<PAGE>
                                                                  EXHIBIT 10.70

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS
EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES

                             STOCK PURCHASE WARRANT


                To Purchase 12,000,000 Shares of Common Stock of

                                 VIRAGEN, INC.

         THIS CERTIFIES that, for value received, Talisman Management Limited
(the "Holder"), is entitled, upon the terms and subject to the limitations on
exercise and the conditions hereinafter set forth, at any time on or after
March 31, 2003 (the "Initial Exercise Date") and on or prior to the close of
business on the fifth anniversary of the Initial Exercise Date (the
"Termination Date") but not thereafter, to subscribe for and purchase from
Viragen, Inc., a corporation incorporated in the State of Delaware (the
"Company"), up to 12,000,000 shares (the "Warrant Shares") of Common Stock, par
value $0.01 per share, of the Company (the "Common Stock"). The purchase price
of one share of Common Stock (the "Exercise Price") under this Warrant shall be
$0.10, subject to adjustment hereunder. The Exercise Price and the number of
Warrant Shares for which the Warrant is exercisable shall be subject to
adjustment as provided herein. CAPITALIZED TERMS USED AND NOT OTHERWISE DEFINED
HEREIN SHALL HAVE THE MEANINGS SET FORTH IN THAT CERTAIN COMMON STOCK PURCHASE
AGREEMENT (THE "PURCHASE AGREEMENT"), DATED MARCH 31, 2003, BETWEEN THE COMPANY
AND THE INVESTORS SIGNATORY THERETO.




                                       1
<PAGE>




         1. Title to Warrant. Prior to the Termination Date and subject to
compliance with applicable laws, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company by
the Holder in person or by duly authorized attorney, upon surrender of this
Warrant together with the Assignment Form annexed hereto properly endorsed.

         2. Authorization of Shares. The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this
Warrant, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges in respect of the issue thereof (other
than taxes in respect of any transfer occurring contemporaneously with such
issue).

         3. Exercise of Warrant.

               (a) Exercise of the purchase rights represented by this Warrant
     may be made at any time or times on or after the Initial Exercise Date and
     on or before the Termination Date by delivery to the Company of a duly
     executed facsimile copy of the Notice of Exercise Form annexed hereto (or
     such other office or agency of the Company as it may designate by notice
     in writing to the registered Holder at the address of such Holder
     appearing on the books of the Company); provided, however, within 5
     Trading Days of the date said Notice of Exercise is delivered to the
     Company, the Holder shall have surrendered this Warrant to the Company and
     the Company shall have received payment of the aggregate Exercise Price of
     the shares thereby purchased by wire transfer or cashier's check drawn on
     a United States bank. Certificates for shares purchased hereunder shall be
     delivered to the Holder within the earlier of (i) 5 Trading Days after the
     date on which the Notice of Exercise shall have been delivered by
     facsimile copy or (ii) 3 Trading Days from the delivery to the Company of
     the Notice of Exercise Form by facsimile copy, surrender of this Warrant
     and payment of the aggregate Exercise Price as set forth above ("Warrant
     Share Delivery Date"); provided, however, in the event the Warrant is not
     surrendered or the aggregate Exercise Price is not received by the Company
     within 5 Trading Days after the date on which the Notice of Exercise shall
     be delivered by facsimile copy, the Warrant Share Delivery Date shall be
     extended to the extent such 5 Trading Day period is exceeded. This Warrant
     shall be deemed to have been exercised on the date the Notice of Exercise
     is delivered to the Company by facsimile copy. The Warrant Shares shall be
     deemed to have been issued, and Holder or any other person so designated
     to be named therein shall be deemed to have become a holder of record of
     such shares for all purposes, as of the date the Warrant has been
     exercised by payment to the Company of the Exercise Price and all taxes
     required to be paid by the Holder, if any, pursuant to Section 5 prior to
     the issuance of such shares, have been paid. If the Company fails to
     deliver to the Holder a certificate or certificates representing the
     Warrant Shares pursuant to this Section 3(a) by the Warrant Share Delivery
     Date, then the Holder will have the right to rescind such exercise. In
     addition to any other rights available to the Holder, if the Company fails
     to deliver to the Holder a certificate or certificates representing the
     Warrant Shares pursuant to an exercise by the




                                       2
<PAGE>

     second Trading Day after the Warrant Share Delivery Date, and if after
     such Trading Day the Holder purchases (in an open market transaction or
     otherwise) shares of Common Stock to deliver in satisfaction of a sale by
     the Holder of the Warrant Shares which the Holder anticipated receiving
     upon such exercise (a "Buy-In"), then the Company shall (1) pay in cash to
     the Holder the amount by which (x) the Holder's total purchase price
     (including brokerage commissions, if any) for the shares of Common Stock
     so purchased exceeds (y) the amount obtained by multiplying (A) the number
     of Warrant Shares that the Company was required to deliver to the Holder
     in connection with the exercise at issue times (B) the closing bid price
     of the Common Stock at the time of the obligation giving rise to such
     purchase obligation, and (2) at the option of the Holder, either reinstate
     the portion of the Warrant and equivalent number of Warrant Shares for
     which such exercise was not honored or deliver to the Holder the number of
     shares of Common Stock that would have been issued had the Company timely
     complied with its exercise and delivery obligations hereunder. For
     example, if the Holder purchases Common Stock having a total purchase
     price of $11,000 to cover a Buy-In with respect to an attempted exercise
     of shares of Common Stock with a market price on the date of exercise
     totaled $10,000, under clause (1) of the immediately preceding sentence
     the Company shall be required to pay the Holder $1,000. The Holder shall
     provide the Company written notice indicating the amounts payable to the
     Holder in respect of the Buy-In. Nothing herein shall limit a Holder's
     right to pursue any other remedies available to it hereunder, at law or in
     equity including, without limitation, a decree of specific performance
     and/or injunctive relief with respect to the Company's failure to timely
     deliver certificates representing shares of Common Stock upon exercise of
     the Warrant as required pursuant to the terms hereof.

               (b) If this Warrant shall have been exercised in part, the
     Company shall, at the time of delivery of the certificate or certificates
     representing Warrant Shares, deliver to Holder a new Warrant evidencing
     the rights of Holder to purchase the unpurchased Warrant Shares called for
     by this Warrant, which new Warrant shall in all other respects be
     identical with this Warrant.

               (c) Notwithstanding anything herein to the contrary, in no event
     shall the Holder be permitted to exercise this Warrant for Warrant Shares
     to the extent that (i) the number of shares of Common Stock owned by such
     Holder (other than Warrant Shares issuable upon exercise of this Warrant)
     plus (ii) the number of Warrant Shares issuable upon exercise of this
     Warrant, would be equal to or exceed 4.9999% of the number of shares of
     Common Stock then issued and outstanding, including shares issuable upon
     exercise of this Warrant held by such Holder after application of this
     Section 3(c). As used herein, beneficial ownership shall be determined in
     accordance with Section 13(d) of the Exchange Act. To the extent that the
     limitation contained in this Section 3(c) applies, the determination of
     whether this Warrant is exercisable (in relation to other securities owned
     by the Holder) and of which a portion of this Warrant is exercisable shall
     be in the sole discretion of such Holder, and the submission of a Notice
     of Exercise shall be deemed to be such Holder's determination of whether
     this Warrant is exercisable (in relation to other securities owned by such
     Holder) and of which portion of this Warrant is exercisable, in each case
     subject to such aggregate percentage limitation, and the Company shall
     have no obligation to verify or confirm the accuracy of such



                                       3
<PAGE>

     determination. Nothing contained herein shall be deemed to restrict the
     right of a Holder to exercise this Warrant into Warrant Shares at such
     time as such exercise will not violate the provisions of this Section
     3(c). The provisions of this Section 3(c) may be waived by the Holder
     upon, at the election of the Holder, not less than 61 days' prior notice
     to the Company, and the provisions of this Section 3(c) shall continue to
     apply until such 61st day (or such later date, as determined by the
     Holder, as may be specified in such notice of waiver). No exercise of this
     Warrant in violation of this Section 3(c) but otherwise in accordance with
     this Warrant shall affect the status of the Warrant Shares as validly
     issued, fully-paid and nonassessable.

               (d) If after one year if there is no effective Registration
     Statement registering the Warrant Shares, this Warrant may also be
     exercised by means of a "cashless exercise" in which the Holder shall be
     entitled to receive a certificate for the number of Warrant Shares equal
     to the quotient obtained by dividing [(A-B) (X)] by (A), where:

          (A) = the average of the high and low trading prices per share of
                Common Stock on the Trading Day preceding the date of such
                election;

          (B) = the Exercise Price of the Warrants; and

          (X) = the number of Warrant Shares issuable upon exercise of the
                Warrants in accordance with the terms of this Warrant.

               (e) Until the Company obtains Shareholder Approval (as defined
     in Section 4.16 of the Purchase Agreement), the Holder's right to exercise
     this Warrant shall be limited to the extent such exercise causes the
     issuance to exceed such Holder's (or its predecessor's) pro-rata portion
     of the Issuable Maximum (as defined in Section 4(a)(iii) of the
     Debenture). The Termination Date shall be extended for a number of Trading
     Days equal to the number of days the exercise of this Warrant is
     prohibited hereunder.



                                       4
<PAGE>

         4. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price.

         5. Charges, Taxes and Expenses. Issuance of certificates for Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such certificate, all
of which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; provided, however, that in the event certificates for
Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder; and the Company
may require, as a condition thereto, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto.

         6. Closing of Books. The Company will not close its stockholder books
or records in any manner which prevents the timely exercise of this Warrant.

         7. Transfer, Division and Combination.

               (a) Subject to compliance with any applicable securities laws,
     transfer of this Warrant and all rights hereunder, in whole or in part,
     shall be registered on the books of the Company to be maintained for such
     purpose, upon surrender of this Warrant at the principal office of the
     Company, together with a written assignment of this Warrant substantially
     in the form attached hereto duly executed by the Holder or its agent or
     attorney and funds sufficient to pay any transfer taxes payable upon the
     making of such transfer. Upon such surrender and, if required, such
     payment, the Company shall execute and deliver a new Warrant or Warrants
     in the name of the assignee or assignees and in the denomination or
     denominations specified in such instrument of assignment, and shall issue
     to the assignor a new Warrant evidencing the portion of this Warrant not
     so assigned, and this Warrant shall promptly be cancelled. A Warrant, if
     properly assigned, may be exercised by a new holder for the purchase of
     Warrant Shares without having a new Warrant issued.

               (b) This Warrant may be divided or combined with other Warrants
     upon presentation hereof at the aforesaid office of the Company, together
     with a written notice specifying the names and denominations in which new
     Warrants are to be issued, signed by the Holder or its agent or attorney.
     Subject to compliance with Section 7(a), as to any transfer which may be
     involved in such division or combination, the Company shall execute and
     deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
     to be divided or combined in accordance with such notice.

               (c) The Company shall prepare, issue and deliver at its own
     expense (other than transfer taxes) the new Warrant or Warrants under this
     Section 7.



                                       5
<PAGE>

               (d) The Company agrees to maintain, at its aforesaid office,
     books for the registration and the registration of transfer of the
     Warrants.

         8. No Rights as Shareholder until Exercise. Upon the surrender of this
Warrant and the payment of the aggregate Exercise Price (or by means of a
cashless exercise), the Warrant Shares so purchased shall be and be deemed to
be issued to such Holder as the record owner of such shares as of the close of
business on the later of the date of such surrender or payment. This Warrant
does not entitle the Holder to any voting rights or other rights as a
shareholder of the Company prior to such date.

         9. Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any
stock certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which
shall not include the posting of any bond), and upon surrender and cancellation
of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

         10. Saturdays, Sundays, Holidays, etc. If the last or appointed day
for the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action may be
taken or such right may be exercised on the next succeeding day not a Saturday,
Sunday or legal holiday.

         11. Adjustments of Exercise Price and Number of Warrant Shares.

               (a) Stock Splits, etc. The number and kind of securities
     purchasable upon the exercise of this Warrant and the Exercise Price shall
     be subject to adjustment from time to time upon the happening of any of
     the following. In case the Company shall (i) pay a dividend in shares of
     Common Stock or make a distribution in shares of Common Stock to holders
     of its outstanding Common Stock, (ii) subdivide its outstanding shares of
     Common Stock into a greater number of shares, (iii) combine its
     outstanding shares of Common Stock into a smaller number of shares of
     Common Stock, or (iv) issue any shares of its capital stock in a
     reclassification of the Common Stock, then the number of Warrant Shares
     purchasable upon exercise of this Warrant immediately prior thereto shall
     be adjusted so that the Holder shall be entitled to receive the kind and
     number of Warrant Shares or other securities of the Company which it would
     have owned or have been entitled to receive had such Warrant been
     exercised in advance thereof. Upon each such adjustment of the kind and
     number of Warrant Shares or other securities of the Company which are
     purchasable hereunder, the Holder shall thereafter be entitled to purchase
     the number of Warrant Shares or other securities resulting from such
     adjustment at an Exercise Price per Warrant Share or other security
     obtained by multiplying the Exercise Price in effect immediately prior to
     such adjustment by the number of Warrant Shares purchasable pursuant
     hereto immediately prior to such adjustment and dividing by the number of
     Warrant Shares or other securities of the Company resulting from such
     adjustment. An adjustment made pursuant to this paragraph shall become
     effective immediately after the effective date of such event retroactive
     to the record date, if any, for such event.




                                       6
<PAGE>

               (b) Anti-Dilution Provisions. During the Exercise Period, the
     Exercise Price and the number of Warrant Shares issuable hereunder and for
     which this Warrant is then exercisable pursuant to Section 1 hereof shall
     be subject to adjustment from time to time as provided in this Section
     11(b). In the event that any adjustment of the Exercise Price as required
     herein results in a fraction of a cent, such Exercise Price shall be
     rounded up or down to the nearest cent.

               (i) Adjustment of Exercise Price. If and whenever the Company
         issues or sells, or in accordance with Section 8(b) hereof is deemed
         to have issued or sold, any shares of Common Stock for a consideration
         per share of less than the then the Exercise Price or for no
         consideration (such lower price, the "Base Share Price" and such
         issuances collectively, a "Dilutive Issuance"), then, the Exercise
         Price shall be reduced to equal the Base Share Price, provided, that
         for purposes hereof, all shares of Common Stock that are issuable upon
         conversion, exercise or exchange of Capital Share Equivalents shall be
         deemed outstanding immediately after the issuance of such Common
         Stock. Such adjustment shall be made whenever such shares of Common
         Stock or Capital Share Equivalents are issued.

               (ii) Effect on Exercise Price of Certain Events. For purposes of
         determining the adjusted Exercise Price under Section 11(b) hereof,
         the following will be applicable:

                         (A) Issuance of Rights or Options. If the Company in
               any manner issues or grants any warrants, rights or options,
               whether or not immediately exercisable, to subscribe for or to
               purchase Common Stock or other securities exercisable,
               convertible into or exchangeable for Common Stock ("Convertible
               Securities") (such warrants, rights and options to purchase
               Common Stock or Convertible Securities are hereinafter referred
               to as "Options") and the price per share for which Common Stock
               is issuable upon the exercise of such Options is less than the
               Exercise Price ("Below Base Price Options"), then the maximum
               total number of shares of Common Stock issuable upon the
               exercise of all such Below Base Price Options (assuming full
               exercise, conversion or exchange of Convertible Securities, if
               applicable) will, as of the date of the issuance or grant of
               such Below Base Price Options, be deemed to be outstanding and
               to have been issued and sold by the Company for such price per
               share. For purposes of the preceding sentence, the "price per
               share for which Common Stock is issuable upon the exercise of
               such Below Base Price Options" is determined by dividing (i) the
               total amount, if any, received or receivable by the Company as
               consideration for the issuance or granting of all such Below
               Base Price Options, plus the minimum aggregate amount of
               additional consideration, if any, payable to the Company upon
               the exercise of all such Below Base Price Options, plus, in the
               case of Convertible Securities issuable upon the exercise of
               such Below Base Price Options, the minimum aggregate amount of
               additional consideration payable upon the exercise, conversion
               or exchange thereof at the time such Convertible Securities
               first become exercisable, convertible or





                                       7
<PAGE>

               exchangeable, by (ii) the maximum total number of shares of
               Common Stock issuable upon the exercise of all such Below Base
               Price Options (assuming full conversion of Convertible
               Securities, if applicable). No further adjustment to the
               Exercise Price will be made upon the actual issuance of such
               Common Stock upon the exercise of such Below Base Price Options
               or upon the exercise, conversion or exchange of Convertible
               Securities issuable upon exercise of such Below Base Price
               Options.

                         (B) Issuance of Convertible Securities. If the Company
               in any manner issues or sells any Convertible Securities,
               whether or not immediately convertible (other than where the
               same are issuable upon the exercise of Options) and the price
               per share for which Common Stock is issuable upon such exercise,
               conversion or exchange is less than the Exercise Price, then the
               maximum total number of shares of Common Stock issuable upon the
               exercise, conversion or exchange of all such Convertible
               Securities will, as of the date of the issuance of such
               Convertible Securities, be deemed to be outstanding and to have
               been issued and sold by the Company for such price per share.
               For the purposes of the preceding sentence, the "price per share
               for which Common Stock is issuable upon such exercise,
               conversion or exchange" is determined by dividing (i) the total
               amount, if any, received or receivable by the Company as
               consideration for the issuance or sale of all such Convertible
               Securities, plus the minimum aggregate amount of additional
               consideration, if any, payable to the Company upon the exercise,
               conversion or exchange thereof at the time such Convertible
               Securities first become exercisable, convertible or
               exchangeable, by (ii) the maximum total number of shares of
               Common Stock issuable upon the exercise, conversion or exchange
               of all such Convertible Securities. No further adjustment to the
               Exercise Price will be made upon the actual issuance of such
               Common Stock upon exercise, conversion or exchange of such
               Convertible Securities.

                         (C) Change in Option Price or Conversion Rate. If
               there is a change at any time in (i) the amount of additional
               consideration payable to the Company upon the exercise of any
               Options; (ii) the amount of additional consideration, if any,
               payable to the Company upon the exercise, conversion or exchange
               of any Convertible Securities; or (iii) the rate at which any
               Convertible Securities are convertible into or exchangeable for
               Common Stock (in each such case, other than under or by reason
               of provisions designed to protect against dilution), the
               Exercise Price in effect at the time of such change will be
               readjusted to the Exercise Price which would have been in effect
               at such time had such Options or Convertible Securities still
               outstanding provided for such changed additional consideration
               or changed conversion rate, as the case may be, at the time
               initially granted, issued or sold.



                                       8
<PAGE>

                         (D) Calculation of Consideration Received. If any
               Common Stock, Options or Convertible Securities are issued,
               granted or sold for cash, the consideration received therefor
               for purposes of this Warrant will be the amount received by the
               Company therefor, before deduction of reasonable commissions,
               underwriting discounts or allowances or other reasonable
               expenses paid or incurred by the Company in connection with such
               issuance, grant or sale. In case any Common Stock, Options or
               Convertible Securities are issued or sold for a consideration
               part or all of which shall be other than cash, the amount of the
               consideration other than cash received by the Company will be
               the fair market value of such consideration, except where such
               consideration consists of securities, in which case the amount
               of consideration received by the Company will be the Market
               Price thereof as of the date of receipt. In case any Common
               Stock, Options or Convertible Securities are issued in
               connection with any merger or consolidation in which the Company
               is the surviving corporation, the amount of consideration
               therefor will be deemed to be the fair market value of such
               portion of the net assets and business of the non-surviving
               corporation as is attributable to such Common Stock, Options or
               Convertible Securities, as the case may be. The fair market
               value of any consideration other than cash or securities will be
               determined in good faith by an investment banker or other
               appropriate expert of national reputation selected by the
               Company and reasonably acceptable to the holder hereof, with the
               costs of such appraisal to be borne by the Company.

                         (E) Exceptions to Adjustment of Exercise Price. No
               adjustment to the Exercise Price will be made upon the grant or
               exercise of any Convertible Securities which may hereafter be
               granted or exercised under any employee benefit plan of the
               Company now existing or to be implemented in the future, so long
               as the issuance of such Convertible Securities is approved by a
               majority of the non-employee members of the Board of Directors
               of the Company or a majority of the members of a committee of
               non-employee directors established for such purpose.

               (iii) Minimum Adjustment of Exercise Price. No adjustment of the
         Exercise Price shall be made in an amount of less than 1% of the
         Exercise Price in effect at the time such adjustment is otherwise
         required to be made, but any such lesser adjustment shall be carried
         forward and shall be made at the time and together with the next
         subsequent adjustment which, together with any adjustments so carried
         forward, shall amount to not less than 1% of such Exercise Price.

         12. Reorganization, Reclassification, Merger, Consolidation or
Disposition of Assets. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the
Company),






                                       9
<PAGE>

or sell, transfer or otherwise dispose of all or substantially all its
property, assets or business to another corporation and, pursuant to the terms
of such reorganization, reclassification, merger, consolidation or disposition
of assets, shares of common stock of the successor or acquiring corporation, or
any cash, shares of stock or other securities or property of any nature
whatsoever (including warrants or other subscription or purchase rights) in
addition to or in lieu of common stock of the successor or acquiring
corporation ("Other Property"), are to be received by or distributed to the
holders of Common Stock of the Company, then the Holder shall have the right
thereafter to receive, at their option, (a) upon exercise of this Warrant, the
number of shares of Common Stock of the successor or acquiring corporation or
of the Company, if it is the surviving corporation, and Other Property
receivable upon or as a result of such reorganization, reclassification,
merger, consolidation or disposition of assets by a Holder of the number of
shares of Common Stock for which this Warrant is exercisable immediately prior
to such event, or (b) only if the Company is not the surviving corporation and
the Closing Bid Price immediately prior to such event is less than 110% of the
Exercise Price, cash equal to the value of this Warrant as determined in
accordance with the Black-Sholes option pricing formula which amount shall in
no event exceed 150% of the product of the Exercise Price and the number of
Warrant Shares issuable hereunder. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate (as determined in good faith by resolution of the Board
of Directors of the Company) in order to provide for adjustments of Warrant
Shares for which this Warrant is exercisable which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 12.
For purposes of this Section 12, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon
the arrival of a specified date or the happening of a specified event and any
warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 12 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

         13. Voluntary Adjustment by the Company. The Company may at any time
during the term of this Warrant reduce the then current Exercise Price to any
amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

         14. Notice of Adjustment. Whenever the number of Warrant Shares or
number or kind of securities or other property purchasable upon the exercise of
this Warrant or the Exercise Price is adjusted, as herein provided, the Company
shall promptly mail by registered or certified mail, return receipt requested,
to the Holder notice of such adjustment or adjustments setting forth the number
of Warrant Shares (and other securities or property) purchasable upon the
exercise of this Warrant and the Exercise Price of such Warrant Shares (and
other securities or property) after such adjustment, setting forth a brief
statement of the facts requiring such adjustment and setting forth the
computation by which such adjustment was made. Such notice,



                                      10
<PAGE>

in the absence of manifest error, shall be conclusive evidence of the
correctness of such adjustment.

         15. Notice of Corporate Action. If at any time:

               (a) the Company shall take a record of the holders of its Common
     Stock for the purpose of entitling them to receive a dividend or other
     distribution, or any right to subscribe for or purchase any evidences of
     its indebtedness, any shares of stock of any class or any other securities
     or property, or to receive any other right, or

               (b) there shall be any capital reorganization of the Company,
     any reclassification or recapitalization of the capital stock of the
     Company or any consolidation or merger of the Company with, or any sale,
     transfer or other disposition of all or substantially all the property,
     assets or business of the Company to, another corporation or,

               (c) there shall be a voluntary or involuntary dissolution,
     liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 20 days' prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to
vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up, at least 20 days' prior written notice of the date when the same shall take
place. Such notice in accordance with the foregoing clause also shall specify
(i) the date on which any such record is to be taken for the purpose of such
dividend, distribution or right, the date on which the holders of Common Stock
shall be entitled to any such dividend, distribution or right, and the amount
and character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their Warrant Shares for securities or other property
deliverable upon such disposition, dissolution, liquidation or winding up. Each
such written notice shall be sufficiently given if addressed to Holder at the
last address of Holder appearing on the books of the Company and delivered in
accordance with Section 17(d).

         16. Authorized Shares. The Company covenants that during the period
the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the
Warrant Shares upon the exercise of any purchase rights under this Warrant. The
Company further covenants that its issuance of this Warrant shall constitute
full authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such
Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Principal Market
upon which the Common Stock may be listed.



                                      11
<PAGE>

                The Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Holder against impairment. Without limiting the generality of the
foregoing, the Company will (a) not increase the par value of any Warrant
Shares above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (b) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use
commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof as may
be necessary to enable the Company to perform its obligations under this
Warrant.

                Before taking any action which would result in an adjustment in
the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

         17. Miscellaneous.

               (a) Jurisdiction. This Warrant shall constitute a contract under
     the laws of New York, without regard to its conflict of law, principles or
     rules.

               (b) Restrictions. The Holder acknowledges that the Warrant
     Shares acquired upon the exercise of this Warrant, if not registered, will
     have restrictions upon resale imposed by state and federal securities
     laws.

               (c) Nonwaiver and Expenses. No course of dealing or any delay or
     failure to exercise any right hereunder on the part of Holder shall
     operate as a waiver of such right or otherwise prejudice Holder's rights,
     powers or remedies, notwithstanding all rights hereunder terminate on the
     Termination Date. If the Company willfully and knowingly fails to comply
     with any provision of this Warrant, which results in any material damages
     to the Holder, the Company shall pay to Holder such amounts as shall be
     sufficient to cover any costs and expenses including, but not limited to,
     reasonable attorneys' fees, including those of appellate proceedings,
     incurred by Holder in collecting any amounts due pursuant hereto or in
     otherwise enforcing any of its rights, powers or remedies hereunder.

               (d) Notices. Any notice, request or other document required or
     permitted to be given or delivered to the Holder by the Company shall be
     delivered in accordance with the notice provisions of the Purchase
     Agreement.

               (e) Limitation of Liability. No provision hereof, in the absence
     of affirmative action by Holder to purchase Warrant Shares, and no
     enumeration herein of the rights or privileges of Holder, shall give rise
     to any liability of Holder for the




                                      12
<PAGE>

     purchase price of any Common Stock or as a stockholder of the Company,
     whether such liability is asserted by the Company or by creditors of the
     Company.

               (f) Remedies. Holder, in addition to being entitled to exercise
     all rights granted by law, including recovery of damages, will be entitled
     to specific performance of its rights under this Warrant. The Company
     agrees that monetary damages would not be adequate compensation for any
     loss incurred by reason of a breach by it of the provisions of this
     Warrant and hereby agrees to waive the defense in any action for specific
     performance that a remedy at law would be adequate.

               (g) Successors and Assigns. Subject to applicable securities
     laws, this Warrant and the rights and obligations evidenced hereby shall
     inure to the benefit of and be binding upon the successors of the Company
     and the successors and permitted assigns of Holder. The provisions of this
     Warrant are intended to be for the benefit of all Holders from time to
     time of this Warrant and shall be enforceable by any such Holder or holder
     of Warrant Shares.

               (h) Amendment. This Warrant may be modified or amended or the
     provisions hereof waived with the written consent of the Company and the
     Holder.

               (i) Severability. Wherever possible, each provision of this
     Warrant shall be interpreted in such manner as to be effective and valid
     under applicable law, but if any provision of this Warrant shall be
     prohibited by or invalid under applicable law, such provision shall be
     ineffective to the extent of such prohibition or invalidity, without
     invalidating the remainder of such provisions or the remaining provisions
     of this Warrant.

               (j) Headings. The headings used in this Warrant are for the
     convenience of reference only and shall not, for any purpose, be deemed a
     part of this Warrant.

                             ********************


                                      13
<PAGE>




         IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its officer thereunto duly authorized.


Dated:  March 31, 2003

                                           VIRAGEN, INC.



                                           By:  /s/ Dennis W. Healey
                                               ---------------------------------
                                           Name: Dennis W. Healey
                                           Title: Executive Vice President and
                                           Chief Financial Officer



                                      14
<PAGE>





                               NOTICE OF EXERCISE

To:          Viragen, Inc.


         (1) The undersigned hereby elects to purchase ________ Warrant Shares
(the "Common Stock"), of Viragen, Inc., pursuant to the terms of the attached
Warrant, and tenders herewith payment of the exercise price in full, together
with all applicable transfer taxes, if any.

         (2) Please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned or in such other name as is
specified below:


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

The Warrant Shares shall be delivered to the following:



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

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

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




                                                [PURCHASER]


                                                By:
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                Dated:
                                                      --------------------------




<PAGE>




                                ASSIGNMENT FORM

                   (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)



         FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to


_______________________________________________ whose address is

_______________________________________________________________________________.


________________________________________________________________________________

                                                 Dated:  ______________, _______


                        Holder's Signature:
                                              ----------------------------------
                        Holder's Address:
                                              ----------------------------------

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




Signature Guaranteed:
                     ---------------------------------------------

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing
Warrant.


<PAGE>



                   NOTICE OF EXERCISE OF COMMON STOCK WARRANT
                    PURSUANT TO CASHLESS EXERCISE PROVISIONS




To: Viragen, Inc.

Aggregate Price of Warrant Before Exercise:  $_______
Aggregate Price Being Exercised:  $______
Exercise Price:  $______ per share
Number of Shares of Common Stock to be Issued Under this Notice:  ________
Remaining Aggregate Price (if any) After Issuance:  $_______


Gentlemen:

         The undersigned, registered Holder of the Warrant delivered herewith,
hereby irrevocably exercises such Warrant for, and purchases thereunder, shares
of the Common Stock of Viragen, Inc., as provided below. Capitalized terms used
herein, unless otherwise defined herein, shall have the meanings given in the
Warrant. The portion of the Exercise Price (as defined in the Warrant) to be
applied toward the purchase of Common Stock pursuant to this Notice of Exercise
is $_______, thereby leaving a remaining Exercise Price (if any) equal to
$________. Such exercise shall be pursuant to the cashless exercise provisions
of Section 3 of the Warrant; therefore, Holder makes no payment with this
Notice of Exercise. The number of shares to be issued pursuant to this exercise
shall be determined by reference to the formula in Section 3 of the Warrant
which, by reference to Section 3, requires the use of the high and low trading
price of the Company's Common Stock on the Trading Day preceding the date of
such election. The high and low trading price of the Company's Common Stock has
been determined by Holder to be $______ and $_________, respectively, which
figure is acceptable to Holder for calculations of the number of shares of
Common Stock issuable pursuant to this Notice of Exercise. Holder requests that
the certificates for the purchased shares of Common Stock be issued in the name
of _________________________ and delivered to
____________________________________________. To the extent the foregoing
exercise is for less than the full Aggregate Price of the Warrant, a
replacement Warrant representing the remainder of the Aggregate Price (and
otherwise of like form, tenor and effect) shall be delivered to Holder along
with the share certificate evidencing the Common Stock issued in response to
this Notice of Exercise.

                                              [Purchaser]


                                              By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

                                              Date:

                                              NOTE


               The execution to the foregoing Notice of Exercise must exactly
     correspond to the name of the Holder on the Warrant.