Document:

EXHIBIT 4.1

                         COMMON STOCK PURCHASE AGREEMENT

         COMMON STOCK PURCHASE AGREEMENT (the "Agreement"),  dated as of May 23,
2005 by and between ORAGENICS,  INC., a Florida corporation (the "Company"), and
FUSION  CAPITAL  FUND II,  LLC,  an  Illinois  limited  liability  company  (the
"Buyer").  Capitalized  terms used herein and not otherwise  defined  herein are
defined in Section 10 hereof.

                                    WHEREAS:

         Subject to the terms and  conditions set forth in this  Agreement,  the
Company  wishes  to sell to the  Buyer,  and the  Buyer  wishes  to buy from the
Company, up to Nine Million Dollars  ($9,000,000) of the Company's common stock,
par value $0.001 per share (the "Common  Stock").  The shares of Common Stock to
be  purchased  hereunder  are  referred to herein as the  "Purchase  Shares." In
addition,  as set forth in Section 1 (h) hereof,  the  Company  may, in its sole
discretion,  at any time after the date hereof and until 30 days after such date
as the Available Amount is equal to $0, deliver an irrevocable written notice to
the Buyer  stating that the Company  elects to enter into a second  Common Stock
Purchase Agreement with the Buyer for the purchase of an additional Nine Million
Dollars ($9,000,000) of Common Stock.

         NOW THEREFORE, the Company and the Buyer hereby agree as follows:

         1.       PURCHASE OF COMMON STOCK.

         Subject to the terms and  conditions  set forth in  Sections 6, 7 and 9
below,  the Company  hereby  agrees to sell to the Buyer,  and the Buyer  hereby
agrees to purchase from the Company, Purchase Shares as follows:

         (a) Commencement of Purchases of Common Stock. The purchase and sale of
Purchase Shares  hereunder shall commence (the  "Commencement")  within five (5)
Trading  Days  following  the  date of  satisfaction  of the  conditions  to the
Commencement set forth in Sections 6 and 7 below (the date of such Commencement,
the "Commencement Date").

         (b) Buyer's Purchase Rights and  Obligations.  Subject to the Company's
right to suspend  purchases under Section 1(d)(ii)  hereof,  the Buyer shall buy
Purchase  Shares  ("Daily  Purchases")  on each  Trading Day during each Monthly
Period equal to the Daily Purchase Amount (as defined in Section 1(c)(i)) at the
Purchase Price. From time to time, the Company shall also have the right but not
the  obligation,  by its  delivery to the Buyer of a Block  Purchase  Notice (as
defined in Section  1(c)(iv)),  to require the Buyer to buy  Purchase  Shares (a
"Block  Purchase")  equal to the Block  Purchase  Amount (as  defined in Section
1(c)(iv))  at the Block  Purchase  Price (as defined in Section  1(c)(iv)).  The
Buyer  shall pay to the  Company an amount  equal to the  Purchase  Amount  with
respect to such Purchase Shares as full payment for the purchase of the Purchase
Shares so  received.  The  Company  shall not issue any  fraction  of a share of
Common Stock upon any purchase.  If the issuance would result in the issuance of
a fraction of a share of Common Stock,  the Company shall round such fraction of
a share of Common Stock up or down to the nearest whole share. All payments made
under  this  Agreement  shall be made in lawful  money of the  United  States of
America by check or wire transfer of immediately available funds to such account
as the Company may from time to time  designate by written  notice in accordance
with the provisions of this Agreement.  Whenever any amount  expressed to be due
by the terms of this  Agreement is due on any day that is not a Trading Day, the
same shall instead be due on the next succeeding day which is a Trading Day.

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         (c) The Daily Purchase Amount;  Company's Right to Decrease or Increase
the Daily Purchase Amount; the Block Purchase Amount.

                  (i) The  Daily  Purchase  Amount.  As  used  herein  the  term
         "Original Daily Purchase  Amount" shall mean Fifteen  Thousand  Dollars
         ($15,000)  per Trading  Day. As used herein,  the term "Daily  Purchase
         Amount" shall mean initially  Fifteen  Thousand  Dollars  ($15,000) per
         Trading Day,  which  amount may be increased or decreased  from time to
         time pursuant to this Section 1(c).

                  (ii) Company's  Right to Decrease the Daily  Purchase  Amount.
         The Company  shall  always  have the right at any time to decrease  the
         amount of the Daily  Purchase  Amount by delivering  written  notice (a
         "Daily  Purchase  Amount  Decrease  Notice") to the Buyer which  notice
         shall specify the new Daily Purchase Amount.  The decrease in the Daily
         Purchase Amount shall become effective one Trading Day after receipt by
         the Buyer of the Daily Purchase Amount Decrease  Notice.  Any purchases
         by the Buyer which have a Purchase  Date on or prior to the first (1st)
         Trading  Day  after  receipt  by the Buyer of a Daily  Purchase  Amount
         Decrease  Notice must be honored by the Company as  otherwise  provided
         herein.  The  decrease in the Daily  Purchase  Amount  shall  remain in
         effect until the Company  delivers to the Buyer a Daily Purchase Amount
         Increase Notice (as defined below).

                  (iii) Company's  Right to Increase the Daily Purchase  Amount.
         The Company shall have the right (but not the  obligation)  to increase
         the amount of the Daily  Purchase  Amount in accordance  with the terms
         and  conditions  set  forth in this  Section  1(c)(iii)  by  delivering
         written  notice  to the  Buyer  stating  the new  amount  of the  Daily
         Purchase Amount (a "Daily Purchase  Amount Increase  Notice").  A Daily
         Purchase  Amount  Increase  Notice shall be effective  five (5) Trading
         Days after  receipt by the Buyer.  The  Company  shall  always have the
         right at any time to increase the amount of the Daily  Purchase  Amount
         up to the Original Daily Purchase Amount.  With respect to increases in
         the Daily Purchase Amount above the Original Daily Purchase Amount,  as
         the market price for the Common Stock  increases the Company shall have
         the right from time to time to increase  the Daily  Purchase  Amount as
         follows.  For every  $0.20  increase  in  Threshold  Price  above $2.00
         (subject   to   equitable    adjustment    for   any    reorganization,
         recapitalization,  non-cash  dividend,  stock  split or  other  similar
         transaction),  the Company  shall have the right to increase  the Daily
         Purchase Amount by up to an additional $4,500 in excess of the Original
         Daily Purchase Amount.  "Threshold Price" for purposes hereof means the
         lowest Sale Price of the Common Stock  during the five (5)  consecutive
         Trading  Days  immediately  prior to the  submission  to the Buyer of a
         Daily Purchase Amount Increase Notice (subject to equitable  adjustment
         for any  reorganization,  recapitalization,  non-cash  dividend,  stock
         split or other  similar  transaction).  For example,  if the  Threshold
         Price is $2.20,  the Company shall have the right to increase the Daily
         Purchase  Amount to up to $19,500 in the  aggregate.  If the  Threshold
         Price is $3.00,  the Company shall have the right to increase the Daily
         Purchase Amount to up to $37,500 in the aggregate.  Any increase in the
         amount of the Daily Purchase  Amount shall continue in effect until the
         delivery  to the  Buyer of a Daily  Purchase  Amount  Decrease  Notice.
         However,  if at any time  during any  Trading Day the Sale Price of the
         Common Stock is below the applicable  Threshold Price, such increase in
         the Daily Purchase Amount shall be void and the Buyer's  obligations to
         buy Purchase Shares hereunder in excess of the applicable maximum Daily
         Purchase  Amount shall be  terminated.  Thereafter,  the Company  shall
         again  have the right to  increase  the  amount  of the Daily  Purchase
         Amount as set forth herein by delivery of a new Daily  Purchase  Amount

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         Increase Notice only if the Sale Price of the Common Stock is above the
         applicable Threshold Price on each of five (5) consecutive Trading Days
         immediately prior to such new Daily Purchase Amount Increase Notice.

                  (iv) The Block Purchase Amount. As used herein the term "Block
         Purchase  Amount" shall mean such  Purchase  Amount as specified by the
         Company in a Block  Purchase  Notice.  As used  herein the term  "Block
         Purchase  Notice"  shall mean an  irrevocable  written  notice from the
         Company to the Buyer  directing the Buyer to buy the Purchase Amount in
         Purchase  Shares  as  specified  by the  Company  therein  at the Block
         Purchase  Price.  For a Block Purchase Notice to be valid the following
         conditions  must be met: (1) the Block Purchase Amount shall not exceed
         Three Hundred  Thousand  Dollars  ($300,000) per Block Purchase Notice,
         (2) the Company must deliver the Purchase Shares on the same day as the
         Block Purchase Notice is delivered and (3) the Sale Price of the Common
         Stock must have been above $3.00  (subject to equitable  adjustment for
         any reorganization, recapitalization, non-cash dividend, stock split or
         other  similar  transaction)  during the ten (10) Trading Days prior to
         the delivery of the Block Purchase  Notice.  The Block Purchase  Amount
         may be  increased  to up to  $500,000  if the Sale  Price of the Common
         Stock  is  above  $4.00  (subject  to  equitable   adjustment  for  any
         reorganization,  recapitalization,  non-cash  dividend,  stock split or
         other  similar  transaction)  during the ten (10) Trading Days prior to
         the  delivery  of the Block  Purchase  Notice.  The Company may deliver
         multiple  Block  Purchase  Notices  as  it  shall  determine;  provided
         however, at least ten (10) Trading Days must have passed since the most
         recent Block  Purchase was completed.  As used herein,  the term "Block
         Purchase  Price"  shall  mean the  lowest  Purchase  Price  during  the
         previous  fifteen  (15)  Trading  Days prior to the date that the Block
         Purchase Notice was received by the Buyer.

         (d) Limitations on Purchases.

                  (i)  Limitation on Beneficial  Ownership.  The Buyer shall not
         have the right or the  obligation  to purchase  shares of Common  Stock
         under this  Agreement  to the extent that after  giving  effect to such
         purchase the Buyer together with its affiliates would  beneficially own
         in  excess  of 9.9%  of the  outstanding  shares  of the  Common  Stock
         following such purchase.  For purposes hereof,  the number of shares of
         Common  Stock  beneficially  owned by the Buyer and its  affiliates  or
         acquired  by the Buyer and its  affiliates,  as the case may be,  shall
         include the number of shares of Common  Stock  issuable  in  connection
         with a  purchase  under  this  Agreement  with  respect  to  which  the
         determination  is being made, but shall exclude the number of shares of
         Common  Stock  which  would  be  issuable  upon (1) a  purchase  of the
         remaining  Available  Amount which has not been submitted for purchase,
         and (2)  exercise  or  conversion  of the  unexercised  or  unconverted
         portion of any other  securities  of the  Company  (including,  without
         limitation,   any  notes  or  warrants)  subject  to  a  limitation  on
         conversion or exercise  analogous to the  limitation  contained  herein
         beneficially  owned  by the  Buyer  and  its  affiliates.  If the  9.9%
         limitation  is ever  reached  the  Company  shall  have the  option  to
         increase such  limitation  above 9.9% by delivery of written  notice to
         the Buyer which shall be effective  (10) Trading Days after  receipt by
         the Buyer.  For purposes of this Section,  in determining the number of
         outstanding  shares of Common Stock the Buyer may rely on the number of
         outstanding  shares of Common Stock as  reflected in (1) the  Company's
         most  recent  Form 10-Q or Form  10-K,  as the case may be,  (2) a more
         recent  public  announcement  by the  Company or (3) any other  written
         communication  by the Company or its Transfer  Agent  setting forth the
         number  of  shares of Common  Stock  outstanding.  Upon the  reasonable
         written or oral  request  of the  Buyer,  the  Company  shall  promptly
         confirm  orally  and in  writing  to the Buyer the  number of shares of
         Common Stock then  outstanding.  In any case, the number of outstanding
         shares of Common Stock shall be  determined  after giving effect to any
         purchases  under this Agreement by the Buyer since the date as of which

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         such number of outstanding shares of Common Stock was reported.  Except
         as otherwise  set forth herein,  for purposes of this Section  1(d)(i),
         beneficial  ownership  shall be determined  in accordance  with Section
         13(d) of the Securities Exchange Act of 1934, as amended.

                  (ii) Company's Right to Suspend Purchases. The Company may, at
         any time, give written notice (a " Daily Purchase  Suspension  Notice")
         to the Buyer suspending Daily Purchases of Purchase Shares by the Buyer
         under this  Agreement.  The Daily Purchase  Suspension  Notice shall be
         effective only for Daily Purchases that have a Purchase Date later than
         one (1)  Trading  Day after  receipt of the Daily  Purchase  Suspension
         Notice  by the  Buyer.  Any  Daily  Purchase  by the  Buyer  that has a
         Purchase  Date on or prior to the first (1st) Trading Day after receipt
         by the Buyer of a Daily  Purchase  Suspension  Notice  from the Company
         must be honored by the Company as otherwise provided herein. Such Daily
         Purchase  suspension  shall  continue in effect until a  revocation  in
         writing by the Company, at its sole discretion.

                  (iii) Purchase  Price Floor.  The Company shall not affect any
         sales under this  Agreement  and the Buyer shall not have the right nor
         the obligation to purchase any Purchase  Shares under this Agreement on
         any Trading Day where the Purchase  Price for any purchases of Purchase
         Shares would be less than the Floor Price.  "Floor  Price" means $0.75,
         which  shall  be   appropriately   adjusted  for  any   reorganization,
         recapitalization,  non-cash  dividend,  stock  split or  other  similar
         transaction.

         (e) Records of Purchases. The Buyer and the Company shall each maintain
records  showing the remaining  Available  Amount at any give time and the dates
and  Purchase  Amounts  for each  purchase  or  shall  use  such  other  method,
reasonably satisfactory to the Buyer and the Company.

         (f) Taxes. The Company shall pay any and all transfer, stamp or similar
taxes that may be payable  with  respect to the  issuance  and  delivery  of any
shares of Common Stock to the Buyer made under this Agreement.

         (g)  Compliance  with  Principal  Market  Rules.  The Company shall not
effect any sale under this  Agreement  and the Buyer shall not have the right or
the  obligation to purchase  shares of Common Stock under this  Agreement to the
extent that after giving  effect to such  purchase the  "Exchange  Cap" shall be
deemed to be reached.  The  "Exchange  Cap" shall be deemed to have been reached
if,  at  any  time  prior  to the  shareholders  of the  Company  approving  the
transaction  contemplated  by  this  Agreement,   upon  a  purchase  under  this
Agreement,  the  Purchase  Shares  issuable  pursuant  to such  purchase  would,
together with all Purchase Shares previously issued under this Agreement, exceed
2,900,000 shares of Common Stock (19.99% of the 14,597,224 outstanding shares of
Common  Stock as of the date of this  Agreement).  The Company may, but shall be
under no obligation  to,  request its  shareholders  to approve the  transaction
contemplated by this  Agreement.  The Company shall not be required to issue any
shares of Common Stock under this  Agreement if such  issuance  would breach the
Company's obligations under the rules or regulations of the Principal Market.

         (h) Option for Second Tranche;  Second Common Stock Purchase Agreement.
The Company may, in its sole  discretion,  at any time after the date hereof and
until  30 days  after  such  date as the  Available  Amount  is equal to $0 (the
"Second Tranche  Expiration Date"),  deliver an irrevocable  written notice (the
"Second  Tranche  Notice") to the Buyer stating that the Company elects to enter
into an additional  Common Stock  Purchase  Agreement  (the "Second Common Stock
Purchase  Agreement")  with the Buyer for the purchase of Nine  Million  Dollars
($9,000,000) of additional  Common Stock.  It is agreed and  acknowledged by the
parties  hereto that entering into the Second  Common Stock  Purchase  Agreement
shall be at the option of the Company in its sole discretion  until such time as
the Company shall have  delivered the Second  Tranche  Notice to the Buyer.  The

<PAGE>

Buyer shall not be  obligated  to enter into the Second  Common  Stock  Purchase
Agreement  unless the Company has delivered the Second  Tranche  Notice prior to
the Second Tranche  Expiration Date. The Second Common Stock Purchase  Agreement
may not be  entered  into  until  the  aggregate  Available  Amount  under  this
Agreement is fully used to buy Purchase Shares  hereunder.  Upon delivery of the
Second Tranche Notice to the Buyer prior to the Second Tranche  Expiration Date,
the Buyer and the Company  shall be  obligated  to enter into the Second  Common
Stock  Purchase  Agreement  no later than the date that is 10 Trading Days after
the  Second  Tranche  Expiration  Date.  If the Buyer and the  Company  have not
entered into the Second Common Stock  Purchase  Agreement by the date that is 10
Trading Days after the Second  Tranche  Expiration  Date, the Buyer shall not be
obligated to enter into such  additional  Common Stock Purchase  Agreement.  The
terms and conditions of the Second Common Stock Purchase  Agreement  shall be in
form and  substance  identical  in all  respects  to this  Agreement,  provided,
however,  that for purposes of the Second Common Stock Purchase Agreement,  this
Section 1(h) shall be omitted.

         2. BUYER'S REPRESENTATIONS AND WARRANTIES.

         The Buyer  represents  and  warrants to the Company that as of the date
hereof and as of the Commencement Date:

         (a) Investment  Purpose.  The Buyer is entering into this Agreement and
acquiring  the  Commitment  Shares,  (as defined in Section 4(f)  hereof)  (this
Agreement and the Commitment  Shares are collectively  referred to herein as the
"Securities"),  for its own  account  for  investment  only  and not with a view
towards,  or for resale in  connection  with,  the public  sale or  distribution
thereof;  provided however, by making the representations herein, the Buyer does
not agree to hold any of the Securities for any minimum or other specific term.

         (b) Accredited  Investor Status. The Buyer is an "accredited  investor"
as that term is defined in Rule 501(a)(3) of Regulation D.

         (c) Reliance on Exemptions.  The Buyer  understands that the Securities
are being  offered and sold to it in reliance  on specific  exemptions  from the
registration requirements of United States federal and state securities laws and
that the  Company  is relying  in part upon the truth and  accuracy  of, and the
Buyer's   compliance   with,  the   representations,   warranties,   agreements,
acknowledgments  and  understandings  of the Buyer set forth  herein in order to
determine the  availability  of such exemptions and the eligibility of the Buyer
to acquire the Securities.

         (d)  Information.  The  Buyer  has been  furnished  with all  materials
relating to the business,  finances and  operations of the Company and materials
relating  to the offer  and sale of the  Securities  that  have been  reasonably
requested by the Buyer,  including,  without  limitation,  the SEC Documents (as
defined in Section 3(f) hereof).  The Buyer  understands  that its investment in
the Securities involves a high degree of risk. The Buyer (i) is able to bear the
economic risk of an investment in the  Securities  including a total loss,  (ii)
has such knowledge and  experience in financial and business  matters that it is
capable of  evaluating  the merits and risks of the proposed  investment  in the
Securities  and (iii) has had an  opportunity  to ask  questions  of and receive
answers from the officers of the Company concerning the financial  condition and
business of the  Company  and others  matters  related to an  investment  in the
Securities.  Neither such  inquiries nor any other due diligence  investigations
conducted by the Buyer or its representatives  shall modify, amend or affect the
Buyer's right to rely on the Company's  representations and warranties contained

<PAGE>

in Section 3 below. The Buyer has sought such  accounting,  legal and tax advice
as it has  considered  necessary to make an informed  investment  decision  with
respect to its acquisition of the Securities.

         (e) No Governmental Review. The Buyer understands that no United States
federal  or state  agency or any other  government  or  governmental  agency has
passed on or made any  recommendation  or  endorsement  of the Securities or the
fairness  or  suitability  of the  investment  in the  Securities  nor have such
authorities  passed  upon  or  endorsed  the  merits  of  the  offering  of  the
Securities.

         (f) Transfer or Resale.  The Buyer  understands that except as provided
in the Registration  Rights  Agreement (as defined in Section 4(a) hereof):  (i)
the Securities have not been and are not being  registered under the 1933 Act or
any state securities  laws, and may not be offered for sale,  sold,  assigned or
transferred  unless (A) subsequently  registered  thereunder or (B) an exemption
exists  permitting such Securities to be sold,  assigned or transferred  without
such registration;  (ii) any sale of the Securities made in reliance on Rule 144
may be made only in accordance  with the terms of Rule 144 and further,  if Rule
144 is not applicable, any resale of the Securities under circumstances in which
the seller (or the person  through whom the sale is made) may be deemed to be an
underwriter  (as that term is  defined in the 1933 Act) may  require  compliance
with some other exemption under the 1933 Act or the rules and regulations of the
SEC thereunder;  and (iii) neither the Company nor any other person is under any
obligation to register the Securities under the 1933 Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder.

         (g)  Validity;  Enforcement.  This  Agreement has been duly and validly
authorized,  executed  and  delivered  on behalf of the Buyer and is a valid and
binding agreement of the Buyer enforceable  against the Buyer in accordance with
its terms,  subject as to enforceability to general  principles of equity and to
applicable bankruptcy, insolvency,  reorganization,  moratorium, liquidation and
other  similar laws  relating to, or affecting  generally,  the  enforcement  of
applicable creditors' rights and remedies.

         (h) Residency. The Buyer is a resident of the State of Illinois.

         (i) No Prior Short  Selling.  The Buyer  represents and warrants to the
Company  that at no time  prior  to the  date of this  Agreement  has any of the
Buyer, its agents,  representatives or affiliates engaged in or effected, in any
manner whatsoever, directly or indirectly, any (i) "short sale" (as such term is
defined in Rule 3b-3 of the  Securities  Exchange  Act of 1934,  as amended (the
"1934 Act")) of the Common Stock or (ii) hedging transaction,  which establishes
a net short position with respect to the Common Stock.

         3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

         The Company  represents  and  warrants to the Buyer that as of the date
hereof and as of the Commencement Date:

         (a) Organization and Qualification.  The Company and its "Subsidiaries"
(which for  purposes of this  Agreement  means any entity in which the  Company,
directly or indirectly, owns 50% or more of the voting stock or capital stock or
other similar  equity  interests)  are  corporations  duly organized and validly
existing in good standing under the laws of the  jurisdiction  in which they are
incorporated,  and have the requisite corporate power and authority to own their
properties  and to carry on their business as now being  conducted.  Each of the
Company and its  Subsidiaries  is duly qualified as a foreign  corporation to do
business and is in good standing in every jurisdiction in which its ownership of
property or the nature of the business  conducted by it makes such qualification
necessary,  except to the extent  that the failure to be so  qualified  or be in

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good  standing  could not  reasonably  be  expected  to have a Material  Adverse
Effect. As used in this Agreement,  "Material Adverse Effect" means any material
adverse  effect on any of: (i) the  business,  properties,  assets,  operations,
results  of   operations   or  financial   condition  of  the  Company  and  its
Subsidiaries,  if any, taken as a whole, or (ii) the authority or ability of the
Company to perform its obligations  under the Transaction  Documents (as defined
in Section 3(b) hereof).  The Company has no Subsidiaries except as set forth on
Schedule 3(a).

         (b)  Authorization;  Enforcement;  Validity.  (i) The  Company  has the
requisite   corporate  power  and  authority  to  enter  into  and  perform  its
obligations under this Agreement,  the Registration Rights Agreement and each of
the other agreements  entered into by the parties on the  Commencement  Date and
attached hereto as exhibits to this Agreement  (collectively,  the  "Transaction
Documents"), and to issue the Securities in accordance with the terms hereof and
thereof,  (ii) the  execution and delivery of the  Transaction  Documents by the
Company and the consummation by it of the transactions  contemplated  hereby and
thereby, including without limitation, the issuance of the Commitment Shares and
the  reservation  for issuance and the issuance of the Purchase  Shares issuable
under  this  Agreement,  have been duly  authorized  by the  Company's  Board of
Directors and no further  consent or  authorization  is required by the Company,
its Board of Directors or its  shareholders,  (iii) this Agreement has been, and
each other Transaction Document shall be on the Commencement Date, duly executed
and delivered by the Company and (iv) this Agreement constitutes, and each other
Transaction  Document  upon  its  execution  on  behalf  of the  Company,  shall
constitute, the valid and binding obligations of the Company enforceable against
the Company in accordance with their terms, except as such enforceability may be
limited by general  principles of equity or applicable  bankruptcy,  insolvency,
reorganization,   moratorium,  liquidation  or  similar  laws  relating  to,  or
affecting  generally,  the  enforcement of creditors'  rights and remedies.  The
Board of Directors of the Company has approved  the  resolutions  (the  "Signing
Resolutions")  substantially  in the form as set forth as Exhibit  C-1  attached
hereto to authorize this Agreement and the transactions contemplated hereby. The
Signing  Resolutions  are  valid,  in full  force and  effect  and have not been
modified or  supplemented in any respect other than by the resolutions set forth
in Exhibit C-2 attached hereto regarding the registration  statement referred to
in Section 4 hereof.  The Company has  delivered to the Buyer a true and correct
copy of a unanimous written consent adopting the Signing Resolutions executed by
all of the members of the Board of Directors of the Company.  No other approvals
or consents of the Company's Board of Directors and/or shareholders is necessary
under  applicable  laws and the Company's  Certificate of  Incorporation  and/or
Bylaws to authorize the  execution and delivery of this  Agreement or any of the
transactions contemplated hereby, including, but not limited to, the issuance of
the Commitment Shares and the issuance of the Purchase Shares.

         (c) Capitalization. As of the date hereof, the authorized capital stock
of the Company  consists of (i) 100,000,000  shares of Common Stock, of which as
of the date hereof, 14,597,224 shares are issued and outstanding,  none are held
as treasury shares,  1,500,000 shares are reserved for issuance  pursuant to the
Company's stock option plans of which only  approximately  530,000 shares remain
available  for future  grants and 436,380  shares are  issuable and reserved for
issuance pursuant to securities (other than stock options issued pursuant to the
Company's stock option plans)  exercisable or  exchangeable  for, or convertible
into,  shares of Common Stock and (ii) 20,000,000  shares of Preferred Stock, no
par value of which as of the date  hereof no shares are issued and  outstanding.
All of such  outstanding  shares have been, or upon  issuance  will be,  validly
issued and are fully paid and  nonassessable.  Except as  disclosed  in Schedule
3(c),  (i) no shares of the  Company's  capital  stock are subject to preemptive
rights or any other  similar  rights or any liens or  encumbrances  suffered  or
permitted by the Company,  (ii) there are no outstanding debt securities,  (iii)
there are no outstanding options, warrants, scrip, rights to subscribe to, calls
or commitments of any character  whatsoever relating to, or securities or rights

<PAGE>

convertible  into,  any  shares of  capital  stock of the  Company or any of its
Subsidiaries, or contracts, commitments, understandings or arrangements by which
the  Company  or  any of  its  Subsidiaries  is or may  become  bound  to  issue
additional  shares of capital stock of the Company or any of its Subsidiaries or
options,  warrants,  scrip,  rights to subscribe to, calls or commitments of any
character  whatsoever relating to, or securities or rights convertible into, any
shares of capital  stock of the Company or any of its  Subsidiaries,  (iv) there
are  no  agreements  or  arrangements  under  which  the  Company  or any of its
Subsidiaries is obligated to register the sale of any of their  securities under
the 1933 Act  (except  the  Registration  Rights  Agreement),  (v)  there are no
outstanding  securities or instruments of the Company or any of its Subsidiaries
which contain any redemption or similar provisions,  and there are no contracts,
commitments,  understandings  or arrangements by which the Company or any of its
Subsidiaries  is or may become  bound to redeem a security of the Company or any
of its  Subsidiaries,  (vi) there are no  securities or  instruments  containing
anti-dilution  or similar  provisions  that will be triggered by the issuance of
the  Securities  as described in this  Agreement  and (vii) the Company does not
have any stock appreciation rights or "phantom stock" plans or agreements or any
similar  plan or  agreement.  The  Company has  furnished  to the Buyer true and
correct copies of the Company's Certificate of Incorporation,  as amended and as
in effect on the date  hereof  (the  "Certificate  of  Incorporation"),  and the
Company's  By-laws,  as  amended  and as in  effect  on  the  date  hereof  (the
"By-laws"),  and summaries of the terms of all  securities  convertible  into or
exercisable for Common Stock, if any, and copies of any documents containing the
material rights of the holders thereof in respect thereto.

         (d)  Issuance  of  Securities.  The  Commitment  Shares  have been duly
authorized  and,  upon  issuance  in  accordance  with  the  terms  hereof,  the
Commitment Shares shall be (i) validly issued, fully paid and non-assessable and
(ii) free from all taxes,  liens and charges with respect to the issue  thereof.
4,000,000  shares of Common  Stock have been duly  authorized  and  reserved for
issuance upon purchase under this Agreement.  Upon issuance and payment therefor
in  accordance  with the terms and  conditions of this  Agreement,  the Purchase
Shares shall be validly issued,  fully paid and  nonassessable and free from all
taxes,  liens and charges  with respect to the issue  thereof,  with the holders
being entitled to all rights accorded to a holder of Common Stock.

         (e) No Conflicts.  Except as disclosed in Schedule 3(e), the execution,
delivery and  performance  of the  Transaction  Documents by the Company and the
consummation by the Company of the transactions  contemplated hereby and thereby
(including, without limitation, the reservation for issuance and issuance of the
Purchase  Shares)  will not (i)  result in a  violation  of the  Certificate  of
Incorporation,  any Certificate of  Designations,  Preferences and Rights of any
outstanding  series of  preferred  stock of the  Company or the  By-laws or (ii)
conflict  with,  or constitute a default (or an event which with notice or lapse
of time or both would become a default)  under,  or give to others any rights of
termination,   amendment,   acceleration  or  cancellation  of,  any  agreement,
indenture or  instrument  to which the Company or any of its  Subsidiaries  is a
party, or result in a violation of any law, rule, regulation, order, judgment or
decree  (including  federal and state  securities  laws and  regulations and the
rules and regulations of the Principal  Market  applicable to the Company or any
of its  Subsidiaries) or by which any property or asset of the Company or any of
its Subsidiaries is bound or affected, except in the case of conflicts, defaults
and  violations  under clause (ii),  which could not  reasonably  be expected to
result in a Material  Adverse  Effect.  Except as  disclosed  in Schedule  3(e),
neither the Company nor its  Subsidiaries  is in  violation of any term of or in
default under its Certificate of Incorporation,  any Certificate of Designation,
Preferences  and  Rights of any  outstanding  series of  preferred  stock of the
Company or By-laws or their  organizational  charter or  by-laws,  respectively.
Except as  disclosed  in  Schedule  3(e),  neither  the  Company  nor any of its
Subsidiaries  is in violation of any term of or is in default under any material

<PAGE>

contract, agreement, mortgage,  indebtedness,  indenture,  instrument, judgment,
decree or order or any statute,  rule or regulation applicable to the Company or
its  Subsidiaries,  except for possible  conflicts,  defaults,  terminations  or
amendments  which could not  reasonably  be expected to have a Material  Adverse
Effect. The business of the Company and its Subsidiaries is not being conducted,
and shall not be conducted,  in violation of any law,  ordinance,  regulation of
any governmental entity, except for possible violations, the sanctions for which
either individually or in the aggregate could not reasonably be expected to have
a Material Adverse Effect. Except as specifically contemplated by this Agreement
and as required  under the 1933 Act or applicable  state  securities  laws,  the
Company is not  required to obtain any  consent,  authorization  or order of, or
make any filing or registration  with, any court or  governmental  agency or any
regulatory  or  self-regulatory  agency in order for it to  execute,  deliver or
perform  any  of its  obligations  under  or  contemplated  by  the  Transaction
Documents in accordance with the terms hereof or thereof. Except as disclosed in
Schedule 3(e), all consents,  authorizations,  orders, filings and registrations
which the Company is required to obtain pursuant to the preceding sentence shall
be obtained or effected on or prior to the Commencement  Date.  Except as listed
in Schedule  3(e),  since  January 1, 2004,  the Company  has not  received  nor
delivered any notices or  correspondence  from or to the Principal  Market.  The
Principal  Market  has not  commenced  any  delisting  proceedings  against  the
Company.

         (f)  SEC  Documents;  Financial  Statements.  Except  as  disclosed  in
Schedule 3(f),  since January 1, 2004, the Company has timely filed all reports,
schedules, forms, statements and other documents required to be filed by it with
the SEC  pursuant  to the  reporting  requirements  of the  1934 Act (all of the
foregoing filed prior to the date hereof and all exhibits  included  therein and
financial  statements  and  schedules  thereto  and  documents  incorporated  by
reference therein being hereinafter  referred to as the "SEC Documents").  As of
their  respective  dates (except as they have been correctly  amended),  the SEC
Documents  complied in all material  respects with the  requirements of the 1934
Act and the rules and regulations of the SEC promulgated  thereunder  applicable
to the SEC Documents, and none of the SEC Documents, at the time they were filed
with the SEC  (except as they may have been  properly  amended),  contained  any
untrue statement of a material fact or omitted to state a material fact required
to be stated  therein or necessary in order to make the statements  therein,  in
light of the  circumstances  under which they were made, not  misleading.  As of
their  respective  dates  (except  as they  have  been  properly  amended),  the
financial statements of the Company included in the SEC Documents complied as to
form in all material  respects with applicable  accounting  requirements and the
published rules and regulations of the SEC with respect thereto.  Such financial
statements have been prepared in accordance with generally  accepted  accounting
principles, consistently applied, during the periods involved (except (i) as may
be otherwise indicated in such financial statements or the notes thereto or (ii)
in the case of  unaudited  interim  statements,  to the extent  they may exclude
footnotes or may be condensed or summary  statements)  and fairly present in all
material respects the financial  position of the Company as of the dates thereof
and the  results of its  operations  and cash flows for the  periods  then ended
(subject,  in the  case  of  unaudited  statements,  to  normal  year-end  audit
adjustments).  Except as listed in Schedule  3(f),  the Company has  received no
notices or  correspondence  from the SEC since January 1, 2004.  The SEC has not
commenced  any  enforcement  proceedings  against  the  Company  or  any  of its
subsidiaries.

         (g) Absence of Certain  Changes.  Except as disclosed in Schedule 3(g),
since March 31, 2005, there has been no material adverse change in the business,
properties,  operations,  financial  condition or results of  operations  of the
Company or its  Subsidiaries.  The Company has not taken any steps, and does not
currently  expect  to  take  any  steps,  to  seek  protection  pursuant  to any
Bankruptcy  Law  nor  does  the  Company  or any of its  Subsidiaries  have  any
knowledge or reason to believe that its creditors intend to initiate involuntary
bankruptcy or insolvency proceedings.  The Company is financially solvent and is
generally able to pay its debts as they become due.

         (h)  Absence  of  Litigation.  There is no  action,  suit,  proceeding,
inquiry  or  investigation  before or by any  court,  public  board,  government
agency, self-regulatory organization or body pending or, to the knowledge of the

<PAGE>

Company or any of its Subsidiaries, threatened against or affecting the Company,
the Common Stock or any of the Company's Subsidiaries or any of the Company's or
the Company's  Subsidiaries'  officers or directors in their capacities as such,
which  could  reasonably  be  expected  to have a  Material  Adverse  Effect.  A
description of each action, suit, proceeding, inquiry or investigation before or
by any court, public board, government agency,  self-regulatory  organization or
body  which,  as of the date of this  Agreement,  is  pending or  threatened  in
writing  against  or  affecting  the  Company,  the  Common  Stock or any of the
Company's  Subsidiaries  or any of the Company's or the Company's  Subsidiaries'
officers or  directors  in their  capacities  as such,  is set forth in Schedule
3(h).

         (i) Acknowledgment  Regarding Buyer's Status. The Company  acknowledges
and  agrees  that the Buyer is acting  solely in the  capacity  of arm's  length
purchaser  with  respect  to the  Transaction  Documents  and  the  transactions
contemplated hereby and thereby. The Company further acknowledges that the Buyer
is not acting as a  financial  advisor or  fiduciary  of the  Company (or in any
similar capacity) with respect to the Transaction Documents and the transactions
contemplated  hereby and thereby and any advice given by the Buyer or any of its
representatives  or agents in connection with the Transaction  Documents and the
transactions contemplated hereby and thereby is merely incidental to the Buyer's
purchase of the Securities. The Company further represents to the Buyer that the
Company's decision to enter into the Transaction Documents has been based solely
on the  independent  evaluation  by the  Company  and  its  representatives  and
advisors.

         (j) No  General  Solicitation.  Neither  the  Company,  nor  any of its
affiliates,  nor any person  acting on its or their  behalf,  has engaged in any
form of general  solicitation  or general  advertising  (within  the  meaning of
Regulation  D under  the 1933 Act) in  connection  with the offer or sale of the
Securities.

          (k) Intellectual Property Rights. The Company and its Subsidiaries own
or possess  adequate  rights or licenses to use all material  trademarks,  trade
names, service marks, service mark registrations, service names, patents, patent
rights,    copyrights,    inventions,    licenses,    approvals,    governmental
authorizations,  trade secrets and rights  necessary to conduct their respective
businesses as now conducted.  Except as set forth on Schedule 3(k),  none of the
Company's  material  trademarks,   trade  names,  service  marks,  service  mark
registrations,  service names, patents, patent rights,  copyrights,  inventions,
licenses,   approvals,   government  authorizations,   trade  secrets  or  other
intellectual  property  rights have expired or terminated,  or, by the terms and
conditions thereof,  could expire or terminate within two years from the date of
this  Agreement.  The Company and its  Subsidiaries do not have any knowledge of
any infringement by the Company or its  Subsidiaries of any material  trademark,
trade name rights, patents,  patent rights,  copyrights,  inventions,  licenses,
service names, service marks, service mark registrations,  trade secret or other
similar  rights of others,  or of any such  development  of similar or identical
trade  secrets or technical  information  by others and,  except as set forth on
Schedule  3(k),  there is no claim,  action or proceeding  being made or brought
against, or to the Company's knowledge, being threatened against, the Company or
its  Subsidiaries  regarding  trademark,  trade name,  patents,  patent  rights,
invention,  copyright,  license,  service  names,  service  marks,  service mark
registrations,  trade secret or other  infringement,  which could  reasonably be
expected to have a Material Adverse Effect.

         (l)  Environmental  Laws. The Company and its  Subsidiaries  (i) are in
compliance with any and all applicable  foreign,  federal,  state and local laws
and  regulations  relating to the  protection  of human  health and safety,  the
environment  or  hazardous  or  toxic   substances  or  wastes,   pollutants  or
contaminants ("Environmental Laws"), (ii) have received all permits, licenses or
other approvals required of them under applicable  Environmental Laws to conduct
their  respective  businesses  and  (iii) are in  compliance  with all terms and
conditions of any such permit, license or approval, except where, in each of the
three  foregoing  clauses,  the  failure to so comply  could not  reasonably  be
expected to have, individually or in the aggregate, a Material Adverse Effect.

<PAGE>

         (m) Title.  The Company and its  Subsidiaries  have good and marketable
title in fee simple to all real  property and good and  marketable  title to all
personal property owned by them which is material to the business of the Company
and its Subsidiaries, in each case free and clear of all liens, encumbrances and
defects  except  such  as are  described  in  Schedule  3(m)  or  such as do not
materially  affect the value of such property and do not interfere  with the use
made and  proposed  to be made of such  property  by the  Company and any of its
Subsidiaries.  Any real property and facilities  held under lease by the Company
and any of its  Subsidiaries  are  held  by them  under  valid,  subsisting  and
enforceable leases with such exceptions as are not material and do not interfere
with the use made and proposed to be made of such  property and buildings by the
Company and its Subsidiaries.

         (n) Insurance.  The Company and each of its Subsidiaries are insured by
insurers of recognized  financial  responsibility  against such losses and risks
and in such  amounts as  management  of the  Company  believes to be prudent and
customary  in the  businesses  in which the  Company  and its  Subsidiaries  are
engaged.  Neither  the  Company  nor any such  Subsidiary  has been  refused any
insurance  coverage  sought or applied  for and neither the Company nor any such
Subsidiary  has any  reason  to  believe  that it will not be able to renew  its
existing  insurance  coverage  as and when such  coverage  expires  or to obtain
similar  coverage  from  similar  insurers as may be  necessary  to continue its
business at a cost that would not materially and adversely affect the condition,
financial or otherwise,  or the earnings,  business or operations of the Company
and its Subsidiaries, taken as a whole.

         (o) Regulatory  Permits.  The Company and its Subsidiaries  possess all
material  certificates,  authorizations  and permits  issued by the  appropriate
federal,  state or foreign  regulatory  authorities  necessary to conduct  their
respective  businesses,  and neither the  Company  nor any such  Subsidiary  has
received any notice of proceedings relating to the revocation or modification of
any such certificate, authorization or permit.

         (p) Tax Status.  The Company and each of its  Subsidiaries  has made or
filed all federal and state income and all other  material tax returns,  reports
and declarations required by any jurisdiction to which it is subject (unless and
only to the extent that the Company and each of its  Subsidiaries  has set aside
on its books  provisions  reasonably  adequate for the payment of all unpaid and
unreported taxes) and has paid all taxes and other governmental  assessments and
charges  that are  material  in amount,  shown or  determined  to be due on such
returns,  reports and  declarations,  except those being contested in good faith
and has set aside on its books provision  reasonably adequate for the payment of
all taxes for periods  subsequent to the periods to which such returns,  reports
or declarations  apply. There are no unpaid taxes in any material amount claimed
to be due by the taxing authority of any  jurisdiction,  and the officers of the
Company know of no basis for any such claim.

         (q) Transactions With Affiliates.  Except as set forth on Schedule 3(q)
and other than the grant or  exercise  of stock  options  disclosed  on Schedule
3(c), none of the officers,  directors, or employees of the Company is presently
a party to any transaction  with the Company or any of its  Subsidiaries  (other
than for services as employees, officers and directors), including any contract,
agreement or other  arrangement  providing for the  furnishing of services to or
by,  providing for rental of real or personal  property to or from, or otherwise
requiring payments to or from any officer,  director or such employee or, to the
knowledge of the Company, any corporation, partnership, trust or other entity in
which any  officer,  director,  or any such  employee  has an  interest or is an
officer, director, trustee or partner.

         (r) Application of Takeover  Protections.  The Company and its board of
directors have taken or will take prior to the  Commencement  Date all necessary
action, if any, in order to render  inapplicable any control share  acquisition,

<PAGE>

business  combination,  poison pill (including any  distribution  under a rights
agreement) or other similar  anti-takeover  provision  under the  Certificate of
Incorporation  or the laws of the state of its  incorporation  which is or could
become  applicable to the Buyer as a result of the transactions  contemplated by
this Agreement,  including,  without  limitation,  the Company's issuance of the
Securities and the Buyer's ownership of the Securities.

         (s) Foreign  Corrupt  Practices.  Neither the  Company,  nor any of its
Subsidiaries,  nor any director, officer, agent, employee or other person acting
on behalf of the  Company or any of its  Subsidiaries  has, in the course of its
actions  for, or on behalf of, the  Company,  used any  corporate  funds for any
unlawful contribution,  gift,  entertainment or other unlawful expenses relating
to  political  activity;  made any direct or  indirect  unlawful  payment to any
foreign or  domestic  government  official  or employee  from  corporate  funds;
violated  or is in  violation  of any  provision  of the  U.S.  Foreign  Corrupt
Practices Act of 1977, as amended; or made any unlawful bribe,  rebate,  payoff,
influence payment, kickback or other unlawful payment to any foreign or domestic
government official or employee.

         4. COVENANTS.

         (a) Filing of Form 8-K and Registration  Statement.  The Company agrees
that it shall, within the time required under the 1934 Act file a Report on Form
8-K  disclosing  this Agreement and the  transaction  contemplated  hereby.  The
Company  shall also file within  twenty (20) Trading Days from the date hereof a
new  registration  statement  covering the sale of the Commitment  Shares and at
least 4,000,000 Purchase Shares in accordance with the terms of the Registration
Rights Agreement between the Company and the Buyer,  dated as of the date hereof
("Registration Rights Agreement"). After such registration statement is declared
effective by the SEC, the Company agrees and acknowledges  that any sales by the
Company  to the Buyer  pursuant  to this  Agreement  are sales of the  Company's
equity securities in a transaction that is registered under the 1933 Act.

         (b) Blue Sky.  The  Company  shall  take  such  action,  if any,  as is
reasonably  necessary in order to obtain an exemption  for or to qualify (i) the
initial sale of the Commitment Shares and any Purchase Shares to the Buyer under
this Agreement and (ii) any subsequent  resale of the Commitment  Shares and any
Purchase Shares by the Buyer, in each case, under applicable securities or "Blue
Sky" laws of the states of the  United  States in such  states as is  reasonably
requested by the Buyer from time to time, and shall provide evidence of any such
action so taken to the Buyer.

         (c)  No  Variable  Priced  Financing.   Other  than  pursuant  to  this
Agreement,  the Company  agrees that beginning on the date of this Agreement and
ending on the date of  termination  of this  Agreement  (as  provided in Section
11(k) hereof),  neither the Company nor any of its Subsidiaries  shall,  without
the prior  written  consent of the  Buyer,  contract  for any  equity  financing
(including  any debt  financing  with an equity  component)  or issue any equity
securities  of the  Company  or any  Subsidiary  or  securities  convertible  or
exchangeable  into or for equity  securities  of the  Company or any  Subsidiary
(including debt securities with an equity  component) which, in any case (i) are
convertible into or exchangeable for an indeterminate number of shares of common
stock,  (ii) are convertible  into or  exchangeable  for Common Stock at a price
which  varies  with the market  price of the Common  Stock,  (iii)  directly  or
indirectly  provide  for any  "re-set"  or  adjustment  of the  purchase  price,
conversion  rate or exercise  price after the issuance of the security,  or (iv)
contain any  "make-whole"  provision  based upon,  directly or  indirectly,  the
market  price of the Common Stock after the  issuance of the  security,  in each
case, other than reasonable and customary anti-dilution adjustments for issuance
of shares  of Common  Stock at a price  which is below the  market  price of the
Common Stock.

<PAGE>

         (d) Listing.  The Company shall  promptly  secure the listing of all of
the Purchase Shares and Commitment Shares upon each national securities exchange
and automated  quotation  system,  if any, upon which shares of Common Stock are
then listed (subject to official notice of issuance) and shall maintain, so long
as any other shares of Common Stock shall be so listed, such listing of all such
securities  from  time to time  issuable  under  the  terms  of the  Transaction
Documents.  The Company  shall  maintain the Common  Stock's  authorization  for
quotation  on  the  Principal  Market.  Neither  the  Company  nor  any  of  its
Subsidiaries  shall take any action that would be reasonably  expected to result
in the delisting or suspension of the Common Stock on the Principal Market.  The
Company shall  promptly,  and in no event later than the following  Trading Day,
provide to the Buyer copies of any notices it receives from the Principal Market
regarding  the  continued  eligibility  of the Common  Stock for listing on such
automated  quotation  system or securities  exchange.  The Company shall pay all
fees and expenses in  connection  with  satisfying  its  obligations  under this
Section.

         (e)  Limitation  on Short  Sales and  Hedging  Transactions.  The Buyer
agrees that  beginning on the date of this  Agreement  and ending on the date of
termination of this  Agreement as provided in Section  11(k),  the Buyer and its
agents,  representatives and affiliates shall not in any manner whatsoever enter
into or effect,  directly or  indirectly,  any (i) "short sale" (as such term is
defined  in Rule  3b-3 of the 1934  Act) of the  Common  Stock  or (ii)  hedging
transaction,  which  establishes a net short position with respect to the Common
Stock.

         (f) Issuance of  Commitment  Shares;  Limitation on Sales of Commitment
Shares.  Immediately  upon the  execution of this  Agreement,  the Company shall
issue to the Buyer 315,421 shares of Common Stock (the "Commitment Shares"). The
Commitment Shares shall be issued in certificated form and (subject to Section 5
hereof) shall bear the following restrictive legend:

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED,  OR  APPLICABLE  STATE
         SECURITIES  LAWS. THE SECURITIES  HAVE BEEN ACQUIRED FOR INVESTMENT AND
         MAY NOT BE OFFERED  FOR SALE,  SOLD,  TRANSFERRED  OR  ASSIGNED  IN THE
         ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
         THE SECURITIES ACT OF 1933, AS AMENDED,  OR APPLICABLE STATE SECURITIES
         LAWS,  OR AN OPINION OF HOLDER'S  COUNSEL,  IN A CUSTOMARY  FORM,  THAT
         REGISTRATION  IS  NOT  REQUIRED  UNDER  SAID  ACT OR  APPLICABLE  STATE
         SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

           The Buyer  agrees  that the  Buyer  shall  not  transfer  or sell the
Commitment  Shares  until the earlier of 600 Trading  Days (30 Monthly  Periods)
from the date hereof or the date on which this  Agreement  has been  terminated,
provided,  however,  that such  restrictions  shall not apply: (i) in connection
with any transfers to or among  affiliates (as defined in the 1934 Act), (ii) in
connection  with any  pledge  in  connection  with a bona  fide  loan or  margin
account,  (iii) in the event that the  Commencement  does not occur on or before
September 30, 2005,  due to the failure of the Company to satisfy the conditions
set forth in Section 7 or (iv) if an Event of Default has occurred, or any event
which,  after  notice  and/or  lapse of time,  would become an Event of Default,
including any failure by the Company to timely issue Purchase  Shares under this
Agreement.  Notwithstanding  the  forgoing,  the Buyer may  transfer  Commitment
Shares to a third  party in order to  settle a sale made by the Buyer  where the
Buyer  reasonably  expects the Company to deliver  Purchase  Shares to the Buyer
under  this  Agreement  so long as the  Buyer  maintains  ownership  of the same

<PAGE>

overall number of shares of Common Stock by "replacing" the Commitment Shares so
transferred with Purchase Shares when the Purchase Shares are actually issued by
the Company to the Buyer.

         (g) Due Diligence. The Buyer shall have the right, from time to time as
the Buyer may reasonably deem appropriate,  to perform  reasonable due diligence
on the Company during normal  business  hours.  The Company and its officers and
employees shall provide  information and reasonably  cooperate with the Buyer in
connection  with any reasonable  request by the Buyer related to the Buyer's due
diligence of the Company,  including,  but not limited to, any such request made
by the Buyer in  connection  with (i) the filing of the  registration  statement
described  in Section 4(a) hereof and (ii) the  Commencement.  Each party hereto
agrees not to disclose any  Confidential  Information  of the other party to any
third party and shall not use the Confidential Information for any purpose other
than in connection  with, or in furtherance  of, the  transactions  contemplated
hereby. Each party hereto  acknowledges that the Confidential  Information shall
remain the  property of the  disclosing  party and agrees that it shall take all
reasonable  measures  to protect  the  secrecy of any  Confidential  Information
disclosed by the other party.

         (h)  Participation  Rights.  For a period of 30 months from the date of
this Agreement, the Company hereby grants to the Buyer a right to participate in
the purchase of any New Securities (as defined below) that the Company may, from
time to  time,  propose  to  issue  and sell in  connection  with any  financing
transaction, as follows. Not later than 5 Trading Days prior to the execution of
any definitive  documentation  relating to the sale of any New Securities to any
person  or entity  other  than the  Buyer or an  Affiliate  of the Buyer (a "New
Person"),  the Company  shall deliver  written  notice to Buyer of its intent to
enter into any such  transaction,  describing the New Person and the type of New
Securities  in  reasonable  detail,  and attaching to such notice copies of such
definitive documentation.  The Buyer shall have 10 Trading Days after receipt of
such notice to purchase up to 25% of such New Securities or any portion thereof,
at the price and on the terms  specified in such notice by giving written notice
to the Company  specifying  the amount of New  Securities to be purchased by the
Buyer.  In the event the  Company  has not sold such New  Securities  to the New
Person  within 10 Trading  Days after notice  thereof to the Buyer,  the Company
shall not thereafter  issue or sell any New Securities to any New Person without
first again complying with this Section.  "New Securities" shall mean any shares
of Common Stock,  preferred stock or any other equity  securities of the Company
or securities  convertible or exchangeable for equity securities of the Company,
provided,  however,  that New Securities shall not include, (i) shares of Common
Stock issuable upon  conversion or exercise of any securities  outstanding as of
the date hereof,  (ii) shares,  options or warrants for Common Stock  granted to
officers,  directors and employees of the Company pursuant to stock option plans
approved by the Board of Directors of the Company,  (iii) shares of Common Stock
or securities  convertible or  exchangeable  for Common Stock issued pursuant to
the acquisition of another company by consolidation,  merger, or purchase of all
or  substantially  all of the assets of such  company  or (iv)  shares of Common
Stock or  securities  convertible  or  exchangeable  into shares of Common Stock
issued in  connection  with a strategic  transaction  involving  the Company and
issued to an entity or an  affiliate  of such entity that is engaged in the same
or  substantially  related  business as the Company.  The Buyer rights hereunder
shall not prohibit or limit the Company from selling any New  Securities so long
as the Company makes the same offer to the Buyer as provided  herein.  Otherwise
the Company  shall be  prohibited  from  selling any New  Securities  to any New
Person until it fully complies herewith.

         5. TRANSFER AGENT INSTRUCTIONS.

         Immediately  upon the  execution of this  Agreement,  the Company shall
deliver  to the  Transfer  Agent a letter in the form as set forth as  Exhibit E
attached  hereto with respect to the issuance of the Commitment  Shares.  On the

<PAGE>

Commencement  Date,  the  Company  shall  cause  any  restrictive  legend on the
Commitment  Shares to be  removed  and all of the  Purchase  Shares to be issued
under this Agreement shall be issued without any  restrictive  legend unless the
Buyer  expressly  consents  otherwise.   The  Company  shall  issue  irrevocable
instructions to the Transfer Agent, and any subsequent  transfer agent, to issue
Purchase  Shares  in  the  name  of the  Buyer  for  the  Purchase  Shares  (the
"Irrevocable  Transfer Agent  Instructions").  The Company warrants to the Buyer
that no  instruction  other than the  Irrevocable  Transfer  Agent  Instructions
referred  to in this  Section 5, will be given by the  Company  to the  Transfer
Agent with respect to the Purchase Shares and that the Commitment Shares and the
Purchase Shares shall otherwise be freely  transferable on the books and records
of the  Company  as and to  the  extent  provided  in  this  Agreement  and  the
Registration  Rights Agreement  subject to the provisions of Section 4(f) in the
case of the Commitment Shares.

         6.       CONDITIONS TO THE COMPANY'S OBLIGATION TO COMMENCE
                  SALES OF SHARES OF COMMON STOCK.

         The  obligation  of the  Company  hereunder  to  commence  sales of the
Purchase  Shares  is  subject  to the  satisfaction  of  each  of the  following
conditions  on or before the  Commencement  Date (the date that sales begin) and
once such  conditions  have been  initially  satisfied,  there  shall not be any
ongoing  obligation  to  satisfy  such  conditions  after the  Commencement  has
occurred;  provided that these conditions are for the Company's sole benefit and
may be waived by the Company at any time in its sole discretion by providing the
Buyer with prior written notice thereof:

         (a)      The  Buyer  shall  have  executed  each  of  the   Transaction
                  Documents and delivered the same to the Company.

         (b)      Subject to the  Company's  compliance  with  Section  4(a),  a
                  registration  statement  covering  the  sale  of  all  of  the
                  Commitment Shares and at least 4,000,000 Purchase Shares shall
                  have been declared effective under the 1933 Act by the SEC and
                  no stop order with respect to the Registration Statement shall
                  be pending or threatened by the SEC.

         (c)      The  representations and warranties of the Buyer shall be true
                  and correct in all material  respects as of the date when made
                  and as of the  Commencement  Date as though  made at that time
                  (except for  representations and warranties that speak as of a
                  specific date), and the Buyer shall have performed,  satisfied
                  and  complied in all  material  respects  with the  covenants,
                  agreements  and  conditions  required by this  Agreement to be
                  performed, satisfied or complied with by the Buyer at or prior
                  to the Commencement Date.

         7.       CONDITIONS TO THE BUYER'S  OBLIGATION TO COMMENCE PURCHASES OF
                  SHARES OF COMMON STOCK.

         The  obligation of the Buyer to commence  purchases of Purchase  Shares
under this  Agreement is subject to the  satisfaction  of each of the  following
conditions  on or before the  Commencement  Date (the date that sales begin) and
once such  conditions  have been  initially  satisfied,  there  shall not be any
ongoing  obligation  to  satisfy  such  conditions  after the  Commencement  has
occurred:

         (a) The Company shall have executed each of the  Transaction  Documents
and delivered the same to the Buyer.

<PAGE>

         (b) The Company  shall have issued to the Buyer the  Commitment  Shares
and shall have  removed the  restrictive  transfer  legend from the  certificate
representing the Commitment Shares.

         (c) The Common Stock shall be authorized for quotation on the Principal
Market, trading in the Common Stock shall not have been within the last 365 days
suspended by the SEC or the  Principal  Market and the  Purchase  Shares and the
Commitment Shares shall be approved for listing upon the Principal Market.

         (d) The Buyer shall have received the opinions of the  Company's  legal
counsel dated as of the Commencement Date substantially in the form of EXHIBIT A
attached hereto.

         (e) The representations and warranties of the Company shall be true and
correct  in all  material  respects  (except  to the  extent  that  any of  such
representations and warranties is already qualified as to materiality in Section
3 above, in which case, such  representations  and warranties  shall be true and
correct  without further  qualification)  as of the date when made and as of the
Commencement  Date as though made at that time (except for  representations  and
warranties  that  speak  as of a  specific  date)  and the  Company  shall  have
performed, satisfied and complied with the covenants,  agreements and conditions
required by the  Transaction  Documents to be  performed,  satisfied or complied
with by the Company at or prior to the  Commencement  Date. The Buyer shall have
received a  certificate,  executed by the CEO,  President or CFO of the Company,
dated as of the Commencement  Date, to the foregoing effect in the form attached
hereto as EXHIBIT B.

         (f)  The  Board  of  Directors  of  the  Company   shall  have  adopted
resolutions  in the form  attached  hereto as  EXHIBIT C which  shall be in full
force  and  effect  without  any  amendment  or  supplement  thereto  as of  the
Commencement Date.

         (g) As of the Commencement Date, the Company shall have reserved out of
its  authorized and unissued  Common Stock,  solely for the purpose of effecting
purchases of Purchase  Shares  hereunder,  at least  4,000,000  shares of Common
Stock.

         (h) The Irrevocable Transfer Agent Instructions,  in form acceptable to
the Buyer  shall  have been  delivered  to and  acknowledged  in  writing by the
Company and the Company's Transfer Agent.

         (i) The  Company  shall  have  delivered  to the  Buyer  a  certificate
evidencing  the  incorporation  and good standing of the Company in the State of
Florida  issued by the  Secretary  of State of the State of Florida as of a date
within ten (10) Trading Days of the Commencement Date.

         (j) The Company shall have  delivered to the Buyer a certified  copy of
the Certificate of  Incorporation  as certified by the Secretary of State of the
State of Florida within ten (10) Trading Days of the Commencement Date.

         (k) The  Company  shall  have  delivered  to the  Buyer  a  secretary's
certificate  executed  by  the  Secretary  of  the  Company,  dated  as  of  the
Commencement Date, in the form attached hereto as EXHIBIT D.

         (l) A registration statement covering the sale of all of the Commitment
Shares,  and at  least  4,000,000  Purchase  Shares  shall  have  been  declared
effective  under the 1933 Act by the SEC and no stop order  with  respect to the
registration  statement  shall be pending or  threatened by the SEC. The Company
shall have  prepared and delivered to the Buyer a final form of prospectus to be
used by the Buyer in connection  with any sales of any Commitment  Shares or any

<PAGE>

Purchase  Shares.  The Company shall have made all filings under all  applicable
federal and state  securities  laws  necessary to consummate the issuance of the
Commitment  Shares  and  the  Purchase  Shares  pursuant  to this  Agreement  in
compliance with such laws.

         (m) No Event of Default has occurred,  or any event which, after notice
and/or lapse of time, would become an Event of Default has occurred.

         (n) On or prior to the  Commencement  Date,  the Company shall take all
necessary action, if any, and such actions as reasonably requested by the Buyer,
in  order  to  render  inapplicable  any  control  share  acquisition,  business
combination,  shareholder rights plan or poison pill (including any distribution
under a rights  agreement) or other similar  anti-takeover  provision  under the
Certificate of Incorporation or the laws of the state of its incorporation which
is or could  become  applicable  to the  Buyer as a result  of the  transactions
contemplated by this Agreement,  including,  without  limitation,  the Company's
issuance of the Securities and the Buyer's ownership of the Securities.

         (o) The  Company  shall have  provided  the Buyer with the  information
requested by the Buyer in connection with its due diligence  requests made prior
to, or in connection  with, the  Commencement,  in accordance  with the terms of
Section 4(g) hereof.

         8. INDEMNIFICATION.

         In  consideration  of  the  Buyer's   execution  and  delivery  of  the
Transaction  Documents and acquiring the Securities hereunder and in addition to
all of the Company's  other  obligations  under the Transaction  Documents,  the
Company shall defend, protect,  indemnify and hold harmless the Buyer and all of
its  affiliates,  shareholders,  officers,  directors,  employees  and direct or
indirect   investors  and  any  of  the  foregoing   person's  agents  or  other
representatives  (including,  without  limitation,  those retained in connection
with  the  transactions  contemplated  by  this  Agreement)  (collectively,  the
"Indemnitees")  from and against any and all actions,  causes of action,  suits,
claims, losses, costs, penalties, fees, liabilities and damages, and expenses in
connection therewith  (irrespective of whether any such Indemnitee is a party to
the  action  for which  indemnification  hereunder  is  sought),  and  including
reasonable  attorneys' fees and disbursements  (the "Indemnified  Liabilities"),
incurred by any Indemnitee as a result of, or arising out of, or relating to (a)
any  misrepresentation  or breach of any  representation or warranty made by the
Company in the  Transaction  Documents or any other  certificate,  instrument or
document  contemplated  hereby  or  thereby,  (b) any  breach  of any  covenant,
agreement or obligation of the Company contained in the Transaction Documents or
any other certificate, instrument or document contemplated hereby or thereby, or
(c) any cause of action,  suit or claim brought or made against such  Indemnitee
and arising out of or resulting  from the  execution,  delivery,  performance or
enforcement of the Transaction Documents or any other certificate, instrument or
document contemplated hereby or thereby,  other than with respect to Indemnified
Liabilities  which  directly and primarily  result from the gross  negligence or
willful  misconduct  of  the  Indemnitee.  To  the  extent  that  the  foregoing
undertaking  by the Company  may be  unenforceable  for any reason,  the Company
shall make the maximum  contribution to the payment and  satisfaction of each of
the Indemnified Liabilities which is permissible under applicable law.

<PAGE>

         9.       EVENTS OF DEFAULT.

         An "Event of Default"  shall be deemed to have  occurred at any time as
any of the following events occurs:

         (a) while any  registration  statement  is  required  to be  maintained
effective  pursuant  to the  terms of the  Registration  Rights  Agreement,  the
effectiveness of such registration  statement lapses for any reason  (including,
without limitation, the issuance of a stop order) or is unavailable to the Buyer
for sale of all of the  Registrable  Securities (as defined in the  Registration
Rights  Agreement)  in  accordance  with the  terms of the  Registration  Rights
Agreement,  and such lapse or unavailability  continues for a period of five (5)
consecutive  Trading  Days or for more than an  aggregate of twenty (20) Trading
Days in any 365-day period;

         (b) the  suspension  from  trading or failure of the Common Stock to be
listed on the  Principal  Market for a period of three (3)  consecutive  Trading
Days;

         (c) the  delisting of the  Company's  Common  Stock from the  Principal
Market,  provided,  however, that the Common Stock is not immediately thereafter
trading on the New York Stock Exchange,  the Nasdaq National Market,  the Nasdaq
SmallCap Market, or the OTC Bulletin Board;

         (d) the failure for any reason by the Transfer  Agent to issue Purchase
Shares to the Buyer within five (5) Trading Days after the  applicable  Purchase
Date which the Buyer is entitled to receive;

         (e) the Company  breaches  any  representation,  warranty,  covenant or
other term or condition under any Transaction Document if such breach could have
a  Material  Adverse  Effect and  except,  in the case of a breach of a covenant
which is reasonably  curable,  only if such breach  continues for a period of at
least five (5) Trading Days;

         (f) if any Person  commences a proceeding  against the Company pursuant
to or within the meaning of any Bankruptcy Law ;

         (g) if the Company  pursuant to or within the meaning of any Bankruptcy
Law; (A) commences a voluntary  case,  (B) consents to the entry of an order for
relief against it in an involuntary  case, (C) consents to the  appointment of a
Custodian of it or for all or  substantially  all of its  property,  (D) makes a
general assignment for the benefit of its creditors,  (E) becomes insolvent,  or
(F) is generally unable to pay its debts as the same become due;

         (h) a court of competent  jurisdiction  enters an order or decree under
any  Bankruptcy Law that (A) is for relief against the Company in an involuntary
case, (B) appoints a Custodian of the Company or for all or substantially all of
its property, or (C) orders the liquidation of the Company or any Subsidiary;

         (i) a material adverse change in the business, properties,  operations,
financial condition or results of operations of the Company or its Subsidiaries;

         (j) if at any time after the  Commencement  Date, the "Exchange Cap" is
reached. (the "Exchange Cap" shall be deemed to be reached at such time if, upon
submission  of a Purchase  Notice  under this  Agreement,  the  issuance of such
shares of Common  Stock would exceed that number of shares of Common Stock which
the Company may issue  under this  Agreement  without  breaching  the  Company's
obligations under the rules or regulations of the Principal Market)].

<PAGE>

In addition  to any other  rights and  remedies  under  applicable  law and this
Agreement, including the Buyer termination rights under Section 11(k) hereof, so
long as an Event of Default  has  occurred  and is  continuing,  or if any event
which, after notice and/or lapse of time, would become an Event of Default,  has
occurred  and is  continuing,  or so long as the  Purchase  Price is  below  the
Purchase Price Floor, the Buyer shall not be obligated to purchase any shares of
Common Stock under this  Agreement.  If pursuant to or within the meaning of any
Bankruptcy Law, the Company commences a voluntary case or any Person commences a
proceeding  against the Company, a Custodian is appointed for the Company or for
all or  substantially  all of its  property,  or the  Company  makes  a  general
assignment for the benefit of its creditors,  (any of which would be an Event of
Default as described  in Sections  9(f),  9(g) and 9(h)  hereof) this  Agreement
shall  automatically  terminate  without any liability or payment to the Company
without  further  action or notice by any Person.  No such  termination  of this
Agreement  under  Section  11(k)(i)  shall  affect the  Company's or the Buyer's
obligations  under this  Agreement  with  respect to pending  purchases  and the
Company and the Buyer shall complete their  respective  obligations with respect
to any pending purchases under this Agreement.

         10.      CERTAIN DEFINED TERMS.

         For  purposes of this  Agreement,  the  following  terms shall have the
following meanings:

         (a) "1933 Act" means the Securities Act of 1933, as amended.

         (b)   "Available   Amount"  means   initially   Nine  Million   Dollars
($9,000,000)  in the  aggregate  which  amount  shall be reduced by the Purchase
Amount each time the Buyer purchases  shares of Common Stock pursuant to Section
1 hereof.

         (c) "Bankruptcy  Law" means Title 11, U.S. Code, or any similar federal
or state law for the relief of debtors.

         (d) "Closing  Sale Price" means,  for any security as of any date,  the
last closing trade price for such  security on the Principal  Market as reported
by the  Principal  Market,  or, if the  Principal  Market  is not the  principal
securities exchange or trading market for such security,  the last closing trade
price of such security on the principal  securities  exchange or trading  market
where such security is listed or traded as reported by the Principal Market.

         (e)  "Confidential  Information"  means any  information  disclosed  by
either  party to the other party,  either  directly or  indirectly,  in writing,
orally or by  inspection of tangible  objects  (including,  without  limitation,
documents,  prototypes,  samples,  plant and equipment),  which is designated as
"Confidential,"   "Proprietary"   or  some  similar   designation.   Information
communicated  orally  shall  be  considered  Confidential  Information  if  such
information is confirmed in writing as being Confidential Information within ten
(10) business days after the initial  disclosure.  Confidential  Information may
also  include  information  disclosed to a  disclosing  party by third  parties.
Confidential  Information shall not, however,  include any information which (i)
was publicly  known and made  generally  available in the public domain prior to
the time of disclosure by the disclosing  party; (ii) becomes publicly known and
made  generally  available  after  disclosure  by the  disclosing  party  to the
receiving party through no action or inaction of the receiving  party;  (iii) is
already in the  possession of the  receiving  party at the time of disclosure by
the  disclosing  party as shown  by the  receiving  party's  files  and  records
immediately  prior to the time of disclosure;  (iv) is obtained by the receiving

<PAGE>

party from a third party without a breach of such third party's  obligations  of
confidentiality;  (v) is independently  developed by the receiving party without
use of or reference to the disclosing party's Confidential Information, as shown
by documents and other competent  evidence in the receiving party's  possession;
or (vi) is required by law to be disclosed by the receiving party, provided that
the receiving  party gives the  disclosing  party prompt  written notice of such
requirement  prior to such  disclosure  and  assistance  in  obtaining  an order
protecting the information from public disclosure.

         (f) "Custodian" means any receiver,  trustee,  assignee,  liquidator or
similar official under any Bankruptcy Law.

         (g) "Maturity Date" means the date that is 600 Trading Days (30 Monthly
Periods) from the Commencement Date.

         (h)  "Monthly  Period"  means each  successive  20  Trading  Day period
commencing with the Commencement Date.

         (i)  "Person"  means an  individual  or entity  including  any  limited
liability  company, a partnership,  a joint venture, a corporation,  a trust, an
unincorporated  organization  and a  government  or  any  department  or  agency
thereof.

         (j)  "Principal  Market" means the American  Stock  Exchange;  provided
however,  that in the event the Company's  Common Stock is ever listed or traded
on the Nasdaq  National  Market,  the  Nasdaq  SmallCap  Market,  the Nasdaq OTC
Bulletin  Board,  or the New York  Stock  Exchange,  and  ceases to trade on the
American  Stock  Exchange,  than the  "Principal  Market"  shall mean such other
market or exchange on which the Company's Common Stock is then listed or traded.

         (k) "Purchase  Amount" means the portion of the Available  Amount to be
purchased by the Buyer pursuant to Section 1 hereof.

         (l)  "Purchase  Date"  means the  actual  date that the Buyer is to buy
Purchase Shares pursuant to Section 1 hereof.

         (m) "Purchase  Price" means, as of any Trading Day the lower of the (A)
the  lowest  Sale  Price of the  Common  Stock on such  Trading  Day and (B) the
arithmetic  average of the three (3) lowest  Closing  Sale Prices for the Common
Stock during the twelve (12) consecutive  Trading Days ending on the Trading Day
immediately  preceding such date of determination (to be appropriately  adjusted
for any  reorganization,  recapitalization,  non-cash  dividend,  stock split or
other similar transaction).

         (n) "Sale  Price"  means,  for any  security as of any date,  any trade
price for such  security on the  Principal  Market as reported by the  Principal
Market, or, if the Principal Market is not the principal  securities exchange or
trading  market  for such  security,  the trade  price of such  security  on the
principal securities exchange or trading market where such security is listed or
traded as reported by the Principal Market.

         (o) "SEC" means the United States Securities and Exchange Commission.

         (q)  "Transfer  Agent" means the  transfer  agent of the Company as set
forth in Section  11(f)  hereof or such other  person who is then serving as the
transfer agent for the Company in respect of the Common Stock.

<PAGE>

         (r) "Trading Day" means any day on which the  Principal  Market is open
for trading  including any day on which the Principal Market is open for trading
for a period of time less than the customary time.

         11. MISCELLANEOUS.

         (a) Governing Law; Jurisdiction;  Jury Trial. The corporate laws of the
State of Florida shall govern all issues  concerning the relative  rights of the
Company and its shareholders.  All other questions  concerning the construction,
validity,  enforcement  and  interpretation  of this  Agreement  and  the  other
Transaction  Documents  shall be governed by the  internal  laws of the State of
Illinois,  without  giving  effect  to any  choice  of law  or  conflict  of law
provision or rule (whether of the State of Illinois or any other  jurisdictions)
that would cause the application of the laws of any jurisdictions other than the
State of  Illinois.  Each party  hereby  irrevocably  submits  to the  exclusive
jurisdiction of the state and federal courts sitting in the City of Chicago, for
the  adjudication  of any  dispute  hereunder  or under  the  other  Transaction
Documents  or in  connection  herewith  or  therewith,  or with any  transaction
contemplated  hereby or discussed herein,  and hereby  irrevocably  waives,  and
agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action
or  proceeding  is  brought in an  inconvenient  forum or that the venue of such
suit,  action or proceeding is improper.  Each party hereby  irrevocably  waives
personal  service of process and  consents to process  being  served in any such
suit,  action or  proceeding  by  mailing a copy  thereof  to such  party at the
address for such notices to it under this Agreement and agrees that such service
shall  constitute  good and  sufficient  service of process and notice  thereof.
Nothing  contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST,  A JURY TRIAL FOR THE ADJUDICATION
OF ANY  DISPUTE  HEREUNDER  OR IN  CONNECTION  HEREWITH  OR ARISING  OUT OF THIS
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

         (b)  Counterparts.  This  Agreement  may be  executed  in  two or  more
identical  counterparts,  all of  which  shall  be  considered  one and the same
agreement and shall become effective when  counterparts have been signed by each
party and  delivered to the other  party;  provided  that a facsimile  signature
shall be  considered  due  execution  and shall be  binding  upon the  signatory
thereto with the same force and effect as if the signature were an original, not
a facsimile signature.

         (c) Headings.  The headings of this  Agreement are for  convenience  of
reference  and shall not form part of, or affect  the  interpretation  of,  this
Agreement.

         (d)  Severability.  If any provision of this Agreement shall be invalid
or unenforceable in any jurisdiction,  such invalidity or unenforceability shall
not affect the validity or  enforceability of the remainder of this Agreement in
that  jurisdiction  or the validity or  enforceability  of any provision of this
Agreement in any other jurisdiction.

         (e) Entire  Agreement;  Amendments.  With the  exception  of the Mutual
Nondisclosure  Agreement  between  the  parties  dated as of May 6,  2005,  this
Agreement  supersedes  all other  prior oral or written  agreements  between the
Buyer,  the Company,  their  affiliates  and persons acting on their behalf with
respect  to  the  matters  discussed  herein,  and  this  Agreement,  the  other
Transaction  Documents and the instruments  referenced herein contain the entire
understanding  of the parties  with  respect to the matters  covered  herein and
therein and,  except as  specifically  set forth herein or therein,  neither the

<PAGE>

Company  nor  the  Buyer  makes  any  representation,   warranty,   covenant  or
undertaking with respect to such matters. Any provision of this Agreement may be
amended or modified by mutual  agreement  of the Company and the Buyer,  and any
provision  hereof may be waived only by the party  against whom  enforcement  is
sought.  The Company  acknowledges  and agrees that is has not relied on, in any
manner whatsoever,  any  representations  or statements,  written or oral, other
than as expressly set forth in this Agreement.

         (f) Notices.  Any notices,  consents,  waivers or other  communications
required or permitted to be given under the terms of this  Agreement  must be in
writing  and will be deemed  to have  been  delivered:  (i) upon  receipt,  when
delivered  personally;  (ii)  upon  receipt,  when sent by  facsimile  (provided
confirmation of transmission  is  mechanically or  electronically  generated and
kept on file by the sending party);  or (iii) one Trading Day after deposit with
a  nationally  recognized  overnight  delivery  service,  in each case  properly
addressed to the party to receive the same. The addresses and facsimile  numbers
for such communications shall be:

         If to the Company:
                  Oragenics, Inc.
                  13700 Progress Blvd.
                  Alachua, Fl 32615
                  Telephone:        386-418-4018
                  Facsimile:        386-418-1660
                  Attention:        Chief Executive Officer

         With a copy to:
                  Shumaker, Loop & Kendrick, LLP
                  101 E. Kennedy Blvd., Suite 2800
                  Tampa, FL  33602
                  Telephone:        813-229-7600
                  Facsimile:         813-229-1660
                  Attention:         Darrell C. Smith

         If to the Buyer:
                  Fusion Capital Fund II, LLC
                  222 Merchandise Mart Plaza, Suite 9-112
                  Chicago, IL 60654
                  Telephone:        312-644-6644
                  Facsimile:        312-644-6244
                  Attention:        Steven G. Martin

         If to the Transfer Agent:
                  Computershare Trust Company of Canada
                  100 University Avenue, 9th Floor
                  Toronto, Ontario M5J 2Y1
                  Telephone:        866-249-7775
                  Facsimile:
                  Attention:

or at such other address and/or facsimile number and/or to the attention of such
other person as the  recipient  party has  specified by written  notice given to
each other  party  three (3)  Trading  Days prior to the  effectiveness  of such

<PAGE>

change.  Written  confirmation  of receipt  (A) given by the  recipient  of such
notice,   consent,   waiver  or  other   communication,   (B)   mechanically  or
electronically  generated by the sender's facsimile machine containing the time,
date, and recipient facsimile number or (C) provided by a nationally  recognized
overnight  delivery service,  shall be rebuttable  evidence of personal service,
receipt by facsimile or receipt from a nationally  recognized overnight delivery
service in accordance with clause (i), (ii) or (iii) above, respectively.

         (g)  Successors and Assigns.  This Agreement  shall be binding upon and
inure to the benefit of the parties and their respective successors and assigns.
The  Company  shall not  assign  this  Agreement  or any  rights or  obligations
hereunder without the prior written consent of the Buyer, including by merger or
consolidation.  The Buyer may not assign its  rights or  obligations  under this
Agreement.

         (h) No Third Party  Beneficiaries.  This  Agreement is intended for the
benefit of the parties  hereto and their  respective  permitted  successors  and
assigns, and is not for the benefit of, nor may any provision hereof be enforced
by, any other person.

         (i)  Publicity.  The  Buyer  shall  have the  right to  approve  before
issuance any press release, SEC filing or any other public disclosure made by or
on behalf of the Company  whatsoever with respect to, in any manner,  the Buyer,
its  purchases  hereunder or any aspect of this  Agreement  or the  transactions
contemplated  hereby;  provided,  however,  that the Company  shall be entitled,
without  the prior  approval  of the Buyer,  to make any press  release or other
public  disclosure  (including  any filings  with the SEC) with  respect to such
transactions as is required by applicable law and regulations; provided however,
the Company and its counsel must consult with the Buyer in  connection  with any
such press  release or other  public  disclosure  at least two (2) Trading  Days
prior to its  release.  The Buyer must be provided  with a copy thereof at least
two (2) Trading  Days prior to any release or use by the  Company  thereof.  The
Company  agrees and  acknowledges  that its  failure to fully  comply  with this
provision  constitutes a material  adverse  effect on its ability to perform its
obligations under this Agreement.

         (j) Further Assurances. Each party shall do and perform, or cause to be
done and  performed,  all such  further acts and things,  and shall  execute and
deliver all such other agreements,  certificates,  instruments and documents, as
the other  party may  reasonably  request  in order to carry out the  intent and
accomplish  the  purposes  of  this  Agreement  and  the   consummation  of  the
transactions contemplated hereby.

         (k) Termination. This Agreement may be terminated only as follows:

                  (i) By the Buyer any time an Event of Default  exists  without
         any  liability  or payment to the Company.  However,  if pursuant to or
         within the  meaning of any  Bankruptcy  Law,  the  Company  commences a
         voluntary  case  or any  Person  commences  a  proceeding  against  the
         Company,  a  Custodian  is  appointed  for  the  Company  or for all or
         substantially  all of its  property,  or the  Company  makes a  general
         assignment for the benefit of its creditors,  (any of which would be an
         Event of Default as described in Sections  9(f),  9(g) and 9(h) hereof)
         this Agreement shall  automatically  terminate without any liability or
         payment to the Company  without further action or notice by any Person.
         No such termination of this Agreement under this Section 11(k)(i) shall
         affect the Company's or the Buyer's  obligations  under this  Agreement
         with respect to pending  purchases  and the Company and the Buyer shall
         complete  their  respective  obligations  with  respect to any  pending
         purchases under this Agreement.

<PAGE>

                  (ii)  In the  event  that  the  Commencement  shall  not  have
         occurred, the Company shall have the option to terminate this Agreement
         for any reason or for no reason  without  liability of any party to any
         other party.

                  (iii)  In the  event  that  the  Commencement  shall  not have
         occurred on or before September 30, 2005, due to the failure to satisfy
         the  conditions set forth in Sections 6 and 7 above with respect to the
         Commencement  (and the  nonbreaching  party's  failure  to  waive  such
         unsatisfied condition(s)), the nonbreaching party shall have the option
         to  terminate  this  Agreement at the close of business on such date or
         thereafter without liability of any party to any other party.

                  (iv) If by the Maturity Date (including any extension  thereof
         by the Company pursuant to Section 10(g) hereof), for any reason or for
         no reason the full  Available  Amount under this Agreement has not been
         purchased as provided for in Section 1 of this Agreement,  by the Buyer
         without any liability or payment to the Company.

                  (v) At any time after the Commencement Date, the Company shall
         have the option to terminate  this  Agreement  for any reason or for no
         reason by  delivering  notice (a "Company  Termination  Notice") to the
         Buyer  electing to terminate  this  Agreement  without any liability or
         payment to the  Buyer.  The  Company  Termination  Notice  shall not be
         effective  until one (1) Trading Day after it has been  received by the
         Buyer.

                  (vi) This Agreement shall automatically  terminate on the date
         that the  Company  sells and the  Buyer  purchases  the full  Available
         Amount as provided herein,  without any action or notice on the part of
         any party.

Except as set forth in  Sections  11(k)(i)  (in  respect  of an Event of Default
under  Sections  9(f),  9(g) and 9(h)) and  11(k)(vi),  any  termination of this
Agreement  pursuant to this  Section  11(k) shall be effected by written  notice
from the Company to the Buyer, or the Buyer to the Company,  as the case may be,
setting forth the basis for the  termination  hereof.  The  representations  and
warranties  of the Company and the Buyer  contained  in Sections 2 and 3 hereof,
the indemnification  provisions set forth in Section 8 hereof and the agreements
and  covenants  set forth in Section  1(h),  Section  4(h) and Section 11, shall
survive the Commencement  and any termination of this Agreement.  No termination
of  this  Agreement  shall  affect  the  Company's  or  the  Buyer's  rights  or
obligations (i) under the Registration  Rights Agreement which shall survive any
such termination or (ii) under this Agreement with respect to pending  purchases
and the Company and the Buyer shall complete their  respective  obligations with
respect to any pending purchases under this Agreement.

         (l) No  Financial  Advisor,  Placement  Agent,  Broker or  Finder.  The
Company  acknowledges  that it has retained  Draper and  Associates as financial
advisor in connection with the  transactions  contemplated  hereby.  The Company
represents and warrants to the Buyer that it has not engaged any other financial
advisor,  placement agent,  broker or finder in connection with the transactions
contemplated  hereby.  The Buyer  represents and warrants to the Company that it
has not engaged any  financial  advisor,  placement  agent,  broker or finder in
connection  with the  transactions  contemplated  hereby.  The Company  shall be
responsible for the payment of any fees or commissions, if any, of any financial
advisor,  placement  agent,  broker or finder  relating to or arising out of the
transactions  contemplated  hereby.  The Company  shall pay,  and hold the Buyer
harmless against, any liability, loss or expense (including, without limitation,
attorneys' fees and out of pocket expenses)  arising in connection with any such
claim.

<PAGE>

         (m) No Strict Construction. The language used in this Agreement will be
deemed to be the language  chosen by the parties to express their mutual intent,
and no rules of strict construction will be applied against any party.

         (n) Remedies,  Other  Obligations,  Breaches and Injunctive Relief. The
Buyer's remedies  provided in this Agreement shall be cumulative and in addition
to all other remedies available to the Buyer under this Agreement,  at law or in
equity  (including  a decree of specific  performance  and/or  other  injunctive
relief),  no remedy of the Buyer  contained  herein  shall be deemed a waiver of
compliance  with the  provisions  giving rise to such remedy and nothing  herein
shall limit the Buyer's  right to pursue  actual  damages for any failure by the
Company to comply with the terms of this  Agreement.  The  Company  acknowledges
that a breach by it of its obligations  hereunder will cause irreparable harm to
the Buyer and that the remedy at law for any such breach may be inadequate.  The
Company  therefore  agrees that,  in the event of any such breach or  threatened
breach,  the  Buyer  shall be  entitled,  in  addition  to all  other  available
remedies,  to an  injunction  restraining  any breach,  without the necessity of
showing economic loss and without any bond or other security being required.

         (o)  Changes to the Terms of this  Agreement.  This  Agreement  and any
provision  hereof may only be amended by an instrument in writing  signed by the
Company and the Buyer. The term "Agreement" and all reference  thereto,  as used
throughout this instrument,  shall mean this instrument as originally  executed,
or if later amended or supplemented, then as so amended or supplemented.

         (p) Enforcement Costs. If: (i) this Agreement is placed by the Buyer in
the hands of an attorney for enforcement or is enforced by the Buyer through any
legal proceeding;  or (ii) an attorney is retained to represent the Buyer in any
bankruptcy,   reorganization,   receivership  or  other  proceedings   affecting
creditors'  rights  and  involving  a claim  under this  Agreement;  or (iii) an
attorney is retained to represent the Buyer in any other proceedings  whatsoever
in connection with this  Agreement,  then the Company shall pay to the Buyer, as
incurred by the Buyer,  all reasonable costs and expenses  including  attorneys'
fees  incurred in  connection  therewith,  in addition to all other  amounts due
hereunder.

         (q)  Failure  or  Indulgence  Not  Waiver.  No  failure or delay in the
exercise of any power,  right or privilege  hereunder  shall operate as a waiver
thereof,  nor shall any single or partial  exercise of any such power,  right or
privilege  preclude  other or further  exercise  thereof or of any other  right,
power or privilege.

                                    * * * * *

<PAGE>

         IN WITNESS  WHEREOF,  the Buyer and the Company have caused this Common
Stock Purchase Agreement to be duly executed as of the date first written above.

                                     THE COMPANY:

                                     ORAGENICS, INC.

                                     By: /s/ Mento A. Soponis
                                         -------------------------------------
                                     Name:  Mento A. Soponis
                                     Title President & Chief Executive Officer

                                     BUYER:

                                     FUSION CAPITAL FUND II, LLC
                                     BY: FUSION CAPITAL PARTNERS, LLC
                                     BY: ROCKLEDGE CAPITAL CORPORATION

                                     By: /s/ Joshua B. Scheinfeld
                                         -------------------------------------
                                     Name: Joshua B. Scheinfeld
                                     Title: PresidentEXHIBIT 4.2

                          REGISTRATION RIGHTS AGREEMENT

         REGISTRATION RIGHTS AGREEMENT (this  "AGREEMENT"),  dated as of May 23,
2005, by and between ORAGENICS,  INC., a Florida  corporation,  (the "COMPANY"),
and FUSION  CAPITAL  FUND II,  LLC  (together  with it  permitted  assigns,  the
"BUYER").  Capitalized  terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the Common Stock Purchase Agreement by
and  between  the  parties  hereto,  dated as of the date  hereof  (as  amended,
restated,  supplemented  or otherwise  modified from time to time, the "PURCHASE
AGREEMENT").

                                    WHEREAS:

         A. The Company has agreed, upon the terms and subject to the conditions
of the Purchase Agreement,  to issue to the Buyer (i) up to Nine Million Dollars
($9,000,000)  of the  Company's  common  stock,  par value $0.001 per share (the
"COMMON  STOCK")  (the  "PURCHASE  SHARES"),  and (ii) such  number of shares of
Common Stock as is required  pursuant to Section 4(f) of the Purchase  Agreement
(the "COMMITMENT SHARES"); and

         B. To  induce  the  Buyer to enter  into the  Purchase  Agreement,  the
Company has agreed to provide certain  registration  rights under the Securities
Act of 1933,  as  amended,  and the rules  and  regulations  thereunder,  or any
similar successor statute  (collectively,  the "1933 ACT"), and applicable state
securities laws.

         NOW,  THEREFORE,  in  consideration  of the  premises  and  the  mutual
covenants  contained  herein  and other  good and  valuable  consideration,  the
receipt and  sufficiency of which are hereby  acknowledged,  the Company and the
Buyer hereby agree as follows:

         1.       DEFINITIONS.

                  As used in this Agreement,  the following terms shall have the
following meanings:

                  a.  "INVESTOR"  means the Buyer,  any  transferee  or assignee
thereof to whom a Buyer  assigns its rights under this  Agreement and who agrees
to become bound by the provisions of this Agreement in accordance with Section 9
and any transferee or assignee  thereof to whom a transferee or assignee assigns
its rights under this Agreement and who agrees to become bound by the provisions
of this Agreement in accordance with Section 9.

                  b.  "PERSON"   means  any  person  or  entity   including  any
corporation,  a limited liability  company,  an association,  a partnership,  an
organization, a business, an individual, a governmental or political subdivision
thereof or a governmental agency.

                  c. "REGISTER,"  "REGISTERED,"  and  "REGISTRATION"  refer to a
registration   effected  by  preparing  and  filing  one  or  more  registration
statements of the Company in  compliance  with the 1933 Act and pursuant to Rule
415 under the 1933 Act or any successor rule  providing for offering  securities
on a  continuous  basis  ("RULE  415"),  and  the  declaration  or  ordering  of
effectiveness of such registration  statement(s) by the United States Securities
and Exchange Commission (the "SEC").

                  d.  "REGISTRABLE  SECURITIES"  means the Purchase Shares which
have been, or which may from time to time be, issued or issuable upon  purchases
of the  Available  Amount under the Purchase  Agreement  (without  regard to any

<PAGE>

limitation or  restriction  on purchases)  and the  Commitment  Shares issued or
issuable to the Investor and any shares of capital stock issued or issuable with
respect to the Purchase Shares,  the Commitment Shares or the Purchase Agreement
as a result of any stock split,  stock dividend,  recapitalization,  exchange or
similar event or otherwise,  without regard to any limitation on purchases under
the Purchase Agreement.

                  e. "REGISTRATION  STATEMENT" means the registration  statement
of the Company covering only the sale of the Registrable Securities.

         2.       REGISTRATION.

                  a.  Mandatory  Registration.  The Company  shall within twenty
(20)  Trading  Days  from the date  hereof  file  with the SEC the  Registration
Statement.  The Registration Statement shall register the Registrable Securities
and such other  securities of the Company as is agreed to by the  Investor.  The
Investor  and its  counsel  shall have a  reasonable  opportunity  to review and
comment upon such  registration  statement  or  amendment  to such  registration
statement and any related  prospectus prior to its filing with the SEC. Investor
shall furnish all information  reasonably requested by the Company for inclusion
therein.  The  Company  shall  use its best  efforts  to have  the  Registration
Statement or amendment  declared  effective by the SEC at the earliest  possible
date.  The Company shall use  reasonable  best efforts to keep the  Registration
Statement  effective  pursuant  to Rule 415  promulgated  under the 1933 Act and
available for sales of all of the Registrable  Securities at all times until the
earlier of (i) the date as of which the Investor may sell all of the Registrable
Securities  without  restriction  pursuant to Rule 144(k)  promulgated under the
1933 Act (or successor thereto) or (ii) the date on which (A) the Investor shall
have sold all the Registrable  Securities and no Available  Amount remains under
the Purchase Agreement (the "REGISTRATION  PERIOD").  The Registration Statement
(including  any  amendments or supplements  thereto and  prospectuses  contained
therein)  shall not contain any untrue  statement of a material  fact or omit to
state a material  fact required to be stated  therein,  or necessary to make the
statements  therein,  in light of the circumstances in which they were made, not
misleading.

                  b. Rule 424  Prospectus.  The  Company  shall,  as required by
applicable securities regulations, from time to time file with the SEC, pursuant
to Rule 424  promulgated  under  the 1933 Act,  the  prospectus  and  prospectus
supplements,  if any,  to be used in  connection  with sales of the  Registrable
Securities under the Registration Statement.  The Investor and its counsel shall
have a reasonable  opportunity to review and comment upon such prospectus  prior
to its filing with the SEC. The Investor shall use its  reasonable  best efforts
to comment  upon such  prospectus  within one (1)  Trading Day from the date the
Investor receives the final version of such prospectus.

                  c. Sufficient  Number of Shares  Registered.  In the event the
number of shares available under the  Registration  Statement is insufficient to
cover  all  of  the  Registrable   Securities,   the  Company  shall  amend  the
Registration Statement or file a new registration statement (a "NEW REGISTRATION
STATEMENT"),  so as to  cover  all of  such  Registrable  Securities  as soon as
practicable,  but in any event not later  than ten (10)  Trading  Days after the
necessity  therefor arises.  The Company shall use it reasonable best efforts to
cause such amendment  and/or New  Registration  Statement to become effective as
soon as practicable following the filing thereof.

<PAGE>

         3. RELATED OBLIGATIONS.

         With respect to the Registration Statement and whenever any Registrable
Securities  are to be registered  pursuant to Section 2(b)  including on any New
Registration  Statement,  the Company shall use its  reasonable  best efforts to
effect the  registration  of the  Registrable  Securities in accordance with the
intended method of disposition thereof and, pursuant thereto,  the Company shall
have the following obligations:

                  a.  The  Company  shall  prepare  and  file  with the SEC such
amendments  (including   post-effective   amendments)  and  supplements  to  any
registration   statement  and  the  prospectus  used  in  connection  with  such
registration  statement,  which  prospectus is to be filed  pursuant to Rule 424
promulgated  under the 1933 Act, as may be  necessary  to keep the  Registration
Statement or any New  Registration  Statement  effective at all times during the
Registration Period, and, during such period,  comply with the provisions of the
1933 Act with respect to the  disposition of all  Registrable  Securities of the
Company covered by the Registration  Statement or any New Registration Statement
until such time as all of such  Registrable  Securities shall have been disposed
of in  accordance  with the  intended  methods of  disposition  by the seller or
sellers thereof as set forth in such registration statement.

                  b. The Company shall permit the Investor to review and comment
upon  the  Registration  Statement  or any New  Registration  Statement  and all
amendments and supplements  thereto at least two (2) Trading Days prior to their
filing  with the SEC,  and not file  any  document  in a form to which  Investor
reasonably  objects.  The  Investor  shall use its  reasonable  best  efforts to
comment upon the Registration  Statement or any New  Registration  Statement and
any amendments or supplements  thereto within two (2) Trading Days from the date
the Investor  receives the final version  thereof.  The Company shall furnish to
the Investor, without charge any correspondence from the SEC or the staff of the
SEC to the Company or its representatives relating to the Registration Statement
or any New Registration Statement.

                  c. Upon request of the Investor,  the Company shall furnish to
the Investor, (i) promptly after the same is prepared and filed with the SEC, at
least one copy of such  registration  statement  and any  amendment(s)  thereto,
including financial statements and schedules, all documents incorporated therein
by reference and all exhibits,  (ii) upon the  effectiveness of any registration
statement,  a copy of the prospectus included in such registration statement and
all  amendments and  supplements  thereto (or such other number of copies as the
Investor  may  reasonably  request)  and (iii) such other  documents,  including
copies of any  preliminary or final  prospectus,  as the Investor may reasonably
request  from  time  to time in  order  to  facilitate  the  disposition  of the
Registrable Securities owned by the Investor.

                  d. The  Company  shall  use  reasonable  best  efforts  to (i)
register  and  qualify  the  Registrable  Securities  covered by a  registration
statement under such other  securities or "blue sky" laws of such  jurisdictions
in the United States as the Investor reasonably requests,  (ii) prepare and file
in those jurisdictions,  such amendments (including  post-effective  amendments)
and supplements to such  registrations and qualifications as may be necessary to
maintain the effectiveness  thereof during the Registration  Period,  (iii) take
such other  actions as may be  necessary  to  maintain  such  registrations  and
qualifications in effect at all times during the Registration  Period,  and (iv)
take all  other  actions  reasonably  necessary  or  advisable  to  qualify  the
Registrable Securities for sale in such jurisdictions;  provided,  however, that
the  Company  shall not be required in  connection  therewith  or as a condition
thereto to (x)  qualify to do business  in any  jurisdiction  where it would not
otherwise be required to qualify but for this Section 3(d),  (y) subject  itself
to general taxation in any such  jurisdiction,  or (z) file a general consent to
service of process in any such  jurisdiction.  The Company shall promptly notify

<PAGE>

the Investor who holds  Registrable  Securities of the receipt by the Company of
any  notification  with  respect  to  the  suspension  of  the  registration  or
qualification of any of the Registrable Securities for sale under the securities
or "blue sky" laws of any  jurisdiction  in the United  States or its receipt of
actual  notice of the  initiation  or  threatening  of any  proceeding  for such
purpose.

                  e. As promptly as  practicable  after  becoming  aware of such
event or facts,  the  Company  shall  notify  the  Investor  in  writing  of the
happening  of any  event or  existence  of such  facts as a result  of which the
prospectus included in any registration  statement,  as then in effect, includes
an  untrue  statement  of a  material  fact or omits to  state a  material  fact
required to be stated  therein or necessary to make the statements  therein,  in
light of the  circumstances  under  which they were made,  not  misleading,  and
promptly  prepare a supplement  or amendment to such  registration  statement to
correct such untrue statement or omission, and deliver a copy of such supplement
or amendment to the Investor (or such other number of copies as the Investor may
reasonably  request).  The Company  shall also  promptly  notify the Investor in
writing (i) when a prospectus or any  prospectus  supplement  or  post-effective
amendment   has  been  filed,   and  when  a   registration   statement  or  any
post-effective   amendment   has   become   effective   (notification   of  such
effectiveness shall be delivered to the Investor by facsimile on the same day of
such  effectiveness  and by overnight mail),  (ii) of any request by the SEC for
amendments or supplements to any registration statement or related prospectus or
related information,  and (iii) of the Company's reasonable determination that a
post-effective amendment to a registration statement would be appropriate.

                  f. The  Company  shall  use its  reasonable  best  efforts  to
prevent the issuance of any stop order or other  suspension of  effectiveness of
any  registration  statement,  or the  suspension  of the  qualification  of any
Registrable  Securities  for sale in any  jurisdiction  and, if such an order or
suspension  is issued,  to obtain the  withdrawal of such order or suspension at
the earliest  possible moment and to notify the Investor of the issuance of such
order  and the  resolution  thereof  or its  receipt  of  actual  notice  of the
initiation or threat of any proceeding for such purpose.

                  g. The Company shall (i) cause all the Registrable  Securities
to be listed on each securities  exchange on which  securities of the same class
or series issued by the Company are then listed,  if any, if the listing of such
Registrable  Securities is then permitted  under the rules of such exchange,  or
(ii) secure  designation and quotation of all the Registrable  Securities on the
Principal Market. The Company shall pay all fees and expenses in connection with
satisfying its obligation under this Section.

                  h. The Company shall cooperate with the Investor to facilitate
the timely preparation and delivery of certificates (not bearing any restrictive
legend)  representing  the Registrable  Securities to be offered pursuant to any
registration  statement and enable such certificates to be in such denominations
or amounts as the Investor may  reasonably  request and registered in such names
as the Investor may request.

                  i. The Company shall at all times provide a transfer agent and
registrar with respect to its Common Stock.

                  j. If reasonably requested by the Investor,  the Company shall
(i)  immediately  incorporate  in  a  prospectus  supplement  or  post-effective
amendment such  information as the Investor  believes should be included therein
relating to the sale and  distribution  of  Registrable  Securities,  including,
without  limitation,  information  with  respect  to the  number of  Registrable
Securities  being sold,  the  purchase  price being paid  therefor and any other
terms of the  offering of the  Registrable  Securities;  (ii) make all  required
filings of such  prospectus  supplement or  post-effective  amendment as soon as

<PAGE>

notified of the matters to be  incorporated  in such  prospectus  supplement  or
post-effective  amendment;  and  (iii)  supplement  or  make  amendments  to any
registration statement.

                  k. The Company shall use its reasonable  best efforts to cause
the  Registrable  Securities  covered by the any  registration  statement  to be
registered with or approved by such other  governmental  agencies or authorities
as  may  be  necessary  to  consummate  the  disposition  of  such   Registrable
Securities.

                  l. Within one (1) Trading Day after any registration statement
which includes the Registrable  Securities is ordered  effective by the SEC, the
Company shall deliver, and shall cause legal counsel for the Company to deliver,
to the  transfer  agent  for such  Registrable  Securities  (with  copies to the
Investor)  confirmation  that  such  registration  statement  has been  declared
effective by the SEC in the form attached  hereto as Exhibit A.  Thereafter,  if
requested  by the Buyer at any time,  the Company  shall  require its counsel to
deliver to the Buyer a written  confirmation whether or not the effectiveness of
such  registration  statement has lapsed at any time for any reason  (including,
without  limitation,  the  issuance  of a stop  order)  and  whether  or not the
registration  statement is current and available to the Buyer for sale of all of
the Registrable Securities.

                  m.  The  Company  shall  take  all  other  reasonable  actions
necessary to expedite and facilitate  disposition by the Investor of Registrable
Securities pursuant to any registration statement.

         4. OBLIGATIONS OF THE INVESTOR.

                  a. The  Company  shall  notify the  Investor in writing of the
information the Company reasonably requires from the Investor in connection with
any registration statement hereunder.  The Investor shall furnish to the Company
such information regarding itself, the Registrable Securities held by it and the
intended method of disposition of the Registrable Securities held by it as shall
be reasonably required to effect the registration of such Registrable Securities
and shall execute such  documents in connection  with such  registration  as the
Company may reasonably request.

                  b. The  Investor  agrees  to  cooperate  with the  Company  as
reasonably  requested  by the Company in  connection  with the  preparation  and
filing of any registration statement hereunder.

                  c. The Investor  agrees that,  upon receipt of any notice from
the  Company of the  happening  of any event or  existence  of facts of the kind
described  in Section  3(f) or the first  sentence of 3(e),  the  Investor  will
immediately  discontinue  disposition of Registrable  Securities pursuant to any
registration   statement(s)  covering  such  Registrable  Securities  until  the
Investor's  receipt of the  copies of the  supplemented  or  amended  prospectus
contemplated  by Section  3(f) or the first  sentence  of 3(e).  Notwithstanding
anything to the contrary, the Company shall cause its transfer agent to promptly
deliver shares of Common Stock without any restrictive legend in accordance with
the terms of the Purchase  Agreement in connection  with any sale of Registrable
Securities  with  respect to which an Investor  has entered  into a contract for
sale  prior to the  Investor's  receipt  of a notice  from  the  Company  of the
happening  of any  event of the kind  described  in  Section  3(f) or the  first
sentence of 3(e) and for which the Investor has not yet settled.

<PAGE>

         5. EXPENSES OF REGISTRATION.

                  All  reasonable  expenses,   other  than  sales  or  brokerage
commissions,   incurred   in   connection   with   registrations,   filings   or
qualifications pursuant to Sections 2 and 3, including,  without limitation, all
registration, listing and qualifications fees, printers and accounting fees, and
fees and disbursements of counsel for the Company, shall be paid by the Company.

         6.       INDEMNIFICATION.

                  a. To the fullest  extent  permitted by law, the Company will,
and hereby does, indemnify,  hold harmless and defend the Investor, each Person,
if any,  who controls  the  Investor,  the  members,  the  directors,  officers,
partners, employees, agents, representatives of the Investor and each Person, if
any,  who  controls  the  Investor  within  the  meaning  of the 1933 Act or the
Securities  Exchange  Act of  1934,  as  amended  (the  "1934  ACT")  (each,  an
"INDEMNIFIED  PERSON"),  against  any  losses,  claims,  damages,   liabilities,
judgments,  fines,  penalties,  charges, costs, attorneys' fees, amounts paid in
settlement or expenses, joint or several,  (collectively,  "CLAIMS") incurred in
investigating,   preparing  or  defending  any  action,  claim,  suit,  inquiry,
proceeding,  investigation  or appeal taken from the  foregoing by or before any
court or governmental,  administrative or other regulatory  agency,  body or the
SEC,  whether pending or threatened,  whether or not an indemnified  party is or
may be a party thereto ("INDEMNIFIED  DAMAGES"), to which any of them may become
subject insofar as such Claims (or actions or proceedings,  whether commenced or
threatened,  in respect  thereof) arise out of or are based upon: (i) any untrue
statement or alleged  untrue  statement of a material  fact in the  Registration
Statement,  any  New  Registration  Statement  or any  post-effective  amendment
thereto  or in any  filing  made in  connection  with the  qualification  of the
offering  under the securities or other "blue sky" laws of any  jurisdiction  in
which Registrable Securities are offered ("BLUE SKY FILING"), or the omission or
alleged  omission  to state a material  fact  required  to be stated  therein or
necessary  to make the  statements  therein  not  misleading,  (ii)  any  untrue
statement or alleged untrue  statement of a material fact contained in the final
prospectus  (as  amended or  supplemented,  if the Company  files any  amendment
thereof or supplement  thereto with the SEC) or the omission or alleged omission
to state  therein  any  material  fact  necessary  to make the  statements  made
therein,  in light of the circumstances  under which the statements therein were
made, not misleading, (iii) any violation or alleged violation by the Company of
the 1933 Act, the 1934 Act, any other law, including,  without  limitation,  any
state securities law, or any rule or regulation thereunder relating to the offer
or sale of the Registrable  Securities pursuant to the Registration Statement or
any New Registration  Statement or (iv) any material violation by the Company of
this  Agreement  (the matters in the  foregoing  clauses (i) through (iv) being,
collectively, "VIOLATIONS"). The Company shall reimburse each Indemnified Person
promptly as such  expenses are  incurred and are due and payable,  for any legal
fees  or  other  reasonable   expenses  incurred  by  them  in  connection  with
investigating  or  defending  any such  Claim.  Notwithstanding  anything to the
contrary  contained  herein,  the  indemnification  agreement  contained in this
Section 6(a):  (i) shall not apply to a Claim by an  Indemnified  Person arising
out of or based upon a Violation which occurs in reliance upon and in conformity
with information  furnished in writing to the Company by such Indemnified Person
expressly  for  use in  connection  with  the  preparation  of the  Registration
Statement,  any New  Registration  Statement  or any such  amendment  thereof or
supplement  thereto, if such prospectus was timely made available by the Company
pursuant to Section 3(c) or Section  3(e);  (ii) with respect to any  superceded
prospectus,  shall not inure to the  benefit  of any such  person  from whom the
person  asserting any such Claim purchased the  Registrable  Securities that are
the subject thereof (or to the benefit of any person controlling such person) if
the untrue  statement or omission of material fact  contained in the  superceded

<PAGE>

prospectus  was  corrected  in  the  revised  prospectus,  as  then  amended  or
supplemented,  if such  revised  prospectus  was timely  made  available  by the
Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was
promptly advised in writing not to use the incorrect prospectus prior to the use
giving rise to a violation and such  Indemnified  Person,  notwithstanding  such
advice,  used it; (iii) shall not be available to the extent such Claim is based
on a  failure  of the  Investor  to  deliver  or to  cause to be  delivered  the
prospectus  made  available by the Company,  if such  prospectus was timely made
available  by the Company  pursuant to Section  3(c) or Section  3(e);  and (iv)
shall not apply to amounts paid in settlement of any Claim if such settlement is
effected  without the prior written consent of the Company,  which consent shall
not be  unreasonably  withheld.  Such  indemnity  shall remain in full force and
effect regardless of any  investigation  made by or on behalf of the Indemnified
Person and shall  survive the  transfer  of the  Registrable  Securities  by the
Investor pursuant to Section 9.

                  b. In connection  with the  Registration  Statement or any New
Registration  Statement,  the  Investor  agrees  to  severally  and not  jointly
indemnify,  hold harmless and defend,  to the same extent and in the same manner
as is set forth in Section 6(a), the Company, each of its directors, each of its
officers who signs the Registration Statement or any New Registration Statement,
each Person, if any, who controls the Company within the meaning of the 1933 Act
or the 1934 Act  (collectively  and  together  with an  Indemnified  Person,  an
"INDEMNIFIED  PARTY"),  against any Claim or Indemnified Damages to which any of
them may become subject, under the 1933 Act, the 1934 Act or otherwise,  insofar
as such  Claim  or  Indemnified  Damages  arise  out of or are  based  upon  any
Violation,  in each  case to the  extent,  and  only to the  extent,  that  such
Violation  occurs in reliance  upon and in conformity  with written  information
about the Investor set forth on Exhibit B attached  hereto and  furnished to the
Company by the Investor  expressly for use in connection with such  registration
statement;  and,  subject to Section 6(d), the Investor will reimburse any legal
or other expenses  reasonably  incurred by them in connection with investigating
or defending any such Claim;  provided,  however,  that the indemnity  agreement
contained in this Section 6(b) and the  agreement  with respect to  contribution
contained  in Section 7 shall not apply to  amounts  paid in  settlement  of any
Claim if such  settlement is effected  without the prior written  consent of the
Investor, which consent shall not be unreasonably withheld;  provided,  further,
however, that the Investor shall be liable under this Section 6(b) for only that
amount of a Claim or Indemnified  Damages as does not exceed the net proceeds to
the Investor as a result of the sale of Registrable  Securities pursuant to such
registration  statement.  Such  indemnity  shall remain in full force and effect
regardless of any  investigation  made by or on behalf of such Indemnified Party
and shall  survive the transfer of the  Registrable  Securities  by the Investor
pursuant to Section 9.

                  c.  Promptly  after  receipt  by  an  Indemnified   Person  or
Indemnified  Party  under this  Section 6 of notice of the  commencement  of any
action or proceeding (including any governmental action or proceeding) involving
a Claim,  such  Indemnified  Person or  Indemnified  Party shall,  if a Claim in
respect thereof is to be made against any indemnifying  party under this Section
6,  deliver  to the  indemnifying  party a written  notice  of the  commencement
thereof, and the indemnifying party shall have the right to participate in, and,
to the  extent  the  indemnifying  party so  desires,  jointly  with  any  other
indemnifying party similarly  noticed,  to assume control of the defense thereof
with counsel mutually satisfactory to the indemnifying party and the Indemnified
Person or the Indemnified Party, as the case may be; provided,  however, that an
Indemnified  Person or Indemnified  Party shall have the right to retain its own
counsel with the fees and expenses to be paid by the indemnifying  party, if, in
the  reasonable  opinion of counsel  retained  by the  indemnifying  party,  the
representation  by such counsel of the Indemnified  Person or Indemnified  Party
and the  indemnifying  party would be  inappropriate  due to actual or potential
differing interests between such Indemnified Person or Indemnified Party and any
other party  represented  by such counsel in such  proceeding.  The  Indemnified

<PAGE>

Party or Indemnified Person shall cooperate fully with the indemnifying party in
connection  with any  negotiation  or defense of any such action or claim by the
indemnifying  party and shall furnish to the indemnifying  party all information
reasonably  available  to the  Indemnified  Party or  Indemnified  Person  which
relates  to such  action  or  claim.  The  indemnifying  party  shall  keep  the
Indemnified  Party or  Indemnified  Person fully apprised at all times as to the
status of the defense or any settlement  negotiations  with respect thereto.  No
indemnifying  party shall be liable for any  settlement of any action,  claim or
proceeding  effected without its written consent,  provided,  however,  that the
indemnifying  party shall not  unreasonably  withhold,  delay or  condition  its
consent.  No  indemnifying  party shall,  without the consent of the Indemnified
Party or Indemnified Person,  consent to entry of any judgment or enter into any
settlement or other compromise  which does not include as an unconditional  term
thereof the giving by the  claimant or plaintiff  to such  Indemnified  Party or
Indemnified  Person of a release from all  liability in respect to such claim or
litigation.   Following   indemnification   as  provided  for   hereunder,   the
indemnifying party shall be subrogated to all rights of the Indemnified Party or
Indemnified  Person with  respect to all third  parties,  firms or  corporations
relating to the matter for which  indemnification  has been made. The failure to
deliver written notice to the indemnifying party within a reasonable time of the
commencement of any such action shall not relieve such indemnifying party of any
liability to the Indemnified  Person or Indemnified  Party under this Section 6,
except to the extent that the indemnifying party is prejudiced in its ability to
defend such action.

                  d. The  indemnification  required  by this  Section 6 shall be
made by  periodic  payments  of the  amount  thereof  during  the  course of the
investigation or defense,  as and when bills are received or Indemnified Damages
are incurred.

                  e.  The  indemnity  agreements  contained  herein  shall be in
addition to (i) any cause of action or similar right of the Indemnified Party or
Indemnified  Person  against  the  indemnifying  party or  others,  and (ii) any
liabilities the indemnifying party may be subject to pursuant to the law.

         7.       CONTRIBUTION.

                  To the extent any  indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying  party agrees to make the maximum
contribution  with respect to any amounts for which it would otherwise be liable
under Section 6 to the fullest extent permitted by law; provided, however, that:
(i) no seller of Registrable  Securities guilty of fraudulent  misrepresentation
(within  the  meaning of Section  11(f) of the 1933 Act)  shall be  entitled  to
contribution  from any seller of  Registrable  Securities  who was not guilty of
fraudulent misrepresentation; and (ii) contribution by any seller of Registrable
Securities shall be limited in amount to the net amount of proceeds  received by
such seller from the sale of such Registrable Securities.

         8. REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

                  With a view to making  available  to the Investor the benefits
of Rule  144  promulgated  under  the  1933  Act or any  other  similar  rule or
regulation  of the  SEC  that  may at any  time  permit  the  Investor  to  sell
securities of the Company to the public without  registration  ("RULE 144"), the
Company agrees, at the Company's sole expense, to:

                  a. make and keep public information available,  as those terms
are understood and defined in Rule 144;

<PAGE>

                  b. file with the SEC in a timely  manner all reports and other
documents required of the Company under the 1933 Act and the 1934 Act so long as
the Company remains subject to such  requirements and the filing of such reports
and other documents is required for the applicable provisions of Rule 144; and

                  c.  furnish  to the  Investor  so  long as the  Investor  owns
Registrable  Securities,  promptly upon request,  (i) a written statement by the
Company that it has complied with the reporting and or disclosure  provisions of
Rule 144, the 1933 Act and the 1934 Act,  (ii) a copy of the most recent  annual
or quarterly report of the Company and such other reports and documents so filed
by the Company,  and (iii) such other information as may be reasonably requested
to permit the  Investor  to sell such  securities  pursuant  to Rule 144 without
registration.

                  d. take such additional action as is requested by the Investor
to enable the Investor to sell the Registrable  Securities pursuant to Rule 144,
including,  without  limitation,  delivering all such legal opinions,  consents,
certificates,  resolutions and  instructions to the Company's  Transfer Agent as
may be requested from time to time by the Investor and otherwise fully cooperate
with Investor and Investor's  broker to effect such sale of securities  pursuant
to Rule 144.

                  The Company  agrees that damages may be an  inadequate  remedy
for any breach of the terms and  provisions  of this Section 8 and that Investor
shall,  whether or not it is  pursuing  any  remedies  at law,  be  entitled  to
equitable relief in the form of a preliminary or permanent injunctions,  without
having to post any bond or other security,  upon any breach or threatened breach
of any such terms or provisions.

         9. ASSIGNMENT OF REGISTRATION RIGHTS.

                  The Company  shall not assign this  Agreement or any rights or
obligations  hereunder  without  the  prior  written  consent  of the  Investor,
including  by merger or  consolidation.  The  Investor may not assign its rights
under this Agreement  without the written consent of the Company,  other than to
an  affiliate  of the  Investor  controlled  by  Steven  G.  Martin or Joshua B.
Scheinfeld.

         10. AMENDMENT OF REGISTRATION RIGHTS.

                  Provisions of this Agreement may be amended and the observance
thereof may be waived (either  generally or in a particular  instance and either
retroactively  or  prospectively),  only with the written consent of the Company
and the Investor.

         11.      MISCELLANEOUS.

                  a. A Person is deemed to be a holder of Registrable Securities
whenever  such  Person  owns or is  deemed  to own of  record  such  Registrable
Securities.  If  the  Company  receives  conflicting  instructions,  notices  or
elections  from  two or  more  Persons  with  respect  to the  same  Registrable
Securities,  the  Company  shall act upon the basis of  instructions,  notice or
election received from the registered owner of such Registrable Securities.

                  b. Any  notices,  consents,  waivers  or other  communications
required or permitted to be given under the terms of this  Agreement  must be in
writing  and will be deemed  to have  been  delivered:  (i) upon  receipt,  when
delivered  personally;  (ii)  upon  receipt,  when sent by  facsimile  (provided
confirmation of transmission  is  mechanically or  electronically  generated and

<PAGE>

kept on file by the sending  party);  or (iii) one (1) Trading Day after deposit
with a nationally  recognized  overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses and facsimile  numbers
for such communications shall be:

         If to the Company:
                  Oragenics, Inc.
                  13700 Progress Blvd.
                  Alachua, Fl 32615
                  Telephone:        386-418-4018
                  Facsimile:        386-418-1660
                  Attention:        Chief Executive Officer

         With a copy to:
                  Shumaker, Loop & Kendrick, LLP
                  101 E. Kennedy Blvd., Suite 2800
                  Tampa, FL  33602
                  Telephone:        813-229-7600
                  Facsimile:        813-229-1660
                  Attention:        Darrell C. Smith, Esquire

         If to the Investor:
                  Fusion Capital Fund II, LLC
                  222 Merchandise Mart Plaza, Suite 9-112
                  Chicago, IL 60654
                  Telephone:        312-644-6644
                  Facsimile:        312-644-6244
                  Attention:        Steven G.  Martin

or at such other address and/or facsimile number and/or to the attention of such
other person as the  recipient  party has  specified by written  notice given to
each other  party  three (3)  Trading  Days prior to the  effectiveness  of such
change.  Written  confirmation  of receipt  (A) given by the  recipient  of such
notice,   consent,   waiver  or  other   communication,   (B)   mechanically  or
electronically  generated by the sender's facsimile machine containing the time,
date,  recipient  facsimile  number  and an  image  of the  first  page  of such
transmission  or (C)  provided by a  nationally  recognized  overnight  delivery
service, shall be rebuttable evidence of personal service,  receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

                  c.  Failure of any party to exercise any right or remedy under
this  Agreement or otherwise,  or delay by a party in  exercising  such right or
remedy, shall not operate as a waiver thereof.

                  d. The corporate laws of the State of Florida shall govern all
issues concerning the relative rights of the Company and its  stockholders.  All
other  questions   concerning  the  construction,   validity,   enforcement  and
interpretation  of this Agreement  shall be governed by the internal laws of the
State of Illinois, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Illinois or any other  jurisdictions)
that would cause the application of the laws of any jurisdictions other than the
State of  Illinois.  Each party  hereby  irrevocably  submits  to the  exclusive
jurisdiction  of the state and federal courts  sitting the City of Chicago,  for
the adjudication of any dispute hereunder or in connection  herewith or with any
transaction  contemplated  hereby or discussed  herein,  and hereby  irrevocably
waives,  and agrees not to assert in any suit,  action or proceeding,  any claim
that it is not personally  subject to the  jurisdiction of any such court,  that
such suit, action or proceeding is brought in an inconvenient  forum or that the
venue of such  suit,  action  or  proceeding  is  improper.  Each  party  hereby

<PAGE>

irrevocably  waives  personal  service of process and consents to process  being
served in any such suit,  action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that
such service shall constitute good and sufficient  service of process and notice
thereof.  Nothing contained herein shall be deemed to limit in any way any right
to serve  process in any  manner  permitted  by law.  If any  provision  of this
Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
or  unenforceability  shall not affect the  validity  or  enforceability  of the
remainder  of  this   Agreement  in  that   jurisdiction   or  the  validity  or
enforceability  of any  provision of this  Agreement in any other  jurisdiction.
EACH PARTY HEREBY  IRREVOCABLY  WAIVES ANY RIGHT IT MAY HAVE,  AND AGREES NOT TO
REQUEST,  A JURY  TRIAL FOR THE  ADJUDICATION  OF ANY  DISPUTE  HEREUNDER  OR IN
CONNECTION  HEREWITH  OR  ARISING  OUT OF  THIS  AGREEMENT  OR  ANY  TRANSACTION
CONTEMPLATED HEREBY.

                  e. This Agreement,  and the Purchase Agreement  constitute the
entire  agreement  among the parties  hereto with respect to the subject  matter
hereof  and  thereof.  There  are  no  restrictions,   promises,  warranties  or
undertakings, other than those set forth or referred to herein and therein. This
Agreement  and  the  Purchase  Agreement  supersede  all  prior  agreements  and
understandings  among the  parties  hereto with  respect to the  subject  matter
hereof and thereof.

                  f. Subject to the  requirements  of Section 9, this  Agreement
shall inure to the benefit of and be binding upon the permitted  successors  and
assigns of each of the parties hereto.

                  g. The  headings  in this  Agreement  are for  convenience  of
reference only and shall not limit or otherwise affect the meaning hereof.

                  h. This  Agreement may be executed in identical  counterparts,
each of which shall be deemed an original but all of which shall  constitute one
and the same  agreement.  This  Agreement,  once  executed  by a  party,  may be
delivered to the other party hereto by facsimile  transmission of a copy of this
Agreement bearing the signature of the party so delivering this Agreement.

                  i. Each party  shall do and  perform,  or cause to be done and
performed,  all such further acts and things,  and shall execute and deliver all
such other  agreements,  certificates,  instruments and documents,  as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

                  j. The language  used in this  Agreement  will be deemed to be
the language  chosen by the parties to express  their mutual intent and no rules
of strict construction will be applied against any party.

                  k. This  Agreement  is intended for the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person.

                                   * * * * * *

<PAGE>

         IN WITNESS WHEREOF,  the parties have caused this  Registration  Rights
Agreement to be duly executed as of day and year first above written.

                                            THE COMPANY:

                                            ORAGENICS, INC.

                                            By: /s/ Mento A. Soponis
                                                ----------------------------
                                            Name:  Mento A. Soponis
                                            Title:

                                            BUYER:

                                            FUSION CAPITAL FUND II, LLC
                                            BY: FUSION CAPITAL PARTNERS, LLC
                                            BY: ROCKLEDGE CAPITAL CORPORATION

                                            By: /s/ Joshua B. Scheinfeld
                                                ----------------------------
                                            Name: Joshua B. Scheinfeld
                                            Title: President

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