Document:

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                          REGISTRATION RIGHTS AGREEMENT

         REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of December
26, 2000, by and among CYTOMEDIX, INC., a Delaware corporation, with its
headquarters located at Three Parkway North, Deerfield, Illinois 60015 (the
"COMPANY"), and each of the undersigned (together with any assignee or
transferee of all of their respective registration rights hereunder, the
"INITIAL INVESTORS").

         WHEREAS:

         A. In connection with the Securities Purchase Agreement by and among
the parties hereto of even date herewith (the "SECURITIES PURCHASE AGREEMENT"),
the Company has agreed, upon the terms and subject to the conditions contained
therein, to issue and sell to the Initial Investors (i) 10% secured promissory
notes in the aggregate principal amount of $3,782,571 (the "NOTES") that are
convertible into shares of the Company's common stock (and such other securities
into which the Warrants (as defined below) are exercisable or the Notes are
convertible, the "COMMON STOCK"), upon the terms and subject to the limitations
and conditions set forth in such Notes and (ii) warrants (the "WARRANTS") to
acquire 1,350,846 shares of Common Stock, upon the terms and conditions and
subject to the limitations and conditions set forth in the Warrants dated
December 26, 2000; and

         B. To induce the Initial Investors to execute and deliver the
Securities Purchase Agreement, the Company has agreed to provide certain
registration rights under the Securities Act of 1933, as amended, and the rules
and regulations thereunder, or any similar successor statute (collectively, the
"1933 ACT"), and applicable state securities laws;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and each
of the Initial Investors hereby agree as follows:

         1. DEFINITIONS.

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

                  (i) "INVESTORS" means the Initial Investors and any transferee
or assignee who agrees to become bound by the provisions of this Agreement in
accordance with Section 9 hereof.

                  (ii) "REGISTER," "REGISTERED," and "REGISTRATION" refer to a
registration effected by preparing and filing a Registration Statement or
Statements in compliance with the 1933 Act and pursuant to Rule 415 under the
1933 Act or any successor rule providing for offering securities on a continuous
basis ("RULE 415"), and the declaration or ordering of effectiveness of such
Registration Statement by the United States Securities and Exchange Commission
(the "SEC").

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                  (iii) "REGISTRABLE SECURITIES" means the Conversion Shares
issued or issuable upon conversion or otherwise pursuant to the Notes
(including, without limitation, Damage Shares (as defined in the Note) issued or
issuable and shares of Common Stock issued or issuable in respect of interest or
in redemption of the Notes in accordance with the terms thereof) and Warrant
Shares issued or issuable upon exercise or otherwise pursuant to the Warrants
issued or issuable and any shares of Common Stock issued or issuable as a
dividend on or in exchange for or otherwise with respect to any of the
foregoing, provided, that any shares of Common Stock which have been sold
pursuant to a Registration Statement or which may be sold without registration
or restriction (including volume limitations) shall cease to be Registrable
Securities hereunder.

                  (iv) "REGISTRATION STATEMENT" means a registration statement
of the Company under the 1933 Act.

            b. Capitalized terms used herein and not otherwise defined herein
shall have the respective meanings set forth in the Securities Purchase
Agreement or Note.

         2. REGISTRATION.

            a. MANDATORY REGISTRATION. The Company shall prepare, and, on or
prior to the date which is forty-five (45) days following the Closing Date (the
"FILING DATE"), file with the SEC a Registration Statement on Form S-3 (or, if
Form S-3 is not then available, on such form of Registration Statement as is
then available to effect a registration of the Registrable Securities, subject
to the consent of the Initial Investors, which consent will not be unreasonably
withheld) covering the resale of the Registrable Securities underlying the Notes
and Warrants issued or issuable pursuant to the Securities Purchase Agreement,
which Registration Statement, to the extent allowable under the 1933 Act and the
rules and regulations promulgated thereunder (including Rule 416), shall state
that such Registration Statement also covers such indeterminate number of
additional shares of Common Stock as may become issuable upon conversion of the
Notes and exercise of the Warrants (i) to prevent dilution resulting from stock
splits, stock dividends or similar transactions or (ii) by reason of changes in
the Conversion Price of the Notes in accordance with the terms thereof or the
exercise price of the Warrants in accordance with the terms thereof. The number
of shares of Common Stock initially included in such Registration Statement
shall be no less than two (2) times the sum of the number of Conversion Shares
that are then issuable upon conversion of the Notes and the number of Warrant
Shares that are then issuable upon exercise of the Warrants, without regard to
any limitation on the Investor's ability to convert the Notes or exercise the
Warrants. The Company acknowledges that the number of shares initially included
in the Registration Statement represents a good faith estimate of the maximum
number of shares issuable upon conversion of the Notes and exercise of the
Warrants.

            b. UNDERWRITTEN OFFERING. If any offering pursuant to a Registration
Statement pursuant to Section 2(a) hereof involves an underwritten offering, the
Investors who hold a majority in interest of the Registrable Securities subject
to such underwritten offering, with the consent of at least seventy-five percent
(75%) of the Initial Investors, shall have the

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right to select one legal counsel and, subject to the approval of the Company,
not to be unreasonably withheld, an investment banker or bankers and manager or
managers to administer the offering.

            c. PAYMENTS BY THE COMPANY. The Company shall use its best efforts
to obtain effectiveness of the Registration Statement as soon as practicable. If
(i) the Registration Statement(s) covering the Registrable Securities required
to be filed by the Company pursuant to Section 2(a) hereof is not filed by the
Filing Date and declared effective by the SEC within one hundred twenty (120)
days after the Closing Date, or (ii) after the Registration Statement has been
declared effective by the SEC, sales of all of the Registrable Securities cannot
be made pursuant to the Registration Statement, or (iii) the Common Stock is not
listed or included for quotation on the Nasdaq National Market ("NASDAQ"), the
Nasdaq SmallCap Market ("NASDAQ SMALLCAP"), the New York Stock Exchange (the
"NYSE") or the American Stock Exchange (the "AMEX") after being so listed or
included for quotation, or (iv) the Common Stock ceases to be traded on the
Over-the-Counter Bulletin Board (the "OTC BB") prior to being listed or included
for quotation on one of the aforementioned markets, then the Company will make
payments to the Investors in such amounts and at such times as shall be
determined pursuant to this Section 2(c) as partial relief for the damages to
the Investors by reason of any such delay in or reduction of their ability to
sell the Registrable Securities (which remedy shall not be exclusive of any
other remedies available at law or in equity). The Company shall pay to each
holder of the Notes or Registrable Securities an amount equal to the then
outstanding principal amount of the Notes (and, in the case of holders of
Registrable Securities, the principal amount of Notes from which such
Registrable Securities were converted) ("OUTSTANDING PRINCIPAL AMOUNT")
multiplied by the Applicable Percentage (as defined below) times the sum of: (i)
the number of months (prorated for partial months) after the Filing Date or the
end of the aforementioned 120-day period and prior to the date the Registration
Statement is declared effective by the SEC, provided, however, that there shall
be excluded from such period any delays which are solely attributable to changes
required by the Investors in the Registration Statement with respect to
information relating to the Investors, including, without limitation, changes to
the plan of distribution, or to the failure of the Investors to conduct their
review of the Registration Statement pursuant to Section 3(h) below in a
reasonably prompt manner; (ii) the number of months (prorated for partial
months) that sales of all of the Registrable Securities cannot be made pursuant
to the Registration Statement after the Registration Statement has been declared
effective (including, without limitation, when sales cannot be made by reason of
the Company's failure to properly supplement or amend the prospectus included
therein in accordance with the terms of this Agreement, and (iii) the number of
months (prorated for partial months) that the Common Stock is not listed or
included for quotation on the OTC BB, Nasdaq, Nasdaq SmallCap, NYSE or AMEX or
that trading thereon is halted after the Registration Statement has been
declared effective. The term "APPLICABLE PERCENTAGE" means one hundredth (.01)
with respect to the first thirty (30) days of any calculation under clause (i)
of the sentence in which the term is used, and two hundredths (.02) at all times
thereafter. (For example, if the Registration Statement becomes effective one
(1) month after the end of the aforementioned 120-day period, the Company would
pay $2,500 for each $250,000 of Outstanding Principal Amount. If thereafter,
sales could not be made pursuant to the Registration Statement for an additional
period of one (1) month, the Company would pay an additional $5,000 for each
$250,000 of Outstanding Principal Amount.) Such amounts shall be

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paid in cash or, at each Investor's option, in shares of Common Stock priced at
the average of the lowest three (3) Closing Bid Prices (as defined in the Notes)
during the twenty (20) trading days prior to the payment date.

            d. PIGGY-BACK REGISTRATIONS. If at any time prior to the expiration
of the Registration Period (as hereinafter defined) the Company shall determine
to file with the SEC a Registration Statement relating to an offering for its
own account or the account of others under the 1933 Act of any of its equity
securities (other than on Form S-4 or Form S-8 or their then equivalents
relating to equity securities to be issued solely in connection with any
acquisition of any entity or business, a corporate reorganization or other
transaction on Form S-4, a registration on any form that does not permit
secondary sales or equity securities issuable in connection with stock option or
other employee benefit plans), the Company shall send to each Investor who is
entitled to registration rights under this Section 2(d) written notice of such
determination and, if within ten (10) business days after the effective date of
such notice, such Investor shall so request in writing, the Company shall
include in such Registration Statement all or any part of the Registrable
Securities such Investor requests to be registered. No right to registration of
Registrable Securities under this Section 2(d) shall be construed to limit any
registration required under Section 2(a) hereof. If an offering in connection
with which an Investor is entitled to registration under this Section 2(d) is an
underwritten offering, then each Investor whose Registrable Securities are
included in such Registration Statement shall, unless otherwise agreed by the
Company, offer and sell such Registrable Securities in an underwritten offering
using the same underwriter or underwriters and, subject to the provisions of
this Agreement, on the same terms and conditions as other shares of Common Stock
included in such underwritten offering.

            e. ELIGIBILITY FOR FORM SB-2 OR FORM S-1: CONVERSION TO FORM S-3.
The Company represents and warrants that it meets the requirements for the use
of Form SB-2 or Form S-1 for registration of the sale by the Initial Investors
and any other Investors of the Registrable Securities. The Company agrees to
file all reports required to be filed by the Company with the SEC in a timely
manner so as to become eligible, and thereafter to maintain its eligibility, for
the use of Form S-3. Not later than ten (10) business days after the Company
first meets the registration eligibility and transaction requirements for the
use of Form S-3 (or any successor form) for registration of the offer and sale
by the Initial Investors and any other Investors of Registrable Securities, the
Company shall file a Registration Statement on Form S-3 (or such successor form)
with respect to the Registrable Securities covered by the Registration Statement
on Form SB-2 or Form S-1, whichever is applicable, filed pursuant to Section
2(a) (and include in such Registration Statement on Form S-3 the information
required by Rule 429 under the 1933 Act) or convert the Registration Statement
on Form SB-2 or Form S-1, whichever is applicable, filed pursuant to Section
2(a) to a Form S-3 pursuant to Rule 429 under the 1933 Act and use its best
efforts to have such Registration Statement (or such amendment) declared
effective as soon as reasonably practicable thereafter.

         3. OBLIGATIONS OF THE COMPANY.

            In connection with the registration of the Registrable Securities,
the Company shall have the following obligations:

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            a. The Company shall prepare promptly, and file with the SEC not
later than the Filing Date, a Registration Statement with respect to the number
of Registrable Securities provided in Section 2(a), and thereafter use its best
efforts to cause such Registration Statement relating to Registrable Securities
to become effective as soon as possible after such filing but in no event later
than one hundred twenty (120) days after the Closing Date), and keep the
Registration Statement effective pursuant to Rule 415 at all times until such
date as is the earlier of (i) the date on which all of the Registrable
Securities have been sold and (ii) the date on which the Registrable Securities
(in the opinion of counsel to the Initial Investors) may be immediately sold to
the public without registration or restriction (including without limitation as
to volume by each holder thereof) under the 1933 Act (the "REGISTRATION
PERIOD"), which Registration Statement (including any amendments or supplements
thereto and prospectuses contained therein) shall not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein, or necessary to make the statements therein, in light of the
circumstances, under which they were made, not misleading.

            b. The Company shall prepare and file with the SEC such amendments
(including post-effective amendments) and supplements to the Registration
Statements and the prospectus used in connection with the Registration
Statements as may be necessary to keep the Registration Statements effective at
all times during the Registration Period, and, during such period, comply with
the provisions of the 1933 Act with respect to the disposition of all
Registrable Securities of the Company covered by the Registration Statements
until such time as all of such Registrable Securities have been disposed of in
accordance with the intended methods of disposition by the seller or sellers
thereof as set forth in the Registration Statements. In the event the number of
shares available under a Registration Statement filed pursuant to this Agreement
is insufficient to cover all of the Registrable Securities issued or issuable
upon conversion of the Notes and exercise of the Warrants, the Company shall
amend the Registration Statement, or file a new Registration Statement (on the
short form available therefore, if applicable), or both, so as to cover all of
the Registrable Securities, in each case, as soon as practicable, but in any
event within twenty (20) business days after the necessity therefor arises
(based on the market price of the Common Stock and other relevant factors on
which the Company reasonably elects to rely). The Company shall use its best
efforts to cause such amendment and/or new Registration Statement to become
effective as soon as practicable following the filing thereof. The provisions of
Section 2(c) above shall be applicable with respect to such obligation, with the
one hundred twenty (120) days running from the day after the date on which the
Company reasonably first determines (or reasonably should have determined) the
need therefor.

            c. The Company shall furnish to each Investor whose Registrable
Securities are included in a Registration Statement and its legal counsel (i)
promptly (but in no event more than three (3) business days) after the same is
prepared and publicly distributed, filed with the SEC, or received by the
Company, one copy of each Registration Statement and any amendment thereto, each
preliminary prospectus and prospectus and each amendment or supplement thereto,
and, in the case of the Registration Statement referred to in Section 2(a), each
letter written by or on behalf of the Company to the SEC or the staff of the
SEC, and each item of correspondence from the SEC or the staff of the SEC, in
each case relating to such Registration Statement (other than any portion of any
thereof which contains information for which the Company has sought

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confidential treatment), and (ii) such number of copies of a prospectus,
including a preliminary prospectus, and all amendments and supplements thereto
and such other documents as such Investor may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by such Investor
in accordance with the Registration Statement. The Company will promptly notify
each Investor by facsimile of the effectiveness of each Registration Statement
or any post-effective amendment. The Company will promptly respond to any and
all comments received from the SEC (which comments shall promptly be made
available to the Investors upon request, unless they relate to information for
which the Company has sought confidential treatment), with a view towards
causing each Registration Statement or any amendment thereto to be declared
effective by the SEC as soon as practicable, shall promptly file an acceleration
request as soon as practicable (but in no event more than two (2) business days)
following the resolution or clearance of all SEC comments or, if applicable,
following notification by the SEC that any such Registration Statement or any
amendment thereto will not be subject to review and shall promptly file with the
SEC a final prospectus as soon as practicable (but in no event more than two (2)
business days) following receipt by the Company from the SEC of an order
declaring the Registration Statement effective. In the event of a breach by the
Company of the provisions of this Section 3(c), the Company will be required to
make payments pursuant to Section 2(c) hereof.

            d. The Company shall use reasonable efforts to (i) register and
qualify the Registrable Securities covered by the Registration Statements under
such other securities or "blue sky" laws of such jurisdictions in the United
States as the Investors who hold at least seventy-five percent (75%) of the
Registrable Securities being offered reasonably request, (ii) prepare and file
in those jurisdictions such amendments (including post-effective amendments) and
supplements to such registrations and qualifications as may be necessary to
maintain the effectiveness thereof during the Registration Period, (iii) take
such other actions as may be necessary to maintain such registrations and
qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the
Registrable Securities for sale in such jurisdictions; provided, however, that
the Company shall not be required in connection therewith or as a condition
thereto to (a) qualify to do business in any jurisdiction where it would not
otherwise be required to qualify but for this Section 3(d), (b) subject itself
to general taxation in any such jurisdiction, (c) file a general consent to
service of process in any such jurisdiction, (d) provide any undertakings that
cause the Company undue expense or burden, or (e) make any change in its charter
or bylaws, which in each case the Board of Directors of the Company determines
to be contrary to the best interests of the Company and its stockholders.

            e. In the event the requisite number of Investors (with the approval
of the requisite Initial Investors) select underwriters for the offering,
subject to the Company's approval rights pursuant to Section 1(c), the Company
shall enter into and perform its obligations under an underwriting agreement, in
usual and customary form, including, without limitation, customary
indemnification and contribution obligations, with the underwriters of such
offering.

            f. As promptly as practicable after becoming aware of such event,
the Company shall notify each Investor of the happening of any event, of which
the Company has knowledge, as a result of which the prospectus included in any
Registration Statement, as then in

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effect, includes an untrue statement of a material fact or omission to state a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading, and use its best efforts promptly to prepare a supplement or
amendment to any Registration Statement to correct such untrue statement or
omission, and deliver such number of copies of such supplement or amendment to
each Investor as such Investor may reasonably request.

            g. The Company shall use its best efforts to prevent the issuance of
any stop order or other suspension of effectiveness of any Registration
Statement, and, if such an order is issued, to obtain the withdrawal of such
order at the earliest possible moment and to notify each Investor who holds
Registrable Securities being sold (or, in the event of an underwritten offering,
the managing underwriters) of the issuance of such order and the resolution
thereof.

            h. The Company shall permit a single firm of counsel designated by
the Initial Investors to review such Registration Statement and all amendments
and supplements thereto (as well as all requests for acceleration or
effectiveness thereof) a reasonable period of time prior to their filing with
the SEC, and not file any document in a form to which such counsel reasonably
objects and will not request acceleration of such Registration Statement without
prior notice to such counsel. The sections of such Registration Statement
covering information with respect to the Investors, the Investor's beneficial
ownership of securities of the Company or the Investors intended method of
disposition of Registrable Securities shall conform to the information provided
to the Company by each of the Investors, except to the extent violative of
applicable law.

            i. The Company shall make generally available to its security
holders as soon as reasonably practicable, but not later than ninety (90) days
after the close of the period covered thereby, an earnings statement (in form
complying with the provisions of Rule 158 under the 1933 Act) covering a
twelve-month period beginning not later than the first day of the Company's
fiscal quarter next following the effective date of the Registration Statement.

            j. At the request of any Investor, the Company shall furnish, on the
date that Registrable Securities are delivered to an underwriter, if any, for
sale in connection with any Registration Statement or, if such securities are
not being sold by an underwriter, on the date of effectiveness thereof (i) an
opinion, dated as of such date, from counsel representing the Company for
purposes of such Registration Statement, in form, scope and substance as is
customarily given in an underwritten public offering, addressed to the
underwriters, if any, and the Investors and (ii) a letter, dated such date, from
the Company's independent certified public accountants in form and substance as
is customarily given by independent certified public accountants to underwriters
in an underwritten public offering, addressed to the underwriters, if any, and
the Investors.

            k. The Company shall make available for inspection by (i) any
Investor, (ii) any underwriter participating in any disposition pursuant to a
Registration Statement, (iii) one firm of attorneys and one firm of accountants
or other agents retained by the Initial Investors, (iv) one firm of attorneys
and one firm of accountants or other agents retained by all other Investors, and
(v) one firm of attorneys retained by all such underwriters (collectively, the

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"INSPECTORS") all pertinent financial and other records, and pertinent corporate
documents and properties of the Company (collectively, the "RECORDS"), as shall
be reasonably deemed necessary by each Inspector to enable each Inspector to
exercise its due diligence responsibility, and cause the Company's officers,
directors and employees to supply all information which any Inspector may
reasonably request for purposes of such due diligence; provided, however, that
each Inspector shall hold in confidence and shall not make any disclosure
(except to an Investor) of any Record or other information which the Company
determines in good faith to be confidential, and of which determination the
Inspectors are so notified, unless (a) the disclosure of such Records is
necessary to avoid or correct a misstatement or omission in any Registration
Statement, (b) the release of such Records is ordered pursuant to a subpoena or
other order from a court or government body of competent jurisdiction, or (c)
the information in such Records has been made generally available to the public
other than by disclosure in violation of this or any other agreement. The
Company shall not be required to disclose any confidential information in such
Records to any Inspector until and unless such Inspector shall have entered into
confidentiality agreements (in form and substance satisfactory to the Company)
with the Company with respect thereto, substantially in the form of this Section
3(k). Each Investor agrees that it shall, upon learning that disclosure of such
Records is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt notice to the Company and allow
the Company, at its expense, to undertake appropriate action to prevent
disclosure of, or to obtain a protective order for, the Records deemed
confidential. Nothing herein (or in any other confidentiality agreement between
the Company and any Investor) shall be deemed to limit the Investor's ability to
sell Registrable Securities in a manner which is otherwise consistent with
applicable laws and regulations.

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

            m. The Company shall (i) cause all the Registrable Securities
covered by the Registration Statement to be listed on each national securities
exchange on which securities of the same class or series issued by the Company
are then listed, if any, if the listing of such Registrable Securities is then
permitted under the rules of such exchange, or (ii) to the extent the securities
of the same class or series are not then listed on a national securities
exchange, secure the designation and quotation, of all the Registrable
Securities covered by the Registration Statement on Nasdaq or, if not eligible
for Nasdaq, on Nasdaq SmallCap or, if not eligible for Nasdaq or Nasdaq
SmallCap, on the OTC BB and, without limiting the generality of the

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foregoing, to arrange for at least two market makers to register with the
National Association of Securities Dealers, Inc. ("NASD") as such with respect
to such Registrable Securities.

            n. The Company shall provide a transfer agent and registrar, which
may be a single entity, for the Registrable Securities not later than the
effective date of the Registration Statement.

            o. The Company shall cooperate with the Investors who hold
Registrable Securities being offered and the managing underwriter or
underwriters, if any, to facilitate the timely preparation and delivery of
certificates (not bearing any restrictive legends) representing Registrable
Securities to be offered pursuant to a Registration Statement and enable such
certificates to be in such denominations or amounts, as the case may be, as the
managing underwriter or underwriters, if any, or the Investors may reasonably
request and registered in such names as the managing underwriter or
underwriters, if any, or the Investors may request, and, within three (3)
business days after a Registration Statement which includes Registrable
Securities is ordered effective by the SEC, the Company shall deliver, and shall
cause legal counsel selected by the Company to deliver, to the transfer agent
for the Registrable Securities (with copies to the Investors whose Registrable
Securities are included in such Registration Statement) an instruction
substantially in the form attached hereto as EXHIBIT 1 and an opinion of such
counsel substantially in the form attached hereto as EXHIBIT 2.

            p. At the request of the holders of at least seventy-five percent
(75%) of the Registrable Securities, the Company shall prepare and file with the
SEC such amendments (including post-effective amendments) and supplements to a
Registration Statement and any prospectus used in connection with the
Registration Statement as may be necessary in order to change the plan of
distribution set forth in such Registration Statement.

            q. From and after the date of this Agreement, the Company shall not,
and shall not agree to, allow the holders of any securities of the Company to
include any of their securities in any Registration Statement under Section 2(a)
hereof or any amendment or supplement thereto under Section 3(b) hereof without
the consent of the holders of at least seventy-five percent (75%) of the
Registrable Securities, except as disclosed on SCHEDULE 3(q) hereto.

            r. Upon consummation of the transactions contemplated by the
Exchange Agreement, all obligations of the Company under this Agreement shall
become obligations of Cytomedix NV.

         4. OBLIGATIONS OF THE INVESTORS.

         In connection with the registration of the Registrable Securities, the
Investors shall have the following obligations:

            a. It shall be a condition precedent to the obligations of the
Company to complete the registration pursuant to this Agreement with respect to
the Registrable Securities of a particular Investor that such Investor shall
furnish to the Company such information regarding

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itself, the Registrable Securities held by it and the intended method of
disposition of the Registrable Securities held by it as shall be reasonably
required to effect the registration of such Registrable Securities and shall
execute such documents in connection with such registration as the Company may
reasonably request. At least three (3) business days prior to the first
anticipated filing date of the Registration Statement, the Company shall notify
each Investor of the information the Company requires from each such Investor.

            b. Each Investor, by such Investor's acceptance of the Registrable
Securities, agrees to cooperate with the Company as reasonably requested by the
Company in connection with the preparation and filing of the Registration
Statements hereunder, unless such Investor has notified the Company in writing
of such Investor's election to exclude all of such Investor's Registrable
Securities from the Registration Statements, except to the extent any such
requested information is required by the SEC or by applicable law to be included
in any such Registration Statement.

            c. In the event Investors (with the approval of the Initial
Investors and the Company in accordance with Section 1(c)) determine to engage
the services of an underwriter, each Investor agrees to enter into and perform
such Investor's obligations under an underwriting agreement, in usual and
customary form, including, without limitation, customary indemnification and
contribution obligations, with the managing underwriter of such offering and
take such other actions as are reasonably required in order to expedite or
facilitate the disposition of the Registrable Securities, unless such Investor
has notified the Company in writing of such Investor's election to exclude all
of such Investor's Registrable Securities from such Registration Statement.

            d. Each Investor agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 3(g),
such Investor will immediately discontinue disposition of Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities
until such Investor's receipt of the copies of the supplemented or amended
prospectus contemplated by Section 3(g) and, if so directed by the Company, such
Investor shall deliver to the Company (at the expense of the Company) or destroy
(and deliver to the Company a certificate of destruction) all copies in such
Investor's possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice.

            e. No Investor may participate in any underwritten registration
hereunder unless such Investor (i) agrees to sell such Investor's Registrable
Securities on the basis provided in any underwriting arrangements in usual and
customary form entered into by the Company, (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements, and (iii) agrees to pay its pro rata share of all underwriting
discounts and commissions and any expenses in excess of those payable by the
Company pursuant to Section 5 below.

         5. EXPENSES OF REGISTRATION.

                                       10
<PAGE>

         All reasonable expenses, other than underwriting discounts and
commissions and stock transfer taxes, if any, incurred in connection with
registrations, filings or qualifications pursuant to Sections 2 and 3,
including, without limitation, all registration, listing and qualification fees,
printers and accounting fees, the fees and disbursements of counsel for the
Company, and the reasonable fees and disbursements of one counsel selected by
the Initial Investors pursuant to Sections 2(b) and 3(h) hereof shall be borne
by the Company.

         6. INDEMNIFICATION.

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

            a. To the extent permitted by law, the Company will indemnify, hold
harmless and defend (i) each Investor who holds such Registrable Securities,
(ii) the directors, officers, partners and each person who controls any Investor
within the meaning of the 1933 Act or the Securities Exchange Act of 1934, as
amended (the "1934 ACT"), if any, (iii) any underwriter (as defined in the 1933
Act) for the Investors, and (iv) the directors, officers, partners, employees
and each person who controls any such underwriter within the meaning of the 1933
Act or the 1934 Act, if any (each, an "INDEMNIFIED PERSON"), against any joint
or several losses, claims, damages, liabilities or expenses (collectively,
together with actions, proceedings or inquiries by any regulatory or
self-regulatory organization, whether commenced or threatened, in respect
thereof, "CLAIMS") to which any of them may become subject insofar as such
Claims arise out of or are based upon: (i) any untrue statement or alleged
untrue statement of a material fact in a Registration Statement or the omission
or alleged omission to state therein a material fact required to be stated or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; (ii) any untrue statement or alleged
untrue statement of a material fact contained in any preliminary prospectus if
used prior to the effective date of such Registration Statement, or contained in
the final prospectus (as amended or supplemented, if the Company files any
amendment thereof or supplement thereto with the SEC) or the omission or alleged
omission to state therein any material fact necessary to make the statements
made therein, in light of the circumstances under which the statements therein
were made, not misleading; or (iii) any violation or alleged violation by the
Company of the 1933 Act, the 1934 Act, any other law, including, without
limitation, any state securities law, or any rule or regulation thereunder
relating to the offer or sale of the Registrable Securities (the matters in the
foregoing clauses (i) through (iii) being, collectively, "VIOLATIONS"). Subject
to the restrictions set forth in Section 6(c) with respect to the number of
legal counsel, the Company shall reimburse the Indemnified Person for any
reasonable legal fees or other reasonable expenses incurred by them in
connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement
contained in this Section 6(a): (i) shall not apply to a Claim arising out of or
based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by any Indemnified Person or
underwriter for such Indemnified Person expressly for use in connection with the
preparation of such Registration Statement or any such amendment thereof or
supplement thereto, if such prospectus was timely made available by the Company
pursuant to Section 3(c) hereof; (ii) shall not apply to amounts paid in
settlement of any Claim if such settlement is effected without the prior written
consent of the Company, which

                                       11
<PAGE>

consent shall not be unreasonably withheld; (iii) with respect to any
preliminary prospectus, shall not inure to the benefit of any Indemnified Person
if the untrue statement or omission of material fact contained in the
preliminary prospectus was corrected on a timely basis in the prospectus, as
then amended or supplemented, such corrected prospectus was timely made
available by the Company pursuant to Section 3(c) hereof, and the Indemnified
Person was promptly advised in writing not to use the incorrect prospectus prior
to the use giving rise to a Violation and such Indemnified Person,
notwithstanding such advice, used it, and (iv) in the case of gross negligence
or willful misconduct by such Investor. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of the
Indemnified Person and shall survive the transfer of the Registrable Securities
by the Investors pursuant to Section 9.

            b. In connection with any Registration Statement in which an
Investor is participating, each such Investor agrees severally and not jointly
to indemnify, hold harmless and defend, to the same extent and in the same
manner set forth in Section 6(a), the Company, each of its directors, each of
its officers who signs the Registration Statement, each person, if any, who
controls the Company within the meaning of the 1933 Act or the 1934 Act, any
underwriter and any other stockholder selling securities pursuant to the
Registration Statement or any of its directors or officers or any person who
controls such stockholder or underwriter within the meaning of the 1933 Act or
the 1934 Act (collectively and together with an Indemnified Person, an
"INDEMNIFIED PARTY"), against any Claim to which any of them may become subject,
under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim arises out
of or is based upon any Violation by such Investor, in each case to the extent
(and only to the extent) that such Violation occurs in reliance upon and in
conformity with written information furnished to the Company by such Investor
expressly for use in connection with such Registration Statement (or prospectus
forming a part thereof); and subject to Section 6(c) such Investor will
reimburse any legal or other expenses incurred by them in connection with
investigating or defending any such Claim; provided, however, that the indemnity
agreement contained in this Section 6(b) shall not apply (i) to amounts paid in
settlement of any Claim if such settlement is effected without the prior written
consent of such Investor, which consent shall not be unreasonably withheld and
(ii) in the case of gross negligence or willful misconduct by the Company;
provided, further, however, that the Investor shall be liable under this
Agreement (including this Section 6(b) and Section 7) for only that amount as
does not exceed the net proceeds to such Investor as a result of the sale of
Registrable Securities pursuant to such Registration Statement. Such indemnity
shall remain in full force and effect regardless of any investigation made by or
on behalf of such Indemnified Party and shall survive the transfer of the
Registrable Securities by the Investors pursuant to Section 9. Notwithstanding
anything to the contrary contained herein, the indemnification agreement
contained in this Section 6(b) with respect to any preliminary prospectus shall
not inure to the benefit of any Indemnified Party if the untrue statement or
omission of material fact contained in the preliminary prospectus was corrected
on a timely basis in the prospectus, as then amended or supplemented.

            c. Promptly after receipt by an Indemnified Person or Indemnified
Party under this Section 6 of notice of the commencement of any action
(including any governmental action), such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to be made against any
indemnifying party under this Section 6, deliver to the indemnifying party a
written notice of the commencement thereof, and the indemnifying party shall
have the right to

                                       12
<PAGE>

participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume control of the
defense thereof with counsel mutually satisfactory to the indemnifying party and
the Indemnified Person or the Indemnified Party, as the case may be; provided,
however, that an Indemnified Person or Indemnified Party shall have the right to
retain its own counsel with the fees and expenses to be paid by the indemnifying
party, if, in the reasonable opinion of counsel retained by the indemnifying
party, the representation by such counsel of the Indemnified Person or
Indemnified Party and the indemnifying party would be inappropriate due to
actual or potential differing interests between such Indemnified Person or
Indemnified Party and any other party represented by such counsel in such
proceeding. The indemnifying party shall pay for only one separate legal counsel
for the Indemnified Persons or the Indemnified Parties, as applicable, and such
legal counsel shall be selected by Investors holding at least seventy-five
percent (75%) of the Registrable Securities included in the Registration
Statement to which the Claim relates (with the approval of at least seventy-five
percent (75%) of the Initial Investors), if the Investors are entitled to
indemnification hereunder, or the Company, if the Company is entitled to
indemnification hereunder, as applicable. The failure to deliver written notice
to the indemnifying party within a reasonable time of the commencement of any
such action shall not relieve such indemnifying party of any liability to the
Indemnified Person or Indemnified Party under this Section 6, except to the
extent that the indemnifying party is actually prejudiced in its ability to
defend such action. The indemnification required by this Section 6 shall be made
by periodic payments of the amount thereof during the course of the
investigation or defense, as such expense, loss, damage or liability is incurred
and is due and payable.

         7. CONTRIBUTION.

         To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable
under Section 6 to the fullest extent permitted by law; provided, however, that
(i) no contribution shall be made under circumstances where the maker would not
have been liable for indemnification under the fault standards set forth in
Section 6, (ii) no seller of Registrable Securities guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be
entitled to contribution from any seller of Registrable Securities who was not
guilty of such fraudulent misrepresentation, and (iii) contribution (together
with any indemnification or other obligations under this Agreement) by any
seller of Registrable Securities shall be limited in amount to the net amount of
proceeds received by such seller from the sale of such Registrable Securities.

         8. REPORTS UNDER THE 1934 ACT.

         With a view to making available to the Investors the benefits of Rule
144 promulgated under the 1933 Act or any other similar rule or regulation of
the SEC that may at any time permit the investors to sell Registrable Securities
to the public without registration ("RULE 144"), the Company agrees to:

                                       13
<PAGE>

            a. make and keep public information available, as those terms are
understood and defined in Rule 144;

            b. file with the SEC in a timely manner all reports and other
documents required of the Company under the 1933 Act and the 1934 Act so long as
the Company remains subject to such requirements (it being understood that
nothing herein shall limit the Company's obligations under Section 4(c) of the
Securities Purchase Agreement) and the filing of such reports and other
documents is required for the applicable provisions of Rule 144; and

            c. furnish to each Investor so long as such Investor owns
Registrable Securities, promptly upon request, (i) a written statement by the
Company that it has complied with the reporting requirements of Rule 144, the
1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the
Company, and (iii) such other information as may be reasonably requested to
permit the Investors to sell such securities pursuant to Rule 144 without
registration.

         9. ASSIGNMENT OF REGISTRATION RIGHTS.

         The rights under this Agreement shall be automatically assignable by
the Investors to any transferee of Registrable Securities having a value of at
least $50,000 if: (i) the Investor agrees in writing with the transferee or
assignee to assign such rights, and a copy of such agreement is furnished to the
Company within a reasonable time after such assignment, (ii) the Company is,
within a reasonable time after such transfer or assignment, furnished with
written notice of (a) the name and address of such transferee or assignee and
the circumstances in which such Registrable Securities are being transferred,
and (b) the securities with respect to which such registration rights are being
transferred or assigned, (iii) following such transfer or assignment, the
further disposition of such securities by the transferee or assignee is
restricted under the 1933 Act and applicable state securities laws, (iv) at or
before the time the Company receives the written notice contemplated by clause
(ii) of this sentence, the transferee or assignee agrees in writing with the
Company to be bound by all of the provisions contained herein, (v) such transfer
shall have been made in accordance with the applicable requirements of the
Securities Purchase Agreement and applicable securities laws, and (vi) such
transferee shall be an "ACCREDITED INVESTOR" as that term defined in Rule 501 of
Regulation D promulgated under the 1933 Act.

         10. AMENDMENT OF REGISTRATION RIGHTS.

         Provisions of this Agreement may be amended and the observance thereof
may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with written consent of the Company, each
of the Initial Investors (to the extent such Initial Investor still owns
Registrable Securities) and Investors who hold at least seventy-five percent
(75%) of the Registrable Securities. Any amendment or waiver effected in
accordance with this Section 10 shall be binding upon each Investor and the
Company.

         11. MISCELLANEOUS.

                                       14
<PAGE>

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

            b. Any notices required or permitted to be given under the terms
hereof shall be sent by certified or registered mail (return receipt requested)
or delivered personally or by courier (including a recognized overnight delivery
service) or by facsimile and shall be effective five days after being placed in
the mail, if mailed by regular United States mail, or upon receipt, if delivered
personally or by courier (including a recognized overnight delivery service) or
by facsimile, in each case addressed to a party. The addresses for such
communications shall be:

                           If to the Company:

                           Cytomedix, Inc.
                           Three Parkway North
                           Deerfield, Illinois  60015
                           Attention:  President and Chief Executive Officer
                           Telephone:  847-405-7800
                           Facsimile:  847-405-7801

                           With copy to:

                           Latham & Watkins
                           1001 Pennsylvnaia Avenue, N.W.
                           Suite 1300
                           Washington, DC  20004-2505
                           Attention:  Stuart Kurlander, Esq.
                           Telephone:  202-637-2200
                           Facsimile:  202-637-2001

If to an Investor: to the address set forth immediately below such Investor's
name on the signature pages to the Securities Purchase Agreement.

                           With a copy to:

                           Akerman, Senterfitt & Eidson, P.A.
                           One Southeast Third Avenue
                           28th Floor, Sun Trust International Center
                           Miami, Florida  33131
                           Attention:  Jonathan L. Awner, Esq.
                           Telephone:  305-374-5600
                           Facsimile:  305-374-5095

                                       15
<PAGE>

                           and

                           Bristol DLP, LLC
                           Investment Manager
                           11777 San Vicente Blvd.
                           Suite 702
                           Los Angeles, CA  90049
                           Attention:  Diana Derycz Kessler
                           Telephone:  310-826-0696
                           Facsimile:  310-826-0696
                           and

                           Dorsey & Whitney LLP
                           250 Park Avenue
                           New York, New York  10177
                           Attention:  Seth Truwit, Esq.
                           Telephone:  212-415-9200
                           Facsimile:  212-953-7201

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

            d. THIS AGREEMENT SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICT OF LAWS. THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN CHICAGO, ILLINOIS
WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS AGREEMENT, THE AGREEMENTS ENTERED
INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT SERVICE
OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY
RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR
PROCEEDING. NOTHING HEREIN SHALL AFFECT ANY PARTY'S RIGHT TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW. ALL PARTIES AGREE THAT A FINAL NON-APPEALABLE
JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER.
THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER THIS AGREEMENT
SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING ATTORNEYS' FEES,
INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH DISPUTE.

                                       16
<PAGE>

            e. In the event that any provision of this Agreement is invalid or
unenforceable under any applicable statute or rule of law, then such provision
shall be deemed inoperative to the extent that it may conflict therewith and
shall be deemed modified to conform with such statute or rule of law. Any
provision hereof which may prove invalid or unenforceable under any law shall
not affect the validity or enforceability of any other provision hereof.

            f. This Agreement, the Securities Purchase Agreement (including all
schedules and exhibits thereto), the Loan Documents (as defined in the Notes)
and the Warrants constitute the entire agreement among the parties hereto with
respect to the subject matter hereof and thereof. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein and therein. This Agreement and the Securities Purchase Agreement
supersede all prior agreements and understandings among the parties hereto with
respect to the subject matter hereof and thereof.

            g. Subject to the requirements of Section 9 hereof, this Agreement
shall be binding upon and inure to the benefit of the parties and their
successors and assigns.

            h. The headings in this Agreement are for convenience of reference
only and shall not form part of, or affect the interpretation of, this
Agreement.

            i. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original but all of which shall constitute one and
the same agreement and shall become effective when counterparts have been signed
by each party and delivered to the other party. This Agreement, once executed by
a party, may be delivered to the other party hereto by facsimile transmission of
a copy of this Agreement bearing the signature of the party so delivering this
Agreement.

            j. Each party shall do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

            k. Except as otherwise provided herein, all consents and other
determinations to be made by the Investors pursuant to this Agreement shall be
made by Investors at least seventy-five percent (75%) of the Registrable
Securities, determined as if all of the Notes then outstanding have been
converted into Registrable Securities.

            l. The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to each Investor by vitiating the intent
and purpose of the transactions contemplated hereby. Accordingly, the Company
acknowledges that the remedy at law for breach of its obligations under this
Agreement will be inadequate and agrees, in the event of a breach or threatened
breach by the Company of any of the provisions under this Agreement, that each
Investor shall be entitled, in addition to all other available remedies in law
or in equity, and in addition to the penalties assessable herein, to an
injunction or injunctions restraining, preventing or curing any breach of this
Agreement and to enforce specifically the terms and

                                       17
<PAGE>

provisions hereof, without the necessity of showing economic loss and without
any bond or other security being required.

            m. The language used in this Agreement will be deemed to be the
language chosen by the parties to express their mutual intent, and no rules of
strict construction will be applied against any party.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       18

<PAGE>

                  IN WITNESS WHEREOF, the Company and the undersigned Initial
Investors have caused this Agreement to be duly executed as of the date first
above written.

CYTOMEDIX, INC.

 /s/ Robin Lee Geller
--------------------------------------------------
By:    Robin Lee Geller
Title: Vice President

TSENVI, LLC

 /s/ illegible
--------------------------------------------------
By:    Howard Herrick
Title: Trustee

BEL-CAP DELAWARE, LLC

 /s/ illegible
--------------------------------------------------
By:    Greggory Belzberg
Title: President

BRISTOL INVESTMENT FUND, LTD.

 /s/ illegible
--------------------------------------------------
By:    illegible
Title: Director

CURATIVE HEALTH SERVICES, INC.

 /s/ William C. Tella
--------------------------------------------------
By:    William C. Tella
Title: Senior Vice President, Business Development

                                       19<PAGE>

                               SECURITY AGREEMENT

         THIS SECURITY AGREEMENT is executed effective as of the 26th day
December, 2000, by and between Cytomedix, Inc., a Delaware corporation
("Debtor"), and TSENVI, LLC, a Delaware limited liability company, as Collateral
Agent ("Collateral Agent"), under the terms provided herein, TSENVI, LLC, a
Delaware limited liability company, Bel-Cap Delaware, LLC, a Delaware limited
liability company, Bristol Investment Fund, Ltd , and Curative Health Services,
Inc., a Minnesota corporation (each individually a "Lender," and, collectively,
the "Lenders").

                              W I T N E S S E T H:

         WHEREAS, each Lender has advanced credit to Debtor as evidenced by a
10.0% Convertible Secured Promissory Note of even date herewith naming Debtor as
"Company" and such Lender individually as a "Holder" and payable with interest
at the rate of ten percent (10%) per annum as provided therein;

         WHEREAS, to secure payment of the Secured Debt (as defined below),
Debtor has agreed to grant to Collateral Agreement, for the ratable benefit of
itself and the other Lenders pro rata to the amount of indebtedness under the
Notes (less amounts converted), a security interest in the collateral as
hereinafter described;

         NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, and in exchange for the mutual
promises and covenants contained herein, the parties hereto, intending to be
legally bound, agree as follows:

         1. DEFINITIONS. For purposes of this agreement, the capitalized terms
used herein shall have the following meanings, unless the context otherwise
specifically requires:

                  (a) "Collateral" shall mean and refer to all of the Debtor's
personal assets and personal property and rights in and to property of any
nature whatsoever, tangible and intangible, presently owned or hereafter
acquired, including without limitation the following:

                  (i) all equipment, machinery, furniture, furnishings,
         fixtures, and any and all other tangible personal property, and all
         additions, accessions, replacements and substitutions with respect
         thereto, presently owned or hereafter acquired by Debtor (hereafter
         collectively referred to as the "Equipment"), including without
         limitation the property described on Exhibit A attached hereto and
         incorporated herein by reference;

                  (ii) all accounts, accounts receivable, contracts and contract
         rights, chattel paper, documents, instruments, general intangibles, and
         other forms of obligation and rights to the payment of money or other
         property, presently owned or hereafter acquired by Debtor (hereinafter
         collectively referred to as the "Accounts");

                  (iii) all of Debtor's inventory, including all goods,
         merchandise, materials, components, work in process, furnished goods,
         and other tangible personal property presently owned or hereafter
         acquired by Debtor and held for sale, lease, consumption, or other use
         in Debtor's business, and all additions, accessions, replacements and
         substitutions with respect thereto (hereinafter collectively referred
         to as "Inventory");

                  (iv) all insurance proceeds, refunds, and premium rebates,
         whether or not any Lender or Collateral Agent is the loss payee
         thereof, including, without limitation, proceeds of fire and credit
         insurance, to the extent that any such proceeds, refunds and premiums
         are related to any of the foregoing;

                  (v) all claims for tax refund, whether now existing or
         hereafter arising, of such Debtor against any city, county, state or
         federal government or any agency or authority or other subdivision
         thereof, and the proceeds thereof;
<PAGE>

                  (vi) all contract rights, intellectual property, and general
         intangibles ("General Intangibles") of every kind, character and
         description, both now owned and hereafter acquired, including, without
         limitation, goodwill, trademarks, service marks, domain names, trade
         styles, trade names, patents, applications for any of the foregoing
         ("Intellectual Property") and deposit accounts;

                  (vii) all liens, guaranties, rights, remedies, and privileges
         pertaining to any of the foregoing, including the rights of stoppage in
         transit;

                  (viii) a pledge of all of Debtor's stock, ownership interest,
         partnership interest or other equity position whatsoever in any
         subsidiary corporation, limited liability company, partnership, joint
         venture, association, entity or other organization (domestic or
         foreign); and

                  (ix) to the extent not otherwise included, all proceeds,
         products, substitutions, and accessions of or to any and all of the
         foregoing and all collateral security, indemnities, warranties and
         guaranties given by any Person with respect to any of the foregoing.
         (Although proceeds are covered, except as otherwise expressly provided
         herein or in the other Loan Documents, Collateral Agent does not
         authorize the sale or other transfer of any of the Collateral or the
         transfer of any interest in the Collateral, except for the sale of
         goods in the ordinary course of Debtor's business).

                  (b) "Debtor" shall mean and refer to Cytomedix, Inc., a
Delaware corporation, and its successors in interest.

                  (c) "Permitted Liens" means:

                  (1) liens for taxes not yet due or which are being contested
         in good faith by appropriate proceedings, provided that adequate
         reserves with respect thereto are maintained on the books of Debtor in
         conformity with generally accepted accounting principles;

                  (2) carriers', warehousemen's, mechanics', materialmen's,
         repairmen's or other like liens arising in the ordinary course of
         business which are not overdue for a period of more than 30 days or
         that are being contested in good faith by appropriate proceedings;

                  (3) pledges or deposits in connection with workers'
         compensation, unemployment insurance and other social security
         legislation;

                  (4) deposits by or on behalf of Debtor to secure the
         performance of bids, trade contracts (other than for borrowed money),
         leases, statutory obligations, surety and appeal bonds, performance
         bonds and other obligations of a like nature incurred in the ordinary
         course of business;

                  (5) liens securing indebtedness of Debtor incurred to finance
         the acquisition of fixed or capital assets, provided that (i) such
         liens shall be created substantially simultaneously with the
         acquisition of such fixed or capital assets, (ii) such liens do not at
         any time encumber any property other than the property financed by such
         indebtedness and (iii) the amount of indebtedness secured thereby is
         not increased;

                  (6) Liens created pursuant to this Agreement; and

                  (7) purchase money liens in favor of Curative Health Services,
         Inc. and CHS Services, Inc. and liens referenced in Exhibit B.

                  (d) "Promissory Note" shall mean and refer to each Secured
Promissory Note of even date herewith naming Debtor as "Company" and a Lender as
"Holder" payable with interest at the rate of ten percent (10%) per annum on
April 15, 2001, all substantially in the form as Exhibit D, and any amendments,
modifications, extensions, renewals or refinancings thereof.

                                       2
<PAGE>

                  (e) "Secured Debt" shall mean and refer to (i) all amounts
payable pursuant to a Promissory Note (including principal and interest) and
pursuant to any amendments, modifications, renewals, extensions or refinancings
thereof; (ii) all future advances from a Lender to Debtor under a Promissory
Note; (iii) any liabilities or obligations of Debtor arising under or in
connection with this Agreement or any other Loan Document, whether now existing
or hereafter arising, contingent or otherwise; (iv) any and all other
obligations of Debtor to a Lender under a Promissory Note of every kind and
description, direct or indirect, absolute or contingent, presently existing or
hereafter arising; and (v) all costs and expenses of collection of the
foregoing, or in preserving, protecting or realizing upon the Collateral,
including, without limitation, attorneys' fees and other legal expenses.

                  (f) "UCC" shall mean and refer to the Uniform Commercial Code,
as amended, in effect under the laws of the State of Illinois, or such other
state as may be appropriate.

         2. GRANT OF SECURITY INTEREST. As security for the full and timely
payment of all of the Secured Debt, Debtor hereby assigns and grants to
Collateral Agent, ratably for the benefit of itself and the other Lenders, pro
rata to the amount of indebtedness under the Notes (less amounts converted), a
continuing first priority security interest (subject to the Permitted Liens) in
and to all Debtor's right, title, and interest in and to the Collateral; to have
and to hold unto the Collateral Agent, its successors in interest and assigns
forever, or until the earlier full payment, discharge and satisfaction of all of
the Secured Debt. Collateral Agent shall have all of the rights and remedies of
a secured party under the applicable UCC as non-exclusive rights and remedies.

         3. AGENCY.

                  (a) Appointment. Each Lender hereby irrevocably designates and
appoints Collateral Agent as the agent (in such capacity, the "Collateral
Agent") of such Lender under this Agreement and the other Loan Documents to hold
all Collateral and act with respect to all Collateral, and each such Lender
irrevocably authorizes the Collateral Agent, in such capacity, to take such
action on its behalf in connection with the provisions of this Agreement and the
other Loan Documents and to exercise such powers and perform such duties as are
delegated to the Collateral Agent by the terms of this Agreement and the other
Loan Documents, together with such other powers as are reasonably incidental
thereto. Notwithstanding any provision to the contrary elsewhere in this
Agreement, the Collateral Agent shall not have any duties or responsibilities,
except those expressly set forth herein, or any fiduciary relationship with any
Lender, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the Collateral Agent. Any reference to the
Collateral Agent in this Section 3 shall be deemed to refer to the Collateral
Agent solely in its capacity as a Lender.

                  (b) Delegation of Duties. The Collateral Agent may execute any
of its duties under this Agreement and the other Loan Documents by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. The Collateral Agent shall not
be responsible for the negligence or misconduct of any agents or attorneys
in-fact selected by it with reasonable care.

                  (c) Exculpatory Provisions. Neither the Collateral Agent nor
any of its officers, directors, partners, employees, agents, attorneys and other
advisors, attorneys-in-fact or affiliates shall be (i) liable for any action
lawfully taken or omitted to be taken by it or such person under or in
connection with this Agreement or any other Loan Document (except to the extent
that any of the foregoing are found by a final and nonappealable decision of a
court of competent jurisdiction to have resulted from its or such person's own
gross negligence or willful misconduct) or (ii) responsible in any manner to any
of the Lenders for any recitals, statements, representations or warranties made
by Debtor or any officer thereof contained in this Agreement or any other Loan
Document or in any certificate, report, statement or other document referred to
or provided for in, or received by the Collateral Agent under or in connection
with, this Agreement or any other Loan Document or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement or
any other Loan Document or for any failure of Debtor to perform its obligations
hereunder or thereunder. The Collateral Agent shall not be under any obligation
to any Lender to ascertain or to inquire as to the observance or performance of
any of the agreements contained in, or conditions of, this Agreement or any
other Loan Document, or to inspect the properties, books or records of the
Debtor.

                                       3
<PAGE>

                  (d) Reliance by Collateral Agent. The Collateral Agent shall
be entitled to rely, and shall be fully protected in relying, upon any
instrument, writing, resolution, notice, consent, certificate, affidavit,
letter, telecopy, telex or teletype message, statement, order or other document
or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper person or persons and upon advice and
statements of legal counsel (including, without limitation, counsel to the
Debtor), independent accountants and other experts selected by the Collateral
Agent. The Collateral Agent may deem and treat the payee of any Promissory Note
as the owner thereof for all purposes unless a written notice of assignment,
negotiation or transfer thereof shall have been filed with the Collateral Agent.
The Collateral Agent shall be fully justified in failing or refusing to take any
action under this Agreement or any other Loan Document unless it shall first
receive such advice or concurrence of a majority in interest of the Lenders (or
such other proportion as may be required herein) to authorize or require such
action as it deems appropriate or it shall first be indemnified to its
satisfaction by the Lenders against any and all liability and expense that may
be incurred by it by reason of taking or continuing to take any such action. The
Collateral Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement and the other Loan Documents in
accordance with a request of each of a majority in interest of the Lenders (or
such proportion as may be required herein) to authorize or require such action,
and such request and any action taken or failure to act pursuant thereto shall
be binding upon all the Lenders and all future holders of the Promissory Notes.

                  (e) Non-Reliance on Collateral Agent and Other Lenders. Each
Lender expressly acknowledges that neither the Collateral Agent nor any of its
officers, directors, employees, agents, attorneys and other advisors, partners,
attorneys-in-fact or affiliates have made any representations or warranties to
it and that no act by the Collateral Agent hereinafter taken, including any
review of the affairs of Debtor or any affiliate of Debtor, shall be deemed to
constitute any representation or warranty by the Collateral Agent to any Lender.
Each Lender represents to the Collateral Agent that it has, independently and
without reliance upon the Collateral Agent or any other Lender, and based on
such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, operations, property,
financial and other condition, prospects and creditworthiness of Debtor and its
affiliates and made its own decision to make its loans under its Promissory Note
and enter into this Agreement. Each Lender also represents that it will,
independently and without reliance upon the Collateral Agent or any other
Lender, and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit analysis, appraisals and decisions
in taking or not taking action under this Agreement and the other Loan
Documents, and to make such investigation as it deems necessary to inform itself
as to the business, operations, property, financial and other condition,
prospects and creditworthiness of Debtor and its affiliates. The Collateral
Agent shall not have any duty or responsibility to provide any Lender with any
credit or other information concerning the business, operations, property,
condition (financial or otherwise), prospects or creditworthiness of Debtor or
any affiliate of Debtor that may come into the possession of the Collateral
Agent or any of its officers, directors, employees, agents, attorneys and other
advisors, partners, attorneys-in-fact or affiliates.

                  (f) Indemnification. The Lenders agree to indemnify the
Collateral Agent in its capacity as such (to the extent not reimbursed by Debtor
to the extent it is required to do so under the Loan Documents and without
limiting the obligation of Debtor to do so), ratably according to their
respective pro rata shares of the principal amount of the loans outstanding
under the Notes in effect on the date on which indemnification is sought under
this Section (or, if indemnification is sought after the date upon which the
loans under the Notes shall have been paid in full, ratably in accordance with
such respective pro rata shares of the principal amount of the loans outstanding
immediately prior to such date), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind whatsoever that may at any time
(including, without limitation, at any time following the payment of the loans
under the Notes) be imposed on, incurred by or asserted against the Collateral
Agent in any way relating to or arising out of, this Agreement or any of the
other Loan Documents or any action taken or omitted by the Collateral Agent
under or in connection with any of the foregoing; provided, that, no Lender
shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements that are found by a final and nonappealable decision of a court of
competent jurisdiction to have resulted solely from the Collateral Agent's gross
negligence or willful misconduct. Notwithstanding any other provisions of this
Agreement, the agreements in this Section shall survive the payment of such
loans and all other amounts secured hereunder.

                  (g) Collateral Agent In Its Individual Capacity. The
Collateral Agent and its affiliates may make loans to, and generally engage in
any kind of business with the Debtor as though the Collateral Agent was not the

                                       4
<PAGE>

Collateral Agent. With respect to its loans made or renewed by it and any
Promissory Note issued to it, the Collateral Agent shall have the same rights
and powers under this Agreement and the other Loan Documents as any Lender and
may exercise the same as though it were not the Collateral Agent, and the terms
"Lender" and "Lenders" shall include the Collateral Agent in its individual
capacity.

                  (h) Successor Collateral Agent. The Collateral Agent may
resign as Collateral Agent upon 30 days' notice to the Lenders and the Debtor.
If the Collateral Agent shall resign as Collateral Agent under this Agreement
and the other Loan Documents, then the Lenders shall appoint from among the
Lenders a successor agent for the Lenders, which successor agent shall be
subject to approval by the Debtor (which approval shall not be unreasonably
withheld or delayed), whereupon such successor agent shall succeed to and become
vested with the rights, powers and duties of the resigning Collateral Agent, and
the term "Collateral Agent" shall mean such successor agent effective upon such
appointment and approval, and the former Collateral Agent's rights, powers and
duties as Collateral Agent shall be terminated, without any other or further act
or deed on the part of such former Collateral Agent or any of the parties to
this Agreement or any holders of the loans made under the Promissory Notes. If
no successor agent has been appointed and accepted appointment as Collateral
Agent by the date that is 30 days following a retiring Collateral Agent's notice
of resignation, the retiring Collateral Agent's resignation shall nevertheless
thereupon become effective, and the Lenders shall assume and perform all of the
duties of the Collateral Agent hereunder until such time, if any, as the Lenders
appoint a successor agent as provided for above. After any retiring Collateral
Agent's resignation as Collateral Agent, the provisions of this Section shall
inure to its benefit as to any actions taken or omitted to be taken by it while
it was Collateral Agent under this Agreement and the other Loan Documents.

                  (i) Authorization to Release Liens. The Collateral Agent is
hereby irrevocably authorized by each of the Lenders to release any lien
covering any Collateral that is the subject of a sale or other disposition which
is permitted by this Agreement or the other Loan Documents.

         4. REPRESENTATIONS AND WARRANTIES OF THE DEBTOR. The Debtor hereby
represents and warrants as follows and such representations and warranties shall
also be deemed to be made mutatis mutandis with respect to each subsidiary of
the Debtor as if such subsidiary were the Debtor and with respect to Cytomedix,
N.V. at such time as it becomes a stockholder of Debtor:

                  (a) Organization and Good Standing. The Debtor is a
corporation, duly organized, validly existing, and in good standing under the
laws of the state of its jurisdiction of organization, with full corporate power
and authority to execute, deliver an perform this agreement and to own and
operate its properties and to carry on its business as presently conducted and
anticipated. The Debtor is duly qualified as a foreign corporation to transact
business, and is in good standing and in every state or other jurisdiction where
the character of its properties owned or leased, or the nature of its
activities, makes such qualification necessary under applicable law, except
where the failure to so qualify would not have a Material Adverse Effect (as
defined below) on the Debtor. Other than as set forth on Schedule 4(a) hereto,
Debtor has not operated under any legal or fictitious names other than
"Cytomedix, Inc."

                  (b) Authority. Debtor has the requisite corporate power and
authority to enter into this agreement, each Promissory Note and the agreements
and documents contemplated in connection herewith (collectively, the "Loan
Documents", to execute and deliver the Loan Documents and to perform its
obligations hereunder and thereunder. The execution and delivery of this
agreement and the Loan Documents by the Debtor and the consummation by the
Debtor of the transactions contemplated hereby and thereby, have been duly
authorized by all requisite corporate action on the part of the Debtor and its
Board of Directors, and no other corporate proceedings on the part of the Debtor
are necessary to authorize the execution, delivery and performance of this
agreement or the Loan Documents.

                  (c) Validity. This agreement and the Loan Documents have been
duly executed and delivered by the Debtor and constitute the legal, valid, and
binding obligations of the Debtor, enforceable against the Debtor in accordance
with their respective terms, except to the extent such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, and other similar
laws affecting the enforcement of creditors' rights generally.

                  (d) No Violations. Neither the execution and delivery of this
agreement or the Loan Documents nor the consummation by the Debtor of the
transactions contemplated hereby or thereby, nor the compliance by the

                                       5
<PAGE>

Debtor with any of the provisions hereof or thereof, will (i) violate, conflict
with, or constitute a breach or default under (or an event which, with notice,
lapse of time or both, would constitute a breach or default), or give rise to
any right of termination or acceleration or result in the creation of any lien,
security interest, charge or encumbrance upon any property of the Debtor (other
than in favor of Collateral Agent) under (x) Debtor's charter (including any
certificate of designation), by-laws, or any voting agreement, stockholders'
agreement or similar document to which debtor is a party relating to the rights
of stockholders of Debtor, (y) any note, bond, mortgage, indenture, deed of
trust, license, lease, agreement or other instrument or obligation to which the
Debtor is a party or by which it or any of its respective properties or assets
may be bound or subject or (ii) violate any judgment, ruling, order, writ,
injunction, decree, statute, rule or regulation applicable to the Debtor or any
of its properties or assets.

                  (e) No Consent. Except for filings under applicable state and
federal securities laws, which will be timely made, no notice to, filing with,
or authorization, consent or approval of any governmental agency or authority,
body or agency is necessary or required in connection with the execution,
delivery or performance of this agreement or the Loan Documents by the Debtor.

                  (f) Title. Except for the security interest granted to
Collateral Agent hereunder and certain purchase money security interests in the
Equipment described on Exhibit A, Debtor is the sole owner (or, in the case of
leases or licenses, the sole right holder) of the Collateral and has good, valid
and marketable title thereto, free and clear of any and all liens, security
interests, claims, encumbrances and adverse rights or interests whatsoever
(other than the Permitted Liens). Debtor has not executed any financing
statement with respect to all or any portion of the Collateral save and except
the financing statements executed in favor of Collateral Agent in connection
with this Agreement and in connection with the Permitted Liens. Set forth on
Exhibit C is a list of all Intellectual Property for which filings with
governmental authorities have been made by the Debtor or any of its subsidiaries
(along with the type of filing, the filing number and the authority with which
it was filed).

                  (g) First Priority Security Interest. The security interest
granted to Collateral Agent hereunder constitute and will constitute a valid and
continuing first priority lien and security interest in all Collateral as to
which perfection may be achieved by filing under the UCC in favor of Collateral
Agent (in each case, subject to Permitted Liens).

                  (h) Debtor's Name and Address. Debtor's current exact name and
address of its principal place of business is:

                           Cytomedix, Inc.
                           Three Parkway North, Suite 250 North
                           Deerfield, IL  60015

                      and Debtor's previous address was:

                           1523 Bowman Road, Suite A
                           Little Rock, Arkansas 72211

Debtor has not previously had or transacted business under any other names or
addresses. Debtor agrees to give Collateral Agent prior notice of any change in
Debtor's name and/or address or any additional names under which Debtor intends
to transact business at least 30 days prior to any such change or the use of any
additional name(s).

                  (i) Possession and Location of the Collateral. The Collateral
is and shall remain in the exclusive possession and control of Debtor, and
Debtor shall not transfer possession of or relocate all or any portion of the
Collateral without each Lender's prior written consent, unless Collateral Agent
has received 30 days' prior written notice of such relocation and determines
that its security interest is not adversely affected.

                  (j) Litigation. There is no litigation, action, suit,
proceeding, claim or investigation pending, or to the knowledge or Debtor
threatened, against Debtor or with respect to all or any portion of the
Collateral, or which calls

                                       6
<PAGE>

into question the validity or enforceability of this agreement or any Promissory
Note or which, if adversely determined, could reasonably be expected to have a
Material Adverse Effect (as hereinafter defined).

                  (k) Books and Records. All books, records and documents
relating to the Collateral are and shall continue to be true, correct and
genuine in all material respects.

                  (l) Permits. Except for exceptions that would not have a
Material Adverse Effect, the Debtor is not in violation of or in default under
any applicable statute, rule, order, decree, writ, injunction or regulation of
any governmental body (including any court). Except for exceptions that would
not have a Material Adverse Effect, the Debtor has all permits and licenses to
operate its business.

                  (m) Taxes. The Debtor is not delinquent in the payment of any
taxes which have been levied or assessed by any governmental authority against
it or its assets. The Debtor has timely filed all material tax returns which are
required by law to be filed, and has paid all material taxes and all other
assessments or fees levied upon the Debtor or upon its properties to the extent
that such taxes, assessments or fees have become due. Except for exceptions that
would not have a Material Adverse Effect, no controversy in respect of income
taxes is pending or, to the knowledge of the Debtor, threatened.

                  (n) Event of Default. No event has occurred and is continuing
which constitutes an Event of Default (as hereinafter defined) or would
constitute such an Event of Default after notice or lapse of time or both.

                  (o) Full Disclosure. None of the Loan Documents, nor any
statements furnished by or on behalf of the Debtor to any Lender in connection
with the Loan Documents nor any of the Debtor's filings with the Securities and
Exchange Commission, contains or will contain any untrue statement of a material
fact or omits or will omit a material fact necessary to make the statements
contained therein or herein not misleading, in light of the circumstances when
made. To the Debtor's knowledge, there is no fact which the Debtor has not
disclosed to each Lender in writing which materially affects adversely or, to
the Debtor's knowledge, will materially and adversely affect the Collateral, the
Collateral Agent's liens in the Collateral or the priority thereof, the other
assets, business, liabilities, operations, prospects, profits or condition
(financial or otherwise) of the Debtor or the ability of the Debtor to perform
its obligations under each Promissory Note or the other Loan Documents (a
"Material Adverse Effect).

                  (p) Solvency. The Debtor is solvent.

                  (q) Compliance With Laws. Except for exceptions that would not
have a Material Adverse Effect, the Debtor has duly complied with, and the
Collateral and its business operations and leaseholds are in compliance in all
material respects with, the provisions of all federal, state and local laws,
rules and regulations applicable to the Debtor, the Collateral or the conduct of
the Debtor's business.

                  (r) Corporate Structure. The Debtor's corporate structure as
of the date hereof, including any direct or indirect subsidiaries, is as set
forth in Schedule 4(r) hereto.

         5. COVENANTS OF DEBTOR. Debtor covenants and agrees that, from and
after the date of this Agreement until all of the Secured Debt shall have been
paid in full (it being understood, for purposes of this Section 5, that "Debtor"
shall also apply to each of its subsidiaries):

                  (a) Covenants. Debtor shall take, or shall refrain from
taking, as the case may be, each action that is necessary to be taken or not
taken, as the case may be, so that no Event of Default is caused by the failure
to take such action or to refrain from taking such action by such Debtor.

                  (b) Insurance. Debtor shall cause the casualty insurance
policy maintained by it to (i) provide that no cancellation, reduction in amount
or change in coverage thereof shall be effective until at least 30 days after
receipt by Collateral Agent of written notice thereof, and (ii) name Collateral
Agent, for the benefit of the Lenders, as an additional insured party and as the
loss payee.

                                       7
<PAGE>

                  (c) Maintenance of Perfected Security Interest; Further
Documentation.

                  (i) Debtor shall maintain the security interest created by
         this Agreement as a perfected security interest having the priority
         described herein and shall defend such security interest against the
         claims and demands of all Persons whomsoever.

                  (ii) Debtor will furnish to each Lender from time to time
         statements and schedules further identifying and describing the
         Collateral and such other reports in connection with the Collateral as
         such Lender may reasonably request, all in such detail as such Lender
         may reasonably request.

                  (iii) At any time and from time to time, upon the written
         request of any Lender, and at the sole expense of Debtor, Debtor will
         promptly and duly execute, deliver and/or have recorded with
         appropriate agencies such further instruments and documents and take
         such further actions as such Lender may reasonably request for the
         purpose of obtaining or preserving the full benefits of this Agreement
         and of the rights and powers herein granted, including, without
         limitation, the filing of any financing or continuation statements
         under the UCC (or other similar laws) in effect in any jurisdiction
         with respect to the security interests created hereby and to the filing
         of any documents necessary to obtain and preserve the rights and powers
         in the Intellectual Property.

                  (d) Changes in Locations, Name, etc. Debtor will not, except
upon 30 days' prior written notice to the each Lender and delivery to Collateral
Agent promptly thereafter of all additional executed financing statements and
other documents reasonably requested by any Lender to maintain the validity,
perfection and priority of the security interests provided for herein:

                  (i) change the location of its chief executive office or
         principal place of business from that referred to in Section 4(h)
         above; or

                  (ii) change its name, identity or corporate structure to such
         an extent that any financing statement filed by the Collateral Agent in
         connection with this Agreement would become seriously misleading.

                  (e) Notices. Debtor will advise the each Lender promptly, in
reasonable detail, of any lien (other than security interests created hereby or
Permitted Liens) on any of the Collateral which would adversely affect the
ability of the Collateral Agent to exercise any of its remedies hereunder.

                  (f) Receivables Collateral.

                  (i) Other than in the ordinary course of business consistent
         with past practices, Debtor will not (i) grant any extension of the
         time of payment of any receivables collateral, (ii) compromise or
         settle any receivables collateral for less than the full amount
         thereof, (iii) release, wholly or partially, any Person liable for the
         payment of any receivables collateral, (iv) allow any credit or
         discount whatsoever on any receivables accounts or accounts receivable,
         (v) except for Permitted Liens, sell or pledge any interest in any
         receivables, collateral, or (vi) amend, supplement or modify any
         receivables collateral in any manner that could adversely affect in any
         material respect the value thereof.

                  (ii) If at any time the aggregate amount owing to the Debtor
         on all Accounts as to which a governmental authority is an obligor
         exceeds 20% of the aggregate amount owing to the Debtor on all
         Accounts, Debtor shall so notify Collateral Agent and, if requested by
         any Lender, at the Debtor's sole cost and expense, from and after the
         date on which such aggregate amount first exceeds such percentage,
         deliver to Collateral Agent such assignments, notices of assignment and
         other documents or information as shall be necessary or otherwise
         reasonably requested by the Collateral Agent to permit the assignment
         hereunder of all Accounts as to which a Governmental Authority is an
         obligor pursuant to all applicable Governmental Requirements
         (including, without limitation, the Assignment of Claims Act of 1940,
         as amended).

                  (g) Inventory.

                                       8
<PAGE>

                  (i) Debtor shall not engage in any sale of the Inventory other
         than for fair consideration in the conduct of such Debtor's business in
         the ordinary course and shall not engage in sales or other dispositions
         to creditors (except for arms-length sales or disposition of finished
         goods to Curative Health Services, Inc. and CHS Services, Inc.); sales
         or other dispositions in bulk; and any use of any of the Inventory in
         breach of any provision of this Agreement.

                  (ii) No sale of Inventory shall be on consignment, approval,
         or under any other circumstances such that, with the exception of the
         Debtor's customary return policy applicable to the return of inventory
         purchased by the Debtor's customers in the ordinary course, such
         Inventory may be returned to the Debtor without the consent of each
         Lender.

                  (iii) All Inventory now owned or hereafter acquired by such
         Debtor is and will be of good, and merchantable quality and free from
         defects (other than defects within customary trade tolerances).

                  (h) Accounts.

                  (i) The amount of each Account shown on the books, records,
         and invoices of Debtor represented as owing by each account debtor is
         and will be the correct amount actually owing by such account debtor
         and shall have been fully earned by performance by Debtor, except as
         otherwise permitted by generally accepted accounting principles.

                  (ii) Debtor has no knowledge of any impairment of the validity
         or collectibility of any of the Accounts in an aggregate amount in
         excess of Debtor's reserve or allowance therefore on its regularly
         prepared balance sheet and shall notify each Lender of any such fact
         immediately after Debtor become aware of any such impairment.

                  (iii) Other than Permitted Liens, Debtor shall not post any
         bond to secure its performance under any agreement to which Debtor is a
         party nor cause any surety, guarantor, or other third party obligee to
         become liable to perform any obligation of Debtor (other than to each
         Lender and Collateral Agent) in the event of the Debtor's failure so to
         perform.

                  (i) Notification to Account Debtors. Collateral Agent shall
have the right at any time following an Event of Default and at anytime
thereafter) to notify any of the Debtor's account debtors to make payment
directly to Collateral Agent and to collect all amounts due on account of the
Collateral.

                  (j) Transactions With Related Persons. Other than in
connection with the transactions contemplated hereby or as set forth on Schedule
5(j), the Debtor shall not, directly or indirectly, make any loan or advance,
purchase, assume or guarantee any note to or from any of its officers,
directors, shareholders or Affiliates (as defined for purposes of the Securities
Act of 1933, as amended) ("Securities Act"), or to or from any member of the
immediate family of any of its officers, directors, shareholders or Affiliates,
or subcontract any operations to any Affiliate; or enter into, or be a party to,
any transaction with any Affiliate or shareholder of the Debtor, except in the
ordinary course of and pursuant to the reasonable requirements of the Debtor's
business and upon fair and reasonable terms which are fully disclosed to each
Lender and are no less favorable to the Debtor than would obtain in a comparable
arm's length transaction with a Person not an Affiliate or shareholder of the
Debtor.

                  (k) [Reserved]

                  (l) Corporate Existence and Maintenance of Properties. The
Debtor shall maintain and preserve its corporate existence and all rights,
privileges and franchises now enjoyed; and the Debtor shall conduct its business
in an orderly, efficient and customary manner, keep its properties in good
working order and condition, and from time to time make all needed repairs to,
renewals of or replacements of its properties (except to the extent that any of
such properties is obsolete or is being replaced) so that the efficiency of such
property shall be maintained and preserved. The Debtor shall file or cause to be
filed in a timely manner all reports, applications, estimates and licenses which
shall be required by any governmental authority and which, if not timely filed,
would have a Material Adverse Effect.

                                       9
<PAGE>

                  (m) Merger and Dissolution. The Debtor shall not liquidate or
dissolve, or enter into any consolidation, merger, syndicate, share exchange or
other business combination or sell, lease or dispose of its business or assets
as a whole or such part as in the opinion of each Lender constitute a
substantial portion of its business or assets (except for transactions among the
Debtor and its subsidiaries); provided, however, that the foregoing shall be
inapplicable with respect to the proposed merger which is consummated in
accordance with the Agreement and Plan of Merger, to which Debtor and Cytomedix,
N.V. are to be parties ("Exchange Agreement") and subject to the following
further conditions: (i) the majority shareholder of Debtor after consummation
thereof and all of its subsidiaries shall have unconditionally guaranteed the
Secured Debt in a manner, form and substance acceptable to each Lender in its
absolute discretion and Collateral Agent (on behalf of the Lenders) shall have
obtained a first perfected security interest in all of such shareholder's and
its subsidiaries' assets (subject only to Permitted Liens), including, but not
limited to, such shareholder's stock in Borrower; (ii) upon consummation of the
transactions contemplated by the Exchange Agreement, the sale by each Lender of
all of the securities issuable upon conversion of its Promissory Note shall have
been duly registered under the Securities Act and such securities shall be
freely tradable without any restrictions except under the Securities Act and
applicable securities laws; (iii) the Exchange Agreement and the agreements
referenced therein shall have been consummated without modification; and (iv)
there having occurred no Event of Default and the Secured Debt having been
repaid or converted in full.

                  (n) Acquisitions. Except for the acquisition of Curative
Health Service, Inc. and CHS Services, Inc., the Debtor shall not acquire the
business or all or a substantial portion of the assets of any Person, whether by
purchase of stock, assets or otherwise.

                  (o) Indebtedness. The Debtor shall not create, incur or suffer
to exist any indebtedness for money borrowed or capitalized lease obligations
except for (a) the Secured Obligations, (b) indebtedness secured by Permitted
Liens, and (c) as set forth on Schedule 5(o).

                  (p) Disposition of Assets. The Debtor shall not sell, lease,
transfer, convey or otherwise dispose of any of its assets or property except
for sales of inventory in the ordinary course of business, disposition of worn
out and obsolete assets and sales of assets on an arm's-length basis not to
exceed $25,000 in any year.

                  (q) Restricted Investments. The Debtor shall not make any
loans, advances or extensions of credit to, or any investment in cash or by
delivery of property in, any Person, whether by acquisition of stock,
indebtedness or other obligation or security, or by loan, advance or capital
contribution, or otherwise, except for travel or other reasonable expense
advances to employees in the ordinary course of business, extensions of trade
credit in the ordinary course of business, investments in cash and cash
equivalents, investments by the Debtor in any entity a value (measured as of the
date made), when aggregated with all other investments made hereunder, that does
not exceed $25,000, and transfers of assets among Debtor and its subsidiaries.

                  (r) Restrictions on Distributions and Other Payments; Charter
Amendments. The Debtor shall not (a) declare any dividend on or incur any
liability to make any payment or distribution of cash or other property or
assets in respect of any of the Debtor's securities, or (b) make any payment on
account of the purchase, redemption or other retirement of any of the Debtor's
securities or any other payment or distribution made in respect thereof, either
directly or indirectly. The Debtor shall not modify its Certificate of
Incorporation or Bylaws without each Lender's prior written consent in a manner
that could reasonably be expected to be adverse to any Lender or which is
inconsistent with any Loan Document. Notwithstanding the foregoing, wholly-owned
subsidiaries of the Debtor may pay dividends or make other distributions on any
of such subsidiaries' equity interests owned by Debtor.

                  (s) New Business. The Debtor shall not engage in any business
other than the business in which the Debtor is currently engaged or a business
reasonably related thereto or make any material change in any of its business
objectives, purposes and operations which might in any way adversely affect the
repayment of the Secured Debt.

                  (t) Subsidiaries. The Debtor shall cause each of its
subsidiaries (and, upon consummation of the Exchange Agreement, its sole
shareholder and such sole shareholder's subsidiaries) to execute a secured
guaranty in favor of the Collateral Agent (for the benefit of the Lenders) to
secure the Secured Debt with a first lien on all of its assets (subject only to
Permitted Liens) and to take such other actions in connection therewith as any
Lender shall request. Such

                                       10
<PAGE>

secured guaranties shall contain representations, warranties and covenants which
are substantially similar (but with application to the guarantor) to those set
forth herein and such others as any Lender shall require in its sole and
absolute discretion.

         6. EVENTS OF DEFAULT. The occurrence of any one or more of the
following shall constitute an "Event of Default" hereunder (it being understood
that for the purposes of this Section 6 "Debtor" shall also be a reference to
each subsidiary of Debtor (and to Cytomedix., N.V. after it becomes a
shareholder of Debtor) as well, so that if any of the following events occurs
with respect to any such subsidiary it would constitute an Event of Default):

                  (a) nonpayment by the Debtor of any portion of the principal
or interest under any Promissory Note or to any other holder of the Debtor's
indebtedness for borrowed money or capitalized lease obligations as and when
due; or

                  (b) the occurrence of any event which would permit any Lender
to accelerate payment of its Promissory Note or which would permit any other
party to whom the Debtor is indebted to accelerate the Debtor's obligation for
borrowed money or capitalized lease obligations to such party.

         7. RIGHTS OF COLLATERAL AGENT UPON THE OCCURRENCE OF AN EVENT OF
DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter,
the Collateral Agent may exercise any rights under applicable law or the Loan
Documents, including, but not limited to, any one or more of the following
rights and remedies:

                  (a) Upon the occurrence of an Event of Default, and at any
time thereafter, Collateral Agent may, at its option, declare all of the Secured
Debt immediately due and payable (and upon an Event of Default arising by virtue
of Debtor's bankruptcy all of the Secured Debt shall automatically and
immediately be deemed declared due and payable), notwithstanding any of the
terms thereof and exercise any rights and remedies available to a secured party
under this agreement, under the UCC, or otherwise available at law or in equity,
including without limitation the right to enter upon any of the premises of the
Debtor, with or without process of law, and take immediate possession of and
remove the Collateral or any part thereof and collect and receive all income,
revenues, payments and proceeds therefrom. Debtor shall, upon Collateral Agent's
request, assemble the Collateral (and all records and documents relating
thereto) and make such items available to Collateral Agent at a place designated
by Collateral Agent which is reasonably convenient to the parties. Without
removal, Collateral Agent may render any Equipment unusable and may dispose of
such items of Collateral at the Debtor's business premises as provided under the
UCC.

                  (b) Collateral Agent may sell, lease, or otherwise dispose of
all or any portion of the Collateral in any commercially reasonable manner.
Disposition of the Collateral may be made by any one or more public or private
proceedings upon any one or more contracts. Any such sale or disposition may be
made in whole, in part, in units, or in parcels, and at any time and place
designated by Collateral Agent. Any such sale or disposition may be for cash,
upon credit, or upon such other terms and conditions as Collateral Agent may
determine, in its sole discretion.

                  (c) Unless the Collateral is perishable or threatens to
decline speedily in value or is of a type customarily sold on a recognized
market, reasonable notification of the time and place of any public sale or
reasonable notification of the time after which any private sale or other
intended disposition is to be made shall be sent by the Collateral Agent to the
Debtor unless the Debtor after the occurrence of an Event of Default shall have
signed a statement renouncing or modifying its right to notification of sale.
The requirements of a reasonable notice hereunder shall be met if such notice is
mailed by ordinary mail, postage prepaid, addressed to Debtor at its business
address described herein, at least ten days before the time of such sale or
disposition.

                  (d) Each Lender shall have the right to buy all of any portion
of the Collateral at any public or private sale.

                  (e) The Debtor acknowledges that when all or any portion of
the Collateral is disposed of by Collateral Agent after the occurrence of an
Event of Default, that such disposition shall transfer to any purchaser for

                                       11
<PAGE>

value all of the Debtor's rights and interests therein and any such purchaser
shall take free of all rights and interests of the Debtor in such property.

                  (f) Upon the occurrence of an Event of Default, Collateral
Agent shall have the right to notify persons obligated to Debtor on any Accounts
to make payment thereof directly to Collateral Agent and Collateral Agent may
take control of all the proceeds of the Accounts. After the occurrence of an
Event of Default, the Debtor will not, without the prior written consent of
Collateral Agent, grant any extension of the time for payment of any of the
Accounts, compromise or settle any accounts for less than the full amount
thereof, or release wholly or partly any person liable for the payment thereof
or allow any credit or discount whatsoever thereon.

         8. APPLICATION OF PROCEEDS AND DEFICIENCY. The proceeds of any
disposition of all or any portion of the Collateral following an Event of
Default shall be applied in the following order:

                  (a) First, to the payment of all reasonable expenses of
retaking, holding, preparing the Collateral for sale or lease, and selling,
leasing, or otherwise disposing of the Collateral, including without limitation
reasonable attorneys' fees and other costs incurred by the Lenders and the
Collateral Agent in connection therewith;

                  (b) Second, to the full and complete satisfaction of all of
the Secured Debt; and

                  (c) Third, any surplus shall be remitted by Collateral Agent
to Debtor promptly after payment of all of the foregoing. In the event there is
a surplus and any other person makes a claim to the surplus amount, the Lenders
may hold said sum (without liability for interest or otherwise) or institute an
interpleader action and deposit said sum with an appropriate court of competent
jurisdiction until such time as the rights in such surplus are fully and finally
determined by a final nonappealable decision of a court of competent
jurisdiction or by agreement of all interested parties.

         To the extent the proceeds from the disposition of the Collateral are
insufficient to satisfy items 8(a) and (b) above, Debtor shall remain liable to
the Lenders for the payment of such deficiency, with interest at the rate of ten
percent (10%) per annum.

         9. POWER OF ATTORNEY. Debtor hereby makes, constitutes and appoints
Collateral Agent as its true and lawful agent and attorney in fact, with full
power of substitution, and in Debtor's name, place and stead after the
occurrence of an Event of Default (i) to collect, pursue collection of, and
receive payment for any and all income, proceeds or payments with respect to any
Collateral; (ii) to endorse the name of Debtor upon any notes, checks,
acceptances, drafts, money orders, instruments or other documents relating to
the Collateral, or the income, proceeds, or payments with respect thereto so as
to affect the deposit and collection thereof, (iii) to waive, sue for, settle,
adjust, or compromise any claims or right with respect to the Collateral; and
(iv) to take any action in the name and on behalf of the Debtor to fulfill any
representation, warranty, covenant or agreement of the Debtor contained herein
or as may be necessary or appropriate to carry out the purposes and intent of
this agreement and to perfect and protect the Collateral Agent's security
interest in the Collateral and its rights therein. Debtor agrees that neither
Collateral Agent nor any of its agents, designees, officers or employees will be
liable for any acts of commission or omission, or for any error of judgment or
mistake of facts or law with respect to the exercise of said power of attorney
save and except fraud, gross misconduct, or a knowing violation of law. The
power of attorney granted hereunder is coupled with an interest and shall be
irrevocable during the term of this agreement.

         10. DURATION. This agreement shall continue in full force and effect,
and the security interest granted hereby and the representations, warranties,
covenants and obligations of the Debtor hereunder and all the terms, conditions
and provisions hereof shall continue to be fully operative until the Debtor
shall have fully paid and discharged all of the Secured Debt. Debtor agrees that
to the extent a payment or payments to a Lender are subsequently invalidated,
set aside or otherwise required to be repaid, the obligation or part thereof
intended to be satisfied, and the security interest in the collateral granted
hereby, shall be revived and continued in full force and effect as if said
payment had not been made.

         11. MISCELLANEOUS.

                                       12
<PAGE>

                  (a) Assignment. This agreement and the rights, obligations and
duties of the Debtor hereunder shall not be assignable or otherwise transferable
by Debtor. Any Lender may, upon notice to Debtor, transfer, participate or
assign any or all of its rights and obligations under this Agreement.

                  (b) Fees of Legal Counsel. In the event a Lender or Collateral
Agent shall employ legal counsel to protect its rights hereunder or to enforce
any term or provision hereof or to protect its interest in the Collateral, such
attorneys' fees and other legal expenses shall become part of the Secured Debt
and shall be payable by Debtor to a Lender and Collateral Agent upon demand. The
Debtor shall pay all fees and expenses of the Lenders and Collateral Agent in
connection with the negotiation and consummation of this agreement and the Loan
Documents.

                  (c) Further Assurances. Debtor agrees that from time to time
hereafter, upon request, it will, at its sole expense, execute, acknowledge and
deliver such other instruments and documents and take such further action as may
be reasonably necessary to carry out the intent of this agreement and the Loan
Documents, specifically including, but not limited to the delivery of executed
stock powers and stock certificates or other evidences of ownership necessary to
perfect the pledge of any such securities granted hereunder and the execution
and delivery of patent and other intellectual property assignments. The Debtor
shall make appropriate entries upon its financial statements and its books and
records disclosing the Collateral Agent's liens and security interests in the
Collateral.

                  (d) Modification. No term or provision contained herein may be
modified, amended or waived except by written agreement or consent signed by the
party to be bound thereby.

                  (e) Binding Effect and Benefit. This agreement shall inure to
the benefit of, and shall be binding upon, the parties hereto, their heirs,
executors, administrators, personal representatives, successors in interest and
permitted assigns.

                  (f) Headings and Captions. Subject headings and captions are
included for convenience purposes only and shall not affect the interpretation
of this agreement.

                  (g) Notice. All notices, requests, demands and other
communications permitted or required hereunder shall be in writing, and either
(i) delivered in person, (ii) sent by express mail or other overnight delivery
service providing receipt of delivery, (iii) mailed by certified or registered
mail, postage prepaid, return receipt requested or (iv) sent by telex, telegraph
or other facsimile transmission as follows:

                  If to Debtor, addressed or delivered in person to:

                           Cytomedix, Inc.
                           Three Parkway North, Suite 250 North
                           Deerfield, IL  60015
                           Attention:  President
                           Fax: (847) 405-7801

                  With a copy:

                           Latham & Watkins
                           1001 Pennsylvania Avenue, N.W.
                           Suite 1300
                           Washington, D.C.  20004
                           Attention: Stuart Kurlander
                           Tel: (202) 637-2200
                           Fax: (202) 637-2201

                                       13
<PAGE>

                  If to the Collateral Agent, on behalf of the Lenders:

                           TSENVI, LLC
                           2 Ridgedale Avenue, PO Box 214
                           Cedar Knolls, NJ 07927-0214
                           Fax:(973) 539-0596

                  With a copy to:

                           Jonathan L. Awner, Esq.
                           Akerman Senterfitt
                           1 SE 3rd Avenue, Suite 2700
                           Miami, FL 33131
                           Fax: (305) 374-5095

or to such other address as either party may designate by notice in accordance
with this Section.

         Any such notice or communication, if given or made by prepaid,
registered or certified mail or by recorded express delivery, shall be deemed to
have been made when actually received, but not later than three (3) business
days after the same was properly posted or given to such express delivery
service and if made properly by telex, telecopy or other facsimile transmission
such notice or communication shall be deemed to have been made at the time of
dispatch.

                  (h) Severability. If any portion of this agreement is held
invalid, illegal or unenforceable, such determination shall not impair the
enforceability of the remaining terms and provisions herein, which may remain
effective, and to this end this agreement is declared to be severable.

                  (i) Time for Performance. Time is of the essence in this
agreement.

                  (j) Waiver. No waiver of a default, breach or other violation
of any provision of this agreement shall operate or be construed as a waiver of
any subsequent default, breach or other violation or limit or restrict any right
or remedy otherwise available. No delay or omission on the part of any Lender or
Collateral Agent to exercise any right or power arising by reason of a default
shall impair any such right or power or prevent its exercise at any time during
the continuance thereof.

                  (k) Gender and Pronouns. Throughout this agreement, the
masculine shall include the feminine and neuter and the singular shall include
the plural and vice versa as the context requires.

                  (l) Entire Agreement. This document and each Promissory Note
constitute the entire agreement of the parties and supersedes any and all other
prior agreements, oral or written, with respect to the subject matter contained
herein.

                  (m) GOVERNING LAW; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL
BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED,
IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAW PROVISIONS)
OF THE STATE OF ILLINOIS. AS PART OF THE CONSIDERATION FOR NEW VALUE THIS DAY
RECEIVED, THE DEBTOR HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL
COURT LOCATED WITHIN CHICAGO, STATE OF ILLINOIS. EACH OF THE PARTIES HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY SUIT OR PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. THE
DEBTOR WAIVES ANY OBJECTION WHICH THE DEBTOR MAY HAVE BASED ON LACK OF
JURISDICTION OR IMPROPER VENUE OR FORUM NON CONVENIENS TO ANY SUIT OR PROCEEDING
INSTITUTED BY ANY LENDER OR COLLATERAL AGENT UNDER THIS AGREEMENT OR THE OTHER
LOAN DOCUMENTS IN ANY STATE OR FEDERAL COURT LOCATED WITHIN CHICAGO, STATE OF
ILLINOIS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS
DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT
OF ANY LENDER OR COLLATERAL AGENT TO BRING ANY ACTION OR

                                       14
<PAGE>

PROCEEDING AGAINST THE DEBTOR OR ITS PROPERTY IN THE COURTS OF ANY OTHER
JURISDICTION WHICH HAS JURISDICTION OVER THE DEBTOR OR ITS PROPERTY. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDERS AND COLLATERAL AGENT TO ENTER
INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, MAKE THE LOANS AND EXTEND THE
OTHER FINANCIAL ACCOMMODATIONS CONTEMPLATED HEREUNDER AND THEREUNDER.

                  (n) Incorporation by Reference. All exhibits and documents
referred to in this agreement shall be deemed incorporated herein by any
reference thereto as if fully set out.

                  (o) Counterparts. This agreement may be executed in one or
more counterparts (all counterparts together reflecting the signature of all
parties) each of which shall be deemed an original, and all of which together
shall constitute one and the same instrument.

                  (p) Consent to Jurisdiction and Service of Process. Debtor
hereby irrevocably (i) consents to the jurisdiction of the courts of the State
of Illinois and of any federal court located in Illinois in connection with any
action or proceeding arising out of or relating to this agreement, or any other
document or exhibit relating hereto or delivered in connection therewith and
(ii) consents that service of legal process in any such action or proceeding may
be made in any manner permitted by the rules of practice and procedure
applicable to such courts.

                  (q) [Reserved]

                  (r) Debtor's Failure to Pay Costs or Expenses. If the Debtor
fails to pay any cost or expense required hereunder to be paid by Debtor,
(including, without limitation, insurance and taxes) any Lender and/or
Collateral Agent may, at its option, pay such cost or expense on behalf of the
Debtor, and in such event the amount so paid by such party shall become part of
the Secured Debt hereunder and shall be payable by Debtor to such party upon
demand.

                  (s) Inspection. Any Lender and/or Collateral Agent (by any of
its respective officers, employees and agents) shall have the right, at any
reasonable time or times during the Debtor's usual business hours, to inspect
the Collateral, all records related thereto (and to make extracts from such
records), and the premises upon which any of the Collateral is located, after an
Event of Default, to request information relating to the Debtor from any Person
and to verify the amount, quality, quantity, value and condition of, or any
other matter relating to, the Collateral. Collateral Agent may, at any time upon
and after the occurrence of a default or an Event of Default and during the
continuance thereof, employ and maintain in the Debtor's premises custodians
selected by Collateral Agent who shall have full authority to do all acts
necessary to protect Collateral Agent's interest. All expenses incurred by
Collateral Agent by reason of the employment of such custodians shall be paid by
the Debtor, added to the Secured Debt and secured by the Collateral. The Debtor
irrevocably waives the right to direct the application of any and all payments
and collections at any time or times hereafter received by any Lender or the
Collateral Agent from or on behalf of the Debtor, and the Debtor does hereby
irrevocably agree that each Lender and the Collateral Agent shall have the
continuing exclusive right to apply and to reapply any and all such payments and
collections received at any time or times hereafter by such Lender and/or
Collateral Agent or its agents against the Secured Debt which are due and
payable at the time of such application, in such manner as provided herein.

                  (t) Non-Cumulative Remedies. The enumeration of the Lender's
and Collateral Agent's rights and remedies set forth in this agreement is not
intended to be exhaustive and the exercise by them of any right or remedy shall
not preclude the exercise of any other rights or remedies, all of which shall be
cumulative, and shall be in addition to any other right or remedy given
hereunder, under the Loan Documents or under any other agreement to which the
Debtor and any Lender or which may now or hereafter exist in law or in equity or
by suit or otherwise. No delay or failure to take action on the part of any
Lender or Collateral Agent in exercising any right, power or privilege shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such right, power or privilege preclude other or further exercise thereof or the
exercise of any other right, power or privilege or shall be construed to be a
waiver of any Event of Default. No course of dealing between the Debtor and any
other party hereto or its employees shall be effective to change, modify or
discharge any provision of this agreement or to constitute a waiver of any Event
of Default. Neither any Lender nor Collateral Agent shall not, under any
circumstances or in any event whatsoever, have any liability for any error,
omission

                                       15
<PAGE>

or delay of any kind occurring in the liquidation of the Collateral or for any
damages resulting therefrom except damages directly attributable to such party's
(or its officers', employees' or agents') gross negligence or willful
misconduct.

                  (u) Survival of Agreements. All agreements, covenants,
representations and warranties contained herein or made in writing by or on
behalf of the Debtor in connection with the transactions contemplated hereby
shall survive the execution and delivery of this Agreement and the other Loan
Documents.

                  (v) Indemnification of the Collateral Agent and Lenders. From
and at all times after the date of this agreement, and in addition to all of
Collateral Agent's and Lender's other rights and remedies against the Debtor,
the Debtor agrees to hold each of them harmless from, and to indemnify each of
them against, all losses, damages, costs and expenses (including, but not
limited to, attorneys' fees, costs and expenses) incurred by any of them from
and after the date hereof, whether direct, indirect or consequential, as a
result of or arising from or relating to any suit, action or proceeding by any
Person, whether threatened or initiated, asserting a claim for any legal or
equitable remedy against any Person under any statute or regulation, including,
but not limited to, any federal or state securities laws, or under any common
law or equitable cause or otherwise, arising from or in connection with the
negotiation, preparation, execution or performance of, this agreement and the
other Loan Documents; provided, however, that the foregoing indemnification
shall not protect any party from loss, damage, cost or expense directly
attributable to its willful misconduct or gross negligence. All of the foregoing
losses, damages, costs and expenses of Collateral Agent and the Lenders shall be
payable by the Debtor upon demand any of them, and shall be additional Secured
Debt hereunder secured by the Collateral.

                                       16
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this agreement effective
as of the day and year aforesaid.

                                    DEBTOR:

                                    CYTOMEDIX, INC.

                                    By: /s/ James A. Cour
                                        -------------------------------
                                    Title: President
                                           ----------------------------

                                    COLLATERAL AGENT:

                                    TSENVI, LLC

                                    By: N. Herrick Irrevocable Securities Trust

                                    By: /s/ illegible
                                        -------------------------------
                                        Name: Howard Herrick
                                              -------------------------
                                        Title: Trustee
                                               ------------------------

                                    LENDERS:

                                    BEL-CAP DELAWARE, LLC

                                    By: Bel-Cap Investments, Ltd.

                                    By: /s/ illegible
                                        -------------------------------
                                        Name: Greggory Belzberg
                                              -------------------------
                                        Title: President
                                               ------------------------

                                    BRISTOL INVESTMENT FUND, LTD

                                    By: /s/ illegible
                                        -------------------------------
                                        Name: illegible
                                              -------------------------
                                        Title: Director
                                               ------------------------

                                    CURATIVE HEALTH SERVICES, INC.

                                    By: /s/ William C. Tella
                                        -------------------------------
                                        Name: William C. Tella
                                              -------------------------
                                        Title: Senior Vice President,
                                               Business Development
                                               ------------------------

                                    TSENVI, LLC

                                    By: N. Herrick Irrevocable Securities Trust

                                    By:
                                        -------------------------------
                                        Name: Howard Herrick
                                              -------------------------
                                        Title: Trustee
                                               ------------------------

<PAGE>

                     LIST OF OMITTED SCHEDULES AND EXHIBITS

Exhibit A     - Equipment
Exhibit B     - Permitted Liens
Exhibit C     - Intellectual Property
Schedule 4(a) - Other Legal or Fictitious Names
Schedule 5(j) - Related Transactions
Schedule 5(o) - Permitted Indebtedness

     All above schedules and exhibits have been omitted from this report in
accordance with Item 601 of Regulation S-K. The Registrant hereby agrees to
furnish supplementally to the Securities and Exchange Commission a copy of any
omitted schedule or exhibit hereto upon request.

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