Document:

EXHIBIT 4.2

                           HEMISPHERx BIOPHARMA, INC.
                      (FORMERLY HEM PHARMACEUTICALS CORP.)
              AMENDED AND RESTATED 1992 EMPLOYEE STOCK OPTION PLAN

1. Administration of Plan

This plan is intended to provide for the grant of incentive  stock  options,  as
defined in Section 422 of the  Internal  Revenue  code of 1986,  as amended (the
"Code"),  to employees of HEM  Pharmaceuticals  Corp.  (the  "Company")  and its
subsidiaries from time to time, and for the grant of non-qualified stock options
to employees,  directors,  consultants and others whose efforts are important to
the success of the Company.  This Plan shall be  administered  by a committee of
the Board of  Directors,  consisting of at least three  "disinterested  persons"
within the meaning of SEC Rule 16b-3 (the  "Option  Committee").  Subject to the
provisions  of Section 13, the Option  Committee is  authorized to interpret the
Plan, to prescribe,  amend and rescind rules and regulations relating to it, and
to make all other determinations necessary or advisable for its administration.

2. Shares Covered by Plan

Options  may be  granted  under the Plan  while  the Plan is in  effect  for the
purchase of not in excess of 92,160(1) shares of the Common Stock,  $.001(1) par
value ("Common Stock"),  of the Company.  Shares covered by unexercised  options
which are no longer  exercisable  for any reason shall be available for issuance
under  options  granted  hereunder  for  purposes  of  computing  the  foregoing
limitation unless the Plan has been terminated.  Shares delivered on exercise of
options may be made available  from  authorized and unissued stock or from stock
held in the Treasury of the Company.

3. Eligibility

All employees, directors,  consultants and others whose efforts are important to
the success of the Company shall be eligible to receive options under this Plan;
provided,  that incentive  stock options may be granted only to employees of the
Company or its corporate subsidiaries.

4. Allotment of Options and Number of Shares.

The allotment of options among the eligible grantees, the number of shares to be
covered by each option to be granted,  and the  designation of options as either
incentive  stock options or  non-qualified  stock options shall be determined by
the Option Committee.

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5. Option Agreements; Terms of Options.

Each grantee to whom an option is granted  shall enter into a written  agreement
with the Company setting forth the terms and conditions of the option granted to
him,  which  agreement may contain such terms,  condition and  restrictions  not
inconsistent with the terms of the Plan as the Option Committee shall approve in
each case.

6. Option Price.

The price to be paid by a grantee who exercises an option shall be determined by
the Option  Committee  but  except in the case of  substituted  options  granted
pursuant  to  Section  11 shall  in no event be less  than (a) in the case of an
incentive  stock  option,  the fair market value of the Common Stock on the date
such option is granted,  or (b) in the case of a non-qualified stock option, 50%
of the fair market value of the Common Stock on the date such option is granted.

7. Duration and Rate of Exercise of Options.

The option  period shall be fixed by the Option  Committee but in any event each
option shall by its terms be  exercisable  no later than the  expiration  of ten
years from the date such option is granted.

The Option  Committee  shall  determine  the rate at which each option  shall be
exercisable.

The Option  Committee  shall  determine the manner in which each option shall be
exercisable  and the  timing  and  form of the  purchase  price  to be paid by a
grantee upon the exercise of an option under the Plan. To the extent provided in
the option agreement, payment of the purchase price may be in cash, part in cash
and part by personal  promissory note or in whole or in part by the surrender of
a whole  number of shares of  previously  issued  Common  Stock of the  Company.
Previously  issued  shares of Common  Stock  shall be  accepted as payment in an
amount equal to the then fair market value of the surrendered shares.

8. Nontransferability of Options.

Each  option  granted  under  the Plan to any  person  shall by its terms not be
transferable  by  him  otherwise  than  by  will  or the  laws  of  descent  and
distribution, and shall be exercisable during his lifetime only by him.

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9. Rights of a Stockholder.

An optionee  shall have no rights as a  stockholder  with  respect to any shares
covered by his  options  until he shall have become the holder of record of such
shares, and no adjustment shall be made, except adjustments  pursuant to section
10 hereof, for dividends (ordinary or extraordinary, whether in cash, securities
or other  property) or  distributions  or other rights in respect of such shares
for which the record date is prior to the date on which he shall have become the
holder of record thereof.

10. Effect of Change in Stock Subject to the Plan.

If there is any change in the shares of Common Stock of the Company  through the
declaration of stock dividends or through  recapitalizations  resulting in stock
split-ups or  combinations  or exchanges of shares or  otherwise,  the number of
shares available for options, the exercise price of outstanding options, and the
number of shares  subject to any option shall be  appropriately  adjusted by the
Option Committee,  and in their discretion,  in such cases,  fractional parts of
shares may be disregarded.

11. Grant of Options in Connection with Certain Acquisitions.

The  Option  Committee  may grant  options  under the Plan in  substitution  for
options  granted  under  plans of  other  employers,  if such  grant  occurs  in
connection with a corporate merger, consolidation,  separation,  reorganization,
or liquidation to which the Company or any of its subsidiaries is a party, or by
reason of the  acquisition  of property or stock of another  corporation  by the
Company  or  any  of its  subsidiaries,  provided  that  such  transaction  is a
transaction  to which  Section  424(a) of the Code  applies.  The  Stock  Option
Committee may impose such terms and  conditions  upon the grant of any incentive
stock option under this Section as are necessary to ensure that the substitution
will qualify under said Section 424(a) and will not constitute a modification of
the  option  under  Section  424(h) of the Code,  even  though  any such term or
condition  would  otherwise be  inconsistent  with the  provisions of this Plan.
Options  granted under the  provisions of this Section may be granted at a price
less than the fair market  value of the Common  Stock on the date such option is
granted,  so long as the ratio of the option  price to the fair market  value of
the Common  Stock is no more  favorable  to the  optionee  than the ratio of the
option  price to the fair  market  value of the stock  subject to the old option
immediately before such substitution.  Except as otherwise specifically provided
in the agreement  setting forth the terms and conditions of such an option,  the
provisions  of this Plan shall govern any options  granted  under this  Section.
Nothing in this Section  shall be deemed to authorize

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the  grant of  options  under  the Plan for a number  of shares in excess of the
number set forth in Section 2.

12. Use of Proceeds.

The proceeds received by the Company from the sale of stock pursuant to the Plan
may be used for general corporate purposes.

13. Amendment and Discontinuance.

The Board of  Directors  may from time to time alter or suspend  and at any time
discontinue the Plan.  However, no action of the Board of Directors may, without
approval  of the  stockholders,  increase  the  maximum  number  of shares to be
offered for sale under  options in the  aggregate  (other than  according to the
terms of Section 10 above),  modify the provisions of Section 3 hereof regarding
eligibility,  reduce the purchase price at which shares may be offered  pursuant
to options  (other  than  according  to the terms of  Section  10) or extend the
expiration date of the Plan; nor may any action of the Board of Directors or the
stockholders  alter or impair an optionee's rights under any outstanding  option
previously  granted  under the Plan,  without  the  consent of the holder of the
option.

14. Effective Date and Termination Date.

This Plan and any amendment thereto requiring  stockholder approval shall become
effective  upon the date of its  adoption  by the Board of  Directors,  subject,
however to approval by the  stockholders  of the Company within twelve months of
such date.  The Plan shall  remain in effect  until  terminated  by the Board of
Directors,  but not later  than ten years  after the date the Plan is  initially
adopted by the Board of Directors, or is approved by the shareholders, whichever
first occurs.

December 3, 1992.

Note (1): Plan amended to reflect stock splits consisting of a 2.17015:1 Reverse
Stock Split  effected  on May 9, 1994 and a 2:1 Forward  Stock Split on November
30, 1994.  Also reflects a change in par value to $.001 per share effective June
29, 1994.EXHIBIT 4.3

                           HEMISPHERx BIOPHARMA, INC.
                      (FORMERLY HEM PHARMACEUTICALS CORP.)
              AMENDED AND RESTATED 1993 EMPLOYEE STOCK OPTION PLAN

1.    PURPOSE.  The purpose of this Employee Stock Purchase Plan (the "Plan") is
      to provide employees of HEM Pharmaceuticals  Corp., a Delaware corporation
      (the "Company"), and its subsidiaries,  who wish to become stockholders of
      the  Company an  opportunity  to  purchase  shares of Common  Stock of the
      Company  (the  "Shares").  The Plan is intended to qualify as an "employee
      stock  purchase  plan"  within the meaning of Section 423 of the  Internal
      Revenue Code of 1986, as amended (the "Code").

2.    ELIGIBLE  EMPLOYEES.  Subject to  provisions of Sections 7, 8 and 9 below,
      any  individual  who is in the full-time  employment (as defined below) of
      the Company or any of its  subsidiaries  (as defined in Section 424 (f) of
      the Code) the employees of which are designated by the Company's  Board of
      Directors  (the "Board of  Directors")  as eligible to  participate in the
      Plan, is eligible to  participate in any Offering of Shares (as defined in
      Section 3 below) made by the Company hereunder. Full-time employment shall
      include all employees whose customary employment is:

      (a)   in excess of 20 hours per week; and

      (b)   more than five months in the relevant calendar year.

3.    OFFERING DATES.  From time to time the Company,  by action of the Board of
      Directors,  will grant right to purchase  Shares to employees  eligible to
      participate in the Plan pursuant to one or more  offerings  (each of which
      is an  "Offering")  on a date or  series  of  dates  (each  of which is an
      "Offering Date") designated for this purpose by the Board of Directors.

4.    PRICES.  The Price per share for each grant of rights  hereunder  shall be
      the lessor of:

      (a)   eighty-five percent (85%) of the fair market value of a Share on the
            Offering Date on which such right was granted; or

      (b)   eighty-five percent (85%) of the fair market value of a Share on the
            date  such  right is  exercised.  At its  discretion,  the  Board of
            Directors may determine a higher price for a grant of rights.

      For purposes of this Plan,  the term "fair market value" on any date means
      (i) the average (on that date) of the high and low prices of the Company's
      Common Stock on the principal  national  securities  exchange on which the

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      Common  Stock is traded,  if the Common Stock is then traded on a national
      securities  exchange;  or (ii) the last reported sale price (on that date)
      of the Common  Stock on the NASDAQ  National  Market  List,  if the Common
      Stock is not then traded on a national securities exchange;  and (iii) the
      average of the closing bid and asked  prices last quoted (on that date) by
      an established quotation service for over-the-counter  securities,  if the
      Common Stock is not reported on the NASDAQ  National  Market List.  If the
      Company's Common Stock is not publicly traded at the time right is granted
      under this Plan,  "fair market  value" shall mean the fair market value of
      the Common Stock as determined by the Board of Directors after taking into
      consideration all factors which it deems appropriate,  including,  without
      limitation,  recent sale and offer  prices of the Common  Stock in private
      transactions negotiated at arm's length.

5.    EXERCISE OF RIGHTS AND METHOD OF PAYMENT.

      (a)   Rights  granted under the Plan will be exercisable  periodically  on
            specified dates as determined by the Board of Directors.

      (b)   The method of payment for Shares  purchased  upon exercise or rights
            granted hereunder shall be through regular payroll  deductions or by
            lump sum  cash  payment,  or both,  as  determined  by the  Board of
            Directors.  No interest shall be paid upon payroll deductions unless
            specifically provided for the Board of Directors.

      (c)   Any payments  received by the Company from a participating  employee
            and not utilized for the purchase of Shares upon exercise of a right
            granted hereunder shall be promptly returned to such employee by the
            Company after termination of the right to which the payment relates.

6.    TERM OF RIGHTS.  Rights  granted on any Offering Date shall be exercisable
      upon  the  expiration  of such  period  ("Offering  Period")  as  shall be
      determined  by the Board of Directors  when it  authorizes  the  Offering,
      provided  that  such  Offering  Period  shall in no event be  longer  than
      twenty-seven (27) months.

7.    SHARES  SUBJECT TO THE PLAN.  No more than  138,240(1)  Shares may be sold
      pursuant  to  rights  granted  under  the Plan;  provided,  however,  that
      appropriate  adjustment  shall be made in such  number,  in the  number of
      Shares covered by outstanding  rights granted  hereunder,  in the exercise
      price of the rights and in the maximum  number of Shares which an employee
      may purchase  (pursuant to Section 9 below) to give effect to any mergers,
      consolidations,  reorganizations,  recapitalizations,  stock splits, stock
      dividends or other relevant changes in the  capitalization  of the Company
      occurring  after  the  effective  date  of  the  Plan,  provided  that  no
      fractional  Shares  shall be subject  to a right and each  right  shall be
      adjusted  downward to the nearest full Share.  Any  agreement of merger or

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      consolidation  will include provisions for protection of the then existing
      rights of participating  employees under the Plan.  Either  authorized and
      unissued Shares or issued Shares heretofore or hereafter reacquired by the
      Company may be made  subject to rights  under the Plan.  If for any reason
      any right under the Plan terminates in whole or in part, Shares subject to
      such terminated right may again be subjected to a right under the Plan.

8.    LIMITATIONS ON GRANTS.

      (a)   No employee  shall be granted a right  hereunder  if such  employee,
            immediately after the right is granted, would own stock or rights to
            purchase  stock  possessing  five  percent (5%) or more of the total
            combined  voting  power  or  value  of all  classes  of stock of the
            Company, or of any subsidiary,  computed in accordance with Sections
            423(b)(3) and 424(d) of the Code.

      (b)   No  employee  shall be granted a right  which  permits  his right to
            purchase  shares  under all  employee  stock  purchase  plans of the
            Company and its  subsidiaries  to accrue at a rate of which  exceeds
            twenty-five thousand dollars ($25,000) (or such other maximum as may
            be  prescribed  from  time to time by the  Code) of the fair  market
            value of such Shares  (determined at the time such right is granted)
            for each  calendar  year in which such right is  outstanding  at any
            time in accordance  with the provisions of Section  423(b)(8) of the
            Code.

      (c)   No  right  granted  to any  participating  employee  under a  single
            Offering  shall  cover  more  shares  than  may be  purchased  at an
            exercise  price  equal  to 10% of the  compensation  payable  to the
            employee  during the  Offering  not taking  into  consideration  any
            changes in the employee's  rate of  compensation  after the date the
            employee  elects  to  participate  in the  Offering,  or such  other
            percentage  as  determined  by the Board of  Directors  from time to
            time.

9.    LIMIT ON  PARTICIPATION.  Participation in an Offering shall be limited to
      eligible  employees  who  elect to  participate  in such  Offering  in the
      manner,  and  within  the time  limitation,  established  by the  Board of
      Directors when it authorizes the offering.

10.   CANCELLATION  OF ELECTION TO  PARTICIPATE.  An employee who has elected to
      participate  in an  Offering  may,  unless the  employee  has waived  this
      cancellation right at the time of such election in a manner established by
      the Board of  Directors,  cancel such election as to all (but not part) of
      the rights  granted under such Offering by giving  written  notice of such
      cancellation to the Company before the expiration of the Offering  Period.
      Any  amounts  paid by the  employee  for the  Shares or  withheld  for the
      purchase  of  Shares  from the  employee's  compensation  through  payroll
      deductions  shall be paid to the  employee,  without  interest,  upon such
      cancellation.

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11.   TERMINATION OF EMPLOYMENT.  Upon termination of employment for any reason,
      including the death of the  employee,  before the date of which any rights
      granted under the Plan are exercisable,  all such rights shall immediately
      terminate  and amounts paid by the employee for the Shares or withheld for
      the purchase of Shares from the employee's  compensation  through  payroll
      deductions  shall be paid to the  employee  or to the  employee's  estate,
      without interest.

12.   EMPLOYEE'S RIGHTS AS STOCKHOLDER. No participating employee shall have any
      rights as a stockholder in the Shares covered by a right granted hereunder
      until such rights has been  exercised,  full payment has been made for the
      corresponding Shares and the Share certificate is actually issued.

13.   RIGHTS  NOT  TRANSFERABLE.  Rights  under the Plan are not  assignable  or
      transferable by a participating  employee and are exercisable  only by the
      employee.

14.   LIMITS ON SALE OF STOCK  PURCHASED UNDER THE PLAN. The Plan is intended to
      provide  shares of Common  Stock for  investment  and not for resale.  The
      Company does not, however, intent to restrict or influence any employee in
      the conduct of his/her own affairs. An employee may, therefore, sell stock
      purchased under the Plan at any time the employee chooses,  subject to the
      compliance with any applicable Federal or state securities laws; provided,
      however,  that because of certain Federal tax requirements,  each employee
      agrees by entering  the Plan,  promptly to give the Company  notice of any
      such stock  disposed  of within  two years  after the date of grant of the
      applicable  right  showing  the  number of such  shares  disposed  of. THE
      EMPLOYEE  ASSUMES THE RISK OF ANY MARKET  FLUCTUATIONS IN THE PRICE OF THE
      STOCK.

15.   AMENDMENTS TO OR DISCONTINUANCE OF THE PLAN. The Board of Directors may at
      any time terminate or amend this Plan without  notice and without  further
      action on the part of stockholders of the Company, provided that:

      (a)   no such  termination or amendment  shall  adversely  affect the then
            existing rights of any participating employee;

      (b)   any such amendment which:

            (i)   increases the number of Shares subject to the Plan (subject to
                  the provisions of Section 7);

            (ii)  changes the class of persons eligible to participate under the
                  Plan;

                                       or

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            (iii) materially  increases  the benefits  accruing to  participants
                  under the Plan

      shall be subject to approval of the stockholders of the Company.

16.   EFFECTIVE  DATE AND  APPROVALS.  The Plan is being adopted by the Board of
      Directors  on  July 6,  1993 to  become  effective  as of such  time as an
      initial public offering of the Company's  securities occurs. The Company's
      obligation to offer, sell and deliver its Shares under the Plan is subject
      to the  approval of its  stockholders  and of any  governmental  authority
      required in connection with the authorized issuance or sale of such Shares
      and is further subject to the Company receiving the opinion of its counsel
      that all applicable securities laws have been complied with.

17.   TERM OF PLAN.  No rights  shall be  granted  under the Plan  after July 6,
      2003.

18.   ADMINISTRATION  OF THE PLAN.  The Board of Directors  or any  committee or
      persons to whom it delegates its  authority  (the  "Administrator")  shall
      administer,   interpret  and  apply  all   provisions  of  the  Plan.  The
      Administrator  may waive such provisions of the Plan as it deems necessary
      to meet special  circumstances not anticipated or covered expressly by the
      Plan.  Nothing  contained in this Section shall be deemed to authorize the
      Administrator  to  alter or  administer  the  provisions  of the Plan in a
      manner  inconsistent  with the  provisions  of Section 423 of the Code. No
      member  of  the   Administrator   shall  be  liable   for  any  action  or
      determination  made in good  faith  with  respect to the Plan or any right
      granted under it.

      July 6, 1993

Note (1): Plan amended to reflect stock splits consisting of a 2.17015:1 Reverse
Stock Split  effected  on May 9, 1994 and a 2:1 Forward  Stock Split on November
30, 1994.  Also includes a change in par value to $.001 per share effective June
29, 1994.

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