of 1934, and such other information as may be
reasonably requested in order to avail the Holder of any rule or regulation of
the SEC that permits the selling of any such Warrant Shares without
registration.

                                       12
<PAGE>

      14. AMENDMENT. This Warrant is irrevocable and non-cancelable. The terms
of this Warrant may be amended, modified or waived only with the written consent
of the Company and the Holder.

      15. GOVERNING LAW. This Warrant shall be governed by and construed in
accordance with the laws of the State of Delaware, as such laws are applied to
contracts entered into and wholly to be performed within the State of Delaware.

                                       13
<PAGE>

      IN WITNESS WHEREOF, the Company has executed this Warrant as of
__________ __, 2004.

                                          IMMUNOMEDICS, INC.

                                          By:___________________________________
                                             Name:
                                             Title:

AGREED AND ACCEPTED BY:

AMGEN INC.

By:____________________________________
   Name:  Roger M. Perlmutter
   Title: Executive Vice President,
          Research and Development

                                       14
<PAGE>

                                                                       EXHIBIT I

                                 SUBSCRIPTION

Date:___________________________________

________________________________________

________________________________________

________________________________________

      The undersigned, the Holder of the attached Warrant, irrevocably elects to
exercise the purchase right represented by such Warrant to purchase
_________________ shares of common stock, par value $0.01 per share, of the
Company. Simultaneously with the delivery of this subscription form, the
undersigned has made provision for the payment of $________ to the Company (via
[wire transfer] [enclosed check]) representing the Exercise Price. The
certificate(s) for such shares shall be issued in the name of the Holder or as
otherwise indicated below:

                                          ______________________________________
                                          Holder's Signature

                                          ______________________________________
                                          Name for Registration

                                          ______________________________________
                                          Mailing Address

                                          ______________________________________

                                          ______________________________________

                                      I-1

<PAGE>

                                                                      EXHIBIT II

                               ASSIGNMENT FORM

      FOR VALUE RECEIVED, ________________________________________ hereby sells,
assigns and transfers all of the rights of the undersigned under the attached
Warrant (No. ____) with respect to the number of shares of common stock, par
value $0.01 per share, of Immunomedics, Inc. covered thereby set forth below,
unto:

Name of Assignee            Address                    No. of Shares
----------------            -------                    -------------

Dated:_____________________         Signature:________________________________

Signature Guaranteed:

By: _______________________

The signature should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program) pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934.

                                      I-2

<PAGE>

                                  EXHIBIT F

                         Material Transfer Agreements

   SITE #      CONTRACT #              INSTITUTION                      PI
--------------------------------------------------------------------------------
          [*]              [*]                              [*]
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          [*]              [*]                              [*]
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          [*]              [*]                              [*]
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          [*]              [*]                              [*]
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          [*]              [*]                              [*]
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                                      F-1

<PAGE>

                                  EXHIBIT G

                          Clinical Studies Contracts

    SITE #      CONTRACT #              INSTITUTION                    PI
--------------------------------------------------------------------------------
          [*]              [*]                              [*]
--------------------------------------------------------------------------------
          [*]              [*]                              [*]
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          [*]              [*]                              [*]
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          [*]              [*]                              [*]
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          [*]              [*]                              [*]
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                                      G-1

<PAGE>

                                  EXHIBIT H

                    Non-Assumed Clinical Studies Contracts

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                               PROTOCOL #20010159
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    SITE #      CONTRACT #             INSTITUTION                    PI
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                                      H-1
<PAGE>

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                                       H-2

<PAGE>

                                    EXHIBIT I

                       Clinical Trial Services Agreements

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STUDY NO.   THIRD PARTY VENDOR                               AMGEN CONTRACT NO.
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                                      I-1

<PAGE>

                                   EXHIBIT J

AMGEN(R)
                                                  One Amgen Center Drive
                                                  Thousand Oaks, CA 91320-1799
                                                  Telephone (805) 447-4587
                                                  Fax (805) 499-3507
                                                  www.Amgen.com
News Release
________________________________________________________________________________

                       IMMUNOMEDICS REGAINS NORTH AMERICAN
                        DEVELOPMENT RIGHTS FROM AMGEN FOR
                                   EPRATUZUMAB

Morris Plains, NJ and Thousand Oaks, Calif. (April 8, 2004) - Immunomedics,
Inc. (NASDAQ:  IMMU) and Amgen Inc. (NASDAQ: AMGN) today announced that Amgen
has returned to Immunomedics all rights for epratuzumab, the humanized CD22
monoclonal antibody therapeutic licensed to Amgen by Immunomedics in December
2000, including rights to second generation molecules and conjugates.

As part of the transaction, Immunomedics has agreed to issue to Amgen a 5-year
warrant to purchase 100,000 shares of the Company's common stock with a strike
price equal to $16.00 per share. Amgen will receive a final payment of $600,000
from Immunomedics if epratuzumab is approved for commercialization in the United
States for non-Hodgkin's lymphoma therapy. There are no other financial
obligations between the parties as a result of the agreement.

Roger Perlmutter, M.D., Ph.D., executive vice president of Research and
Development at Amgen stated, "Our relationship with Immunomedics has been
positive. Phase 2 data demonstrate that epratuzumab is active against NHL.
Epratuzumab was also shown to be safe and well-tolerated when administered as a
single agent or in combination with rituximab (Rituxan). Our transfer of
preclinical and clinical data to Immunomedics will aid their efforts to develop
epratuzumab, in which endeavors we wish them well."

Immunomedics' president and chief executive officer, Cynthia L. Sullivan,
commented, "Amgen has been an excellent partner, and we are pleased with their
decision to transfer the epratuzumab program to us. By regaining North American
and Australian rights to our product, we can now discuss worldwide licensing of
this product with other interested companies. Since epratuzumab is currently
being tested in patients with

                                      J-1
<PAGE>

autoimmune disease, we anticipate that it also may have utility in this group of
indications."

To date, epratuzumab has been studied, either alone or in combination with
rituximab, in over 300 patients with indolent or aggressive non-Hodgkin's
lymphomas, which are newly diagnosed in more than 50,000 patients annually in
the United States, and where there are over 350,000 patients being followed with
this disease.

About Immunomedics

Immunomedics is a biopharmaceutical company focused on the development,
manufacture and commercialization of diagnostic imaging and therapeutic products
for the detection and treatment of cancer and other serious diseases. Integral
to these products are highly specific monoclonal antibodies and antibody
fragments designed to deliver radioisotopes and chemotherapeutic agents to
tumors and other sites of disease. Immunomedics has nine therapeutic product
candidates in clinical development and has two marketed diagnostic imaging
products. The most advanced therapeutic product candidates are LymphoCide(R)
(epratuzumab), for which certain Phase II clinical trials for the treatment of
non-Hodgkin's lymphoma have already been completed, and CEA-Cide(R)
(labetuzumab), which is in Phase I/II clinical trials for the treatment of
certain solid tumors.

This release, in addition to historical information, contains forward-looking
statements made pursuant to the Private Securities Litigation Reform Act of
1995. Such statements, including statements regarding clinical trials, involve
significant risks and uncertainties and actual results could differ materially
from those expressed or implied herein. Factors that could cause such
differences include, but are not limited to, risks associated with new product
development (including clinical trials outcome and regulatory
requirements/actions), competitive risks to marketed products and availability
of financing and other sources of capital, as well as the risks discussed in the
Company's Annual Report on Form 10-K for the year June 30, 2003.

ABOUT AMGEN

Amgen is a global biotechnology company that discovers, develops, manufactures
and markets important human therapeutics based on advances in cellular and
molecular biology.

This news release contains forward-looking statements that involve significant
risks and uncertainties, including those discussed below and others that can be
found in Amgen's Form 10-K for the year ended December 31, 2003, and in Amgen's
periodic reports on Form 10-Q and Form 8-K. Amgen is providing this information
as of the date of this news release and does not undertake any

                                      J-2
<PAGE>

obligation to update any forward-looking statements contained in this document
as a result of new information, future events or otherwise.

No forward-looking statement can be guaranteed and actual results may differ
materially from those we project. Amgen's results may be affected by its ability
to successfully market both new and existing products domestically and
internationally, sales growth of recently launched products, difficulties or
delays in manufacturing its products, and regulatory developments (domestic or
foreign) involving current and future products and manufacturing facilities. In
addition, sales of Amgen's products are affected by reimbursement policies
imposed by third party payors, including governments, private insurance plans
and managed care providers, and may be affected by domestic and international
trends toward managed care and healthcare cost containment as well as possible
U.S. legislation affecting pharmaceutical pricing and reimbursement. Government
regulations and reimbursement policies may affect the development, usage and
pricing of Amgen's products. Furthermore, Amgen's research, testing, pricing,
marketing and other operations are subject to extensive regulation by domestic
and foreign government regulatory authorities. Amgen or others could identify
side effects or manufacturing problems with its products after they are on the
market. In addition, Amgen competes with other companies with respect to some of
its marketed products as well as for the discovery and development of new
products. Discovery or identification of new product candidates cannot be
guaranteed and movement from concept to product is uncertain; consequently,
there can be no guarantee that any particular product candidate will be
successful and become a commercial product. In addition, while Amgen routinely
obtain patents for its products and technology, the protection offered by its
patents and patent applications may be challenged, invalidated or circumvented
by its competitors. Further, some raw materials, medical devices and component
parts for Amgen's products are supplied by sole third party suppliers.

                                      # # #

CONTACT:
Immunomedics, Morris Plains
Investor Relations, 973/605-8200

Amgen, Thousand Oaks
Christine Cassiano, 805/447-4587 (media)
Cary Rosansky, 805/447-1060 (investors)

                                      J-3
<PAGE>

EDITOR'S NOTE: An electronic version of this news release may be accessed via
our Web site at WWW.AMGEN.COM. Visit the Corporate Center and click on Amgen
News. Journalists and media representatives may sign up to receive all news
releases electronically at time of announcement by filling out a short form in
the Amgen News section of the Web site.

                                      J-4Exhibit 4.1

                               PURCHASE AGREEMENT

                  THIS PURCHASE  AGREEMENT  ("Agreement") is made as of the 10th
day of May,  2004 by and  among  Find/SVP,  Inc.,  a New York  corporation  (the
"Company"),  and the Investors set forth on the signature  pages affixed  hereto
(each an "Investor" and collectively the "Investors").

                                    RECITALS

                  A. The Company and the Investors are executing and  delivering
this  Agreement in reliance  upon the  exemption  from  securities  registration
afforded by the provisions of Regulation D  ("Regulation  D"), as promulgated by
the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act
of 1933, as amended; and

                  B. The Investors  wish to purchase  from the Company,  and the
Company wishes to sell and issue to the Investors, upon the terms and conditions
stated in this Agreement,  (i) an aggregate of 6,000,000 shares of the Company's
Common  Stock,  par value  $0.0001  per share  (the  "Common  Stock"),  and (ii)
warrants to purchase an  aggregate  of  3,000,000  shares of Common Stock in the
form attached hereto as Exhibit A (the "Warrants"); and

                  C.  Contemporaneous  with the  sale of the  Common  Stock  and
Warrants,  the parties  hereto will  execute and deliver a  Registration  Rights
Agreement,  in the form attached hereto as Exhibit B (the  "Registration  Rights
Agreement"),  pursuant  to which  the  Company  will  agree to  provide  certain
registration rights under the Securities Act of 1933, as amended,  and the rules
and regulations promulgated thereunder, and applicable state securities laws.

                  In  consideration  of the mutual  promises made herein and for
other good and valuable consideration,  the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

         1. DEFINITIONS.  In addition to those terms defined above and elsewhere
in this Agreement, for the purposes of this Agreement, the following terms shall
have the meanings set forth below:

                  "AFFILIATE"  means,  with  respect  to any  Person,  any other
Person which directly or indirectly through one or more intermediaries Controls,
is controlled by, or is under common control with, such Person.

                  "BUSINESS  DAY" means a day,  other than a Saturday or Sunday,
on which  banks  in New York  City  are  open  for the  general  transaction  of
business.

                  "COMMON  STOCK" means the common stock,  par value $0.0001 per
share,  of the Company,  and any  securities  into which the Common Stock may be
reclassified.

<PAGE>

                  "COMMON STOCK EQUIVALENTS" means any securities of the Company
or the  Subsidiaries  which would  entitle the holder  thereof to acquire at any
time Common Stock,  including  without  limitation,  any debt,  preferred stock,
rights,  options,  warrants or other  instrument that is at any time convertible
into or exchangeable  for, or otherwise  entitles the holder thereof to receive,
Common Stock.

                  "COMPANY'S  KNOWLEDGE"  means  the  actual  knowledge  of  the
executive  officers  (as defined in Rule 405 under the 1933 Act) of the Company,
after due inquiry.

                  "CONFIDENTIAL  INFORMATION" means trade secrets,  confidential
information  and  know-how  (including  but  not  limited  to  ideas,  formulae,
compositions,  processes,  procedures and  techniques,  research and development
information,   computer  program  code,  performance   specifications,   support
documentation, drawings, specifications,  designs, business and marketing plans,
and customer and supplier lists and related information).

                  "CONTROL" (including the terms "controlling",  "controlled by"
or "under common control with") means the possession, direct or indirect, of the
power to direct or cause the  direction  of the  management  and  policies  of a
Person,  whether  through the  ownership  of voting  securities,  by contract or
otherwise.

                  "INTELLECTUAL  PROPERTY"  means  all  of  the  following:  (i)
patents, patent applications,  patent disclosures and inventions (whether or not
patentable  and whether or not reduced to practice);  (ii)  trademarks,  service
marks, trade dress, trade names,  corporate names,  logos,  slogans and Internet
domain names,  together with all goodwill associated with each of the foregoing;
(iii) copyrights and copyrightable  works; (iv) registrations,  applications and
renewals  for  any of the  foregoing;  and  (v)  proprietary  computer  software
(including but not limited to data, data bases and documentation).

                  "MATERIAL  ADVERSE EFFECT" means a material  adverse effect on
(i) the assets,  liabilities,  results of  operations,  condition  (financial or
otherwise),  business, or prospects of the Company and its Subsidiaries taken as
a whole, or (ii) the ability of the Company to perform its obligations under the
Transaction Documents.

                  "PERSON"  means  an  individual,   corporation,   partnership,
limited  liability  company,  trust,  business trust,  association,  joint stock
company,  joint  venture,  sole  proprietorship,   unincorporated  organization,
governmental  authority  or any other  form of entity  not  specifically  listed
herein.

                  "PURCHASE  PRICE" means Thirteen Million Five Hundred Thousand
Dollars and Zero Cents ($13,500,000.00).

                  "REQUIRED INVESTORS" means (i) SSF and (ii) Investors agreeing
hereunder to purchase a majority of the Shares and Warrants.

                  "SEC FILINGS" has the meaning set forth in Section 4.6.

                                      -2-
<PAGE>

                  "SECURITIES"  means the Shares,  the  Warrants and the Warrant
Shares.

                  "SHARES"  means the shares of Common Stock being  purchased by
the Investors hereunder.

                  "SSF"  means  Special   Situations  Fund  III,  L.P.  and  its
successors in interest.

                  "SSF ENTITIES" means, collectively, SSF and its Affiliates.

                  "SUBSIDIARY" has the meaning set forth in Section 4.1.

                  "TRANSACTION DOCUMENTS" means this Agreement, the Warrants and
the Registration Rights Agreement.

                  "WARRANT  SHARES"  means the shares of Common  Stock  issuable
upon the exercise of the Warrants.

                  "1933 ACT" means the  Securities  Act of 1933, as amended,  or
any successor statute, and the rules and regulations promulgated thereunder.

                  "1934  ACT"  means the  Securities  Exchange  Act of 1934,  as
amended,  or any successor  statute,  and the rules and regulations  promulgated
thereunder.

         2. PURCHASE AND SALE OF THE SHARES AND  WARRANTS.  Subject to the terms
and  conditions of this  Agreement,  on the Closing Date,  each of the Investors
shall severally, and not jointly, purchase, and the Company shall sell and issue
to the Investors,  the Shares and Warrants in the  respective  amounts set forth
opposite the Investors' names on the signature pages attached hereto in exchange
for the Purchase Price as specified in Section 3 below.

         3.  CLOSING.  Upon  confirmation  that the other  conditions to closing
specified  herein have been  satisfied or duly waived by the  Investors  and the
Company,  as applicable,  the Company shall deliver to Lowenstein Sandler PC, in
trust,  a certificate or  certificates,  registered in such name or names as the
Investors may designate, representing the Shares and Warrants, with instructions
that such  certificates  are to be held for release to the  Investors  only upon
payment in full of the Purchase Price to the Company by all the Investors.  Upon
such receipt by Lowenstein  Sandler PC of the certificates,  each Investor shall
promptly, but no more than one Business Day thereafter, cause a wire transfer in
same day funds to be sent to the account of the Company as instructed in writing
by the Company,  in an amount  representing  such Investor's pro rata portion of
the Purchase Price as set forth on the signature pages to this Agreement. On the
date  (the  "Closing  Date")  the  Company  receives  the  Purchase  Price,  the
certificates  evidencing  the  Shares  and  Warrants  shall be  released  to the
Investors  (the  "Closing").  The Closing of the purchase and sale of the Shares
and  Warrants  shall take place at the  offices of  Lowenstein  Sandler PC, 1330
Avenue of the  Americas,  21st  Floor,  New York,  New  York,  or at such  other
location and on such other date as the Company and the Investors  shall mutually
agree.

                                      -3-
<PAGE>

         4.  REPRESENTATIONS  AND WARRANTIES OF THE COMPANY.  The Company hereby
represents  and  warrants  to the  Investors  that,  except  as set forth in the
schedules delivered herewith (collectively, the "Disclosure Schedules"):

                  4.1  ORGANIZATION,  GOOD STANDING AND  QUALIFICATION.  Each of
the  Company and its  Subsidiaries  is a  corporation  duly  organized,  validly
existing  and in  good  standing  under  the  laws  of the  jurisdiction  of its
incorporation  and has all requisite  corporate  power and authority to carry on
its business as now conducted and to own its properties. Each of the Company and
its  Subsidiaries is duly qualified to do business as a foreign  corporation and
is in good standing in each jurisdiction in which the conduct of its business or
its  ownership  or  leasing of  property  makes  such  qualification  or leasing
necessary  unless the failure to so qualify has not and could not  reasonably be
expected to have a Material  Adverse  Effect.  The  Company's  subsidiaries  are
reflected on SCHEDULE 4.1 hereto (the "Subsidiaries").

                  4.2  AUTHORIZATION.  The Company has full power and  authority
and has taken all  requisite  action on the part of the Company,  its  officers,
directors and stockholders  necessary for (i) the  authorization,  execution and
delivery of the Transaction Documents,  (ii) authorization of the performance of
all  obligations  of  the  Company  hereunder  or  thereunder,   and  (iii)  the
authorization,  issuance  (or  reservation  for  issuance)  and  delivery of the
Securities.  The Transaction  Documents  constitute the legal, valid and binding
obligations of the Company,  enforceable  against the Company in accordance with
their  terms,   subject  to   bankruptcy,   insolvency,   fraudulent   transfer,
reorganization,  moratorium and similar laws of general applicability,  relating
to or affecting creditors' rights generally.

                  4.3 CAPITALIZATION. SCHEDULE 4.3 sets forth (a) the authorized
capital  stock of the  Company on the date  hereof;  (b) the number of shares of
capital stock issued and outstanding;  (c) the number of shares of capital stock
issuable  pursuant to the Company's stock plans; and (d) the number of shares of
capital stock issuable and reserved for issuance  pursuant to securities  (other
than the  Shares and the  Warrants)  exercisable  for,  or  convertible  into or
exchangeable  for any shares of capital stock of the Company.  All of the issued
and outstanding  shares of the Company's capital stock have been duly authorized
and validly  issued and are fully paid,  nonassessable  and free of  pre-emptive
rights and were  issued in full  compliance  with  applicable  state and federal
securities law and any rights of third parties.  Except as described on SCHEDULE
4.3,  all of the  issued  and  outstanding  shares  of  capital  stock  of  each
Subsidiary  have been duly  authorized  and  validly  issued and are fully paid,
nonassessable  and free of pre-emptive  rights,  were issued in full  compliance
with applicable state and federal securities law and any rights of third parties
and are owned by the Company,  beneficially  and of record,  subject to no lien,
encumbrance  or other  adverse  claim.  Except as described on SCHEDULE  4.3, no
Person is entitled to  pre-emptive or similar  statutory or  contractual  rights
with respect to any  securities of the Company.  Except as described on SCHEDULE
4.3, there are no outstanding warrants, options, convertible securities or other
rights,  agreements or  arrangements of any character under which the Company or
any of its Subsidiaries is or may be obligated to issue any equity securities of
any kind and except as contemplated  by this Agreement,  neither the Company nor
any of its  Subsidiaries  is currently in  negotiations  for the issuance of any
equity  securities  of any kind.  Except as described on SCHEDULE 4.3 and except
for the Registration Rights Agreement, there are no voting agreements,  buy-sell
agreements, option or right of first purchase agreements or other

                                      -4-
<PAGE>

similar agreements of any kind among the Company and any of the  securityholders
of the Company relating to the securities of the Company held by them. Except as
described  on  SCHEDULE  4.3,  no Person has the right to require the Company to
register any  securities of the Company under the 1933 Act,  whether on a demand
basis or in connection  with the  registration  of securities of the Company for
its own account or for the account of any other Person.

                  Except as described on SCHEDULE  4.3, the issuance and sale of
the Securities hereunder will not obligate the Company to issue shares of Common
Stock or other  securities  to any other Person (other than the  Investors)  and
will not result in the adjustment of the exercise, conversion, exchange or reset
price of any outstanding security.

                  Except as described on SCHEDULE 4.3, the Company does not have
outstanding  stockholder  purchase  rights  or  "poison  pill"  or  any  similar
arrangement  in effect  giving  any  Person  the right to  purchase  any  equity
interest in the Company upon the occurrence of certain events.

                  4.4 VALID  ISSUANCE.  The  Shares  have been duly and  validly
authorized  and,  when issued and paid for pursuant to this  Agreement,  will be
validly issued, fully paid and nonassessable, and shall be free and clear of all
encumbrances  and  restrictions  (other  than those  created by the  Investors),
except for  restrictions on transfer set forth in the  Transaction  Documents or
imposed by applicable  securities  laws. The Warrants have been duly and validly
authorized.  Upon the due exercise of the Warrants (including the payment of the
exercise price therefor),  the Warrant Shares will be validly issued, fully paid
and non-assessable  free and clear of all encumbrances and restrictions,  except
for  restrictions on transfer set forth in the Transaction  Documents or imposed
by applicable securities laws and except for those created by the Investors. The
Company has reserved a sufficient  number of shares of Common Stock for issuance
upon the  exercise  of the  Warrants,  free and  clear of all  encumbrances  and
restrictions,  except for  restrictions on transfer set forth in the Transaction
Documents or imposed by applicable  securities laws and except for those created
by the Investors.

                  4.5 CONSENTS.  The execution,  delivery and performance by the
Company of the  Transaction  Documents  and the offer,  issuance and sale of the
Securities  require no consent of,  action by or in respect of, or filing  with,
any Person,  governmental body, agency, or official other than filings that have
been made pursuant to applicable  state  securities  laws and post-sale  filings
pursuant  to  applicable  state and  federal  securities  laws which the Company
undertakes to file within the applicable  time periods.  Subject to the accuracy
of the  representations  and  warranties of each Investor set forth in Section 5
hereof,  the Company has taken all action  necessary  to exempt (i) the issuance
and sale of the  Securities,  (ii) the  issuance of the Warrant  Shares upon due
exercise of the Warrants,  and (iii) the other transactions  contemplated by the
Transaction  Documents  from the  provisions of any  shareholder  rights plan or
other "poison pill"  arrangement,  any  anti-takeover,  business  combination or
control  share law or statute  binding on the Company or to which the Company or
any of its  assets  and  properties  may be  subject  and any  provision  of the
Company's Certificate of Incorporation or By-laws that is or could reasonably be
expected to become  applicable to the Investors as a result of the  transactions
contemplated  hereby,   including  without  limitation,   the  issuance  of  the
Securities and the ownership,

                                      -5-
<PAGE>

disposition  or voting of the Securities by the Investors or the exercise of any
right  granted  to the  Investors  pursuant  to  this  Agreement  or  the  other
Transaction Documents.

                  4.6  DELIVERY OF SEC FILINGS;  BUSINESS.  The Company has made
available to the Investors through the EDGAR system, true and complete copies of
the  Company's  most recent Annual Report on Form 10-K for the fiscal year ended
December  31,  2003 (the  "10-K"),  and all other  reports  filed by the Company
pursuant  to the 1934 Act  since  the  filing  of the 10-K and prior to the date
hereof (collectively,  the "SEC Filings").  The SEC Filings are the only filings
required of the Company  pursuant to the 1934 Act for such  period.  The Company
and its Subsidiaries  are engaged in all material  respects only in the business
described in the SEC Filings and the SEC Filings contain a complete and accurate
description  in all  material  respects  of the  business of the Company and its
Subsidiaries, taken as a whole.

                  4.7 USE OF  PROCEEDS.  The  net  proceeds  of the  sale of the
Shares and the  Warrants  hereunder  shall be used by the Company to repay debt,
for  working  capital  and  general  corporate  purposes,  including  to finance
potential acquisition.

                  4.8 NO MATERIAL  ADVERSE  CHANGE.  Since  December  31,  2003,
except as  identified  and  described  in the SEC  Filings  or as  described  on
SCHEDULE 4.8, there has not been:

                    (i) any  change  in the  consolidated  assets,  liabilities,
financial  condition or operating  results of the Company from that reflected in
the  financial  statements  included  in the 10-K,  except  for  changes  in the
ordinary  course of business which have not and could not reasonably be expected
to have a Material Adverse Effect, individually or in the aggregate;

                    (ii) any  declaration  or  payment of any  dividend,  or any
authorization or payment of any distribution, on any of the capital stock of the
Company, or any redemption or repurchase of any securities of the Company;

                    (iii) any material damage,  destruction or loss,  whether or
not  covered by  insurance  to any assets or  properties  of the  Company or its
Subsidiaries;

                    (iv) any waiver, not in the ordinary course of business,  by
the Company or any  Subsidiary of a material right or of a material debt owed to
it;

                    (v) any  satisfaction  or  discharge  of any lien,  claim or
encumbrance or payment of any obligation by the Company or a Subsidiary,  except
in the  ordinary  course of  business  and which is not  material to the assets,
properties,  financial  condition,  operating results or business of the Company
and its Subsidiaries  taken as a whole (as such business is presently  conducted
and as it is proposed to be conducted);

                    (vi) any change or amendment to the Company's Certificate of
Incorporation  or  by-laws,  or  material  change to any  material  contract  or
arrangement  by which the Company or any  Subsidiary is bound or to which any of
their  respective  assets or  properties

                                      -6-
<PAGE>

is subject, except for changes in the ordinary course of business which have not
and  could  not  reasonably  be  expected  to have a  Material  Adverse  Effect,
individually or in the aggregate;

                    (vii)  any  material  labor   difficulties  or  labor  union
organizing   activities  with  respect  to  employees  of  the  Company  or  any
Subsidiary;

                    (viii) any material  transaction entered into by the Company
or a Subsidiary other than in the ordinary course of business;

                    (ix)  the  loss  of the  services  of any key  employee,  or
material  change in the  composition  or duties of the senior  management of the
Company or any Subsidiary; or

                    (x) the loss or  threatened  loss of any customer  which has
had or could reasonably l Adverse Effect.

                  4.9      SEC FILINGS.
                           -----------

                    (a) At the time of filing thereof,  the SEC Filings complied
as to form in all material  respects with the  requirements  of the 1934 Act and
did not contain  any untrue  statement  of a material  fact or omit to state any
material fact  necessary in order to make the  statements  made therein,  in the
light of the circumstances under which they were made, not misleading.

                    (b) Each  registration  statement and any amendment  thereto
filed by the  Company  since  January 1, 2002  pursuant  to the 1933 Act and the
rules and  regulations  thereunder,  as of the date such  statement or amendment
became effective, complied as to form in all material respects with the 1933 Act
and did not contain any untrue statement of a material fact or omit to state any
material  fact  required to be stated  therein or necessary in order to make the
statements  made therein not misleading;  and each prospectus  filed pursuant to
Rule  424(b)  under the 1933 Act,  as of its issue date and as of the closing of
any sale of securities  pursuant thereto did not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements  made therein,  in the light of the
circumstances under which they were made, not misleading.

                  4.10 NO CONFLICT, BREACH, VIOLATION OR DEFAULT. The execution,
delivery and  performance  of the  Transaction  Documents by the Company and the
issuance and sale of the Securities will not conflict with or result in a breach
or  violation  of any of the terms and  provisions  of, or  constitute a default
under (i) the Company's  Certificate of Incorporation  or the Company's  Bylaws,
both as in effect on the date  hereof  (true and  complete  copies of which have
been made available to the Investors  through the EDGAR system),  or (ii)(a) any
statute,  rule,  regulation or order of any  governmental  agency or body or any
court, domestic or foreign, having jurisdiction over the Company, any Subsidiary
or any of their respective  material assets or properties,  or (b) any agreement
or instrument to which the Company or any  Subsidiary is a party or by which the
Company or a Subsidiary is bound or to which any of their  respective  assets or
properties  is subject,  except,  in the case of this clause (b) only,  for such
conflicts,

                                      -7-
<PAGE>

breaches  or  violations  as have not and could not  reasonably  be  expected to
result in a Material Adverse Effect, individually or in the aggregate.

                  4.11 TAX MATTERS.  The Company and each  Subsidiary has timely
prepared and filed all tax returns required to have been filed by the Company or
such Subsidiary with all appropriate  governmental  agencies and timely paid all
taxes shown thereon or otherwise owed by it. The charges,  accruals and reserves
on the books of the  Company  in respect  of taxes for all  fiscal  periods  are
adequate in all material respects,  and there are no material unpaid assessments
against the Company or any Subsidiary nor, to the Company's Knowledge, any basis
for the assessment of any additional taxes, penalties or interest for any fiscal
period or audits by any federal,  state or local taxing authority except for any
assessment which is not material to the Company and its Subsidiaries, taken as a
whole.  All taxes and other  assessments  and  levies  that the  Company  or any
Subsidiary  is required  to  withhold  or to collect for payment  have been duly
withheld and collected and paid to the proper governmental entity or third party
when  due.  There  are no tax  liens or  claims  pending  or,  to the  Company's
Knowledge,  threatened  against  the Company or any  Subsidiary  or any of their
respective  assets or property.  Except as described on SCHEDULE 4.11, there are
no outstanding  tax sharing  agreements or other such  arrangements  between the
Company and any Subsidiary or other corporation or entity.

                  4.12  TITLE TO  PROPERTIES.  Except  as  disclosed  in the SEC
Filings or as described on SCHEDULE  4.12,  the Company and each  Subsidiary has
good and marketable  title to all real  properties and all other  properties and
assets owned by it, in each case free from liens,  encumbrances and defects that
would materially  affect the value thereof or materially  interfere with the use
made or currently planned to be made thereof by them; and except as disclosed in
the SEC  Filings,  the  Company  and each  Subsidiary  holds any leased  real or
personal  property under valid and  enforceable  leases with no exceptions  that
would  materially  interfere  with the use made or currently  planned to be made
thereof by them.

                  4.13  CERTIFICATES,  AUTHORITIES AND PERMITS.  The Company and
each Subsidiary possess adequate certificates,  authorities or permits issued by
appropriate  governmental  agencies or bodies  necessary to conduct the business
now  operated by it except where the failure to so possess has not had and could
not reasonably be expected to have a Material Adverse Effect, individually or in
aggregate, and neither the Company nor any Subsidiary has received any notice of
proceedings  relating to the revocation or modification of any such certificate,
authority  or permit  that,  if  determined  adversely  to the  Company  or such
Subsidiary,  could  reasonably  be expected to have a Material  Adverse  Effect,
individually or in the aggregate.

                  4.14  NO  LABOR  DISPUTES.  No material labor dispute with the
employees  of the  Company  or  any  Subsidiary  exists  or,  to  the  Company's
Knowledge, is imminent.

                  4.15  INTELLECTUAL  PROPERTY.  The Company  owns or  possesses
sufficient rights to use all Intellectual Property which is necessary to conduct
its  businesses  as  currently  conducted,  except  where the  failure to own or
possess  such  sufficient  rights  would not  reasonably  be expected to result,
either  individually  or in the aggregate,  in a Material  Adverse  Effect.  The
Company has not received any written notice of, and has no actual  Knowledge of,
any  infringement  of or conflict with asserted rights of others with respect to
any Intellectual Property

                                      -8-
<PAGE>

which, either individually or in the aggregate, if the subject of an unfavorable
decision,  ruling or finding,  would  reasonably  be expected to have a Material
Adverse Effect.

                  4.16  ENVIRONMENTAL  MATTERS.  Neither  the  Company  nor  any
Subsidiary is in violation of any statute, rule,  regulation,  decision or order
of any governmental agency or body or any court,  domestic or foreign,  relating
to the use,  disposal or release of hazardous or toxic substances or relating to
the protection or restoration of the  environment or human exposure to hazardous
or toxic substances  (collectively,  "Environmental Laws"), owns or operates any
real  property   contaminated   with  any  substance  that  is  subject  to  any
Environmental  Laws,  is  liable  for any  off-site  disposal  or  contamination
pursuant to any Environmental  Laws, and is subject to any claim relating to any
Environmental Laws, which violation,  contamination,  liability or claim has had
or could reasonably be expected to have a Material Adverse Effect,  individually
or in the  aggregate;  and there is no pending or, to the  Company's  Knowledge,
threatened investigation that might lead to such a claim.

                  4.17  LITIGATION.  Except as described on SCHEDULE 4.17, there
are no pending actions,  suits or proceedings  against or affecting the Company,
its  Subsidiaries  or  any  of its or  their  properties;  and to the  Company's
Knowledge,  no such  actions,  suits or  proceedings  have  been  threatened  in
writing.

                  4.18 FINANCIAL  STATEMENTS.  The financial statements included
in each SEC Filing present fairly,  in all material  respects,  the consolidated
financial  position of the  Company as of the dates  shown and its  consolidated
results of operations and cash flows for the periods  shown,  and such financial
statements  have been  prepared  in  conformity  with  United  States  generally
accepted  accounting  principles applied on a consistent basis (except as may be
disclosed  therein  or in the  notes  thereto,  and,  in the  case of  quarterly
financial  statements,  as permitted by Form 10-Q under the 1934 Act). Except as
set forth in the financial statements of the Company included in the SEC Filings
filed prior to the date hereof or as  described  on SCHEDULE  4.18,  neither the
Company nor any of its Subsidiaries has incurred any liabilities,  contingent or
otherwise, except those incurred in the ordinary course of business,  consistent
(as to amount and nature) with past  practices  since the date of such financial
statements,  none of which,  individually or in the aggregate, have had or could
reasonably be expected to have a Material Adverse Effect.

                  4.19  INSURANCE  COVERAGE.  The  Company  and each  Subsidiary
maintains in full force and effect  insurance  coverage  that is  customary  for
comparably  situated  companies for the business being  conducted and properties
owned or leased by the Company and each Subsidiary,  and the Company  reasonably
believes such insurance coverage to be adequate against all liabilities,  claims
and risks  against which it is customary for  comparably  situated  companies to
insure.

                  4.20 BROKERS AND FINDERS.  No Person will have, as a result of
the  transactions  contemplated by the Transaction  Documents,  any valid right,
interest or claim against or upon the Company, any Subsidiary or an Investor for
any commission, fee or other compensation pursuant to any agreement, arrangement
or  understanding  entered  into by or on behalf of the  Company,  other than as
described in SCHEDULE 4.20.

                                      -9-
<PAGE>

                  4.21 NO  DIRECTED  SELLING  EFFORTS OR  GENERAL  SOLICITATION.
Neither  the  Company  nor any Person  acting on its behalf  has  conducted  any
general  solicitation  or  general  advertising  (as  those  terms  are  used in
Regulation D) in connection with the offer or sale of any of the Securities.

                  4.22 NO  INTEGRATED  OFFERING.  Neither the Company nor any of
its  Affiliates,  nor any Person acting on its or their behalf has,  directly or
indirectly,  made any offers or sales of any Company  security or solicited  any
offers to buy any security,  under  circumstances  that would  adversely  affect
reliance by the Company on Section 4(2) for the exemption from  registration for
the  transactions  contemplated  hereby  or would  require  registration  of the
Securities under the 1933 Act.

                  4.23  PRIVATE  PLACEMENT.  Subject  to  the  accuracy  of  the
representations  and  warranties  of the  Investors  contained in Section 5, the
offer and sale of the  Securities  to the  Investors as  contemplated  hereby is
exempt from the registration requirements of the 1933 Act.

                  4.24 QUESTIONABLE PAYMENTS. Neither the Company nor any of its
Subsidiaries nor, to the Company's Knowledge, any of their respective current or
former stockholders,  directors,  officers,  employees,  agents or other Persons
acting on behalf of the Company or any Subsidiary,  has on behalf of the Company
or any Subsidiary or in connection with their  respective  businesses:  (a) used
any corporate funds for unlawful  contributions,  gifts,  entertainment or other
unlawful  expenses  relating  to  political  activity;  (b) made any  direct  or
indirect  unlawful  payments to any  governmental  officials or  employees  from
corporate  funds;  (c) established or maintained any unlawful or unrecorded fund
of corporate monies or other assets; (d) made any false or fictitious entries on
the books and records of the Company or any Subsidiary; or (e) made any unlawful
bribe, rebate, payoff, influence payment,  kickback or other unlawful payment of
any nature.

                  4.25 TRANSACTIONS WITH AFFILIATES.  Except as disclosed in the
SEC  Filings,  none of the  officers or  directors  of the  Company  and, to the
Company's  Knowledge,  none of the employees of the Company is presently a party
to any transaction with the Company or any Subsidiary  (other than as holders of
stock  options  and/or  warrants,  and for services as  employees,  officers and
directors), including any contract, agreement or other arrangement providing for
the  furnishing  of services to or by,  providing for rental of real or personal
property to or from,  or  otherwise  requiring  payments to or from any officer,
director or such  employee or, to the Company's  Knowledge,  any entity in which
any officer,  director, or any such employee has a substantial interest or is an
officer, director, trustee or partner.

                  4.26  INTERNAL  CONTROLS.  The  Company  and the  Subsidiaries
maintain  a  system  of  internal  accounting  controls  sufficient  to  provide
reasonable  assurance  that (i)  transactions  are executed in  accordance  with
management's general or specific authorizations,  (ii) transactions are recorded
as necessary to permit  preparation of financial  statements in conformity  with
generally accepted accounting  principles and to maintain asset  accountability,
(iii) access to assets is permitted only in accordance with management's general
or specific  authorization,  and (iv) the recorded  accountability for assets is
compared with the existing assets at reasonable

                                      -10-
<PAGE>

intervals and appropriate  action is taken with respect to any differences.  The
Company has established  disclosure  controls and procedures (as defined in 1934
Act Rules  13a-14 and  15d-14)  for the Company  and  designed  such  disclosure
controls and  procedures  to ensure that  material  information  relating to the
Company, including the Subsidiaries, is made known to the certifying officers by
others  within  those  entities,  particularly  during  the  period in which the
Company's  most recently filed period report under the 1934 Act, as the case may
be, is being  prepared.  The Company's  certifying  officers have  evaluated the
effectiveness  of the Company's  controls and  procedures as of a date within 90
days prior to the filing date of the most recently filed  periodic  report under
the 1934 Act (such date, the "Evaluation  Date").  The Company  presented in its
most recently  filed periodic  report under the 1934 Act the  conclusions of the
certifying  officers  about the  effectiveness  of the  disclosure  controls and
procedures  based on their  evaluations  as of the  Evaluation  Date.  Since the
Evaluation  Date,  there  have  been no  significant  changes  in the  Company's
internal controls (as such term is defined in Item 307(b) of Regulation S-K) or,
to the Company's Knowledge, in other factors that could significantly affect the
Company's internal controls. The Company maintains and will continue to maintain
a standard system of accounting  established and administered in accordance with
GAAP and the applicable requirements of the 1934 Act.

                  4.27 DISCLOSURES. Neither the Company nor any Person acting on
its  behalf has  provided  the  Investors  or their  agents or counsel  with any
information   that  constitutes  or  might   constitute   material,   non-public
information.

         5.  REPRESENTATIONS  AND  WARRANTIES  OF  THE  INVESTORS.  Each  of the
Investors  hereby  severally,  and not jointly,  represents  and warrants to the
Company that:

                  5.1  ORGANIZATION  AND  EXISTENCE.  The  Investor is a validly
existing  corporation,  limited partnership or limited liability company and has
all requisite  corporate,  partnership  or limited  liability  company power and
authority to invest in the Securities pursuant to this Agreement.  Such Investor
(if not an individual) has not been formed for the specific purpose of acquiring
the Securities.  Such Investor has provided the Company with its jurisdiction of
organization and its principal place of business.

                  5.2 AUTHORIZATION;  NON-CONTRAVENTION. The execution, delivery
and  performance  by the  Investor of the  Transaction  Documents  to which such
Investor is a party have been duly authorized and will each constitute the valid
and legally binding obligation of the Investor, enforceable against the Investor
in accordance with their respective  terms,  subject to bankruptcy,  insolvency,
fraudulent  transfer,  reorganization,  moratorium  and similar  laws of general
applicability,  relating  to  or  affecting  creditors'  rights  generally.  The
execution,  delivery and performance of this Agreement by such Investor, and the
consummation by such Investor of the transactions  contemplated  hereby,  do not
(i) contravene or conflict with the  organizational  documents of such Investor;
nor (ii) constitute a violation of any provision of any federal, state, local or
foreign law, rule, regulation, order or decree applicable to such Investor.

                  5.3 PURCHASE  ENTIRELY FOR OWN ACCOUNT.  The  Securities to be
received by the  Investor  hereunder  will be acquired  for the  Investor's  own
account,  not as  nominee  or  agent,  and  not  with a view  to the  resale  or
distribution  of any part thereof in violation of the 1933 Act, and

                                      -11-
<PAGE>

the Investor has no present intention of selling, granting any participation in,
or otherwise  distributing  the same in violation of the 1933 Act. Such Investor
does not have any agreement or  understanding,  whether or not legally  binding,
direct or indirect,  with any other Person to sell or otherwise  distribute  the
Securities.  The Investor is not a broker dealer  registered  with the SEC under
the 1934 or an entity  engaged  in a  business  that  would  require it to be so
registered.

                  5.4 INVESTMENT  EXPERIENCE.  The Investor acknowledges that it
can bear the economic risk and complete loss of its investment in the Securities
and has such knowledge and  experience in financial or business  matters that it
is capable of  evaluating  the merits and risks of the  investment  contemplated
hereby.  Such Investor  understands that the purchase of the Securities involves
substantial risk.

                  5.5  DISCLOSURE  OF  INFORMATION.  The  Investor  has  had  an
opportunity  to  receive  all  additional  information  related  to the  Company
requested  by it and to ask  questions  of and receive  answers from the Company
regarding the terms and  conditions  of the issuance and sale of the  Securities
and the business,  properties,  prospects and financial condition of the Company
and to  obtain  any  additional  information  requested  and  has  received  and
considered  all  information  such Investor  deems  relevant to make an informed
decision to purchase the Securities. The Investor acknowledges receipt of copies
of the  SEC  Filings.  Neither  such  inquiries  nor  any  other  due  diligence
investigation  conducted  by the  Investor  shall  modify,  amend or affect  the
Investor's  right  to  rely  on the  Company's  representations  and  warranties
contained in this Agreement.

                  5.6 RESTRICTED  SECURITIES.  The Investor understands that the
Securities are  characterized as "restricted  securities" under the U.S. federal
securities  laws  inasmuch  as they are being  acquired  from the  Company  in a
transaction  not  involving  a public  offering  and that  under  such  laws and
applicable  regulations such securities may be resold without registration under
the 1933 Act only in certain limited circumstances.

                  5.7 LEGENDS.  It is understood that, except as provided below,
certificates  evidencing  the  Securities  may bear the following or any similar
legend:

                    (a)  "The   securities   represented   hereby   may  not  be
transferred unless (i) such securities have been registered for sale pursuant to
the  Securities  Act of 1933,  as  amended,  (ii)  such  securities  may be sold
pursuant to Rule 144(k), or (iii) the Company has received an opinion of counsel
reasonably  satisfactory  to it that such  transfer may lawfully be made without
registration under the Securities Act of 1933 or qualification  under applicable
state securities laws."

                    (b)  If  required  by  the   authorities  of  any  state  in
connection with the issuance of sale of the  Securities,  the legend required by
such state authority.

                  5.8  ACCREDITED  INVESTOR.   The   Investor  is an  accredited
investor as defined in Rule 501(a) of Regulation  D, as amended,  under the 1933
Act.

                                      -12-
<PAGE>

                  5.9 NO GENERAL SOLICITATION. The Investor did not learn of the
investment  in the  Securities  by  means  of any  form  of  general  or  public
solicitation or general advertising,  or publicly disseminated advertisements or
sales  literature,  including (i) any  advertisement,  article,  notice or other
communication  published  in any  newspaper,  magazine,  or  similar  media,  or
broadcast over television or radio, or (ii) any seminar or meeting to which such
Investor was invited by any of the foregoing means of communications.

                  5.10 BROKERS AND FINDERS.  No Person will have, as a result of
the  transactions  contemplated by the Transaction  Documents,  any valid right,
interest or claim against or upon the Company, any Subsidiary or an Investor for
any commission, fee or other compensation pursuant to any agreement, arrangement
or understanding entered into by or on behalf of the Investor.

                  5.11 PROHIBITED TRANSACTIONS. During the last thirty (30) days
prior to the date hereof, no Investor has,  directly or indirectly,  effected or
agreed to effect any short sale, whether or not against the box, established any
"put equivalent  position" (as defined in Rule 16a-1(h) under the 1934 Act) with
respect  to the  Common  Stock,  granted  any other  right  (including,  without
limitation,  any put or call  option)  with  respect to the Common Stock or with
respect to any security  that  includes,  relates to or derived any  significant
part of its  value  from the  Common  Stock or  otherwise  sought  to hedge  its
position in the  Securities  (each,  a "Prohibited  Transaction").  Prior to the
earlier of (i) the termination of this  Agreement,  or (ii) the Closing Date, no
Investor shall engage, directly or indirectly, in a Prohibited Transaction. Each
Investor  acknowledges that the representations and warranties contained in this
Section  5.11 are being  made for the  benefit of the  Investors  as well as the
Company and that each of the other Investors shall have an independent  right to
assert any claims against any Investor arising out of any breach or violation of
the provisions of this Section 5.11.

         6. CONDITIONS TO CLOSING.

                  6.1 CONDITIONS TO THE INVESTORS'  OBLIGATIONS.  The obligation
of the  Investors  to  purchase  the Shares and the  Warrants  at the Closing is
subject to the  fulfillment to the Investors'  satisfaction,  on or prior to the
Closing  Date,  of the  following  conditions,  any of which may be waived by an
Investor (as to itself only):

                    (a) The  representations  and warranties made by the Company
in Section 4 hereof qualified as to materiality shall be true and correct at all
times  prior  to and  on the  Closing  Date,  except  to  the  extent  any  such
representation or warranty expressly speaks as of an earlier date, in which case
such  representation  or warranty  shall be true and correct as of such  earlier
date, and, the  representations  and warranties made by the Company in Section 4
hereof not qualified as to materiality shall be true and correct in all material
respects at all times prior to and on the Closing Date, except to the extent any
such representation or warranty expressly speaks as of an earlier date, in which
case such  representation  or warranty shall be true and correct in all material
respects as of such  earlier  date.  The  Company  shall have  performed  in all
material respects all obligations and conditions herein required to be performed
or observed by it on or prior to the Closing Date.

                                      -13-
<PAGE>

                    (b) The Company  shall have  obtained any and all  consents,
permits, approvals,  registrations and waivers necessary for consummation of the
purchase  and  sale  of  the  Securities  and  the  consummation  of  the  other
transactions contemplated by the Transaction Documents, all of which shall be in
full force and effect.

                    (c) The  Company  shall  have  executed  and  delivered  the
Registration Rights Agreement.

                    (d) No judgment, writ, order, injunction, award or decree of
or by any court, or judge, justice or magistrate, including any bankruptcy court
or judge,  or any order of or by any  governmental  authority,  shall  have been
issued,  and  no  action  or  proceeding  shall  have  been  instituted  by  any
governmental  authority,   enjoining  or  preventing  the  consummation  of  the
transactions contemplated hereby or in the other Transaction Documents.

                    (e) The Company shall have delivered a Certificate, executed
on behalf of the Company by its Chief  Executive  Officer or its Chief Financial
Officer,  dated as of the Closing  Date,  certifying to the  fulfillment  of the
conditions specified in subsections (a), (b), (d) and (h) of this Section 6.1.

                    (f) The Company shall have delivered a Certificate, executed
on  behalf  of the  Company  by its  Secretary,  dated as of the  Closing  Date,
certifying  the  resolutions  adopted by the Board of  Directors  of the Company
approving  the  transactions  contemplated  by  this  Agreement  and  the  other
Transaction Documents and the issuance of the Securities, certifying the current
versions  of the  Certificate  of  Incorporation  and Bylaws of the  Company and
certifying as to the signatures and authority of persons signing the Transaction
Documents and related documents on behalf of the Company.

                    (g) The  Investors  shall have received an opinion from Kane
Kessler,  P.C., the Company's counsel, dated as of the Closing Date, in form and
substance  reasonably  acceptable  to the Investors  and  addressing  such legal
matters as the Investors may reasonably request.

                    (h) No stop order or  suspension  of trading shall have been
imposed by the SEC or any other  governmental or regulatory body with respect to
public trading in the Common Stock.

                    (i) No statute, rule,  regulation,  executive order, decree,
ruling,  injunction,  action,  proceeding  or  interpretation  shall  have  been
enacted, entered, promulgated,  endorsed or adopted by any court or governmental
authority of  competent  jurisdiction  or any  self-regulatory  organization  or
trading market or the staff of any of the foregoing,  having  authority over the
matters  contemplated  hereby which  questions the validity of, or challenges or
prohibits the  consummation  of, any of the  transactions  contemplated  by this
Agreement.

                    (j) Petra  Mezzanine  Fund,  L.P.  shall have  executed  and
delivered the Lock-up Agreement in the form attached hereto as EXHIBIT C.

                                      -14-
<PAGE>

                    (k) Petra  Mezzanine  Fund,  L.P.  shall have  executed  and
delivered the Waiver in the form attached hereto as EXHIBIT D.

                    (l) David  Walke  and  Walke  Associates,  Inc.  shall  have
executed and  delivered  the Lock-up  Agreement in the form  attached  hereto as
EXHIBIT E.

                    (m) Martin E. Franklin and Marlin  Equities,  LLC shall have
executed and  delivered  the Lock-up  Agreement in the form  attached  hereto as
EXHIBIT F.

                    (n) Marlin Equities,  LLC and Walke  Associates,  Inc. shall
have executed and delivered the Waiver in the form attached hereto as EXHIBIT G.

                  6.2 CONDITIONS TO  OBLIGATIONS  OF THE COMPANY.  The Company's
obligation  to sell and issue the  Shares  and the  Warrants  at the  Closing is
subject to the fulfillment to the satisfaction of the Company on or prior to the
Closing  Date of the  following  conditions,  any of which  may be waived by the
Company:

                    (a) The representations and warranties made by the Investors
in Section 5 hereof,  other than the representations and warranties contained in
Sections   5.3,   5.4,   5.5,   5.6,   5.7,   5.8  and  5.9   (the   "Investment
Representations"), shall be true and correct in all material respects when made,
and shall be true and correct in all material  respects on the Closing Date with
the same force and  effect as if they had been made on and as of said date.  The
Investment  Representations shall be true and correct in all respects when made,
and shall be true and correct in all  respects on the Closing Date with the same
force and effect as if they had been made on and as of said date.  The Investors
shall have  performed in all material  respects all  obligations  and conditions
herein  required to be  performed or observed by them on or prior to the Closing
Date.

                    (b) The  Investors  shall have  executed and  delivered  the
Registration Rights Agreement.

                    (c) The Investors shall have delivered the Purchase Price to
the Company.

                    (d) No statute, rule,  regulation,  executive order, decree,
ruling,  injunction,  action,  proceeding  or  interpretation  shall  have  been
enacted, entered, promulgated,  endorsed or adopted by any court or governmental
authority of  competent  jurisdiction  or any  self-regulatory  organization  or
trading market or the staff of any of the foregoing,  having  authority over the
matters  contemplated  hereby which  questions the validity of, or challenges or
prohibits the  consummation  of, any of the  transactions  contemplated  by this
Agreement.

                  6.3     TERMINATION OF OBLIGATIONS TO EFFECT CLOSING; EFFECTS.
                          -----------------------------------------------------

                    (a) The obligations of the Company, on the one hand, and the
Investors, on the other hand, to effect the Closing shall terminate as follows:

                                      -15-
<PAGE>

                    (i) Upon the mutual  written  consent of the Company and the
Investors;

                    (ii) By the  Company if any of the  conditions  set forth in
Section 6.2 shall have become incapable of fulfillment,  and shall not have been
waived by the Company;

                    (iii) By an Investor (with respect to itself only) if any of
the  conditions  set  forth in  Section  6.1  shall  have  become  incapable  of
fulfillment, and shall not have been waived by the Investor; or

                    (iv) By either the Company or any Investor  (with respect to
itself only) if the Closing has not occurred on or prior to May 15, 2004;

provided,  however,  that,  except in the case of clause  (i)  above,  the party
seeking to terminate  its  obligation to effect the Closing shall not then be in
breach  of any of  its  representations,  warranties,  covenants  or  agreements
contained in this  Agreement or the other  Transaction  Documents if such breach
has  resulted  in the  circumstances  giving  rise to such  party's  seeking  to
terminate its obligation to effect the Closing.

                  (b) In the event of termination by the Company or any Investor
of its obligations to effect the Closing  pursuant to this Section 6.3,  written
notice  thereof  shall  forthwith be given to the other  Investors and the other
Investors  shall have the right to  terminate  their  obligations  to effect the
Closing upon written notice to the Company and the other  Investors.  Nothing in
this Section 6.3 shall be deemed to release any party from any liability for any
breach by such party of the terms and  provisions of this Agreement or the other
Transaction  Documents  or to impair  the right of any party to compel  specific
performance  by any other party of its  obligations  under this Agreement or the
other Transaction Documents.

         7. COVENANTS AND AGREEMENTS OF THE COMPANY.

                  7.1  RESERVATION  OF COMMON  STOCK.  The Company  shall at all
times reserve and keep available out of its  authorized  but unissued  shares of
Common  Stock,  solely for the  purpose of  providing  for the  exercise  of the
Warrants, such number of shares of Common Stock as shall from time to time equal
the number of shares  sufficient  to permit the exercise of the Warrants  issued
pursuant to this Agreement in accordance with their respective terms.

                  7.2 REPORTS. The Company will furnish to such Investors and/or
their assignees such information relating to the Company and its Subsidiaries as
from time to time may  reasonably  be requested by such  Investors  and/or their
assignees;  provided,  however,  that the Company  shall not  disclose  material
nonpublic information to the Investors,  or to advisors to or representatives of
the  Investors,  unless  prior to  disclosure  of such  information  the Company
identifies such information as being material nonpublic information and provides
the Investors,  such advisors and representatives with the opportunity to accept
or refuse to accept  such  material  nonpublic  information  for  review and any
Investor  wishing  to  obtain  such  information   enters  into  an  appropriate
confidentiality agreement with the Company with respect thereto.

                                      -16-
<PAGE>

                  7.3 NO CONFLICTING  AGREEMENTS.  The Company will not take any
action,  enter into any agreement or make any commitment  that would conflict or
interfere  in  any  material  respect  with  the  Company's  obligations  to the
Investors under the Transaction Documents.

                  7.4 INSURANCE.   The  Company shall not materially  reduce the
insurance coverages described in Section 4.19.

                  7.5  COMPLIANCE  WITH LAWS.  The  Company  will  comply in all
material  respects with all  applicable  laws,  rules,  regulations,  orders and
decrees of all governmental authorities.

                  7.6 LISTING OF UNDERLYING  SHARES AND RELATED MATTERS.  If the
Company applies to have its Common Stock or other securities traded on any stock
exchange  or market,  it shall  include in such  application  the Shares and the
Warrant  Shares and will take such other  action as is  necessary  to cause such
Common Stock to be so listed.

                  7.7  TERMINATION OF COVENANTS.  The provisions of Sections 7.2
through 7.5 shall terminate and be of no further force and effect on the date on
which the  Company's  obligations  under the  Registration  Rights  Agreement to
register  or  maintain  the  effectiveness  of  any  registration  covering  the
Registrable  Securities  (as such term is  defined  in the  Registration  Rights
Agreement) shall terminate.

                  7.8 REMOVAL OF LEGENDS.  Upon the earlier of (i)  registration
for resale  pursuant to the  Registration  Rights  Agreement  and receipt by the
Company of the Investor's written  confirmation that such Securities will not be
disposed of except in compliance  with the prospectus  delivery  requirements of
the 1933 Act or (ii) Rule 144(k) becoming  available the Company shall,  upon an
Investor's  written  request,   promptly  cause   certificates   evidencing  the
Investor's  Securities to be replaced with  certificates  which do not bear such
restrictive legends, and Warrant Shares subsequently issued upon due exercise of
the Warrants shall not bear such restrictive  legends provided the provisions of
either  clause (i) or clause (ii)  above,  as  applicable,  are  satisfied  with
respect to such Warrant Shares. When the Company is required to cause unlegended
certificates to replace previously issued legended  certificates,  if unlegended
certificates  are not delivered to an Investor  within five (5) Business Days of
submission by that Investor of legended certificate(s) to the Company's transfer
agent together with a representation letter in customary form, the Company shall
be liable to the Investor for liquidated damages in an amount equal to 1% of the
aggregate purchase price of the Securities  evidenced by such certificate(s) for
each thirty (30) day period (or pro rata for any  portion  thereof)  beyond such
three  (3)  Business  Day  that  the  unlegended  certificates  have not been so
delivered.

                  7.9 RIGHT OF FIRST REFUSAL ON FUTURE FINANCINGS. From the date
hereof until one year after the Closing  Date,  upon the issuance by the Company
of its  Common  Stock  or  Common  Stock  Equivalents  for  cash (a  "Subsequent
Financing"),  each  Investor  shall  have  the  right  to  participate  in  such
Subsequent  Financing up to such portion as the number of shares of Common Stock
purchased  or  purchasable   hereunder   beneficially  owned  by  such  Investor
(determined  pursuant  to Rule  13d-3) at the time bears to the total  shares of
Common  Stock

                                      -17-
<PAGE>

outstanding,  plus any shares of Common Stock issuable to such Investor pursuant
to Warrants  held by such Investor at such time. At least five (5) Business Days
prior to the closing of the Subsequent  Financing,  the Company shall deliver to
each Investor a written notice of its intention to effect a Subsequent Financing
("Pre-Notice"),  which  Pre-Notice shall ask such Investor if it wants to review
the details of such financing (such additional  notice, a "Subsequent  Financing
Notice").  Upon the request of an Investor,  and only upon such  request,  for a
Subsequent  Financing Notice, the Company shall promptly,  but no later than one
Business Day after such request,  deliver a Subsequent  Financing Notice to such
Investor.  The Subsequent  Financing Notice shall describe in reasonable  detail
the proposed terms of such Subsequent Financing, the amount of proceeds intended
to be raised  thereunder,  the Person  with whom such  Subsequent  Financing  is
proposed to be effected,  and attached to which shall be a term sheet or similar
document  relating  thereto.  The  Investors  agreeing  to  participate  in  the
Subsequent Financing (the "Participating Investors") shall notify the Company by
6:30 p.m.  (New York City  time) on the fifth  (5th)  Business  Day after  their
receipt of the Subsequent  Financing Notice of their  willingness to participate
in the Subsequent  Financing on the terms described in the Subsequent  Financing
Notice,  subject to completion of mutually acceptable  documentation.  If one or
more Investors fail to notify the Company of their willingness to participate in
such Subsequent Financing, the Company may effect such Subsequent Financing with
the Participating Investors on the terms and with such other Person as set forth
in the Subsequent Financing Notice;  provided that each Investor will again have
the  right  of  first  refusal  set  forth  above in this  Section  7.9,  if the
Subsequent  Financing subject to the initial Subsequent  Financing Notice is not
consummated for any reason on the terms set forth in such  Subsequent  Financing
Notice  within  60  Business  Days  after  the  date of the  initial  Subsequent
Financing  Notice  with the  Participating  Investors  and such other  Person as
identified in the Subsequent  Financing Notice. Each Investor may allocate their
portion of the Subsequent  Financing among each Investors  respective  affiliate
entities  as they  determine  in  their  sole  discretion.  Notwithstanding  the
foregoing,  this  Section 7.9 shall not apply in respect of the  issuance of (a)
shares of  Common  Stock or  options  to  employees,  consultants,  officers  or
directors of the Company  pursuant to any stock or option plan duly adopted by a
majority of the non-employee members of the Board of Directors of the Company or
a majority of the members of a committee of non-employee  directors  established
for such purpose and (b)  securities  upon the exercise of or  conversion of any
convertible  securities,  options or warrants issued and outstanding on the date
of this Agreement, provided that such securities have not been amended since the
date of this Agreement.

         8. SURVIVAL AND INDEMNIFICATION.

                  8.1 SURVIVAL. The representations,  warranties,  covenants and
agreements  contained  in  this  Agreement  shall  survive  the  Closing  of the
transactions  contemplated by this Agreement for a period of two years after the
Closing.

                  8.2 INDEMNIFICATION.   The  Company   agrees to indemnify  and
hold harmless each Investor and its Affiliates and their  respective  directors,
officers,  employees  and agents from and  against  any and all losses,  claims,
damages,  liabilities  and expenses  (including  without  limitation  reasonable
attorney fees and  disbursements  and other expenses incurred in connection with
investigating,  preparing or defending any action, claim or proceeding,  pending

                                      -18-
<PAGE>

or threatened and the costs of enforcement thereof) (collectively,  "Losses") to
which  such   Person   may  become   subject  as  a  result  of  any  breach  of
representation,  warranty,  covenant or agreement  made by or to be performed on
the part of the Company under the Transaction Documents,  and will reimburse any
such Person for all such amounts as they are incurred by such Person.

                  8.3 CONDUCT OF INDEMNIFICATION   PROCEEDINGS.   Promptly after
receipt by any Person (the "Indemnified  Person") of notice of any demand, claim
or  circumstances  which would or might give rise to a claim or the commencement
of any action,  proceeding or investigation in respect of which indemnity may be
sought  pursuant to Section 8.2, such  Indemnified  Person shall promptly notify
the  Company in writing  and the  Company  shall  assume  the  defense  thereof,
including the employment of counsel reasonably  satisfactory to such Indemnified
Person,  and  shall  assume  the  payment  of all fees and  expenses;  PROVIDED,
HOWEVER,  that the  failure of any  Indemnified  Person so to notify the Company
shall not relieve the Company of its obligations  hereunder except to the extent
that the Company is materially prejudiced by such failure to notify. In any such
proceeding,  any  Indemnified  Person  shall  have the right to  retain  its own
counsel,  but the fees and expenses of such  counsel  shall be at the expense of
such Indemnified Person unless: (i) the Company and the Indemnified Person shall
have mutually agreed to the retention of such counsel; or (ii) in the reasonable
judgment of counsel to such Indemnified Person representation of both parties by
the same counsel  would be  inappropriate  due to actual or potential  differing
interests  between them.  The Company shall not be liable for any  settlement of
any proceeding effected without its written consent,  which consent shall not be
unreasonably  withheld, but if settled with such consent, or if there be a final
judgment for the plaintiff,  the Company shall  indemnify and hold harmless such
Indemnified  Person from and against any loss or liability (to the extent stated
above) by reason of such  settlement  or  judgment.  Without  the prior  written
consent of the  Indemnified  Person,  which  consent  shall not be  unreasonably
withheld,  the  Company  shall not  effect  any  settlement  of any  pending  or
threatened  proceeding  in respect of which any  Indemnified  Person is or could
have  been a party  and  indemnity  could  have been  sought  hereunder  by such
Indemnified Party, unless such settlement  includes an unconditional  release of
such Indemnified Person from all liability arising out of such proceeding.

         9. MISCELLANEOUS.

                  9.1 SUCCESSORS AND ASSIGNS. This Agreement may not be assigned
by a party  hereto  without  the prior  written  consent  of the  Company or the
Investors,  as applicable,  provided,  however,  that an Investor may assign its
rights and delegate its duties  hereunder in whole or in part to an Affiliate or
to a  third  party  acquiring  some  or  all  of  its  Securities  in a  private
transaction  without  the prior  written  consent  of the  Company  or the other
Investors;  provided,  that such transferee agrees in writing to be bound by the
terms,  provisions  and  conditions of this  Agreement,  and such transfer is in
compliance  with all of the terms and provisions of this Agreement and permitted
by federal and state  securities  laws;  and,  provided,  further,  that no such
assignment  or  obligation   shall  affect  the  obligations  of  such  Investor
hereunder. The provisions of this Agreement shall inure to the benefit of and be
binding upon the  respective  permitted  successors  and assigns of the parties.
Nothing in this  Agreement,  express or implied,  is intended to confer upon any
party other than the parties hereto or their

                                      -19-
<PAGE>

respective  successors  and  assigns  any  rights,  remedies,   obligations,  or
liabilities under or by reason of this Agreement,  except as expressly  provided
in this Agreement.

                  9.2 COUNTERPARTS; FAXES. This Agreement may be executed in two
or more  counterparts,  each of which  shall be deemed an  original,  but all of
which together shall constitute one and the same instrument.  This Agreement may
also be executed via facsimile, which shall be deemed an original.

                  9.3 TITLES AND  SUBTITLES.  The titles and  subtitles  used in
this  Agreement  are used for  convenience  only and are not to be considered in
construing or interpreting this Agreement.

                  9.4 NOTICES. Unless otherwise provided, any notice required or
permitted  under this  Agreement  shall be given in writing  and shall be deemed
effectively  given as hereinafter  described (i) if given by personal  delivery,
then such  notice  shall be deemed  given upon such  delivery,  (ii) if given by
telex or telecopier or electronic  mail,  then such notice shall be deemed given
upon receipt of  confirmation of complete  transmittal,  (iii) if given by mail,
then such notice  shall be deemed  given upon the earlier of (A) receipt of such
notice by the  recipient  or (B) three days after such  notice is  deposited  in
first  class  mail,  postage  prepaid,  and (iv) if given by an  internationally
recognized  overnight  air  courier,  then such notice shall be deemed given one
business day after  delivery to such carrier.  All notices shall be addressed to
the party to be notified at the address as follows,  or at such other address as
such party may designate by ten days' advance written notice to the other party:

                           If to the Company:

                            Find/SVP, Inc.
                            625 Avenue of the Americas
                            New York, NY 10011
                            Fax:  (212) 255-7632
                            Email: pstone@findsvp.com
                            Attention:  Mr. David Walke

                            with a copy to:

                            Kane Kessler, P.C.
                            1350 Avenue of the Americas
                            New York, NY 10019
                            Fax:  (212) 245-3009
                            Email: mhollander@kanekessler.com
                            Attention:  Robert L. Lawrence, Esq.
                                        Mitchell D. Hollander, Esq.

                                      -20-
<PAGE>

                           If to the Investors:

to the addresses set forth on the signature pages hereto.

                  9.5 EXPENSES. The parties hereto shall pay their own costs and
expenses  in  connection  herewith,  except  that  the  Company  shall  pay  the
reasonable fees and expenses of counsel to the Investors, not to exceed $30,000.
Such  expenses  shall be paid not later  than the  Closing.  The  Company  shall
reimburse the Investors  upon demand for all reasonable  out-of-pocket  expenses
incurred  by  the  Investors,  including  without  limitation  reimbursement  of
attorneys'   fees  and   disbursements,   in  connection   with  any  amendment,
modification or waiver of this Agreement or the other Transaction Documents.  In
the event that legal  proceedings  are commenced by any party to this  Agreement
against another party to this Agreement in connection with this Agreement or the
other Transaction  Documents,  the party or parties which do not prevail in such
proceedings  shall severally,  but not jointly,  pay their pro rata share of the
reasonable attorneys' fees and other reasonable out-of-pocket costs and expenses
incurred by the prevailing party in such proceedings.

                  9.6 AMENDMENTS AND WAIVERS.  Any term of this Agreement may be
amended and the  observance of any term of this  Agreement may be waived (either
generally   or  in  a   particular   instance   and  either   retroactively   or
prospectively),  only with the written  consent of the Company and the  Required
Investors.  Any amendment or waiver  effected in accordance  with this paragraph
shall be  binding  upon  each  holder of any  Securities  purchased  under  this
Agreement at the time  outstanding,  each future holder of all such  Securities,
and the Company.

                  9.7 PUBLICITY. Except as set forth below, no public release or
announcement concerning the transactions  contemplated hereby shall be issued by
the Company or the  Investors  without the prior  consent of the Company (in the
case of a release or  announcement  by the  Investors)  or SSF (in the case of a
release  or   announcement   by  the  Company)  (which  consents  shall  not  be
unreasonably  withheld),  except as such release or  announcement as the Company
reasonably  determines  may  be  required  by law or  the  applicable  rules  or
regulations of any securities  exchange or securities  market, in which case the
Company or the Investors, as the case may be, shall allow SSF or the Company, as
applicable,   to  the  extent  reasonably   practicable  in  the  circumstances,
reasonable  time to comment on such release or  announcement  in advance of such
issuance.  By 8:30 a.m.  (New York City  time) on the  trading  day  immediately
following the Closing Date,  the Company shall issue a press release  disclosing
the  consummation of the transactions  contemplated by this Agreement.  No later
than the third trading day  following the Closing Date,  the Company will file a
Current  Report  on Form  8-K  attaching  the  press  release  described  in the
foregoing sentence as well as copies of the Transaction Documents.  In addition,
the  Company  will make such other  filings  and  notices in the manner and time
required  by the SEC.  Notwithstanding  the  foregoing,  the  Company  shall not
publicly disclose the name of any Investor,  or include the name of any Investor
in any  filing  with the SEC  (other  than the  Registration  Statement  and any
exhibits to filings made in respect of this  transaction  or in accordance  with
periodic  filing  requirements  under  the 1934 Act) or any  regulatory  agency,
without the prior written  consent of such  Investor,  except to the extent that
the Company  reasonably  determines  that such  disclosure is required by law or
trading  market  regulations,  in  which  case the  Company  shall  provide  the
Investors with prior notice of such disclosure.

                                      -21-
<PAGE>

                  9.8  SEVERABILITY.  Any  provision of this  Agreement  that is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating the remaining  provisions  hereof but shall be interpreted as if it
were  written  so as to be  enforceable  to  the  maximum  extent  permitted  by
applicable law, and any such prohibition or unenforceability in any jurisdiction
shall  not  invalidate  or  render  unenforceable  such  provision  in any other
jurisdiction.  To the extent  permitted by  applicable  law, the parties  hereby
waive any  provision of law which  renders any  provision  hereof  prohibited or
unenforceable in any respect.

                  9.9 ENTIRE AGREEMENT.  This Agreement,  including the Exhibits
and the Disclosure Schedules, and the other Transaction Documents constitute the
entire  agreement  among the parties  hereof with respect to the subject  matter
hereof and thereof and supersede all prior agreements and  understandings,  both
oral and written,  between the parties with respect to the subject matter hereof
and thereof.

                  9.10 FURTHER ASSURANCES. The parties shall execute and deliver
all such further  instruments  and  documents and take all such other actions as
may reasonably be required to carry out the transactions contemplated hereby and
to evidence the fulfillment of the agreements herein contained.

                  9.11 GOVERNING LAW;  CONSENT TO  JURISDICTION;  WAIVER OF JURY
TRIAL.  This Agreement  shall be governed by, and construed in accordance  with,
the internal  laws of the State of New York without  regard to the choice of law
principles  thereof.  Each of the  parties  hereto  irrevocably  submits  to the
exclusive  jurisdiction  of the  courts of the State of New York  located in New
York County and the United States  District  Court for the Southern  District of
New York for the purpose of any suit, action, proceeding or judgment relating to
or arising  out of this  Agreement  and the  transactions  contemplated  hereby.
Service of process in connection with any such suit, action or proceeding may be
served on each party  hereto  anywhere  in the world by the same  methods as are
specified  for the giving of notices under this  Agreement.  Each of the parties
hereto  irrevocably  consents to the  jurisdiction of any such court in any such
suit,  action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit,
action or  proceeding  brought in such courts and  irrevocably  waives any claim
that any such  suit,  action or  proceeding  brought  in any such court has been
brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO
REQUEST A TRIAL BY JURY IN ANY  LITIGATION  WITH RESPECT TO THIS  AGREEMENT  AND
REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

                  9.12 INDEPENDENT NATURE OF INVESTORS'  OBLIGATIONS AND RIGHTS.
The obligations of each Investor under any Transaction  Document are several and
not joint with the obligations of any other  Investor,  and no Investor shall be
responsible  in any way for the  performance  of the  obligations  of any  other
Investor  under any  Transaction  Document.  The  decision  of each  Investor to
purchase Securities pursuant to the Transaction  Documents has been made by such
Investor independently of any other Investor. Nothing contained herein or in any
Transaction  Document,  and no action  taken by any Investor  pursuant  thereto,
shall be deemed to constitute the Investors as a partnership,  an association, a
joint  venture  or any other kind of entity,  or create

                                      -22-
<PAGE>

a presumption  that the Investors are in any way acting in concert or as a group
with  respect  to  such  obligations  or the  transactions  contemplated  by the
Transaction  Documents.  Each Investor  acknowledges  that no other Investor has
acted as agent for such  Investor  in  connection  with  making  its  investment
hereunder  and that no  Investor  will be  acting as agent of such  Investor  in
connection  with  monitoring  its  investment in the Securities or enforcing its
rights  under the  Transaction  Documents.  Each  Investor  shall be entitled to
independently protect and enforce its rights, including, without limitation, the
rights arising out of this Agreement or out of the other Transaction  Documents,
and it  shall  not be  necessary  for any  other  Investor  to be  joined  as an
additional  party in any proceeding for such purpose.  The Company  acknowledges
that each of the Investors has been provided with the same Transaction Documents
for the purpose of closing a transaction with multiple Investors and not because
it was required or requested to do so by any Investor.

                            [signature page follows]

                                      -23-
<PAGE>

                  IN WITNESS  WHEREOF,  the parties have executed this Agreement
or caused their duly  authorized  officers to execute  this  Agreement as of the
date first above written.

The Company:                                FIND/SVP, INC.

                                            By:    /s/ Peter M. Stone
                                               ------------------------------
                                            Name:  Peter M. Stone
                                            Title: Chief Financial Officer

                                      -24-
<PAGE>

The Investors:                              SPECIAL SITUATIONS FUND III, L.P.

                                            By: /s/ David M. Greenhouse
                                            ---------------------------
                                            Name: David M. Greenhouse
                                            Title: General Partner

                                            SPECIAL SITUATIONS CAYMAN FUND, L.P.

                                            By: /s/ David M. Greenhouse
                                            ---------------------------
                                            Name: David M. Greenhouse
                                            Title: General Partner

                                      -25-
<PAGE>

                                    SPECIAL SITUATIONS PRIVATE EQUITY FUND, L.P.

                                            By: /s/ David M. Greenhouse
                                            ---------------------------
                                            Name: David M. Greenhouse
                                            Title: General Partner

                                      -26-
<PAGE>

                  City of Milford Pension & Retirement Fund
                  City of Stamford Firemen's Pension Fund
                  National Federation of Independent Business Employee
                     Pension Trust
                  National Federation of Independent Business
                  Norwalk Employees' Pension Plan
                  Public Employee Retirement System of Idaho
                  Asphalt Green, Inc.
                  Lazar Foundation
                  Alan B. & Joanne K. Vidinsky 1993 Trust
                  Helen Hunt
                  Francois deMenil
                  HBL Charitable Unitrust
                  Jeanne L. Morency
                  Psychology Associates
                  Peter Looram
                  Domenic J. Mizio
                  Morgan Trust Co. of the Bahamas Ltd. as Trustee
                     U/A/D 11/30/93
                  John Rowan
                  Susan Uris Halpern
                  Theeuwes Family Trust, Felix Theeuwes Trustee
                  William B. Lazar
                  Robert K. Winters

                  By: Zesiger Capital Group LLC, as Attorney-in-fact

                  By:    /s/ Albert L. Zesiger
                     ---------------------------
                  Name:  Albert L. Zesiger
                  Title: Managing Director

                                      -27-

<PAGE>

                                    [LEVITICUS PARTNERS, L.P.]

                                    By:    /s/ Adam M. Hutt
                                       ----------------------------
                                    Name:  Adam M. Hutt
                                    Title: President AMH Equity Ltd.
                                           (G.P.-Leviticus Partners, L.P.)

                                      -28-
<PAGE>

                                    Castle Creek Technology Partners LLC

                                    By:    /s/ Thomas A. Frei
                                       ----------------------------
                                    Name:  Thomas A. Frei
                                    Title: Managing Director of the
                                           Investment Manager

                                      -29-
<PAGE>

                                    By:    /s/ Gideon I. Gartner
                                       ----------------------------
                                    Name:  Gideon I. Gartner
                                    Title:

                                      -30-
<PAGE>

                                    Crown Investment Partners, L.P.

                                    By:    /s/ Chris H. Pauli
                                       ----------------------------
                                    Name:  Chris H. Pauli
                                    Title: Managing Member of the
                                           General Partner

                                      -31-
<PAGE>

                                    Pequot Navigator Onshore Fund, L.P.
                                    By Pequot Capital Management, Inc.
                                    as Investment Manager

                                    By:    /s/ Aryeh Davis
                                       ----------------------------
                                    Name:  Aryeh Davis
                                    Title: General Counsel

                                      -32-
<PAGE>

                                    Pequot Scout Fund, L.P.
                                    By Pequot Capital Management, Inc.
                                    as Investment Manager

                                    By:    /s/ Aryeh Davis
                                       ----------------------------
                                    Name:  Aryeh Davis
                                    Title: General Counsel

                                      -33-
<PAGE>

                                    [CORSAIR CAPITAL PARTNERS LP]

                                    By:    /s/ Jay Petschek
                                       ----------------------------
                                    Name:  Jay Petschek
                                    Title: Managing Member of the G.P.

                                      -34-
<PAGE>

                                    [Corsair Capital Partners 100, LP]

                                    By:    /s/ Jay Petschek
                                       ----------------------------
                                    Name:  Jay Petschek
                                    Title: Managing Member of the G.P.

                                      -35-
<PAGE>

                                    [Corsair Capital Investors, Ltd.]

                                    By:    /s/ Jay Petschek
                                       ----------------------------
                                    Name:  Jay Petschek
                                    Title: Managing Member of the G.P.

                                      -36-
<PAGE>

                                    Schottenfeld Qualified Associates, LP

                                    By:    /s/ Richard Schottenfeld
                                       ----------------------------
                                    Name:  Richard Schottenfeld
                                    Title: Managing Member of the
                                           General Partner

                                      -37-
<PAGE>

                                    DKR SOUNDSHORE OASIS HOLDING FUND LTD.

                                    By:    /s/ Barbara Burger
                                       ----------------------------
                                    Name:  Barbara Burger
                                    Title: Alternate Director

                                      -38-
<PAGE>

The Investors:                      Basso Multi-Strategy Holding Fund Ltd.

                                    By:    /s/ John Lepore
                                       ----------------------------
                                    Name:  John Lepore
                                    Title: Authorized Signatory

                                    Basso Equity Opportunity Holding Fund Ltd.

                                    By:    /s/ John Lepore
                                       ----------------------------
                                    Name:  John Lepore
                                    Title: Authorized Signatory

                                      -39-
<PAGE>

The Investors:                      Iroquois Capital, LP

                                    By:    /s/ Josh Silverman
                                       ----------------------------
                                    Name:  Josh Silverman
                                    Title: Partner

                                      -40-
<PAGE>

                                    [Stuart Schapiro Money Package Plan]

                                    By:    /s/ Stuart Schapiro
                                       ----------------------------
                                    Name:  Stuart Schapiro
                                    Title: Authorized Signatory

                                      -41-
<PAGE>

                                    SHANNON RIVER PARTNERS, LP

                                    By: Spencer Waxman
                                       ----------------------------
                                    Name: Spencer Waxman
                                    Title: Managing Partner

                                      -42-
<PAGE>

                                    SHANNON RIVER PARTNERS II

                                    By:    /s/ Spencer Waxman
                                       ----------------------------
                                    Name: Spencer Waxman
                                    Title: Managing Partner

                                      -43-
<PAGE>

                                    SF CAPITAL PARTNERS LTD.

                                    By:    /s/ Michael A. Roth
                                       ----------------------------
                                    Name:  Michael A. Roth
                                    Title: Authorized Signatory

                                      -44-

<PAGE>

                                    KENSINGTON PARTNERS, LP

                                    By:    /s/ Richard Keim
                                       ----------------------------
                                    Name:  Richard Keim
                                    Title: Managing Member

                                      -45-

<PAGE>

                                    BALD EAGLE FUND, L.P.

                                    By:    /s/ Richard Keim
                                       ----------------------------
                                    Name:  Richard Keim
                                    Title: Managing Member

                                      -46-

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