agreement

Exhibit 4.5

                         BRISTOL INVESTMENT GROUP, INC.

                               MEMBER NASD ~ SIPC

                         135 EAST 57TH STREET, 17TH FL.

                               NEW YORK, NY 10022

                         ------------------------------

                                ALAN P. DONENFELD

                                    President

                               Tel (212) 593-1600

                               Fax (212) 593-3155

                             alan@BristolDirect.com

March 9, 2005

Nutrition 21, Inc.

4 Manhattanville Road

Purchase, NY 10577

Attention:  Gail  Montgomery,  President  and  CEO & Paul S.  Intlekofer,  Chief

Financial Officer.

Ladies and Gentlemen:

This letter  confirms the  agreement  between  Bristol  Investment  Group,  Inc.

("Bristol") and Nutrition 21, Inc. (the "Company") with respect to the Company's

engagement  of Bristol to act as the  Company's  placement  agent of  investment

capital through a private placement transaction.

1.  Services and Term.  Bristol will assist the Company in raising  capital in a

financing. The offering structure, terms and conditions of the financing will be

determined by the Company,  in its sole  discretion.  The term of this Agreement

(the  "Term")  shall  commence  upon its  signing and may be  terminated  by the

Company at any time upon thirty days prior written notice (a "Termination").

2.  Financing  Fees.  Bristol shall receive for its services a cash fee equal to

four  percent  (4%) of the amount of capital  raised from  Bristol  Contacts (as

defined  below) with such cash fee payable by wire  transfer  out of the closing

proceeds of each financing.  In addition, the Company shall sell to Bristol, and

Bristol  shall  purchase from the Company,  for $0.001 per share,  warrants (the

"Warrants")  to  purchase  four  percent  (4%) of the number of shares of Common

Stock  purchased  and/or  obtainable  by  investors  in each  financing  through

conversion of notes or preferred stock issued in the  financing(s) not to exceed

three  hundred  thousand  warrants as part of this  financing  transaction.  The

Warrants  shall be  exercisable  over a five  year  term  and  shall  include  a

"cashless  exercise"  provision.  The exercise price of all Warrants issued in a

financing  shall be equal  to the  lowest  common  stock  purchase  price or the

conversion price of a convertible  security paid by investors in that financing.

Bristol shall be entitled to "piggy back" registration  rights pursuant to which

the  Company  agrees to  register  the shares  underlying  the  Warrants  on any

registration  statement filed by the Company,  other than on Form S-8, including

the registration by the investors in the financing. From time to time during the

Term,  Bristol  shall  submit a written list of  potential  investors  ("Bristol

Contacts").  Bristol  Contacts shall be deemed to include the affiliates of such

Bristol Contacts and any third party investor who learns of the financing or the

Company through a Bristol Contact or the efforts of Bristol.  To the extent more

fully  set forth in  Section  3, the  Bristol  Contacts  shall be the  exclusive

contacts of Bristol with respect to Bristol's right to earn  compensation  under

the terms hereunder even if a Bristol Contact(s) provides capital to the Company

in a financing not related to the contemplated Bristol financing.

                                       1

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3. Survival of Agreement.  Paragraphs 2, 4 and 5,  including the  exclusivity of

Bristol's   Contacts,   shall  survive  the   Termination  of  this   Agreement.

Notwithstanding  the Termination of the Agreement,  Bristol shall be entitled to

receive  compensation  in the amounts set forth above until the date that is the

second anniversary of the Termination.

4. Governing Law, Benefits and  Modifications.  This Agreement shall be governed

by,  and  interpreted  in  accordance  with,  the laws of the  State of New York

applicable to agreements made and to be fully performed therein. The invalidity,

illegality or  unenforceability  of any provision of this Agreement  shall in no

way effect the validity,  legality or  enforceability  or any other provision of

this Agreement.  <