                                                                    Exhibit 14.1





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                                 CRDENTIA CORP.


                                     CODE OF

                           BUSINESS CONDUCT AND ETHICS






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                                TABLE OF CONTENTS


         CRDENTIA CORP. CODE OF BUSINESS CONDUCT AND ETHICS...................2

         POLICY STATEMENT.....................................................2

         APPROVALS AND WAIVERS................................................3

         CONFLICTS OF INTEREST................................................3

         BUSINESS RELATIONSHIPS...............................................3

         FAIR COMPETITION.....................................................4

         GIFTS, GRATUITIES, ENTERTAINMENT AND OTHER CONSIDERATIONS............4

         DOING BUSINESS INTERNATIONALLY.......................................4

         GOVERNMENT CONTRACTING...............................................5

         POLITICAL CONTRIBUTIONS AND LOBBYING.................................6

         ACCURACY OF REPORTS, RECORDS AND ACCOUNTS............................6

         GOVERNMENT INVESTIGATIONS............................................6

         REGULATORY COMPLIANCE................................................7

         INSIDER TRADING; COMMUNICATIONS WITH THIRD PARTIES...................7

         COMPLIANCE AND REPORTING.............................................8


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               CRDENTIA CORP. CODE OF BUSINESS CONDUCT AND ETHICS



POLICY STATEMENT

      It is the policy of Crdentia Corp. (the "Company" or "Crdentia") to
conduct its affairs in accordance with all applicable laws, rules and
regulations of the jurisdictions in which it does business. This Code of
Business Conduct and Ethics ("Code") applies to the Company's employees,
officers and non-employee directors, including the Company's principal executive
officer, principal financial officer, principal accounting officer or
controller, and persons performing similar functions ("Designated Executives").
This Code is the Company's "code of ethics" as defined in Item 406 of Regulation
S-K. This Code is designed to promote:

      o     honest and ethical conduct, including the ethical handling of actual
            or apparent conflicts of interest between personal and professional
            relationships;

      o     full, fair, accurate, timely and understandable disclosure in the
            reports and documents the Company files with, or submits to, the
            Securities and Exchange Commission and in other public
            communications made by the Company;

      o     compliance with applicable governmental laws, rules and regulations;

      o     the prompt internal reporting to the appropriate person of
            violations of this Code; and

      o     accountability for adherence to this Code.

      Crdentia has established standards for behavior that affects the Company,
and employees, officers and directors must comply with those standards. The
Company promotes ethical behavior and encourages employees to talk to
supervisors, managers, the Crdentia Compliance Team, or other appropriate
personnel when in doubt about the best course of action in a particular
situation. Non-employee directors are encouraged to talk to the Company's Chief
Executive Officer, President or Chief Financial Officer in such situations.
Anyone aware of a situation that he or she believes may violate or lead to a
violation of this Code should follow the guidelines under "Compliance and
Reporting" below.

      The Code covers a wide range of business practices and procedures. It does
not cover every issue that may arise, but it sets out basic principles to guide
you. Specific Company policies and procedures provide details pertinent to many
of the provisions of the Code. Many of these policies and procedures can be
found at http://www.crdentia.com. These policies and procedures are not a part
of the Code or incorporated herein. Although there can be no better course of
action than to apply common sense and sound judgment, do not hesitate to use the
resources available whenever it is necessary to seek clarification.


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APPROVALS AND WAIVERS

      Certain provisions of this Code require you to act, or refrain from
acting, unless prior approval is received from the appropriate person. Employees
requesting approval pursuant to this Code should request such approval from the
Company's Chief Executive Officer, President or Chief Financial Officer.
Approvals relating to executive officers and directors must be obtained from the
Company's Board of Directors. All other approvals may be granted by the
Company's Chief Executive Officer, President or Chief Financial Officer or their
designees.

      Other provisions of this Code require you to act, or refrain from acting,
in a particular manner and do not permit exceptions based on obtaining an
approval. Waiver of those provisions relating to executive officers and
directors may only be granted by the Company's Board of Directors and must be
promptly disclosed to shareholders. All other waivers may be granted by the
Company's Chief Executive Officer, President or Chief Financial Officer or their
designees. Changes in this Code may only be made by the Board of Directors and
must be promptly disclosed to shareholders.

CONFLICTS OF INTEREST

      A conflict of interest arises when your personal interests interfere with
your ability to act in the best interests of the Company. Employees must
discharge their responsibilities on the basis of what is in the best interest of
the Company independent of personal consideration or relationships. Non-employee
directors must discharge their fiduciary duties as directors of the Company.

      Employees should disclose any potential conflicts of interest to the
Company's Chief Executive Officer, President or Chief Financial Officer or their
designees, who can advise the employee as to whether or not the Company believes
a conflict of interest exists. An employee should also disclose potential
conflicts of interest involving the employee's spouse, siblings, parents,
in-laws, children and members of the employee's household. Non-employee
directors may discuss any concerns with the Company's Chief Executive Officer,
President or Chief Financial Officer.

BUSINESS RELATIONSHIPS

      Crdentia seeks to outperform its competition fairly and honesty. The
Company seeks competitive advantages through superior performance, not unethical
or illegal business practices. Each employee must endeavor to deal fairly with
the Company's customers, suppliers, competitors and employees and must not take
advantage of them through manipulation, concealment, abuse of privileged
information, misrepresentation of material facts, or any unfair-dealing
practice.

      Our customers are of the utmost importance to us. Crdentia employees must
always treat customers and potential customers according to the highest
standards of business conduct.

      Crdentia's suppliers - companies and individuals that sell products and
services to Crdentia - are important to our business. Crdentia employees should
always treat suppliers and potential suppliers in accordance with the highest
standards of business conduct.


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FAIR COMPETITION

      Fair competition laws, including the U.S. antitrust rules, limit what
Crdentia can do with another company and what Crdentia can do on its own.
Generally, the laws are designed to prohibit agreements or actions that reduce
competition and harm consumers. You may not enter into agreements or discussions
with competitors that have the effect of fixing or controlling prices, dividing
and allocating markets or territories, or boycotting suppliers or customers.
U.S. and foreign antitrust laws also apply to imports and exports.

GIFTS, GRATUITIES, ENTERTAINMENT AND OTHER CONSIDERATIONS

      Use of Company funds or other Company property for illegal, unethical or
otherwise improper purposes is prohibited. The purpose of business entertainment
and gifts in a commercial setting is to create goodwill and a sound working
relationship, not to gain personal advantage with customers or suppliers.

      Loans

      Employees may not accept loans from any person or entities having or
seeking business with the Company. Designated Executives and directors may not
receive loans from the Company, nor may the Company arrange for any loan.


      Bribes and Kickbacks

      The use of Company funds, facilities or property for any illegal or
unethical purpose is strictly prohibited, provided, however, that certain
facilitating payments discussed in "Doing Business Internationally" may be
permitted.

      o     You are not permitted to offer, give or cause others to give, any
            payments or anything of value for the purpose of influencing the
            recipient's business judgment or conduct in dealing with the Company
            other than facilitating payments.

      o     You may not solicit or accept a kickback or bribe, in any form, for
            any reason.

DOING BUSINESS INTERNATIONALLY

      Crdentia is committed to the highest business conduct standards wherever
it operates. Crdentia observes these standards worldwide, even at the risk of
losing business. While no one can anticipate all the situations that may present
challenges to Crdentia employees doing business in the worldwide marketplace,
the following guidelines always apply:

      o     Observe all laws and regulations, both U.S. and non-U.S., that apply
            to business abroad.

      o     Paying bribes to government officials is absolutely prohibited, even
            if those bribes are common practice, except for facilitating
            payments. You may not give, promise to give or authorize the giving


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            to a foreign official, a foreign political party, or official
            thereof or any candidate for foreign political office any money or
            offer, gift, promise to give or authorize the giving of anything of
            value to influence any act or decision, to induce such official,
            party or candidate to do or omit to do any act in violation of the
            lawful duty of such official, party or candidate, or to induce such
            official, party or candidate to use his or her influence with a
            foreign government or agency to affect or influence any act or
            decision of such foreign government or agency.

      o     Do not cooperate with illegal boycotts.

      o     Observe all licensing requirements and the requirements of
            applicable import and export control laws.

      o     Do not enter into an agreement with an agent or consultant that
            relates to Crdentia's business outside the United States unless it
            has been approved by the Company.

      The laws governing Crdentia's business in foreign countries are extensive
and complex, and may be different from those in the United States.

      Facilitating Payments to Low-Level Non-U.S. Governmental Employees and
      Officials for Non-Discretionary Action

      Crdentia is committed to complying with the laws of the countries where it
operates. In some countries, a very limited category of small payments to
facilitate or expedite routine nondiscretionary governmental actions may be
permitted as exceptions to antibribery laws, including the U.S. Foreign Corrupt
Practices Act ("FCPA"). The requirements pertaining to such payments are
complex. Crdentia employees engaged in international business activities must
obtain prior approval of the Company's Chief Executive Officer, President or
Chief Financial Officer before making any such payment.

      These "facilitating payments" to non-U.S. governmental officials are
distinguished from payments made to influence a discretionary decision or to
cause violation of, or an act in conflict with, the interests of an individual's
employer, which are strictly prohibited.

GOVERNMENT CONTRACTING

      Detailed laws and regulations govern virtually every aspect of doing
business with the U.S. government and its agencies. Activities that might be
permitted when working with the private sector may be improper or even illegal
when a national or local government is the customer.

      Crdentia employees who deal with government representatives are
responsible for knowing and obeying the laws and regulations applicable to doing
business with the U.S. government.


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POLITICAL CONTRIBUTIONS AND LOBBYING

      No political contributions are to be made using Crdentia funds or assets,
or the funds or assets of any Crdentia subsidiary, to any political party,
political campaign, political candidate or public official in the United States
or any foreign country, unless the contribution is lawful and expressly
authorized. In addition, you may not make a political contribution on behalf of
Crdentia or its subsidiaries, or with the appearance that such contribution is
being made on behalf of Crdentia or its subsidiaries, unless expressly
authorized. A "contribution" is any direct or indirect payment, distribution,
loan, advance, deposit, or gift of money, services or anything of value in
connection with an election or to an organization or group formed to support or
defend a referendum or ballot issue.

      Employees must obtain approval to hire outside counsel or a public affairs
firm to contact government officials regarding legislation, regulatory policy,
or rule making. This includes grassroots lobbying contacts.

ACCURACY OF REPORTS, RECORDS AND ACCOUNTS

      You are responsible for the accuracy of your records, time sheets and
reports. Accurate information is essential to Crdentia's ability to meet legal
and regulatory obligations and to compete effectively. The records and books of
account of Crdentia must meet the highest standards and accurately reflect the
true nature of the transactions they record. Destruction of any records, books
of account or other documents except in accordance with Crdentia's document
retention policy is strictly prohibited.

      You must not create false or misleading documents or accounting, financial
or electronic records for any purpose relating to Crdentia, and no one may
direct an employee to do so. For example, expense reports must accurately
document expenses actually incurred in accordance with Crdentia policies. You
must not obtain or create "false" invoices or other misleading documentation or
invent or use fictitious entities, sales, purchases, services, loans or other
financial arrangements for any purpose relating to Crdentia. Employees are also
responsible for accurately reporting time worked.

      No undisclosed or unrecorded account or fund may be established for any
purpose. No false or misleading entries may be made in the Company's books or
records for any reason. No disbursement of corporate funds or other corporate
property may be made without adequate supporting documentation or for any
purpose other than as described in the documents. All employees must comply with
generally accepted accounting principles and the Company's internal controls at
all times.

GOVERNMENT INVESTIGATIONS

      You must promptly notify counsel of any government investigation or
inquiries from government agencies concerning Crdentia. You may not destroy any
record, books of account, or other documents relating to Crdentia except in
accordance with the Company's document retention policy. If you are aware of a


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government investigation or inquiry you may not destroy any record, books of
account, or other documents relating to Crdentia unless advised by the Company's
Chief Executive Officer, President or Chief Financial Officer or their
designees, that you may continue to follow the Company's normal document
retention policy.

      You must not obstruct the collection of information, data or records
relating to Crdentia. The Company provides information to the government that it
is entitled to during an inspection, investigation, or request for information.
You must not lie to government investigators or making misleading statements in
any investigation relating to Crdentia. You must not attempt to cause any
employee to fail to provide accurate information to government investigators.

REGULATORY COMPLIANCE

      The Company operates in a highly regulated environment. The agencies that
regulate its business include the U.S. Department of Health and Human Services,
plus many other federal, state and local agencies. The Company and its employees
must comply with the regulatory requirements of these agencies. Employees are
expected to take an active role by being knowledgeable about all applicable laws
and regulations, attending trainings and requesting information. Employees are
required to immediately report regulatory violations, suspected regulatory
violations, or potentially harmful or dangerous conditions to a supervisor.

INSIDER TRADING; COMMUNICATIONS WITH THIRD PARTIES

      Employees, officers and directors who have access to the Company's
confidential information are not permitted to use or share that information for
stock trading purposes or for any other purpose except the conduct of our
business.

      Insider Trading

      Inside information is material information about a publicly traded company
that is not known by the public. Information is deemed "material" if it could
affect the market price of a security or if a reasonable investor would attach
importance to the information in deciding whether to buy, sell or hold a
security. Inside information typically relates to financial conditions, such as
progress toward achieving revenue and earnings targets or projections of future
earnings or losses of the Company. Inside information also includes changes in
strategy regarding a proposed merger, acquisition or tender offer, new products
or services, contract awards and other similar information. Inside information
is not limited to information about Crdentia. It also includes material
non-public information about others, including the Company's customers,
suppliers, and competitors.

      Insider trading is prohibited by law. It occurs when an individual with
material, non-public information trades securities or communicates such
information to others who trade. The person who trades or "tips" information
violates the law if he or she has a duty or relationship of trust and confidence
not to use the information.

      Trading or helping others trade while aware of inside information has
serious legal consequences, even if the Insider does not receive any personal
financial benefit. Insiders may also have an obligation to take appropriate
steps to prevent insider trading by others.


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      Confidential Information

      You must maintain the confidentiality of information entrusted to you by
the Company or its customers, except when disclosure is authorized or legally
mandated. Confidential information includes all non-public information,
including information that might be of use to competitors or harmful to the
Company or its customers if disclosed.

COMPLIANCE AND REPORTING

      Compliance

      Any employee who violates the provisions of this Code will be subject to
disciplinary action, up to and including termination. Willful disregard of
criminal statutes underlying this Code may require the Company to refer such
violation for criminal prosecution or civil action.

      Reporting Procedures and Other Inquiries

      Questions regarding the policies in this Code may be directed to
Crdentia's Compliance Team. Managers and supervisors are also resources who can
provide timely advice and guidance to employees on ethics and compliance
concerns. Any employee having knowledge of, or questions or concerns about, an
actual or possible violation of the provisions of this Code is encouraged to
promptly report the matter to his or her immediate supervisor or to a member of
the Compliance Team. The names and contact information for the members of the
Compliance Team are set out below. Directors are encouraged to discuss any
issues or concerns with the Company's Chief Executive Officer, President or
Chief Financial Officer.

      If you have concerns relating to Crdentia's accounting, internal controls
or auditing matters, you may also confidentially, and anonymously if you desire,
submit the information in writing to the Company's Audit Committee of the
Directors c/o Chief Financial Officer, Crdentia Corp., 14114 Dallas Parkway,
Suite 600, Dallas, Texas 75254

      When submitting concerns, you are asked to provide as much detailed
information as possible. Providing detailed, rather than general, information
will assist us in effectively investigating complaints. This is particularly
important when you submit a complaint on an anonymous basis, since we will be
unable to contact you with requests for additional information or clarification.

      We are providing these anonymous reporting procedures so that you may
disclose genuine concerns without feeling threatened. Employees who choose to
identify themselves when submitting a report may be contacted in order to gain
additional information.

      All conversations, calls and reports made under this policy in good faith
will be taken seriously. Any allegations that are knowingly false or without a
reasonable belief in the truth and accuracy of such information will be viewed
as a serious disciplinary offense.


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      Policy Prohibiting Unlawful Retaliation or Discrimination

      Neither the Company nor any of its employees may discharge, demote,
suspend, threaten, harass or in any manner discriminate against any employee in
the terms and conditions of employment based upon any lawful actions of such
employee who in good faith:

      o     provides information or assists in an investigation relating
            regarding any conduct which the employee reasonably believes
            constitutes a violation of Fraud Laws (as defined below); or

      o     files, testifies participates or otherwise assists in a proceeding
            that is filed or about to be filed (with any knowledge of the
            Company) relating to an alleged violation of a Fraud Law.

      This policy applies in any instance where such information or assistance
provided to, or the investigation is conducted by, a federal regulatory or law
enforcement agency, any member or committee of Congress, or any person with
supervisory authority over the employee or the authority to investigate
misconduct relating to potential securities violations by the Company or its
employees. For purposes of this policy, a "Fraud Law" is a violation of federal
criminal law involving:

      o     securities fraud, mail fraud, bank fraud or wire, radio or
            television fraud;

      o     violations of SEC rules or regulations; or

      o     violations of any federal law relating to fraud against
            shareholders.

      The Crdentia Compliance Team:

      James D. Durham, Chief Executive Officer

      Pamela G. Atherton, President

      James J. TerBeest, Chief Financial Officer

      This document is not an employment contract between Crdentia and its
employees, nor does it modify their employment relationship with the Company.

      This Code is intended to clarify your existing obligation for proper
conduct. The standards and the supporting policies and procedures may change
from time to time in the Company's discretion. You are responsible for knowing
and complying with the current laws, regulations, standards, policies and
procedures that apply to the Company's work. The most current version of this
document can be found at www.crdentia.com.


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                                 ACKNOWLEDGEMENT


      I acknowledge that I have received and read a copy of the Crdentia Corp.
Code of Business Conduct and Ethics (the "Code"). I understand that I am
responsible for knowing and complying with the policies set forth in the Code
during my employment with the Company.

      I also acknowledge my responsibility to report any violation of this Code
to my supervisor or to a member of the Compliance Team.

      I further understand that the policies contained in the Code are not
intended to create any contractual rights or obligations, express or implied. I
also understand that, consistent with applicable law, the Company has the right
to amend, interpret, modify or withdraw any of the provisions of the Code at any
time in its sole discretion, with or without notice.

      I understand and agree that my relationship with the Company is "at-will,"
which means that my employment is for no definite period and may be terminated
by me or by the Company at any time and for any reason, with or without cause or
advance notice. I also understand that the Company may demote or discipline me,
or otherwise alter the terms of my employment, at any time with or without cause
or advance notice.

      Finally, I understand and agree that the terms of this Acknowledgement,
and my at-will relationship with the Company, may not be modified or superseded
except by a written agreement signed by an officer of the Company; that no other
employee or representative of the Company has the authority to enter into any
such agreement; and that any agreement inconsistent with this Acknowledgement or
agreeing to employ me for a specified term will be unenforceable unless in
writing and signed by an officer of the Company.



Employee Name:_________________________________________________________________
                               (please print)

_______________________________________________________________________________
           Signature                               Date

Title: _________________________________      Dept.:  _________________________


Please return this completed form to_______________________________ within one
week from the date of your review of these documents. Thank you!




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