Exhibit 10.48

[CAYMAN CHEMICAL LOGO]                      LEASE EXTENSION - Third Renewal Term


      THIS LEASE EXTENSION is entered into this _21__ day of September, 2002,
between MAXEY, LLC, a Michigan limited liability company, whose address is 1180
East Ellsworth, Ann Arbor, Michigan 48108 ("Landlord"), and ESPERION
THERAPEUTICS, INC., a Delaware corporation, whose address is 3621 South State
Street, 695 KMS Place, Ann Arbor, Michigan 48108 ("Tenant").

                             W I T N E S S E T H:

      WHEREAS, the parties hereto have entered into a certain lease dated
January 4, 1999 for the vivarium annex to the building owned by Landlord at 1180
East Ellsworth Road, Pittsfield Township, Washtenaw County, Michigan, containing
approximately 5,150 square feet of space (the "Lease").

      NOW, THEREFORE, in consideration of the terms, conditions and covenants
hereinafter set forth to be paid, kept and performed by Landlord and Tenant, the
parties hereto agree as follows:

      Pursuant to Section 2, it is mutually agreed that the lease is hereby
extended for an additional one (1) year period (the second "Renewal Term").
Tenant will pay to the Landlord rent at the rate of Sixteen thousand, two
hundred and fifty ($16,250.00) dollars commencing on January 1, 2003 and
continuing on the first day of each and every month thereafter for the next
succeeding twelve (12) months.

      All other terms and conditions of the Lease remain in full force and
effect.

LANDLORD * * *                                  TENANT * * *

MAXEY, LLC                                      ESPERION THERAPEUTICS, INC.



By: /s/ Kirk M. Maxey, M.D.                     By: /s/ Roger S. Newton
   ---------------------------------                ----------------------------
       Kirk M. Maxey, M.D.                            Roger S. Newton, Ph.D.
       Its President                                  Its President


Date:  10-22-02                                 Date:   10-23-02
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