Document:

EXHIBIT 10.9

THIS WARRANT AND THE UNDERLYING SHARES OF COMMON STOCK HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY
OTHER SECURITIES LAWS, HAVE BEEN TAKEN FOR INVESTMENT, AND MAY NOT BE SOLD OR
TRANSFERRED OR OFFERED FOR SALE OR TRANSFER UNLESS A REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS WITH RESPECT TO
SUCH SECURITIES IS THEN IN EFFECT, OR IN THE OPINION OF COUNSEL TO THE ISSUER OF
THESE SECURITIES OR TO THE HOLDER, REASONABLY ACCEPTABLE TO THE COMPANY, SUCH
REGISTRATION UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS IS
NOT REQUIRED.

                               WARRANT TO PURCHASE

                            SHARES OF COMMON STOCK OF

                            CYGENE LABORATORIES, INC.

Warrant No. 32
Date of Issuance: July 7, 2005
Expires: July 7, 2009

         THIS IS TO CERTIFY that in consideration for making a loan to the
Company pursuant to the Promissory Note dated July 7, 2005 and for other good
and valuable consideration received, Warren H. Cohen, his successors and assigns
(collectively, the "Holder"), is entitled to purchase, subject to the terms and
conditions hereinafter set forth, 200,000 shares of common stock, $0.001 par
value per share ("Common Stock"), of CyGene Laboratories, Inc., a Delaware
corporation (the "Company"), and to receive certificates for the Common Stock so
purchased. The exercise price of this warrant is fifty cents ($0.50) per share.

         1.       EXERCISE PERIOD. This Warrant shall be exercisable by the
Holder in whole or in part at any time and from time to time during the period
that begins on the date hereof and that ends at 5:00 p.m., Eastern time, four
(4) years thereafter (the "Exercise Period"). This Warrant will terminate
automatically and immediately upon the expiration of the Exercise Period.

         2.       EXERCISE OF WARRANT. Exercise of this Warrant shall be
accomplished by tender to the Company of the purchase price set forth above as
the warrant price (the "Warrant Price"), either in cash, by wire transfer or by
certified check or bank cashier's check, payable to the order of the Company,
together with the executed Subscription form, annexed as Exhibit A.

<PAGE>

         3. TRANSFERABILITY AND EXCHANGE.

                  (a) This Warrant, and the Common Stock issuable upon the
exercise hereof, may not be sold, transferred, pledged or hypothecated unless
the Company shall have been provided with an opinion of the Company's counsel or
Holder's counsel reasonably acceptable to the Company, that such transfer is not
in violation of the Securities Act of 1933, as amended, and any applicable state
securities laws. Subject to the satisfaction of the aforesaid condition, this
Warrant and the underlying shares of Common Stock shall be transferable from
time to time by the Holder upon written notice to the Company. If this Warrant
is transferred, in whole or in part, the Company shall, upon surrender of this
Warrant to the Company, deliver to each transferee a Warrant evidencing the
rights of such transferee to purchase the number of shares of Common Stock that
such transferee is entitled to purchase pursuant to such transfer. The Company
may place a legend similar to the legend at the top of this Warrant on any
replacement Warrant and on each certificate representing shares issuable upon
exercise of this Warrant or any replacement Warrants. Only a registered Holder
may enforce the provisions of this Warrant against the Company. A transferee of
the original registered Holder becomes a registered Holder only upon delivery to
the Company of the original Warrant and an original Assignment, substantially in
the form set forth in Exhibit B attached hereto.

                  (b) This Warrant is exchangeable upon its surrender by the
Holder to the Company for new Warrants of like tenor and date representing in
the aggregate the right to purchase the number of shares purchasable hereunder,
each of such new Warrants to represent the right to purchase such number of
shares as may be designated by the Holder at the time of such surrender.

         4.       RESERVATION OF SHARES. The Company agrees at all times to
reserve and hold available out of its authorized but unissued shares of Common
Stock the number of shares of Common Stock issuable upon the full exercise of
this Warrant. The Company further covenants and agrees that all shares of Common
Stock that may be delivered upon the exercise of this Warrant will, upon
delivery, be fully paid and nonassessable and free from all taxes, liens and
charges with respect to the purchase thereof hereunder.

         5.       NO RIGHTS AS A STOCKHOLDER. This Warrant does not entitle the
Holder to any voting rights or other rights as a stockholder of the Company, nor
to any other rights whatsoever except the rights herein set forth.

         6.       SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
and inure to the benefit of the Company, the Holder and their respective
successors and permitted assigns.

         7.       NOTICES. The Company agrees to maintain a ledger of the
ownership of
this Warrant (the "Ledger"). Any notice hereunder shall be in writing and sent
by Federal Express or other nationally recognized overnight delivery service, or
registered or certified mail, if to the Company, at its principal executive
office and, if to the Holder, to its address shown in the Ledger of the Company;
provided, however, that either the Company or the Holder may at any time on
three (3) days written notice to the other designate or substitute another
address where notice is to be given. Notice shall be deemed given when actually
received by the party to whom it is directed as indicated by the signed
acknowledgment of receipt.

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         8. SEVERABILITY. Every provision of this Warrant is intended to be
severable. If any term or provision hereof is illegal or invalid for any reason
whatsoever, such illegality or invalidity shall not affect the remainder of this
Warrant.

         9. GOVERNING LAW. This Warrant shall be governed by and construed in
accordance with the laws of the State of Delaware without giving effect to the
principles of choice of laws thereof.

         10. ATTORNEYS' FEES. In any action or proceeding brought to enforce any
provision of this Warrant, the prevailing party shall be entitled to recover
reasonable attorneys' fees in addition to its costs and expenses and any other
available remedies.

         11. CONSENT TO JURISDICTION. The Company irrevocably submits to the
jurisdiction of the United States District Court sitting in the Southern
District of New York and the courts of the State of New York located in New York
County for the purposes of any suit, action or proceeding arising out of or
relating to this Warrant and (ii) hereby waives, and agrees not to assert in any
such suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of such court, that the suit, action or proceeding is brought
in an inconvenient forum or that the venue of the suit, action or proceeding is
improper. The Company consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to such party at CyGene Laboratories,
Inc., 7786 Wiles Road, Coral Springs, Florida 33067, Attention: Chief Executive
Officer, and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing in this Section shall affect or
limit any right to serve process in any other manner permitted by law.

         12. ENTIRE AGREEMENT. This Warrant (including the Exhibits attached
hereto) constitutes the entire understanding between the Company and the Holder
with respect to the subject matter hereof, and supersedes all prior
negotiations, discussions, agreements and understandings relating to such
subject matter.

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
duly authorized officer as of the date first set forth above.

                                     CyGene Laboratories, Inc.

                                     By:
                                        --------------------------------------
                                        Martin Munzer, Chief Executive Officer

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<PAGE>

                                    EXHIBIT A

                                SUBSCRIPTION FORM

(To be Executed by the Holder to Exercise the Rights To Purchase Common Stock
Evidenced by the Within Warrant)

         The undersigned hereby irrevocably subscribes for _______ shares of the
Common Stock (the "Stock") of CyGene Laboratories, Inc. (the "Company") pursuant
to and in accordance with the terms and conditions of the attached Warrant (the
"Warrant"), and hereby makes payment of $_______ therefor by [tendering cash,
wire transferring or delivering a certified check or bank cashier's check,
payable to the order of the Company] [surrendering _______ shares of Common
Stock received upon exercise of the Warrant]. The undersigned requests that a
certificate for the Stock be issued in the name of the undersigned and be
delivered to the undersigned at the address stated below. If the Stock is not
all of the shares purchasable pursuant to the Warrant, the undersigned requests
that a new Warrant of like tenor for the balance of the remaining shares
purchasable thereunder be delivered to the undersigned at the address stated
below.

         In connection with the issuance of the Stock, I hereby represent to the
Company that I am acquiring the Stock for my own account for investment and not
with a view to, or for resale in connection with, a distribution of the shares
within the meaning of the Securities Act of 1933, as amended (the "Securities
Act").

         I understand that if at this time the Stock has not been registered
under the Securities Act, I must hold such Stock indefinitely unless the Stock
is subsequently registered and qualified under the Securities Act or is exempt
from such registration and qualification. I shall make no transfer or
disposition of the Stock unless (a) such transfer or disposition can be made
without registration under the Securities Act by reason of a specific exemption
from such registration and such qualification, or (b) a registration statement
has been filed pursuant to the Securities Act and has been declared effective
with respect to such disposition. I agree that each certificate representing the
Stock delivered to me shall bear the following legend:

         THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT
         BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
         "SECURITIES ACT"), OR ANY OTHER SECURITIES LAWS, HAVE BEEN TAKEN FOR
         INVESTMENT, AND MAY NOT BE SOLD OR TRANSFERRED OR OFFERED FOR SALE OR
         TRANSFER UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
         OTHER APPLICABLE SECURITIES LAWS WITH RESPECT TO SUCH SECURITIES IS
         THEN IN EFFECT, OR IN THE OPINION OF COUNSEL TO THE ISSUER OR TO THE
         HOLDER OF THESE SECURITIES REASONABLY ACCEPTABLE TO THE COMPANY, SUCH
         REGISTRATION UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES
         LAWS IS NOT REQUIRED.

         I further agree that the Company may place stop transfer orders with
its transfer agent same effect as the above legend. The legend and stop transfer

                                      A-1
<PAGE>

notice referred to above shall be removed only upon my furnishing to the Company
of an opinion of counsel (reasonably satisfactory to the Company) to the effect
that such legend may be removed.

Date:____________________                      Signed: _________________________

                                               Print Name:______________________

                                               Address:_________________________

                                      A-2
<PAGE>
                                    EXHIBIT B

                                   ASSIGNMENT

    (To be Executed by the Holder to Effect Transfer of the Attached Warrant)

For Value Received __________________________ hereby sells, assigns and
transfers to _________________________ the Warrant attached hereto and the
rights represented thereby to purchase _________ shares of Common Stock in
accordance with the terms and conditions hereof, and does hereby irrevocably
constitute and appoint ___________________________ as attorney to transfer such
Warrant on the books of the Company with full power of substitution.

Dated:________________________      Signed: _____________________________

Please print or typewrite                     Please insert Social Security
name and address of                           or other Tax Identification
assignee:                                     Number of Assignee:

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

AGREED AND ACCEPTED
this _____ day of __________, _______

CYGENE LABORATIES, INC.

By:  _____________________________

                                      B-1EXHIBIT 10.10

                               SECURITY AGREEMENT

         AGREEMENT made as of the 7th day of July, 2005, among CYGENE
LABORATORIES, INC., a Delaware corporation, CYGENE, INC., a Delaware
corporation, (collectively, the "Borrower") and Milberg Weiss Bershad & Schulman
LLP as collateral agent (the "Agent") a New York limited liability partnership
having an address at One Pennsylvania Plaza, New York, NY 10119 for each of the
persons or entities identified on Schedule A hereto (collectively, the "Secured
Parties").

         WHEREAS, contemporaneously with the execution of this Agreement, the
Secured Parties have agreed to make loans to Borrower in the principal amounts
indicated opposite their respective names on Schedule A hereto (the "Loans");
and

         WHEREAS, the Loans shall be evidenced by the promissory notes of
Borrower payable to the respective Secured Parties in the principal amounts
indicated on Schedule A hereto (the "Loan Notes");

         WHEREAS, the Secured Parties have agreed to make the Loans on the
condition that Borrower's obligations under the Loan Notes shall be secured by a
security interest in certain collateral of the Borrower as described in this
Agreement, and Borrower is willing to grant such security interest, subject to
and in accordance with the terms and conditions of this Agreement.

         NOW, THEREFORE, in consideration of the premises, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

1.       GRANT OF SECURITY INTEREST.

         (A) Borrower hereby grants to the Secured Parties a security interest
and a continuing lien ("Security Interest") in all intellectual property of the
Borrower and its subsidiaries, including, without limitation, all patents,
patent rights, patent applications, trademarks, trademark applications, service
marks, service mark applications, trade names, domain names, copyrights, and all
applications for such that are in the process of being prepared, formulas, trade
secrets, know-how and computer software owned by or registered in the name of
Borrower, or of which Borrower is a licensee or in which Borrower has any right
to or interest in now existing or hereafter arising or owned, including but not
limited to the intellectual property listed on Schedule "B" here to
(collectively, the "Collateral").

         (B) The lien and security interest granted herein is given to secure
performance and payment of all obligations, fees and indebtedness of Borrower to
the Secured Parties under this the Loan Notes (hereinafter called the
"Obligations").

<PAGE>

2.       VALIDITY AND PRIORITY OF SECURITY INTEREST.

         The Borrower agrees that the Security Interest shall at all times be
valid and enforceable against the Borrower, in accordance with the terms hereof,
as security for the performance and payment of all obligations and that the
Collateral shall not at any time be subject to any Lien (other than the Lien
granted to Equine Diagnostics, LLC and the Secured Parties hereunder) that is
prior to, on a parity with or junior to such Security Interest. Without limiting
the generality of the foregoing, Borrower will execute and file UCC-1 financing
statements with respect to the Collateral in any United States jurisdiction
which the Agent reasonably deems appropriate, provided, however, all such
financing statements shall be filed within 30 days of the date hereof, and Agent
shall provide the Secured Parties with written proof thereof, in a form and
substance that is reasonably satisfactory to the Secured Parties. Borrower shall
pay all of the costs and expenses, including attorneys' fees, to file such
financing statements.

3.       PRIORITY OF LIEN.

         Agent, on behalf of the Secured Parties, hereby acknowledges that the
security interest granted hereunder to the Secured Parties is subject and
subordinate to a prior security interest in the Collateral held by Equine
Diagnostics, LLC (the "Prior Security Interest"). Borrower represents, warrants
and agrees that, except for the Prior Security Interest (i) Borrower owns good
and indefeasible title to the Collateral, (ii) no security interest or lien has
been created by Borrower, or is known by Borrower to exist with respect to any
Collateral, (iii) no financing statement or other security instrument is on file
in any jurisdiction covering such Collateral, (iv) Borrower will not create any
other security interest or lien and will not file or permit to be filed any
other financing statement or other security instrument with respect to the
Collateral without the prior written consent of all of the Secured Parties, (v)
Borrower will defend the Collateral against and take such other action as is
necessary to remove any lien (other than the lien granted and security interests
granted to Equine Diagnostics, LLC and the Secured Parties hereunder), security
interest, encumbrance, claim or right, in or to the Collateral, and will defend
the right, title and interest of the Secured Parties in and to the Collateral
against the claims and demands of all persons or entities whomever, and (vi)
Borrower will not sell, assign, transfer or in any other way alienate Borrower's
rights under the Collateral without the prior written consent of each of the
Secured Parties. Except for the Prior Security Interest, the lien herein
referred to as security for the Obligations, in favor of the Secured Parties, is
and shall be first, prior and superior to all other liens with respect to the
Collateral.

4.       REMEDIES.

         (A) Upon the occurrence of an Event of Default, as defined in the Loan
Notes, the Agent, on behalf of the Secured Parties, shall have in any
jurisdiction where enforcement hereof is sought, in addition to all other rights
and remedies which the Secured Parties may have under law or in equity, all of
the rights and remedies of a secured party under the Uniform Commercial Code of
the States of New York and Delaware, as applicable, or other applicable law, all

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<PAGE>

of which rights and remedies shall be cumulative and non-exclusive. In addition
to all such rights and remedies, the sale, lease or other disposition of
Collateral by the Agent after an Event of Default may be for cash, credit, or
any combination thereof, and the Agent, on behalf of the Secured Parties, may
purchase all or any part of the Collateral at public or, if permitted by law,
private sale and in lieu of actual payment of such purchase price, may set-off
the amount of such price against the Obligations then owing. The net cash
proceeds resulting from the collection, liquidation, sale, lease or other
disposition of Collateral shall be applied, first, to the actual expenses
(including all attorneys' fees) of retaking, holding, storing, processing and
preparing for sale, selling, collecting, liquidating and the like, and, second,
to the satisfaction of all obligations secured by the Prior Security Interest,
and, third, to the satisfaction of the Obligations. No demand, advertisement or
notice, all of which are hereby expressly waived, shall be required in
connection with any sale or other disposition of any part of the Collateral
which threatens to decline speedily in value or which is of a type customarily
sold on a recognized market; otherwise the Agent shall give the Borrower at
least fifteen (15) days' prior notice of the time and place of any public sale
and of the time and place of any private sale or other disposition that is to be
made of the Collateral, which notice the Borrower agrees is reasonable, all
other demands, advertisements and notices being hereby waived. The Agent shall
not be obligated to make any sale of the Collateral if it shall determine not to
do so, regardless of the fact that notice of sale may have been given. The Agent
may, without notice or publication, adjourn any public or private sale or cause
the same to be adjourned from time to time by announcement at the time and place
fixed for sale, and such sale may, without further notice, be made at the time
and place to which the same was so adjourned.

         (B) In the case of all sales of the Collateral, public or private, the
Borrower shall pay all costs and expenses, including but not limited to Agent's
attorneys' fees, and the Borrower shall pay all costs and expenses of every kind
for sale or delivery, including brokers' and attorneys' fees, and after
deducting such costs and expenses from the proceeds of sale, the Agent shall
apply any residue to the payment of the Loan Note, and the Borrower shall
continue to be liable for any deficiency and the Borrower shall be liable to the
Secured Parties and shall pay to the Secured Parties on demand any deficiency
which may remain after such sale, disposition, collection or liquidation of
Collateral, and the Agent in turn agrees to remit to the Borrower any surplus
remaining after all Obligations have been paid in full.

         (C) The Borrower will, at the Agent's request, assemble all Collateral
and make it available to the Agent at places which the Agent may select, whether
at premises of the Borrower or elsewhere, and will make available to the Agent
all premises and facilities of the Borrower for the purpose of the Agent's
taking possession of Collateral or of removing or putting the Collateral in
saleable form. Agent is hereby irrevocably appointed the true and lawful
attorney-in-fact of Borrower in its name and stead, to make all necessary deeds,
bills of sale and instruments of assignment and transfer of the Collateral thus
sold and for such other purposes as are necessary or desirable to effectuate the
provisions (including, without limitation, this Section) of this Agreement, and
for that purpose it may execute and deliver all necessary deeds, bills of sale
and instruments of assignment and transfer, and may substitute one or more

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<PAGE>

persons with like power; Borrower hereby ratifying and confirming all that its
said attorney, or such substitute or substitutes, shall lawfully do by virtue
hereof; but if so requested by Agent or by any purchaser, Borrower shall ratify
and confirm any such sale or transfer by executing and delivering to Agent or to
such purchaser all Collateral, instruments or assignment and transfer as may be
designated in any such request. All right, title, interest, claim and demand
whatsoever, either at law or in equity or otherwise, of Borrower of, in and to
the Collateral so sold shall be divested; such sale shall be a perpetual bar
both at law and in equity against Borrower, its successors and assigns, and
against any and all persons or entities claiming or who may claim the property
sold or any part thereof from, through or under Borrower, its successors or
assigns.

5.       WAIVERS.

         With respect to both Obligations and Collateral, the Borrower assents
to any extension or postponement of the time of payment or other indulgence, to
any substitution, exchange or release of Collateral, to the addition or release
of any party or person primarily or secondarily liable, to the acceptance of
partial payments thereon and the settlement, compromising or adjusting of any
thereof, all in such manner and at such time or times as the Agent may deem
advisable. The Agent may exercise its rights with respect to Collateral without
resorting or regard to other Collateral or sources of reimbursement for
Obligations. The Agent shall not be deemed to have waived any of its rights upon
or under Obligations or Collateral unless such waiver is in writing and signed
by the Agent.

6.       RIGHT OF INSPECTION.

         At any time and from time to time the Borrower will permit
representatives of the Secured Parties during normal business hours to inspect
the Borrower's premises and books and records pertaining to the Collateral and
make extracts from such books and records.

7.       PERFORMANCE BY THE SECURED PARTY OF THE BORROWER'S OBLIGATIONS.

         If the Borrower fails to perform or comply with any of its agreements
contained herein or in the Loan Notes, then the Agent, as provided for by the
terms of this Security Agreement, may itself (but shall not be obligated to do
to) perform or comply, or otherwise cause performance of compliance with such
agreement, and if the Agent does so perform then the expenses of the Agent
incurred in connection with such performance or compliance shall be payable by
the Borrower to the Agent on demand.

8.       NO CONSOLIDATION, MERGER OR ACQUISITION.

         Until paYment in full of the Loans, Borrower covenants and agrees that
it shall not consolidate with, merge with, or acquire the stock or assets of any
person, firm, joint venture, partnership, corporation, or other entity, whether
by merger, consolidation, purchase of stock or otherwise, without the prior
written consent of each of the Secured Parties, except assets acquired in the
ordinary course of business, unless Borrower shall be the surviving corporation.
The Borrower will not change its name, identity or corporate structure unless it
(i) gives the Secured Parties sixty (60) days prior written notice thereof, and
(ii) shall have executed and delivered to the Agent and such other recipients as

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<PAGE>

may be appropriate, such notices and instruments, and taken such other actions,
as the Agent shall have requested to ensure the continuation of the Security
Interest and the perfection and priority thereof in all of the Collateral.

9.       DEFINITION OF BORROWER.

         The term "Borrower" as used throughout this Agreement shall include (a)
the successors and assigns of Borrower; (b) any individual, association, trust,
partnership, corporation, or other entity to which all or substantially all of
the business or assets of Borrower shall have been transferred or with or into
which the business of Borrower shall have been merged, consolidated, reorganized
or absorbed; and (c) in the case of a partnership or joint venture, any general
or limited partnership or joint venture which shall have been created by reason
of, or continued in existence after, the admission of any new partner, partners
or joint venturers therein or the dissolution of the existing partnership or
joint venture by the death, resignation or other withdrawal of any partner or
joint venturer.

10.      CONTINUING AGREEMENT.

         This is a continuing agreement and all the rights, powers and remedies
of the Agent hereunder shall continue to exist unless all of the Obligations
(including the Loans) shall have been paid in full. Otherwise this Agreement
shall continue irrespective of the fact that any or all of the Obligations may
have become barred by any statute of limitations or that the liability of
Borrower may have ceased, and notwithstanding the death, incapacity or
bankruptcy of Borrower or any other event or proceeding affecting Borrower. The
rights, powers and remedies of the Agent hereunder shall be in addition to all
rights, powers and remedies given by statute or rule of law and, regardless of
whether or not the Uniform Commercial Code is in effect in the jurisdiction
where such rights, powers and remedies are asserted, the Agent shall have the
rights, powers and remedies of the Secured Parties under the Uniform Commercial
Code, as amended. No forbearance or delay by the Agent in exercising any right,
power or remedy shall be deemed a waiver thereof or preclude any other or
further exercise thereof; and no single or partial exercise of any right, power
or remedy shall preclude any other or further exercise thereof, or the exercise
of any right, power or remedy.

11.      BORROWER'S REPRESENTATIONS AND WARRANTIES.

         To induce the Secured Parties to enter into the transactions provided
for herein, Borrower represents and warrants to Agent and Secured Parties that:

         (A) Borrower is duly authorized to execute and deliver this Agreement
and to perform all of its obligations under this Agreement, including the
execution, delivery and performance of whatever additional documents are
necessary or required in connection with the transactions contemplated herein;

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<PAGE>

         (B) the execution and delivery by Borrower of this Agreement and the
performance by Borrower of its obligations under this Agreement do not and will
not conflict with any provision of law, or of any other agreement affecting or
binding upon Borrower;

         (C) this Agreement, when duly executed and delivered, will be the valid
and binding obligation of Borrower enforceable in accordance with its terms,
except as limited by bankruptcy, insolvency or other laws of general application
relating to the enforcement of creditors' rights and except to the extent that
the availability of specific performance thereof may be limited by principles of
equity;

         (D) The Collateral is as of the date hereof duly and validly pledged to
the Secured Parties in accordance with law and the Borrower shall defend the
Secured Parties right, title, lien and security interest in and to the
Collateral.

         (E) Prior to entering into this Agreement, Borrower has obtained the
written consent of Equine Diagnostics, LLC pursuant to Section 5 of a certain
Credit and Security Agreement dated March 5, 2001, and any amendments thereto.

12.      NOTICES.

         Any notice or other communication by either party to the other shall be
in writing and shall be given and be deemed to have been duly given, upon the
date delivered if delivered personally or upon the date received if mailed
postage pre-paid, registered, or certified mail, or if sent by nationally
recognized overnight courier service, addressed as follows:

         TO THE BORROWER:
                                    CyGene Laboratories, Inc.
                                    5027 Hiatus Road
                                    Sunrise, Florida  33351
                                    Attention:  Martin Munzer, President

         WITH COPY TO:
                                    Arent Fox PLLC
                                    1675 Broadway, 34th Floor
                                    New York, NY 10019
                                    Attention:  Michael S. Blass, Esq.

         TO THE AGENT:
                                    Milberg Weiss Bershad & Schulman LLP
                                    One Pennsylvania Plaza
                                    New York, NY 10119
                                    Attention:  Arnold N. Bressler, Esq.

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<PAGE>

or to such other address, and to the attention of such other person or officer
as either party may designate in writing by notice.

13.      APPLICABLE LAW.

         The substantive laws of the State of New York shall govern the
validity, construction, enforcement and interpretation of this Agreement and all
other documents and instruments referred to herein, unless otherwise specified
therein.

14.      EFFECT AND CONSTRUCTION OF THIS AGREEMENT.

         This Agreement embodies the entire agreement and understanding of the
parties with regard to the matters provided for herein and supersedes any and
all prior agreements, arrangements, or understandings between the parties with
regard to such matters.

15.      CONSENT TO JURISDICTION.

         Each of the Borrower and the Agent (i) hereby irrevocably submits to
the jurisdiction of the United States District Court sitting in the Southern
District of New York and the courts of the State of New York located in New York
County for the purposes of any suit, action or proceeding arising out of or
relating to this Security Agreement and (ii) hereby waives, and agrees not to
assert in any such suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of such court, that the suit, action or
proceeding is brought in an inconvenient forum or that the venue of the suit,
action or proceeding is improper. Each of the Borrower and the Agent consents to
process being served in any such suit, action or proceeding by mailing a copy
thereof to such party at the address set forth in Section 12 hereof and agrees
that such service shall constitute good and sufficient service of process and
notice thereof. Nothing in this Section shall affect or limit any right to serve
process in any other manner permitted by law.

16.      COUNTERPARTS.

         This Agreement may be executed in two or more counterparts, each of
which shall be an original and all of which shall constitute one and the same
instrument.

                       [SIGNATURES ON THE FOLLOWING PAGE]

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<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Security
Agreement on the date first above written.

BORROWER:

CYGENE LABORATORIES, INC.                        CYGENE, INC.

By:___________________________                   By:________________________
   Martin Munzer                                    Martin Munzer
   President                                        President

AGENT:

MILBERG WEISS BERSHAD &  SCHULMAN LLP

By: ________________________
    Wai Y. Chan
    A Member of the Firm

                                       8
<PAGE>

                                   SCHEDULE A

Secured Parties

1. Warren H. Cohen
2. Paul Noyes
3. Transpirator Holdings, LLC
4. Melvyn I. Weiss

                                       9

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