Document:

DEBT CANCELLATION AGREEMENT

      THIS AGREEMENT is made and entered into this 30th day of August, 2004, but
effective  for all  purposes  as of 30th day of  August,  2004,  by and  between
Nanobac Pharmaceuticals,  Inc. (the "Company"),  and E. Olavi Kajander, MD, PhD,
an individual (the "Creditor");

      WHEREAS, the Creditor is currently owed $110,815.00 by the Company; and

      WHEREAS,  the  Creditor  and the Company  desire to exchange  stock in the
Company  in  cancellation  of the debt owed by the  Company,  upon the terms and
subject to the conditions hereinafter set forth;

      NOW,  THEREFORE,  in  consideration of the mutual covenants and agreements
contained in this Agreement, and in order to consummate the exchange of stock in
cancellation of the debt aforementioned, it is hereby agreed as follows:

      1.    Stock: Subject to the terms and conditions hereinafter set forth, at
the closing of the transaction  contemplated hereby, the Comapny shall issue and
convey, transfer, and deliver to the Creditor certificates  representing 923,458
shares of the Common Stock of the Company (the "Shares"). This transaction shall
be effective for all purposes as of August 30, 2004.

      2.    Cancellation of Debt. Upon receipt of the stock described above, the
Creditor hereby cancells the debt in the amount of $110,815.00 plus any interest
thereon now owed by the Company to the Creditor.

      3.    Representation  and  Warranties of Company.  Company  represents and
warrants  to Creditor  that:  A.  Organization  and  Standing.  The Company is a
corporation duly organized, validly existing and in good standing under the laws
of the state of Florida and has the  corporate  power and  authority to carry on
its business as it is now being conducted.

            B.    The Shares when issued will be validly issued,  fully paid and
nonassessable,  and will be free of any  restrictive  legend  or other  transfer
restriction imposed by the Company;

            C.    the issuance and delivery of the Shares to Creditor under this
Agreement  does not  violate:

                  (i)   The Company's charter documents;

                  (ii)  Any agreement to which the Company is a party, including
any indenture; or

                  (iii) Any  applicable  federal  or  state  statute,   rule  or
regulation; and

                  (iv)  No filing by the Company under the  Securities  Exchange
Act of 1934 (as amended) at the time of such filing  contained a misstatement of
material  fact or  omitted  to  state a  material  fact  necessary  to make  the
statements therein not misleading.

                                      -1-
<PAGE>

      4.    REPRESENTATIONS  AND WARRANTIES OF SELLER AND PURCHASER.  Seller and
Purchaser hereby represent and warrant that there has been no act or omission by
Seller,  Purchaser or the  Corporation  which would give rise to any valid claim
against any of the parties hereto for a brokerage  commission,  finder's fee, or
other like payment in connection with the transactions contemplated hereby.

      5     RESTRICTED  SHARES.  The Parties to this Agreement  acknowledge  and
agree that the shares of the  Company's  Common  Stock to be issued  pursuant to
this  Agreement  will not be registered  under the  Securities Act and therefore
shall constitute  "restricted  securities"  within the meaning of the Securities
Act.

      Notwithstanding the above, the Company will file a registration  statement
on Form S-1, Form S-3 or Form SB-2 to register the Shares at the Company's  sole
expense  within  150 days  from  the date of tis  Agreement.  The  Company  will
promptly notify the Creditor of the effectiveness of the registration.

      The  Company's  obligation to register the Shares owned by the Creditor is
subject to the Creditor  providing to The Company all information,  and take all
action,  The Company  reasonably  requests with reasonable  advance  notice,  to
enable  it  to  comply  with  any  applicable  law,  rule,   regulation  or  SEC
pronouncement  or to  prepare  the  registration  statement  that will cover the
Shares that will be included in the registration statement.

      6.    GENERAL PROVISIONS

            (a)   Entire  Agreement.   This  Agreement  constitutes  the  entire
Agreement and  supersedes  all prior  agreements  and  understandings,  oral and
written, between the parties hereto with respect to the subject matter hereof.

            (b)   Sections and Other  Headings.  The section and other  headings
contained in this Agreement are for reference purposes only and shall not affect
the meaning orinterpretation of this Agreement.

            (c)   Governing   Law.   This   agreement,   and  all   transactions
contemplated  hereby, shall be governed by, construed and enforced in accordance
with the laws of Florida.

      IN  WITNESS  WHEREOF,  this  Agreement  has been  executed  by each of the
individual parties hereto on the date first above written.

NANOBAC PHARMACEUTICALS, INCORPORATED:             E OLAVI KAJANDER, MD, PHD:

By:  /s/ H. Brady Millican                         /s/ E. Olavie Kajander
  ------------------------                         ---------------------------
Print: Brady Millican
Date:  August 30, 2004                             Date: August 30, 2004

                                      -2-AMENDMENT 1 TO
                         EXECUTIVE EMPLOYMENT AGREEMENT
                               OF January 16, 2004

      THIS  AMENDMENT 1 TO  EXECUTIVE  EMPLOYMENT  AGREEMENT OF January 16, 2004
("Amendment" and "Employment Agreement", respectively), is made and entered into
as of the 30th day of August,  2004,  by and  between  Nanobac  Pharmaceuticals,
Inc.,  and E.  Olavi  Kajander,  MD,  PhD,  an  individual  (the  "Company"  and
"Employee", respectively, and "the Parties", collectively).

      WITNESSETH:   WHEREAS,  the  Parties  have  entered  into  the  Employment
Agreement dated January 16, 2004; and

      WHEREAS,  the Parties  wish to amend the  Employment  Agreement to clarify
issues related to compensation.

      NOW,  THEREFORE,  in consideration  of the premises,  the mutual promises,
covenants  and  conditions  herein  contained  and for other  good and  valuable
considerations,  the receipt and  sufficiency of which are hereby  acknowledged,
the parties hereto intending to be legally bound hereby agree as follows:

1.    The  Parties  hereby  agree to delete  Paragraph  5.c.  of the  Employment
Agreement in its entirety.

2.    The Parties hereby agree to add the following  provision to Paragraph 5 of
the  Employment  Agreement as Paragraph 5.h:  "WARRANTS:  The Company will issue
warrants for the  conversion of 5,000,000  shares of its common stock at a price
of $.005 per share.  The warrants  shall expire on August 31, 2009.  The form of
the warrant is attached"

3.    The Parties  acknowledge  that the signing  bonus  described  in Paragraph
5.b.i. of the Employment  Agreement has been paid to Employee,  such payment net
of U.S.  withholding  taxes,  which has been or will be timely  remitted  to the
proper tax authorities.

                                      -1-
<PAGE>

4.    The Parties hereby amend  Paragraph  5.a. of the  Employment  Agreement as
such  paragraph  applies  to payment  of base  salary  for the  period  from the
Commencement  Date (as defined in the Employment  Agreement)  through August 31,
2004, such that base salary owed to Employee, but unpaid, for the period May 18,
2004,  through  August 31,  2004,  shall be paid to Employee  prorata  with base
salary payments due beginning on or after  September 1, 2004,  until base salary
payments due on or before  December 31, 2004. The Parties agree that base salary
owed, but unpaid,  to Employee for the period  beginning  from the  Commencement
Date until May 17,  2004,  shall be paid to  Employee  under terms of a separate
agreement between the parties.

5.    The Parties agree that any  intellectual  property  created by Employee in
the course of his employment under the Employment  Agreement executed on January
16, 2004, shall be the sole and exclusive property of the Company.

      IN WITNESS  WHEREOF,  the Company and  Employee  have duly  executed  this
Amendment as of the date first above written.

NANOBAC PHARMACEUTICALS, INCORPORATED:            E OLAVI KAJANDER, MD, PHD:

By: /s/ H. Brady Millican                          /s/ E. Olavie Kajander
  -----------------------                         ----------------------------
Print: Brady Millican
Date:  August 30, 2004                            Date:    August 30, 2004

                                      -2-STOCK PURCHASE AGREEMENT

      THIS AGREEMENT is made and entered into this 30th day of August,  2004, by
and between Nanobac Pharmaceuticals,  Inc. ("Purchaser"), and E. Olavi Kajander,
MD, PhD, an individual ("Seller");

      WHEREAS, the Seller is the record owner and holder of Six Thousand (6,000)
shares of the issued and outstanding  shares of the capital stock of Nanobac OY,
("Corporation"), a Finish corporation; and

      WHEREAS,  the  Purchaser  desires  to  purchase  said stock and the Seller
desires  to sell  said  stock,  upon the  terms and  subject  to the  conditions
hereinafter set forth;

      NOW,  THEREFORE,  in  consideration of the mutual covenants and agreements
contained in this  Agreement,  and in order to  consummate  the purchase and the
sale of the Corporation's Stock aforementioned, it is hereby agreed as follows:

      1.    PURCHASE AND SALE:  Subject to the terms and conditions  hereinafter
set forth, at the closing of the  transaction  contemplated  hereby,  the Seller
shall  sell,  convey,  transfer,  and  deliver  to  the  Purchaser  certificates
representing  such stock,  and the Purchaser  shall purchase from the Seller the
Corporation's  Stock in  consideration  of the purchase  price set forth in this
Agreement. The certificates  representing the Corporation's Stock, if any, shall
be duly  endorsed for transfer or  accompanied  by  appropriate  stock  transfer
powers duly executed in blank. The closing of the  transactions  contemplated by
this  Agreement  ("Closing"),  shall  be held at  __________,  on  __________,at
__________,  or such  other  place,  date and  time as the  parties  hereto  may
otherwise agree, but effective for all purposes as of January 16, 2004.

      2.    AMOUNT AND PAYMENT OF PURCHASE PRICE. The total consideration is the
sum of Fifteen  Thousand  Euros  (15,000  euros) to be delivered to Seller on or
before September 30, 2004.

      3.    REPRESENTATIONS AND WARRANTIES OF SELLER. Seller hereby warrants and
represents:

            (a)   Organization  and Standing.  Corporation is a corporation duly
organized,  validly  existing and in good standing under the laws of Finland and
has the  corporate  power and  authority  to carry on its  business as it is now
being conducted.

            (b)   Restrictions on Stock.

                  i.    The Seller is not a party to any  agreement,  written or
oral,  creating rights in respect to the Corporation's Stock in any third person
or relating to the voting of the Corporation's Stock.

                                      -1-
<PAGE>

                  ii.   Seller is the lawful owner of the Stock,  free and clear
of all security interests, liens, encumbrances, equities and other charges.

                  iii.  There are no existing warrants,  options, stock purchase
agreements,redemption agreements, restrictions of any nature, calls or rights to
subscribe of any character  relating to the stock,  nor are there any securities
convertible into such stock.

      4.    REPRESENTATIONS  AND WARRANTIES OF SELLER AND PURCHASER.  Seller and
Purchaser hereby represent and warrant that there has been no act or omission by
Seller,  Purchaser or the  Corporation  which would give rise to any valid claim
against any of the parties hereto for a brokerage  commission,  finder's fee, or
other like payment in connection with the transactions contemplated hereby.

      5.    GENERAL PROVISIONS

            (a)   Entire  Agreement.   This  Agreement  constitutes  the  entire
Agreement and  supersedes  all prior  agreements  and  understandings,  oral and
written, between the parties hereto with respect to the subject matter hereof.

            (b)   Sections and Other  Headings.  The section and other  headings
contained in this Agreement are for reference purposes only and shall not affect
the meaning orinterpretation of this Agreement.

            (c)   Governing   Law.   This   agreement,   and  all   transactions
contemplated  hereby, shall be governed by, construed and enforced in accordance
with the laws of the Finland.

      IN  WITNESS  WHEREOF,  this  Agreement  has been  executed  by each of the
individual parties hereto on the date first above written.

NANOBAC PHARMACEUTICALS, INCORPORATED:              E OLAVI KAJANDER, MD, PHD:

By: /s/ H. Brady Millican                           /s/ E. Olavie Kajander
  -----------------------                           ----------------------
Print: Brady Millican
Date:  August 30, 2004                              Date: August 30, 2004

                                      -2-

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