EXHIBIT 10.16

                           BRIDGE LOAN PROMISSORY NOTE

                                   ULURU, INC.

$10,700,000                                                          [   ], 2005

      FOR VALUE  RECEIVED,  ULURU,  INC.,  a Delaware  corporation  (hereinafter
called the "Borrower"),  hereby promises to pay to the order of OXFORD VENTURES,
INC., a Nevada corporation  (hereinafter called the "Lender"),  c/o Gottbetter &
Partners LLP, 488 Madison  Avenue,  12th Floor,  New York,  New York 10022,  the
principal sum of Ten Million,  Seven-Hundred Thousand Dollars ($10,700,000) (the
"Commitment"), or so much thereof as shall have been borrowed by Borrower during
the 120-day  period  following  the date of this Note as set forth on Schedule A
attached hereto and made a part hereof,  in lawful money of the United States of
America and in immediately available funds.

      1.    The  outstanding  principal  balance  of this  Note,  together  with
accrued and unpaid  interest  thereon,  shall be due and payable [ ], 2006.  The
date such repayment is due is sometimes  referred to as the "Due Date." Upon the
closing of a merger  between the  Borrower  and the Lender (the  "Merger"),  all
indebtedness evidenced hereby shall be deemed canceled and paid in full.

      2.    This Note shall bear  interest at the rate of ten percent  (10%) per
annum on the amount of the entire  Commitment,  regardless  of the actual amount
borrowed by Borrower hereunder as set forth on Schedule A hereto. Interest shall
be  calculated  on the basis of a year of three hundred sixty (360) days applied
to the actual days on which there exists an unpaid balance under this Note.

      3.    Interest only shall be payable monthly in arrears, commencing thirty
(30) days from the date hereof.  Thereafter,  on the first  business day of each
month  through and  including  the month in which the Due Date occurs,  Borrower
shall pay monthly installments of interest only.

      4.    Upon an "Event of Default," as defined in the Bridge Loan Agreement,
described  below,  the rate of  interest  accruing  on the  amount of the entire
Commitment of this Note shall increase to fifteen percent (15%) per annum.  Such
default interest rate shall continue until all defaults are cured.

      5.    This Note is subject to the terms of a Bridge Loan and Control Share
Pledge  and  Security  Agreement  (the  "Bridge  Loan  Agreement")  of even date
herewith  by and between the  Borrower  and the Lender.  This Note is secured by
collateral  pledged by the Borrower and the  Subsidiaries of the Borrower to the
Lender  pursuant to a Security  Agreement of even date herewith by and among the
Borrower, the Subsidiaries and the Lender (the "Security Agreement"), as well as
by the deposit  into escrow of the  Borrower  Control  Shares (as defined in the
Bridge Loan Agreement) pursuant to the terms of a Pledge and Escrow Agreement of
even date  herewith  by and among the  Borrower,  the  Lender and  Gottbetter  &
Partners  LLP, as escrow agent (the "Escrow  Agreement").  All  capitalized  and
undefined  terms  herein  shall have the  meaning  given them in the Bridge Loan
Agreement, the Security Agreement or the Escrow Agreement.


<PAGE>

      6.    Upon the  occurrence  of an Event of Default  under the Bridge  Loan
Agreement or the Security  Agreement,  the entire principal  amount  outstanding
hereunder  and all accrued  interest  hereon,  together  with all other sums due
hereunder, shall, as provided in the Bridge Loan Agreement, after the expiration
of the applicable Cure Period become immediately due and payable if the Event of
Default  has not been  cured.  If such  Event of  Default  is cured  within  the
applicable Cure Period,  then the entire principal amount outstanding  hereunder
and all accrued interest hereon shall not become  immediately due and payable as
a result of that Event of Default.

      Notwithstanding  the  foregoing,  if an Event of Default is cured prior to
the end of the Cure Period  (including,  but not limited to, an Event of Default
pursuant to Section 6.1(d) of the Bridge Loan Agreement), the Borrower shall use
its best efforts to ensure that the Merger and the Transactions are consummated.

      7.    This Note is  secured  by and is  entitled  to the  benefits  of the
Security Agreement. In addition to the rights and remedies given it by this Note
and the Security Agreement,  the Lender shall have all those rights and remedies
allowed by applicable laws, including without limitation, the Uniform Commercial
Code as in effect  in the State of New York.  The  rights  and  remedies  of the
Lender are  cumulative  and  recourse  to one or more right or remedy  shall not
constitute  a  waiver  of the  others.  The  Borrower  shall be  liable  for all
commercially  reasonable  costs,  expenses and  attorneys'  fees incurred by the
Lender in connection  with the collection of the  indebtedness  evidenced by the
Note.

      8.    To the extent  permitted by applicable  law, the Borrower waives all
rights and benefits of any statute of  limitations,  moratorium,  reinstatement,
marshalling,  forbearance,  valuation, stay, extension, redemption, appraisement
and exemption now provided or which may hereafter by provided by law, both as to
itself  and  as to all  of  its  properties,  real  and  personal,  against  the
enforcement and collection of the indebtedness evidenced hereby.

      9.    All  notices,  requests,  demands,  and  other  communications  with
respect hereto shall be in writing and shall be delivered by hand,  sent prepaid
by a  nationally-recognized  overnight  courier  service  or sent by the  United
States mail,  certified,  postage  prepaid,  return  receipt  requested,  at the
addresses  designated in the Bridge Loan  Agreement or such other address as the
parties may designate to each other in writing.

      10.   This Note or any provision hereof may be waived,  changed,  modified
or  discharged  only by  agreement  in writing  signed by the  Borrower  and the
Lender. The Borrower may not assign or transfer its obligation hereunder without
the prior written consent of the Lender.

      11.   The term "the Borrower"  shall include each person and entity now or
hereafter liable hereunder,  whether as maker, successor,  assignee or endorsee,
each of whom shall be jointly,  severally  and  primarily  liable for all of the
obligations set forth herein.


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<PAGE>

      12.   If any  provision  of this Note shall for any reason be held invalid
or unenforceable, such invalidity or unenforceability shall not affect any other
provision  of this Note,  but this Note shall be  construed  as if this Note had
never contained the invalid or unenforceable provision.

      13.   This Note shall be governed by and construed in accordance  with the
domestic laws of the State of New York,  without  giving effect to any choice of
law provision or rule. Any  controversy or dispute arising out of or relating to
this Note  shall be  settled  solely  and  exclusively  in  accordance  with the
provisions of the Bridge Loan Agreement and the Security Agreement,  dated as of
even date herewith,  which  provisions are  incorporated by reference  herein as
though fully set forth.


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<PAGE>

      IN WITNESS WHEREOF,  the undersigned Borrower has caused the due execution
of this Bridge Loan  Promissory  Note as of the day and year first  herein above
written.


                                                ULURU, INC.



                                                By: /s/ Kerry P. Gray
                                                  ------------------------------
                                                  Name:  Kerry P. Gray
                                                  Title:


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<PAGE>

                                   SCHEDULE A

      This schedule sets forth the  principal  amount  borrowed by Borrower from
the Lender, up to the maximum amount set forth on the face of this Note.

<TABLE>
<CAPTION>

---------------------------------------- -------------------------------------- --------------------------------------
                                                                                 SIGNATURE OF AUTHORIZED OFFICER OF
                 DATE                              PRINCIPAL AMOUNT                           BORROWER
---------------------------------------- -------------------------------------- --------------------------------------
<S>                                      <C>                                    <C>
[-----], 2005                            $ 10,700,000
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</TABLE>


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