<PAGE>
Exhibit 99.2
REVOLVING NOTE
No. _____________
$2,750,000.00
Date: as of March 29,
2005
Troy, Michigan
Due Date: March 31,
2006
FOR VALUE
RECEIVED, ROCKWELL MEDICAL TECHNOLOGIES, INC., a Michigan
corporation (the "Borrower"), whose address
is 30142 Wixom Road, Wixom, Michigan
48393, promises to pay to the order of
STANDARD FEDERAL BANK NATIONAL
ASSOCIATION, a national banking association
(hereinafter, together with any
holder hereof, the "Bank"), whose address
is 2600 West Big Beaver Road, Troy,
Michigan 48084, on or before March 31, 2006
("Revolving Loan Maturity Date"),
the lesser of (i) Two Million Seven Hundred
Fifty Thousand and 00/100 DOLLARS
($2,750,000.00), or (ii) the aggregate
principal amount of all Revolving Loans
outstanding under and pursuant to that
certain Loan and Security Agreement dated
as of March 29, 2005, executed by and
between the Borrower and the Bank, as
amended from time to time (as amended,
supplemented or modified from time to
time, the "Loan Agreement"), and made
available by the Bank to the Borrower at
the maturity or maturities and in the
amount or amounts stated on the records of
the Bank, together with interest (computed
on the actual number of days elapsed
on the basis of a 360 day year) on the
aggregate principal amount of all
Revolving Loans outstanding from time to
time as provided in the Loan Agreement.
Capitalized words and phrases not otherwise
defined herein shall have the
meanings assigned thereto in the Loan
Agreement.
This Revolving
Note evidences the Revolving Loans Letters of Credit and
other indebtedness incurred by the Borrower
under and pursuant to the Loan
Agreement, to which reference is hereby
made for a statement of the terms and
conditions under which the Revolving Loan
Maturity Date or any payme
