Vice-president of Clinical Research At A Salary of $15 Employment Agreement

March 14, 2005



Alexander M. Milstein, M. D.



Dear Dr. Milstein:



We are pleased to offer you the position of Vice-President of Clinical Research at a salary of $15,000 per month (which, if computed on an annual basis, would be equivalent to $180,000), payable semi-monthly. You will report to me, and your start date will be as soon as possible. This offer has been approved by the MacroPore Board of Directors.



You will receive MacroPore92s employee benefits comparable to MacroPore92s standard package, including PPO medical insurance for you and your family, group life insurance, group long-term disability insurance, and participation in our flexible spending account and 401(k) plan. Your paid time off will be four (4) weeks per year.



I understand that you will remain in the Boston area for up to a year but then will relocate to San Diego. During that time your expenses incurred in traveling to San Diego from Boston to work in our office will be reimbursed to you as business travel expenses. To assist in your relocation to

San Diego, we will reimburse you for reasonable expenses incurred related to your move to San Dieg ...