BANK GUARANTEE 1/17/2002

Exhibit 10.4

(LOGO) SANPAOLO IMI

BASILICATA REGION
Business Production and Political Activities Department
Programmes and Incentives Office
Via Anzio, 44
85100 POTENZA

Bollate, 17^th January 2002

Guarantee No. 07083/8200/172588

CONSIDERING THAT:

•

the Basilicata Region, in carrying out the Institutional Agreement of 05/01/2000 for the use of funds as per CIPE Resolution No. 120/99 of 30/06/1999 translated into law with the Regional Council resolution No. 1393 of 29/02/2000 has granted, in a provisional manner, with an Executive Order no. 73C.2001/D. 268 of 29/03/2001 to Biosearch Manufacturing Srl a grant of Lire [*] = (Euro [*]) for the implementation of an [*] in the Industrial Area of the Basento Valley;



•

on such a grant [*] and that Biosearch Manufacturing Srl is required, in accordance with the Basento Valley Tender Call, art. 14, to present a guarantee to the Basilicata Region for [*] to be issued by way of [*];



•

that with a decree of the Treasury Ministry of 22/04/1997, published in the Official Gazette of the Italian Republic No. 96 of 26/04/97 the Guarantee scheme provided for by Art. 56, paragraph 2, of Law no. 52 of 6^th February has been approved, and that this deed is in conformity with the above-mentioned scheme;



•

that the amount to be guaranteed is Lire [*] (Euro [*]) corresponding to [*]% of the grant given as specified above and with the exceptions specified later in this deed;

Having stated all this
which forms an integral part of this deed

        The underwritten ISTITUTO BANCARIO SAN PAOLO DI TORINO—ISTITUTO MOBILIARE ITALIANO SPA, (hereafter "Bank" in short), registered office in Turin, registered in the Turin business register under No. 5084.9.0 in the Bank Register at the Bank of Italy, through the underwritten Mr LIVIO VOGLIOTTI, born on 16/07/52 in Verolengo (Turin) in his capacity as Officer,

Declares

To appoint itself as guarantor, as this deed states, on behalf of Biosearch Manufacturing Srl, hereafter indicated by the name of Biosearch Srl, and in favour of the Basilicata Region, hereafter called Administration in short, up to the amount of Euro [*] ([*] Euros and [*] cents), in addition to what is specified later.

1.

It undertakes irrevocably and unconditionally to pay the Administration the amount guaranteed with the deed herein should Biosearch Manufacturing Srl fail to refund the same amount within [*] of the date of the receipt of the special notice sent by the Administration itself, in the event of an improper use of the advanced funds.

The amount of the r