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EXHIBIT 10.2
BURNHAM
HILL PARTNERS
A DIVISION OF
PALI CAPITAL INC.
370 LEXINGTON AVENUE TEL 212-980-2200
NEW YORK, NEW YORK 10022 FAX
212-980-9466
November 8, 2005
Mr. Walter Witoshkin
A-Fem Medical Corporation
321 Norristown Rd. Suite 230
Ambler, PA 19002
Dear Mr. Witoshkin.:
This agreement confirms the
engagement of Burnham Hill Partners, a
division of Pali Capital, Inc. ("BHP") by A-Fern Medical Corporation
("A-Fem" or
the "Company") as its financial advisor in connection with one or
more potential
strategic transactions, which may include an acquisition, partnership,
strategic
alliance or merger (a. "Strategic Transaction"). In the event the
Company elects
to pursue an equity or debt financing during the term of this engagement or an
equity or debt financing is required in connection with a Strategic
Transaction,
BHP and the Company shall enter into a separate letter agreement, to be
negotiated in good faith on commercially standard terms, related to such
financing activity. This engagement shall have a term of six months, which term
may be extended upon mutual written agreement of the parties.
As part of BHP's engagement, at the Company's request, BHP will use its
commercially reasonable best efforts to:
(a)
assist the Company in analyzing and evaluating the business,
operations and financial
position of each suitable prospect for a
Strategic Transaction;
(b)
assist the Company with its due diligence efforts related to each
potential Strategic
Transaction;
(c)
assist the Company in structuring and negotiating each Strategic
Transaction; and
(d)
be available at the Company's request to meet with your Board of
Directors to discuss any
proposed Strategic Transaction and its
financial implications;
(e)
assist the Company with the identification of potential merger,
acquisition, partnership or
strategic alliance candidates; andassist
the Company in identifying
potential sources of funding.
In connection with BHP's engagement hereunder, the Company shall compensate BHP
as set forth below:
(a)
Upon execution of this engagement, the Company shall issue to BHP and
its registered assignees
100,000 common stock purchase warrants
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