Document:

EXHIBIT 10.4

                               GUARANTY AGREEMENT

      THIS  GUARANTY  AGREEMENT,   dated  as  of  October  12,  2005,  by  Uluru
Acquisition   Corp.  a  Nevada   corporation  (the  "Guarantor")  in  favor  the
undersigned  Buyers  listed on  Schedule I attached  hereto  (collectively,  the
"Buyer").

                                   WITNESSETH:

      WHEREAS,  the Guarantor is a wholly owned  subsidiary of Oxford  Ventures,
Inc., a Nevada corporation ("Oxford");

      WHEREAS,  Oxford,  the Guarantor,  and Uluru,  Inc. (the  "Company")  have
agreed upon the terms and conditions of a merger and related  trasnactions  (the
"Merger"), as set forth in the Term Sheet attached hereto as Exhibit A;

      WHEREAS,  simultaneusly  herewith Oxford and the Buyer have entered into a
Securities  Purchase Agreement  ("Securities  Purchase  Agreement")  pursuant to
which Oxford shall issue and the Buyer shall purchase Convertible  Debentures in
an amount up to $15,000,000 (the "Debentures");

      WHEREAS, to induce the Buyer to purchase the Debentures the Guarantor will
guarantee the repayment of the Debentures to the Buyer; and

      WHEREAS,  to secure the  Obligations  of the  Guarantor to the Buyer,  the
parties hereto have entered into that certain  Security  Agreement,  dated as of
the date  hereof  (the  "Security  Agreement")  pursuant  to which,  among other
things,  the  Guarantor  grants to the Buyer a security  interest  in and to the
Pledged Property (as defined in the Security Agreement).

      NOW, THEREFORE, in consideration of the promises and the agreements herein
and in order to induce  the Buyer to  purchase  the  Debentures,  the  Guarantor
hereby agrees with the Buyer as follows:

      Section 1. Definitions.  All terms used in this Guaranty which are defined
in the Debentures and not otherwise  defined herein shall have the same meanings
herein as set forth in the Debentures.

      Section 2. Guaranty.

            (a)   The  Guarantor   does  hereby   irrevocably,   absolutely  and
unconditionally  guaranty  the prompt  payment  by  Oxford,  as and when due and
payable  (whether   maturity,   Scheduled  Payment,   acceleration,   demand  or
otherwise),  of all of the obligations  (collectively,  the "Obligations")  from
time to time  owing by Oxford to the Buyer  under the  Debentures,  whether  for
principal,  interest (including,  without limitation,  all interest that accrues
after the  commencement  of any  insolvency  proceeding  with respect to Oxford,
whether or not a claim for post-filing  interest is allowed in such proceeding),
fees, commissions,  expense reimbursements,  indemnifications or otherwise,  and

<PAGE>

whether  accruing  before or subsequent to the  commencement  of any  insolvency
proceeding  with  respect  to  Oxford  (notwithstanding  the  operation  of  the
automatic stay under Section 362(a) of the U.S.  Bankruptcy  Code),  and the due
performance  and observance by Oxford of its other  Obligations now or hereafter
existing in respect of the Debentures (the "Guaranteed Obligations"),

            (b)   The  Guarantor  does hereby agrees to pay any and all expenses
(including  counsel fees and  expenses)  incurred by the Buyer in enforcing  any
rights under this  Guaranty.  Without  limiting the generality of the foregoing,
the  Guarantor's  liability  shall extend to all amounts that constitute part of
the  Guaranteed  Obligations  and would be owed by Oxford to the Buyer under the
Debentures but for the fact that they are  unenforceable or not allowable due to
the existence of a bankruptcy,  reorganization or similar  proceeding  involving
Oxford or any Guarantor.

      Section 3. Guaranty Absolute; Continuing Guaranty; Assignments.

            (a)   The   Guarantor   hereby   guarantees   that  the   Guaranteed
Obligations  will  be  paid  strictly  in  accordance  with  the  terms  of  the
Debentures,  regardless  of any law,  regulation  or order now or  hereafter  in
effect in any  jurisdiction  affecting  any of such  terms or the  rights of the
Buyer with respect thereto. The Guarantor agrees that its guarantee  constitutes
a guaranty of payment of the  Obligations  and not of collection  and waives any
right to  require  that any resort be made by the Buyer to any  collateral.  The
Obligation  of  the  Guarantor  under  this  Guaranty  are  independent  of  the
Obligation under the Debentures, and a separate action or actions may be brought
and prosecuted  against the Guarantor to enforce this Guaranty,  irrespective of
whether any action is brought  against Oxford or the Guarantor or whether Oxford
or the  Guarantor is joined in any such action or actions.  The liability of the
Guarantor under this Guaranty shall be irrevocable,  absolute and  unconditional
irrespective of, and the Guarantor hereby irrevocably waives any defenses it may
now or hereafter have in any way relating to, any or all of the following:

                  (i)   any lack of validity or enforceability of the Debentures
or any agreement or instrument relating thereto;

                  (ii)  any change in the time,  manner or place of payment  of,
or in any other term in respect of, all or any of the Guaranteed Obligation,  or
any  other  amendment  or  waiver  of or  any  consent  to  departure  from  the
Debentures,  provided,  however,  the  Guarantor  shall not be liable under this
Guarantee as a result of any increase in the  Guaranteed  Obligations  resulting
from the extension of additional credit to Oxford or the Guarantor or otherwise;

                  (iii) any taking,  exchange,  release or non-perfection of any
collateral,  or any  taking,  release  or  amendment  or waiver of or consent to
departure from any other guaranty, for all or any of the Guaranteed Obligations;

                  (iv)  the  existence of any claim,  set-off,  defense or other
right  that the  Guarantor  may have  against  any  Person,  including,  without
limitation, the Buyer;

                                       2
<PAGE>

                  (v)   any  change,   restructuring   or   termination  of  the
corporate,  limited liability  company or partnership  structure or existence of
the Buyer; or

                  (vi)  any  other   circumstance   (including  any  statute  of
limitations) or any existence of or reliance on any  representation by the Buyer
that might  otherwise  constitute  a defense  available  to, or a discharge  of,
Oxford or the Guarantor or surety.

            (b)   This Guaranty shall continue to be effective or be reinstated,
as the  case  may  be,  if at any  time  any  payment  of any of the  Guaranteed
Obligation is rescinded or must  otherwise be returned by the Buyer or any other
Person upon the insolvency, bankruptcy or reorganization of Oxford or otherwise,
all as though such payment had not been made.

            (c)   This Guaranty is a continuing guaranty and shall (i) remain in
full force and effect until the payment in full,  whether in cash or securities,
as the case may be, of the Guaranteed  Obligation and all other amounts  payable
under this Guaranty,  shall (ii) be binding upon the  Guarantor,  its successors
and assigns and (iii)  inure to the benefit of and be  enforceable  by the Buyer
and its  successors,  pledgees,  transferees and assigns.  Without  limiting the
generality  of the  foregoing  clause  (iii),  the Buyer may  pledge,  assign or
otherwise  transfer all or any portion of its rights under the Debentures to any
other Person,  and such other Person shall thereupon  become vested with all the
benefits in respect  thereof  granted to such the Buyer herein or otherwise,  in
each case as provided in the Debentures.

      Section 4.  Waivers.  The  Guarantor  hereby  waives,  to the full  extent
permitted  by  applicable  law, (i)  promptness  and  diligence;  (ii) notice of
acceptance  and  notice of the  incurrence  of any  Obligation  by Oxford or the
Guarantor;  (iii) notice of any actions taken by the Buyer under the  Debentures
or any other agreement or instrument  related  thereto;  (iv) all other notices,
demands and protests, and all other formalities of every kind in connection with
the  enforcement  of the  Obligation  or of  the  Obligation  of  the  Guarantor
hereunder,  the omission of or delay in which,  but for the  provisions  of this
Section  4,  might  constitute  grounds  for  relieving  the  Guarantor  of  its
Obligation  hereunder;  (v) any  right to  compel  or  direct  the Buyer to seek
payment  or  recovery  of any  amounts  owed under  this  Guaranty  from any one
particular fund or source; (vi) any requirement that the Buyer protect,  secure,
perfect or insure any  security  interest or security  interest or any  property
subject  thereto or exhaust  any right or take any action  against  Oxford,  any
other  Guarantor  or any  other  Person or any  collateral;  and (vii) any other
defense  available to the  Guarantor.  The Guarantor  acknowledges  that it will
receive   direct  and  indirect   benefits  from  the   financing   arrangements
contemplated herein and that the waiver set forth in this Section 4 is knowingly
made in contemplation of such benefits. The Guarantor hereby waives any right to
revoke this  Guaranty,  and  acknowledges  that this  Guaranty is  continuing in
nature and applies to all Guaranteed Obligations, whether existing now or in the
future.

      Section 5. Subrogation.

            (a)   Until the final payment in cash and securities pursuant to the
terms of the Debentures and performance in full of all of the  Obligations,  the
Guarantor  shall not exercise any rights  against  Oxford arising as a result of

                                       3
<PAGE>

payment   by  Oxford  by  way  of   subrogation,   reimbursement,   restitution,
contribution or otherwise,  and will not prove any claim in competition with the
Buyer in respect of any payment  hereunder in any  insolvency  proceedings;  the
Guarantor will not claim any set-off,  recoupment or counterclaim against Oxford
in respect of any  liability of the  Guarantor to Oxford;  and the Guarantor and
Oxford  waive any  benefit  of and any right to  participate  in any  collateral
security which may be held by the Buyer.

            (b)   The  payment  of  any   amounts   due  with   respect  to  any
indebtedness  of Oxford or the Guarantor for money  borrowed or credit  received
now or  hereafter  owed to the  Guarantor  is hereby  subordinated  to the prior
payment in full of all of the Obligations.  The Guarantor agrees that, after the
occurrence  of  any  default  in  the  payment  or  performance  of  any  of the
Obligations,  the  Guarantor  will not demand,  sue for or otherwise  attempt to
collect  any such  indebtedness  of  Oxford  to the  Guarantor  until all of the
Obligations  shall have been paid in full.  If,  notwithstanding  the  foregoing
sentence, the Guarantor shall collect, enforce or receive any amounts in respect
of such indebtedness while any Obligations are still  outstanding,  such amounts
shall be  collected,  enforced and received by the  Guarantor as trustee for the
Buyer and be paid over to the  Buyer,  on  account  of the  Obligations  without
affecting  in  any  manner  the  liability  of the  Guarantor  under  the  other
provisions of this Guaranty.

      Section 6. Representations, Warranties and Covenants. The Guarantor hereby
represents and warrants as follows:

            (a)   The  Guarantor  (i) is a  corporation  or other  entity,  duly
organized,  validly existing and in good standing under the laws of the state or
other applicable jurisdiction of its organization as set forth on the first page
hereof,  (ii) has all  requisite  power and authority to conduct its business as
now  conducted  and as  presently  contemplated  and to execute and deliver this
Guaranty and each other related  document to which the Guarantor is a party, and
to consummate the transactions contemplated hereby and thereby and (iii) is duly
qualified to do business and is in good standing in each  jurisdiction  in which
the  character  of  the  properties  owned  or  leased  by it or  in  which  the
transaction  of its business  makes such  qualification  necessary and where the
failure to be so  qualified  could  reasonably  be  expected  to have a material
adverse effect.

            (b)   The  execution,  delivery and  performance by the Guarantor of
this Guaranty and each other related  document to which the Guarantor is a party
(i) have been duly authorized by all necessary action,  (ii) do not and will not
contravene  its charter or by-laws,  or any  applicable law or regulation or any
contractual  restriction  binding on or otherwise affecting the Guarantor or its
properties,  (iii) do not and will not result in or require the  creation of any
lien (other than pursuant to the Debentures)  upon or with respect to any of its
properties,  and (iv) do not and will not result in any default,  noncompliance,
suspension,  revocation,  impairment,  forfeiture  or  nonrenewal of any permit,
license,  authorization or approval applicable to it or its operations or any of
its properties.

                                       4
<PAGE>

            (c)   No authorization or approval or other action by, and no notice
to or filing with, any  governmental  agency is required in connection  with the
due execution, delivery and performance by the Guarantor of this Guaranty or any
of the other related document to which the Guarantor is a party,  except for the
filing of any UCC financing  statement or such other  registrations,  filings or
recordings  as may be necessary  to perfect any lien  purported to be created by
the  Debentures or any related  document to which the Guarantor is a party,  and
any public filings with the Securities and Exchange Commission.

            (d)   Each of this Guaranty and the Debentures and related documents
to which the Guarantor is or will be a party, when delivered,  will be, a legal,
valid and binding obligation of the Guarantor, enforceable against the Guarantor
in accordance with its terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws.

            (e)   There  are no  pending  or  written  notices  threatening  any
action,  suit or proceeding  affecting  the Guarantor  before any court or other
governmental  agency or any arbitrator  that (x) if adversely  determined  could
reasonably be expected to have a material adverse effect, except as disclosed in
public filings with the Securities  and Exchange  Commission,  or (y) relates to
this  Guaranty,  the  Debentures  or any of the related  documents  to which the
Guarantor is a party or any transaction  contemplated  hereby or thereby and, as
of the date hereof,  the Guarantor does not hold any  commercial  tort claims in
respect of which a claim has been filed in a court of law or a written notice by
an attorney has been given to a potential defendant.

            (f)   The  Guarantor  (i) has read and  understands  the  terms  and
conditions of the  Debentures  and the other related  documents to which it is a
party, and (ii) now has and will continue to have independent means of obtaining
information concerning the affairs,  financial condition and business of Oxford,
and has no need of,  or right to  obtain  from the  Buyer,  any  credit or other
information  concerning the affairs,  financial  condition or business of Oxford
that may come under the control of the Buyer.

      Section  7.  Right  of  Set-off.   Upon  the  occurrence  and  during  the
continuance of any Event of Default, the Buyer may, and is hereby authorized to,
at any time and from time to time,  without  notice to the  Guarantor  (any such
notice  being  expressly  waived by the  Guarantor)  and to the  fullest  extent
permitted by law,  set-off and apply any and all  deposits  (general or special,
time or demand, provisional or final) at any time held and other indebtedness at
any time owing by the Buyer to or for the credit or the account of the Guarantor
against any and all Obligations of the Guarantor now or hereafter existing under
this Guaranty or any other related document,  irrespective of whether or not the
Buyer  shall  have made any  demand  under this  Guaranty  or any other  related
document and although such Obligation may be contingent or unmatured.  the Buyer
agrees to notify the Guarantor  promptly after any such set-off and  application
made by the  Buyer,  provided  that the  failure to give such  notice  shall not
affect the  validity of such  set-off and  application.  The rights of the Buyer
under this Section 7 are in addition to other  rights and  remedies  (including,
without limitation, other rights of set-off) which the Buyer may have under this
Guaranty or any other related document in law or otherwise.

      Section 8. Event of Default."Event of Default" shall mean: (a) any failure
by the  Guarantor  to pay any of the  Guaranteed  Obligations  when  due,  (b) a
material breach by the Guarantor  under this Agreement,  (c) the Guarantor shall

                                       5
<PAGE>

(1) fail to, be unable to or otherwise  does not generally pay its debts as they
become due, (2) conceal,  remove or transfer any of its assets and properties in
violation  or  evasion  of any  bankruptcy,  fraudulent  conveyance  or  similar
applicable  law, (3) make an assignment  for the benefit of its  creditors,  (4)
petition  or apply for or consent to the  appointment  of a  receiver,  trustee,
assignee, custodian, sequestrator,  liquidator or similar official for itself or
any of its assets and properties,  (5) commence a voluntary case for relief as a
debtor  under the United  States  Bankruptcy  Code,  (6) file with or  otherwise
submit to any  governmental  authority  any petition,  answer or other  document
seeking (A)  reorganization,  (B) an  arrangement  with creditors or (C) to take
advantage of any other present or future  applicable law respecting  bankruptcy,
reorganization,   insolvency,   readjustment   of  debts,   relief  of  debtors,
dissolution or  liquidation,  (7) be adjudicated  bankrupt or insolvent,  or (8)
take any action for the purpose of effectuating,  approving or consenting to any
of the other  actions  or events  described  in this  subsection;  (d) any case,
proceeding  or other  action shall be commenced  against the  Guarantor  for the
purpose of  effecting,  or an order,  judgment or decree shall be entered by any
court of  competent  jurisdiction  approving  (whether  in  whole  or in  part),
anything specified in subsection (d) of this Section, or any receiver,  trustee,
assignee,  custodian,  sequestrator,  liquidator  or  other  official  shall  be
appointed  with  respect to the  Guarantor or all or a  substantial  part of the
assets and  properties of the Guarantor or any of its  respective  principals or
other  affiliates;  and (e) one or more final judgments for the payment of money
in excess of $100,000 shall be rendered against the Guarantor and the same shall
remain  undischarged  for a period of 30 days  during  which levy and  execution
shall not be effectively stayed or contested in good faith.

      Section 9. Notices, Etc. All notices and other communications provided for
hereunder  shall be in writing and shall be mailed (by certified  mail,  postage
prepaid  and return  receipt  requested),  telecopied  or  delivered,  if to the
Guarantor,  to it at the address below its name on the signature page hereto, or
if to the Buyer,  to it at its addresses set forth in the  Debentures;  or as to
either such Person at such other  address as shall be  designated by such Person
in a written notice to such other Person complying as to delivery with the terms
of this Section 8. All such notices and other  communications shall be effective
(i) if  mailed,  when  received  or three  days  after  deposited  in the  mail,
whichever occurs first, (ii) if telecopied, when transmitted and confirmation is
received, or (iii) if delivered, upon delivery.

      Section 10.  Secured  Nature of Guaranty.  This Guaranty is secured by the
Security Agreement between the Guaranty and the Buyer dated the date hereof.

      Section  11. THIS  GUARANTY  SHALL BE DEEMED TO BE MADE UNDER AND SHALL BE
CONSTRUED IN  ACCORDANCE  WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT  GIVING
EFFECT TO THE  PRINCIPALS  OF  CONFLICT  OF LAWS  THEREOF.  EACH OF THE  PARTIES
CONSENTS TO THE JURISDICTION OF THE U.S.  DISTRICT COURT SITTING IN THE SOUTHERN
DISTRICT  OF THE STATE OF NEW YORK OR THE STATE  COURTS OF THE STATE OF NEW YORK
SITTING IN NEW YORK  COUNTY,  NEW YORK IN  CONNECTION  WITH ANY DISPUTE  ARISING
UNDER THIS DEBENTURE AND HEREBY WAIVES,  TO THE MAXIMUM EXTENT PERMITTED BY LAW,
ANY  OBJECTION,  INCLUDING  ANY OBJECTION  BASED ON FORUM NON  CONVENIENS TO THE
BRINGING OF ANY SUCH PROCEEDING IN SUCH JURISDICTIONS.

                                       6
<PAGE>

      SECTION 12.  WAIVER OF JURY TRIAL,  ETC. THE  GUARANTOR  HEREBY WAIVES ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION,  PROCEEDING OR  COUNTERCLAIM  CONCERNING
ANY  RIGHTS  UNDER  THIS  GUARANTY  OR UNDER  ANY  AMENDMENT,  WAIVER,  CONSENT,
INSTRUMENT,  DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE
DELIVERED IN  CONNECTION  HEREWITH OR  THEREWITH,  OR ARISING FROM ANY FINANCING
RELATIONSHIP EXISTING IN CONNECTION WITH THIS GUARANTY, AND AGREES THAT ANY SUCH
ACTION,  PROCEEDING OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE
A JURY.  THE  GUARANTOR  CERTIFIES  THAT NO  OFFICER,  REPRESENTATIVE,  AGENT OR
ATTORNEY OF THE BUYER HAS  REPRESENTED,  EXPRESSLY OR OTHERWISE,  THAT THE BUYER
WOULD NOT,  IN THE EVENT OF ANY  ACTION,  PROCEEDING  OR  COUNTERCLAIM,  SEEK TO
ENFORCE THE FOREGOING  WAIVERS.  THE  GUARANTOR  HEREBY  ACKNOWLEDGES  THAT THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE BUYER ENTERING INTO THIS AGREEMENT.

      Section 13. Taxes.

            (a)   All  payments  made by the  Guarantor  hereunder  will be made
without setoff,  counterclaim  or other defense.  All such payments will be made
free and clear of, and without  deduction  or  withholding  for,  any present or
future taxes, levies,  imposts,  duties,  fees,  assessments or other charges of
whatever nature now or hereafter imposed by any jurisdiction or by any political
subdivision or taxing authority (collectively,  "TAXES") thereof or therein with
respect to such  payments  (but  excluding any Tax imposed on or measured by the
net income or net  profits  the Buyer  imposed on it pursuant to the laws of the
jurisdiction in which it is organized or the jurisdiction in which the principal
office or applicable  lending office of the Buyer is located).  If the Guarantor
shall be required  to deduct or to withhold  any Taxes from or in respect of any
amount payable hereunder or under any related document,

                  (i)   the Guarantor shall make such deduction or withholding,

                  (ii)  the  Guarantor  shall pay the full  amount  deducted  or
withheld to the relevant  taxation  authority in accordance with applicable law,
and

                  (iii) as promptly as possible thereafter,  the Guarantor shall
send the Buyer an official receipt (or, if an official receipt is not available,
such other  documentation as shall be satisfactory to the Buyer, as the case may
be) evidencing payment of the amount or amounts so deducted or withheld.

            (b)   In addition, the Guarantor agrees to pay any present or future
taxes,  charges or similar levies which arise from any payment made hereunder or
from  the  execution,  delivery,  performance,  recordation  or  filing  of,  or
otherwise with respect to, this Agreement or any related document.

                                       7
<PAGE>

      Section 14. Miscellaneous.

            (a)   The Guarantor will make each payment hereunder in lawful money
of the United States of America and in immediately available funds to the Buyer,
at such  address  specified  by the  Buyer  from  time to time by  notice to the
Guarantor.

            (b)   No  amendment  of any  provision  of this  Guaranty  shall  be
effective unless it is in writing and signed by the Guarantor and the Buyer, and
no waiver of any provision of this Guaranty,  and no consent to any departure by
the Guarantor  therefrom,  shall in any event be effective unless the same shall
be in writing and signed by the Guarantor and the Buyer, and then such waiver or
consent  shall be effective  only in the specific  instance and for the specific
purpose for which given.

            (c)   No failure on the part of the Buyer to exercise,  and no delay
in exercising,  any right hereunder,  under the Debentures, or under any related
document  shall  operate  as a waiver  thereof,  nor shall any single or partial
exercise  of any  right  hereunder,  under  the  Debentures,  or under any other
related document  preclude any other or further exercise thereof or the exercise
of any other right. The rights and remedies of the Buyer provided herein, in the
Debentures, and in the other related document are cumulative and are in addition
to, and not exclusive of, any rights or remedies  provided by law. The rights of
the Buyer under the Debentures  against any party thereto are not conditional or
contingent on any attempt by the Buyer to exercise any of their rights under the
Debentures or any other related document against such party or against any other
Person.

            (d)   Any  provision  of  this  Guaranty   which  is  prohibited  or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability  without  invalidating the
remaining portions hereof or thereof or affecting the validity or enforceability
of such provision in any other jurisdiction.

            (e)   This  Guaranty  shall (i) be binding on the  Guarantor and its
successors and assigns, and (ii) inure, together with all rights and remedies of
the  Buyer  hereunder,  to  the  benefit  of  the  Buyer  and  their  respective
successors,  transferees and assigns.  Without limiting the generality of clause
(ii) of the immediately  preceding  sentence,  the Buyer may assign or otherwise
transfer its rights under the  Debentures  to any other  Person,  and such other
Person shall thereupon become vested with all of the benefits in respect thereof
granted to the Buyer herein or otherwise.  None of the rights or  Obligations of
the  Guarantor  hereunder may be assigned or otherwise  transferred  without the
prior written consent of the Buyer.

            (f)   This  Guaranty  reflects  the  entire   understanding  of  the
transactions  contemplated  hereby shall not be contradicted or qualified by any
other agreement, oral or written, before the date hereof.

            (g)   Section  headings  herein  are  included  for  convenience  of
reference  only and shall not  constitute a part of this Agreement for any other
purpose.

                           [SIGNATURE PAGE TO FOLLOW]

                                       8
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Guaranty Agreement
to be executed by an officer  thereunto  duly  authorized,  as of the date first
above written.

OXFORD VENTURES, INC.

By: /s/ Daniel K. Leonard
  -----------------------
  Name:
  Title:

<PAGE>

                                          SCHEDULE I

                                      SCHEDULE OF BUYERS

<TABLE>
<CAPTION>

                                                                       ADDRESS/FACSIMILE
         NAME                           SIGNATURE                     NUMBER OF INVESTORS
--------------------------   ---------------------------------   -----------------------------
<S>                          <C>                                 <C>
Highgate House Funds, Ltd.   By: /s/ Adam S. Gottbetter
                               -------------------------------   488 Madison Avenue
                                Name: Adam S. Gottbetter         New York, NY 10022
                                Its:  Portfolio Manager          Facsimile: (212) 400-6901

With a copy to:              Troy Rillo, Esq.                    101 Hudson Street, Suite 3700
                                                                 Jersey City, NJ 07302
                                                                 Facsimile: (201) 985-1964

Prenox, LLC                  By: /s/ Michael Weiss
                               -------------------------------   623 Fifth Avenue, 32nd Floor
                               Name:                             New York, NY 10022
                               Its:                              Telephone: (212) 756-8045
                                                                 Facsimile: (212) 756-1480

</TABLE>

<PAGE>

                                    EXHIBIT A

                                   TERM SHEETEXHIBIT 10.5

                          GUARANTOR SECURITY AGREEMENT

      THIS GUARANTOR SECURITY  AGREEMENT (the "Agreement"),  is entered into and
made effective as of October 12, 2005, by and between ULURU ACQUISITION CORP., a
Delaware corporation (the "Company"),  Highgate House Funds, Ltd.  ("Highgate"),
and Prenox, LLC; acting as agent for itself and Highgate (in such capacity;  the
"Secured Party") (Highgate  together with Prenox,  LLC are referred to herein as
the "Buyers").

      WHEREAS,  the Company is a wholly  owned  subsidiary  of Oxford  Ventures,
Inc., a Nevada corporation ("Oxford");

      WHEREAS,  Oxford  shall issue and sell to the  Buyers,  as provided in the
Securities  Purchase  Agreement dated the date hereof (the "Securities  Purchase
Agreement"),  and the  Buyers  shall  purchase  up to  Fifteen  Million  Dollars
($15,000,000)  of  ten  percent  (10%)  secured   convertible   debentures  (the
"Convertible  Debentures"),  which  shall  be  convertible  into  shares  of the
Company's common stock, par value $0.001 (the "Common Stock") (as converted, the
"Conversion  Shares") in the respective amounts set forth opposite each Buyer(s)
name on Schedule I attached to the Securities Purchase Agreement;

      WHEREAS, on the date hereof the Company and the Buyers have entered into a
Guaranty  Agreement  pursuant  to which  the  Company  has  guaranteed  Oxford's
repayment of the Convertible Debentures;

      WHEREAS,  to  induce  the  Secured  Party  to enter  into the  Convertible
Debentures the Company hereby grants to the Secured Party a security interest in
and to the  pledged  property  identified  on Exhibit  "A" hereto  (collectively
referred  to  as  the  "Pledged   Property")   until  the  satisfaction  of  the
Obligations, as defined herein below;

      NOW, THEREFORE,  in consideration of the premises and the mutual covenants
herein contained,  and for other good and valuable  consideration,  the adequacy
and receipt of which are hereby acknowledged, the parties hereto hereby agree as
follows:

                                   ARTICLE 1.

                         DEFINITIONS AND INTERPRETATIONS

      Section 1.1. Recitals.

      The above recitals are true and correct and are  incorporated  herein,  in
their entirety, by this reference.

      Section 1.2. Interpretations.

      Nothing  herein  expressed or implied is intended or shall be construed to
confer upon any person other than the Secured  Party any right,  remedy or claim
under or by reason hereof.

      Section 1.3. Definitions.

      Capitalized  terms not  otherwise  defined  herein shall have the meanings
ascribed to such terms in the Securities Purchase Agreement.

<PAGE>

      Section 1.4. Obligations Secured.

      The obligations  secured hereby are any and all obligations of the Company
now existing or hereinafter incurred to the Buyers,  whether oral or written and
whether  arising  before,  on,  or after  the  date  hereof  including,  without
limitation,  those  obligations  of the Company to the Buyers under the Guaranty
Agreement and those  obligations  of the Company to the Secured Party  hereunder
(collectively, the "Obligations")

                                   ARTICLE 2.

                PLEDGED COLLATERAL, ADMINISTRATION OF COLLATERAL
                      AND TERMINATION OF SECURITY INTEREST

      Section 2.1. Pledged Property.

            (a)   The Company hereby  pledges to the Secured Party,  and creates
in the Secured  Party for its benefit and the benefit of the Buyers,  a security
interest for such time until the  Obligations are paid in full, in and to all of
the Pledged Property:

      The Pledged Property, as set forth in Exhibit "A" attached hereto, and the
products thereof and the proceeds of all such items are hereinafter collectively
referred to as the "Pledged Collateral."

            (b)   Simultaneously   with  the  execution  and  delivery  of  this
Agreement,  the  Company  shall make,  execute,  acknowledge,  file,  record and
deliver to the Secured Party any documents  reasonably  requested by the Secured
Party to perfect its security interest in the Pledged  Property.  Simultaneously
with the  execution  and  delivery of this  Agreement,  the Company  shall make,
execute,  acknowledge  and  deliver  to the  Secured  Party such  documents  and
instruments, including, without limitation, financing statements,  certificates,
affidavits  and forms as may, in the Secured  Party's  reasonable  judgment,  be
necessary to effectuate,  complete or perfect, or to continue and preserve,  the
security interest of the Secured Party in the Pledged Property,  and the Secured
Party shall hold such documents and instruments as secured party, subject to the
terms and conditions contained herein.

      Section 2.2. Rights; Interests; Etc.

            (a)   So long as no Event of Default (as hereinafter  defined) shall
have occurred and be continuing:

                  (i)   the Company  shall be  entitled to exercise  any and all
rights  pertaining  to the Pledged  Property or any part thereof for any purpose
not inconsistent with the terms hereof; and

                  (ii)  the Company  shall be entitled to receive and retain any
and all payments paid or made in respect of the Pledged Property.

                                       2
<PAGE>

            (b)   Upon the occurrence and during the  continuance of an Event of
Default:

                  (i)   All rights of the Company to exercise  the rights  which
it would otherwise be entitled to exercise  pursuant to Section 2.2(a)(i) hereof
and to receive  payments  which it would  otherwise be authorized to receive and
retain pursuant to Section  2.2(a)(ii)  hereof shall be suspended,  and all such
rights shall  thereupon  become vested in the Secured Party who shall  thereupon
have the sole right to  exercise  such rights and to receive and hold as Pledged
Collateral  such payments;  provided,  however,  that if the Secured Party shall
become  entitled and shall elect to exercise its right to realize on the Pledged
Collateral  pursuant  to Article 5 hereof,  then all cash sums  received  by the
Secured Party,  or held by Company for the benefit of the Secured Party and paid
over  pursuant  to  Section  2.2(b)(ii)  hereof,  shall be applied  against  any
outstanding Obligations;

                  (ii)  All interest,  dividends,  income and other payments and
distributions  which are received by the Company  contrary to the  provisions of
Section  2.2(b)(i)  hereof  shall be  received  in trust for the  benefit of the
Secured Party,  shall be segregated from other property of the Company and shall
be forthwith paid over to the Secured Party; and

                  (iii) The  Secured  Party  in its  sole  discretion  shall  be
authorized to sell any or all of the Pledged  Property at public or private sale
in order to recoup all of the outstanding  principal plus accrued  interest owed
pursuant to the Convertible Debenture as described herein

            (c)   Each of the following  events shall constitute a default under
this Agreement (each an "Event of Default"):

                  (i)   any default, whether in whole or in part, shall occur in
the payment to the Secured Party of principal, interest or other item comprising
the  Obligations as and when due or with respect to any other debt or obligation
of the Company to a party other than the Secured Party;

                  (ii)  any default, whether in whole or in part, shall occur in
the due observance or performance of any obligations or other  covenants,  terms
or provisions to be performed under this Agreement;

                  (iii) the Company shall: (1) make a general assignment for the
benefit  of its  creditors;  (2) apply for or consent  to the  appointment  of a
receiver,  trustee,  assignee,  custodian,  sequestrator,  liquidator or similar
official  for  itself  or any of its  assets  and  properties;  (3)  commence  a
voluntary case for relief as a debtor under the United States  Bankruptcy  Code;
(4) file with or otherwise  submit to any  governmental  authority any petition,
answer or other document seeking:  (A)  reorganization,  (B) an arrangement with
creditors or (C) to take advantage of any other present or future applicable law
respecting bankruptcy, reorganization, insolvency, readjustment of debts, relief
of debtors,  dissolution or liquidation; (5) file or otherwise submit any answer
or other document admitting or failing to contest the material  allegations of a
petition  or other  document  filed or  otherwise  submitted  against  it in any
proceeding  under any such  applicable  law, or (6) be adjudicated a bankrupt or
insolvent by a court of competent jurisdiction;

                                       3
<PAGE>

                  (iv)  any case,  proceeding or other action shall be commenced
against  the  Company for the  purpose of  effecting,  or an order,  judgment or
decree shall be entered by any court of  competent  jurisdiction  approving  (in
whole or in part)  anything  specified  in Section  2.2(c)(iii)  hereof,  or any
receiver,  trustee,  assignee,  custodian,  sequestrator,  liquidator  or  other
official shall be appointed  with respect to the Company,  or shall be appointed
to take or shall otherwise acquire possession or control of all or a substantial
part of the assets and properties of the Company, and any of the foregoing shall
continue unstayed and in effect for any period of thirty (30) days;

                  (v)   Any  material  obligation  of  Company  (other  than its
Obligations  under this Agreement) for the payment of borrowed money is not paid
when due or within any applicable grace period, or such obligation becomes or is
declared to be due and payable before the expressed  maturity of the obligation,
or there shall have  occurred an event that,  with the giving of notice or lapse
of time, or both,  would cause any such obligation to become,  or allow any such
obligation to be declared to be, due and payable  before the expressed  maturity
date of the obligation; or

                  (vi)  A breach by the Company of any  material  contract  that
would have a Material Adverse Effect (as defined in Section 6.1 below).

                                   ARTICLE 3.

                          ATTORNEY-IN-FACT; PERFORMANCE

      Section 3.1. Secured Party Appointed Attorney-In-Fact.

      Upon the occurrence of an Event of Default,  the Company  hereby  appoints
the Secured Party as its attorney-in-fact,  with full authority in the place and
stead of the Company and in the name of the Company or  otherwise,  from time to
time in the  Secured  Party's  discretion  to take any action and to execute any
instrument  which the Secured Party may reasonably  deem necessary to accomplish
the purposes of this Agreement,  including,  without limitation,  to receive and
collect all instruments made payable to the Company representing any payments in
respect of the Pledged Collateral or any part thereof and to give full discharge
for the same.  The  Secured  Party may demand,  collect,  receipt  for,  settle,
compromise,  adjust, sue for,  foreclose,  or realize on the Pledged Property as
and when the Secured Party may determine. To facilitate collection,  the Secured
Party may notify account debtors and obligors on any Pledged Property or Pledged
Collateral to make payments directly to the Secured Party.

      Section 3.2. Secured Party May Perform.

      If the  Company  fails to perform  any  agreement  contained  herein,  the
Secured Party, at its option, may itself perform,  or cause performance of, such
agreement,  and  the  expenses  of the  Secured  Party  incurred  in  connection
therewith shall be included in the Obligations secured hereby and payable by the
Company under Section 8.3.

      Section 3.3. Appointment of Agent.

      Highgate does hereby irrevocably  constitute and appoint the Secured Party
as its agent,  to the fullest extent  permissible by law, under this  Agreement.
The Secured Party hereby accepts this appointment.

                                       4
<PAGE>

                                   ARTICLE 4.

                         REPRESENTATIONS AND WARRANTIES

      Section 4.1. Authorization; Enforceability.

      Each of the parties  hereto  represents and warrants that it has taken all
action  necessary to authorize the execution,  delivery and  performance of this
Agreement  and the  transactions  contemplated  hereby;  and upon  execution and
delivery,  this Agreement shall constitute a valid and binding obligation of the
respective party, subject to applicable bankruptcy, insolvency,  reorganization,
moratorium  and similar laws  affecting  creditors'  rights or by the principles
governing the availability of equitable remedies.

      Section 4.2. Ownership of Pledged Property.

      The Company  warrants and  represents  that it is the legal and beneficial
owner of the Pledged  Property  free and clear of any lien,  security  interest,
option or other charge or encumbrance  except for the security  interest created
by this Agreement.

                                   ARTICLE 5.

                    DEFAULT; REMEDIES; SUBSTITUTE COLLATERAL

      Section 5.1. Default and Remedies.

            (a)   If an Event of Default described in Section 2.2(c)(i) and (ii)
occurs,  then in each such case the Secured Party may declare the Obligations to
be due and payable immediately,  by a notice in writing to the Company, and upon
any such declaration,  the Obligations shall become immediately due and payable.
If an Event of Default described in Sections 2.2(c)(iii) through (vi) occurs and
is  continuing  for the period set forth  therein,  then the  Obligations  shall
automatically  become  immediately due and payable without  declaration or other
act on the part of the Secured Party.

            (b)   Upon the occurrence of an Event of Default,  the Secured Party
shall be entitled:  (i) to receive all distributions with respect to the Pledged
Collateral,  (ii) to cause the Pledged  Property to be transferred into the name
of the Secured Party or its nominee,  (iii) to dispose of the Pledged  Property,
and (iv) to realize upon any and all rights in the Pledged Property then held by
the Secured Party.

      Section  5.2.  Method  of  Realizing  Upon  the  Pledged  Property:  Other
Remedies.

      Upon the occurrence of an Event of Default,  in addition to any rights and
remedies  available at law or in equity,  the following  provisions shall govern
the Secured Party's right to realize upon the Pledged Property:

                                       5
<PAGE>

            (a)   Any item of the Pledged Property may be sold for cash or other
value in any number of lots at brokers board, public auction or private sale and
may be sold without  demand,  advertisement  or notice  (except that the Secured
Party shall give the Company ten (10) days' prior written notice of the time and
place  or of the  time  after  which  a  private  sale  may be made  (the  "Sale
Notice")),  which notice period is hereby agreed to be commercially  reasonable.
At any  sale or sales  of the  Pledged  Property,  the  Company  may bid for and
purchase the whole or any part of the Pledged Property and, upon compliance with
the terms of such  sale,  may hold,  exploit  and  dispose  of the same  without
further  accountability  to the  Secured  Party.  The Company  will  execute and
deliver,  or cause to be executed and delivered,  such  instruments,  documents,
assignments,  waivers,  certificates,  and  affidavits and supply or cause to be
supplied such further  information  and take such further  action as the Secured
Party reasonably shall require in connection with any such sale.

            (b)   Any cash being held by the Secured Party as Pledged Collateral
and all cash  proceeds  received  by the  Secured  Party in respect of, sale of,
collection  from,  or other  realization  upon  all or any  part of the  Pledged
Collateral shall be applied as follows:

                  (i)   to the payment of all amounts due the Secured  Party for
the expenses  reimbursable to it hereunder or owed to it pursuant to Section 8.3
hereof;

                  (ii)  to the payment of the Obligations then due and unpaid.

                  (iii) the balance,  if any, to the person or persons  entitled
thereto, including, without limitation, the Company.

            (c)   In  addition  to all of the  rights  and  remedies  which  the
Secured Party may have pursuant to this Agreement,  the Secured Party shall have
all of the rights and remedies provided by law,  including,  without limitation,
those under the Uniform Commercial Code.

                  (i)   If the  Company  fails to pay such  amounts due upon the
occurrence  of an Event of Default which is  continuing,  then the Secured Party
may institute a judicial  proceeding  for the  collection of the sums so due and
unpaid,  may  prosecute  such  proceeding  to judgment  or final  decree and may
enforce the same against the Company and collect the monies  adjudged or decreed
to be payable in the manner  provided  by law out of the  property  of  Company,
wherever situated.

                  (ii)  The  Company  agrees  that it  shall be  liable  for any
reasonable fees,  expenses and costs incurred by the Secured Party in connection
with enforcement,  collection and preservation of the this Agreement, including,
without limitation,  reasonable legal fees and expenses,  and such amounts shall
be deemed  included as  Obligations  secured  hereby and payable as set forth in
Section 8.3 hereof.

      Section 5.3. Proofs of Claim.

      In case of the  pendency  of any  receivership,  insolvency,  liquidation,
bankruptcy,  reorganization,   arrangement,  adjustment,  composition  or  other
judicial proceeding relating to the Company or the property of the Company or of
such other obligor or its creditors,  the Secured Party (irrespective of whether
the  Obligations  shall  then be due and  payable  as  therein  expressed  or by
declaration  or otherwise  and  irrespective  of whether the Secured Party shall
have made any demand on the Company for the payment of the  Obligations),  shall
be entitled and empowered, by intervention in such proceeding or otherwise:

                                       6
<PAGE>

                  (i)   to file and prove a claim  for the  whole  amount of the
Obligations  and to file such other  papers or  documents as may be necessary or
advisable in order to have the claims of the Secured Party  (including any claim
for the  reasonable  legal fees and expenses and other expenses paid or incurred
by the Secured  Party  permitted  hereunder  and of the Secured Party allowed in
such judicial proceeding), and

                  (ii)  to collect  and  receive  any  monies or other  property
payable or  deliverable  on any such claims and to distribute  the same; and any
custodian,  receiver,  assignee,  trustee,  liquidator,  sequestrator  or  other
similar  official in any such judicial  proceeding  is hereby  authorized by the
Secured  Party to make such payments to the Secured Party and, in the event that
the Secured Party shall  consent to the making of such payments  directed to the
Secured  Party,  to pay to the Secured  Party any amounts  for  expenses  due it
hereunder.

      Section 5.4. Duties Regarding Pledged Collateral.

      The Secured Party shall have no duty as to the collection or protection of
the Pledged  Property  or any income  thereon or as to the  preservation  of any
rights pertaining thereto, beyond the safe custody and reasonable care of any of
the Pledged Property actually in the Secured Party's possession.

                                   ARTICLE 6.

                              AFFIRMATIVE COVENANTS

      The Company  covenants and agrees that, from the date hereof and until the
Obligations  have been fully paid and satisfied,  unless the Secured Party shall
consent otherwise in writing (as provided in Section 8.4 hereof):

      Section 6.1. Existence, Properties, Etc.

            (a)   The  Company  shall do, or cause to be done,  all  things,  or
proceed with due  diligence  with any actions or courses of action,  that may be
reasonably  necessary  (i) to maintain the  Company's  due  organization,  valid
existence and good standing  under the laws of its state of  incorporation,  and
(ii) to preserve and keep in full force and effect all qualifications,  licenses
and  registrations  in those  jurisdictions  in which the failure to do so could
have a Material Adverse Effect (as defined below); and (b) the Company shall not
do, or cause to be done,  any act  impairing the  Company's  corporate  power or
authority (i) to carry on the Company's  business as now conducted,  and (ii) to
execute or deliver this Agreement or any other document  delivered in connection
herewith, including, without limitation, any UCC-1 Financing Statements required
by the  Secured  Party  (which  other  loan  instruments  collectively  shall be
referred as "Loan  Instruments")  to which it is or will be a party,  or perform
any of its obligations  hereunder or thereunder.  For purpose of this Agreement,
the term "Material Adverse Effect" shall mean any material and adverse effect as
determined by Secured Party in its sole discretion,  whether  individually or in
the aggregate, upon (a) the Company's assets, business,  operations,  properties
or condition,  financial or otherwise;  (b) the Company's to make payment as and
when due of all or any part of the Obligations; or (c) the Pledged Property.

                                       7
<PAGE>

      Section 6.2. Financial Statements and Reports.

      The Company shall  furnish to the Secured  Party within a reasonable  time
such financial  data as the Secured Party may  reasonably  request to the extent
disclosed in the SEC Documents, including, without limitation, the following:

            (a)   The  balance  sheet  of the  Company  as of the  close of each
fiscal year,  the statement of earnings and retained  earnings of the Company as
of the close of such fiscal  year,  and  statement of cash flows for the Company
for such fiscal year,  all in reasonable  detail,  prepared in  accordance  with
generally accepted accounting principles consistently applied,  certified by the
chief  executive and chief  financial  officers of the Company as being true and
correct  and  accompanied  by a  certificate  of the chief  executive  and chief
financial officers of the Company,  stating that the Company has kept, observed,
performed  and fulfilled  each  covenant,  term and condition of this  Agreement
during such fiscal year and that no Event of Default  hereunder has occurred and
is  continuing,  or if an Event  of  Default  has  occurred  and is  continuing,
specifying  the nature of same,  the period of  existence of same and the action
the Company proposes to take in connection therewith; and

            (b)   (b)  Copies  of  all  accountants'  reports  and  accompanying
financial  reports  submitted  to the  Company  by  independent  accountants  in
connection with each annual examination of the Company.

      Section 6.3. Accounts and Reports.

      The Company shall  maintain a standard  system of accounting in accordance
with generally accepted accounting principles  consistently applied and provide,
at its sole expense, to the Secured Party the following:

            (a)   as  soon  as  available,   a  copy  of  any  notice  or  other
communication  received by the Company alleging any nonpayment or other material
breach or default,  or any  foreclosure or other action  respecting any material
portion of its assets and properties,  respecting any of the indebtedness of the
Company  in excess of $15,000  (other  than the  Obligations),  or any demand or
other request for payment under any guaranty, assumption,  purchase agreement or
similar  agreement or arrangement  respecting the indebtedness or obligations of
others in excess of $15,000,  including  any received  from any person acting on
behalf of the Secured Party or beneficiary thereof; and

            (b)   within  fifteen (15) days after the making of each  submission
or filing, a copy of any report, financial statement,  notice or other document,
whether periodic or otherwise,  submitted to the shareholders of the Company, or
submitted to or filed by the Company with any governmental  authority  involving
or affecting (i) the Company that could have a Material Adverse Effect; (ii) the
Obligations; (iii) any part of the Pledged Collateral.

                                       8
<PAGE>

      Section 6.4. Maintenance of Books and Records; Inspection.

      The Company shall  maintain its books,  accounts and records in accordance
with generally accepted accounting  principles  consistently applied, and permit
the Secured Party, its officers and employees and any  professionals  designated
by the  Secured  Party in  writing,  at any time to visit and inspect any of its
properties  (including but not limited to the Pledged  Property and Collateral),
corporate books and financial records, and to discuss its accounts,  affairs and
finances with any employee, officer or director thereof.

      Section 6.5. Maintenance and Insurance.

            (a)   The Company shall maintain or cause to be  maintained,  at its
own  expense,  all of its  assets  and  properties  in good  working  order  and
condition,  making all necessary  repairs thereto and renewals and  replacements
thereof.

            (b)   The Company shall maintain or cause to be  maintained,  at its
own expense,  insurance in form, substance and amounts (including  deductibles),
which the Company  deems  reasonably  necessary to the Company's  business,  (i)
adequate to insure all assets and  properties  of the Company,  which assets and
properties are of a character  usually insured by persons engaged in the same or
similar  business  against  loss or damage  resulting  from fire or other  risks
included in an extended coverage policy; (ii) against public liability and other
tort claims that may be incurred by the Company;  and (iv) as may be  reasonably
requested by Secured Party, all with adequate,  financially  sound and reputable
insurers.

      Section 6.6. Contracts and Other Collateral.

      The Company shall perform all of its obligations  under or with respect to
each  instrument,  receivable,  contract  and other  intangible  included in the
Pledged  Property  to which the Company is now or  hereafter  will be party on a
timely basis and in the manner therein required,  including, without limitation,
this Agreement.

      Section 6.7. Defense of Collateral, Etc.

      The Company shall defend and enforce its right,  title and interest in and
to any part of: (a) the Pledged  Property;  and (b) if not  included  within the
Pledged  Property,  those assets and properties whose loss could have a Material
Adverse Effect,  the Company shall defend the Secured  Party's right,  title and
interest in and to each and every part of the Pledged Property, each against all
manner of claims and demands on a timely  basis to the full extent  permitted by
applicable law.

      Section 6.8. Payment of Debts, Taxes, Etc.

      The Company shall pay, or cause to be paid,  all of its  indebtedness  and
other liabilities and perform, or cause to be performed,  all of its obligations
in accordance with the respective terms thereof, and pay and discharge, or cause
to be paid or discharged,  all taxes, assessments and other governmental charges
and levies  imposed upon it, upon any of its assets and  properties on or before
the last day on which the same may be paid without  penalty,  as well as pay all
other  lawful  claims  (whether  for  services,  labor,  materials,  supplies or
otherwise) as and when due

                                       9
<PAGE>

      Section 6.9. Taxes and Assessments; Tax Indemnity.

      The  Company  shall (a) file all tax  returns  and  appropriate  schedules
thereto that are required to be filed under applicable law, prior to the date of
delinquency,  (b) pay and  discharge  all taxes,  assessments  and  governmental
charges or levies imposed upon the Company,  upon its income and profits or upon
any  properties  belonging  to it, prior to the date on which  penalties  attach
thereto,  and (c) pay all taxes,  assessments and governmental charges or levies
that,  if  unpaid,  might  become a lien or charge  upon any of its  properties;
provided,  however,  that the  Company in good faith may  contest  any such tax,
assessment,  governmental  charge or levy described in the foregoing clauses (b)
and (c) so long as appropriate reserves are maintained with respect thereto.

      Section 6.10. Compliance with Law and Other Agreements.

      The Company shall  maintain its business  operations and property owned or
used in connection  therewith in  compliance  with (a) all  applicable  federal,
state and  local  laws,  regulations  and  ordinances  governing  such  business
operations and the use and ownership of such property,  and (b) all  agreements,
licenses,  franchises,  indentures and mortgages to which the Company is a party
or by which the Company or any of its properties is bound.  Without limiting the
foregoing,  the Company shall pay all of its indebtedness promptly in accordance
with the terms thereof.

      Section 6.11. Notice of Default.

      The  Company  shall  give  written  notice  to the  Secured  Party  of the
occurrence of any default or Event of Default under this  Agreement or any other
agreement  of Company for the  payment of money,  promptly  upon the  occurrence
thereof.

      Section 6.12. Notice of Litigation.

      The Company shall give notice, in writing, to the Secured Party of (a) any
actions,  suits or  proceedings  wherein  the  amount  at issue is in  excess of
$50,000,  instituted by any persons against the Company, or affecting any of the
assets of the Company,  and (b) any dispute,  not resolved  within  fifteen (15)
days of the  commencement  thereof,  between the Company on the one hand and any
governmental  or regulatory  body on the other hand,  which might  reasonably be
expected  to have a  Material  Adverse  Effect  on the  business  operations  or
financial condition of the Company.

                                   ARTICLE 7.

                               NEGATIVE COVENANTS

      The Company  covenants  and agrees  that,  from the date hereof  until the
Obligations  have been fully paid and satisfied,  the Company shall not,  unless
the Secured Party shall consent otherwise in writing, which consent shall not be
unreasonably withheld:

                                       10
<PAGE>

      Section 7.1. Liens and Encumbrances.

      The Company shall not directly or indirectly make, create,  incur,  assume
or permit to exist any assignment, transfer, pledge, mortgage, security interest
or other lien or  encumbrance  of any  nature in, to or against  any part of the
Pledged Property or of the Company's  capital stock, or offer or agree to do so,
or own or acquire or agree to acquire  any asset or  property  of any  character
subject to any of the foregoing  encumbrances  (including any  conditional  sale
contract or other title retention  agreement),  or assign,  pledge or in any way
transfer or encumber  its right to receive any income or other  distribution  or
proceeds from any part of the Pledged  Property or the Company's  capital stock;
or enter into any  sale-leaseback  financing  respecting any part of the Pledged
Property as lessee,  or cause or assist the inception or  continuation of any of
the foregoing.

      Section   7.2.   Certificate   of   Incorporation,    By-Laws,    Mergers,
Consolidations, Acquisitions and Sales.

      Without  the prior  express  written  consent of the  Secured  Party,  the
Company shall not: (a) Amend its Certificate of  Incorporation  or By-Laws;  (b)
except in connection with the  contemplated  merger with Uluru,  Inc.,  issue or
sell its stock,  stock options,  bonds,  notes or other corporate  securities or
obligations;   (c)  be  a  party  to  any  merger,  consolidation  or  corporate
reorganization;  (d) purchase or otherwise  acquire all or substantially  all of
the assets or stock of, or any  partnership  or joint  venture  interest in, any
other  person,  firm or entity;  (e) sell,  transfer,  convey,  grant a security
interest in or lease all or any  substantial  part of its assets,  or (f) create
any subsidiaries or convey any of its assets to any subsidiary.

      Section 7.3. Management, Ownership.

      The Company shall not materially change its ownership,  executive staff or
management  without  the  prior  written  consent  of  the  Secured  Party.  The
ownership, executive staff and management of the Company are material factors in
the Secured Party's willingness to institute and maintain a lending relationship
with the Company.

      Section 7.4. Dividends, Etc.

      The Company  shall not declare or pay any dividend of any kind, in cash or
in property, on any class of its capital stock, nor purchase,  redeem, retire or
otherwise  acquire for value any shares of such stock, nor make any distribution
of any kind in respect thereof,  nor make any return of capital to shareholders,
nor make any payments in respect of any  pension,  profit  sharing,  retirement,
stock option,  stock bonus,  incentive  compensation  or similar plan (except as
required  or  permitted  hereunder),  without the prior  written  consent of the
Secured Party.

                                       11
<PAGE>

                                   ARTICLE 8.

                                  MISCELLANEOUS

      Section 8.1. Notices.

      All  notices or other  communications  required or  permitted  to be given
pursuant to this  Agreement  shall be in writing and shall be considered as duly
given on:  (a) the date of  delivery,  if  delivered  in person,  by  nationally
recognized  overnight  delivery  service or (b) five (5) days  after  mailing if
mailed from within the  continental  United  States by  certified  mail,  return
receipt requested to the party entitled to receive the same:

If to the Company, to:         Uluru Acquisition Corp.
                               4655 East Ivy Street, Suite 101
                               Mesa, Arizona 85215
                               Attention: Daniel Leonard
                               Telephone: (402) 681-4635
                               Facsimile: (402) 763-9511

With a copy to:                Gottbetter & Partners, LLP
                               488 Madison Avenue
                               New York, NY 10022
                               Attention: Adam Gottbetter, Esq.
                               Telephone: (212) 400-6900
                               Facsimile: (212) 400-6901

If to the Secured Party:       Prenox, LLC, as agent
                               623 Fifth Avenue, 32nd Floor
                               New York, NY 10022
                               Telephone: (212) 756-8045
                               Facsimile: (212) 756-1480

With a copy to:                Troy Rillo, Esq.
                               101 Hudson Street, Suite 4700
                               Jersey City, NJ 07302
                               Telephone: 202-985-8300
                               Facsimile: 202-985-1964

      Any party may  change  its  address  by giving  notice to the other  party
stating its new address.  Commencing on the tenth (10th) day after the giving of
such notice, such newly designated address shall be such party's address for the
purpose of all notices or other communications required or permitted to be given
pursuant to this Agreement.

                                       12
<PAGE>

      Section 8.2. Severability.

      If any provision of this Agreement shall be held invalid or unenforceable,
such  invalidity  or  unenforceability  shall attach only to such  provision and
shall not in any  manner  affect or render  invalid or  unenforceable  any other
severable  provision of this Agreement,  and this Agreement shall be carried out
as if any such invalid or unenforceable provision were not contained herein.

      Section 8.3. Expenses.

      In the event of an Event of Default,  the Company  will pay to the Secured
Party the amount of any and all  reasonable  expenses,  including the reasonable
fees  and  expenses  of its  counsel,  which  the  Secured  Party  may  incur in
connection  with: (i) the custody or  preservation  of, or the sale,  collection
from, or other realization upon, any of the Pledged Property;  (ii) the exercise
or enforcement of any of the rights of the Secured Party  hereunder or (iii) the
failure by the Company to perform or observe any of the provisions hereof.

      Section 8.4. Waivers, Amendments, Etc.

      The Secured  Party's  delay or failure at any time or times  hereafter  to
require  strict  performance by the Company of any  undertakings,  agreements or
covenants  shall not waive,  affect,  or diminish any right of the Secured Party
under this Agreement to demand strict compliance and performance  herewith.  Any
waiver by the  Secured  Party of any Event of Default  shall not waive or affect
any other Event of Default, whether such Event of Default is prior or subsequent
thereto and whether of the same or a different type.  None of the  undertakings,
agreements  and  covenants of the Company  contained in this  Agreement,  and no
Event of Default,  shall be deemed to have been waived by the Secured Party, nor
may this  Agreement  be  amended,  changed  or  modified,  unless  such  waiver,
amendment,  change or  modification  is  evidenced by an  instrument  in writing
specifying  such waiver,  amendment,  change or  modification  and signed by the
Secured Party.

      Section 8.5. Continuing Security Interest.

      This Agreement shall create a continuing  security interest in the Pledged
Property and shall: (i) remain in full force and effect until payment in full of
the Obligations;  (ii) be binding upon the Company and its successors and heirs;
and (iii)  inure to the  benefit of the  Secured  Party and its  successors  and
assigns.  Upon the  payment  or  satisfaction  in full of the  Obligations,  the
Company shall be entitled to the return, at its expense,  of such of the Pledged
Property as shall not have been sold in  accordance  with  Section 5.2 hereof or
otherwise applied pursuant to the terms hereof.

      Section 8.6. Independent Representation.

      Each party hereto  acknowledges and agrees that it has received or has had
the opportunity to receive  independent legal counsel of its own choice and that
it has been sufficiently apprised of its rights and responsibilities with regard
to the substance of this Agreement.

                                       13
<PAGE>

      Section 8.7. Applicable Law: Jurisdiction.

      The parties hereto acknowledge that the transactions  contemplated by this
Agreement and the exhibits hereto bear a reasonable relation to the State of New
York.  The parties  hereto agree that the internal laws of the State of New York
shall govern this Agreement and the exhibits hereto,  including, but not limited
to,  all  issues  related  to usury.  Any  action to  enforce  the terms of this
Agreement  or any of its  exhibits  shall be  brought  exclusively  in the state
and/or federal courts  situated in the County and State of New York.  Service of
process  in any  action  by the  Secured  Party  to  enforce  the  terms of this
Agreement  may be made  by  serving  a copy of the  summons  and  complaint,  in
addition to any other relevant documents, by commercial overnight courier to the
Company at its principal address set forth in this Agreement.

      Section 8.8. Waiver of Jury Trial.

      AS A FURTHER INDUCEMENT FOR THE SECURED PARTY TO ENTER INTO THIS AGREEMENT
AND TO MAKE THE  FINANCIAL  ACCOMMODATIONS  TO THE COMPANY,  THE COMPANY  HEREBY
WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING  RELATED IN ANY WAY TO
THIS AGREEMENT AND/OR ANY AND ALL OTHER DOCUMENTS RELATED TO THIS TRANSACTION.

      Section 8.9. Entire Agreement.

      This  Agreement  constitutes  the entire  agreement  among the parties and
supersedes any prior agreement or  understanding  among them with respect to the
subject matter hereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       14
<PAGE>

      IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as of
the date first above written.

                                               COMPANY:
                                               ULURU ACQUISITION CORP.

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

<TABLE>
<CAPTION>
<S>                          <C>                                      <C>
Highgate House Funds, Ltd.   By: /s/ Adam S. Gottbetter
                                 --------------------------------     488 Madison Avenue
                             Name:    Adam S. Gottbetter              New York, NY 10022
                             Its:     Portfolio Manager               Facsimile: (212) 400-6901

Prenox, LLC                  By: /s/ Michael Weiss
                                 --------------------------------     623 Fifth Avenue, 32nd Floor
                                 Name: Michael Weiss                  New York, NY 10022
                                 Its:                                 Telephone:  (212) 756-8045
                                                                      Facsimile:   (212) 756-1480
</TABLE>

                                       15
<PAGE>

                                    EXHIBIT A
                         DEFINITION OF PLEDGED PROPERTY

      For the purpose of securing prompt and complete payment and performance by
the  Company  of  all  of  the  Obligations,  the  Company  unconditionally  and
irrevocably hereby grants to the Secured Party a continuing security interest in
and to, and lien upon, the following Pledged Property of the Company:

      (a)   all goods of the Company, including, without limitation,  machinery,
equipment,  furniture,  furnishings,  fixtures,  signs,  lights,  tools,  parts,
supplies  and motor  vehicles of every kind and  description,  now or  hereafter
owned by the Company or in which the Company may have or may  hereafter  acquire
any interest,  and all replacements,  additions,  accessions,  substitutions and
proceeds  thereof,  arising  from the sale or  disposition  thereof,  and  where
applicable,  the proceeds of insurance  and of any tort claims  involving any of
the foregoing;

      (b)   all  inventory  of the Company,  including,  but not limited to, all
goods, wares,  merchandise,  parts, supplies,  finished products, other tangible
personal  property,  including such inventory as is temporarily out of Company's
custody or  possession  and  including  any returns  upon any  accounts or other
proceeds,  including insurance proceeds,  resulting from the sale or disposition
of any of the foregoing;

      (c)   all  contract  rights  and  general   intangibles  of  the  Company,
including, without limitation,  goodwill, trademarks, trade styles, trade names,
leasehold interests,  partnership or joint venture interests, patents and patent
applications,  copyrights,  deposit  accounts  whether  now  owned or  hereafter
created;

      (d)   all documents,  warehouse receipts, instruments and chattel paper of
the Company whether now owned or hereafter created;

      (e)   all accounts and other  receivables,  instruments  or other forms of
obligations and rights to payment of the Company (herein  collectively  referred
to as "Accounts"),  together with the proceeds thereof, all goods represented by
such  Accounts  and  all  such  goods  that  may be  returned  by the  Company's
customers,  and all  proceeds  of any  insurance  thereon,  and all  guarantees,
securities  and liens  which the  Company  may hold for the  payment of any such
Accounts  including,  without  limitation,  all rights of  stoppage  in transit,
replevin and reclamation and as an unpaid vendor and/or lienor, all of which the
Company  represents  and warrants will be bona fide and existing  obligations of
its respective customers, arising out of the sale of goods by the Company in the
ordinary course of business;

      (f)   to the extent  assignable,  all of the  Company's  rights  under all
present and future  authorizations,  permits,  licenses and franchises issued or
granted in connection with the operations of any of its facilities;

      (g)   all products and proceeds (including, without limitation,  insurance
proceeds) from the above-described Pledged Property.

                                      A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}]]