Document:

COMMERCIAL SECURITY AGREEMENT
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    Principal          Loan Date     Maturity     Loan No    Call / Coll  Account          Officer          Initials
   $615,191.55        02-24-2005    03-24-2008   200505006      .4A0                        JKLEIN
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<S>                   <C>           <C>          <C>         <C>                            <C>             <C>
References in the shaded area are for Lender's use only and do not limit the applicability of this document to any
particular loan or item. Any item above containing "***" has been omitted due to text length limitations.
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 Grantor: Oragenics, Inc (TIN: 59-3410522)  Lender: Merchants & Southern Bank
          13700 Progress Boulevard                  Commercial Loans
          Alachua, FL   32615                       3631 M Main Street
                                                    Gainesville, FL 32609

THIS COMMERCIAL SECURITY AGREEMENT dated February 24, 2005, is made and executed
between Oragenics, Inc ("Grantor") and Merchants & Southern Bank ("Lender").

GRANT OF SECURITY INTEREST. For valuable consideration. Grantor grants to Lender
a security interest in the Collateral to secure the Indebtedness and agrees that
Lender shall have the rights stated in this Agreement with respect to the
Collateral, in addition to all other rights which Lender may have by law.

COLLATERAL DESCRIPTION. The word "Collateral" as used in this Agreement means
the following described property, whether now owned or hereafter acquired,
whether now existing or hereafter arising, and wherever located, in which
Grantor is giving to Lender a security interest for the payment of the
Indebtedness and performance of all other obligations under the Note and this
Agreement:

      All furniture, fixtures and equipment now owned to include items noted on
      Exhibit "A". In addition a purchase money security interest is given In
      items listed in Exhibit "B"

In addition, the word "Collateral" also includes all the following, whether now
owned or hereafter acquired, whether now existing or hereafter arising, and
wherever located:

      (A) All accessions, attachments, accessories, replacements of and
      additions to any of the collateral described herein, whether added now or
      later,

      (B) All products and produce of any of the property described in this
      Collateral section.

      (C) All accounts, general intangibles, instruments, rents, monies,
      payments, and all other rights, arising out of a sale, lease, consignment
      or other disposition of any of the property described in this Collateral
      section.

      (D) All proceeds (including insurance proceeds) from the sale,
      destruction, loss, or other disposition of any of the property described
      in this Collateral section, and sums due from a third party who has
      damaged or destroyed the Collateral or from that party's insurer, whether
      due to judgment, settlement or other process.

      (E) All records and data relating to any of the property described in this
      Collateral section, whether in the form of a writing, photograph,
      microfilm, microfiche, or electronic media, together with all of Grantor's
      right, title, and interest in and to all computer software required to
      utilize, create, maintain, and process any such records or data on
      electronic media.

Despite any other provision of this Agreement, Lender is not granted, and will
not have, a nonpurchase money security interest in household goods, to the
extent such a security interest would be prohibited by applicable law. In
addition, if because of the type of any Property, Lender is required to give a
notice oi the right to cancel under Truth in Lending for the Indebtedness, then
Lender will not have a security interest in such Collateral unless and until
such a notice is given.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Grantor's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Grantor holds
jointly with someone else and all accounts Grantor may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Grantor authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
Indebtedness against any and all such accounts, and, at Lender's option, to
administratively freeze all such accounts to allow Lender to protect Lender's
charge and setoff rights provided in this paragraph.

GRANTOR'S REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. With
respect to the Collateral, Grantor represents and promises to Lender that:

      Perfection of Security Interest. Grantor agrees to take whatever actions
      are requested by Lender to perfect and continue Lender's security interest
      in the Collateral. Upon request of Lender, Grantor will deliver to Lender
      any and all of the documents evidencing or constituting the Collateral,
      and Grantor will note Lender's interest upon any and all chattel paper and
      instruments if not delivered to Lender for possession by Lender.

      Notices to Lender. Grantor will promptly notify Lender in writing at
      Lender's address shown above (or such other addresses as Lender may
      designate from time to time) prior to any 11) change in Grantor's name;
      (2) change in Grantor's assumed business name(s); |3) change in the
      management of the Corporation Grantor; |4) change in the authorized
      signer(s); |5) change in Grantor's principal office address; (61 change in
      Grantor's state of organization; (7) conversion of Grantor to a new or
      different type of business entity; or (8) change in any other aspect of
      Grantor that directly or indirectly relates to any agreements between
      Grantor and Lender. No change in Grantor's name or state of organization
      will take effect until after Lender has received notice.

      No Violation. The execution and delivery of this Agreement will not
      violate any law or agreement governing Grantor or to which Grantor is a
      party, and its certificate or articles of incorporation and bylaws do not
      prohibit any term or condition of this Agreement.

      Enforceability of Collateral. To the extent the Collateral consists of
      accounts, chattel paper, or general intangibles, as defined by the Uniform
      Commercial Code, the Collateral is enforceable in accordance with its
      terms, is genuine, and fully complies with all applicable laws and
      regulations concerning form, content and manner of preparation and
      execution, and all persons appearing to be obligated on the Collateral
      have authority and capacity to contract and are in fact obligated as they
      appear to be on the Collateral. There shall be no setoffs or counterclaims
      against any of the Collateral, and no agreement shall have been made under
      which any deductions or discounts may be claimed concerning the Collateral
      except those disclosed to Lender in writing.

      Location of the Collateral. Except in the ordinary course of Grantor's
      business, Grantor agrees to keep the Collateral at Grantor's address shown
      above or at such other locations as are acceptable to Lender. Upon
      Lender's request. Grantor will deliver to Lender in form satisfactory to
      Lender a schedule of real properties and Collateral locations relating to
      Grantor's operations, including without limitation the following: (1) all
      real property Grantor owns or is purchasing; (2) all real property Grantor
      is renting or leasing; (3) all storage facilities Grantor owns, rents,
      leases, or uses; and (4) all other properties where Collateral is or may
      be located.

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                          COMMERCIAL SECURITY AGREEMENT

Loan No: 200505006                 (Continued)                           Page 2
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     Removal of the Collateral. Except in the ordinary course of Grantor's
     business, Grantor shall not remove the Collateral from its existing
     location without Lender's prior written consent. Grantor shall, whenever
     requested, advise Lender o( the exact location of the Collateral.

     Transactions Involving Collateral. Except for inventory sold or accounts
     collected in the ordinary course of Grantor's business, or as otherwise
     provided for in this Agreement, Grantor shall not sell, offer to sell, or
     otherwise transfer or dispose of the Collateral. Grantor shall not pledge,
     mortgage, encumber or otherwise permit the Collateral to be subject to any
     lien, security interest, encumbrance, or charge, other than the security
     interest provided for in this Agreement, without the prior written consent
     of Lender. This includes security interests even if junior in fight to the
     security interests granted under this Agreement. Unless waived by Lender,
     all proceeds from any disposition of the Collateral (for whatever reason)
     shall be held in trust for Lender and shall not be commingled with any
     other funds; provided however, this requirement shall not constitute
     consent by Lender to any sale or other disposition. Upon receipt. Grantor
     shall immediately deliver any such proceeds to Lender.

     Title. Grantor represents and warrants to Lender that Grantor holds good
     and marketable title to the Collateral, free and clear of all liens and
     encumbrances except for the lien of this Agreement. No financing statement
     covering any of the Collateral is on file in any public office other than
     those which reflect the security interest created by this Agreement or to
     which Lender has specifically consented. Grantor shall defend Lender's
     rights in the Collateral against the claims and demands of all other
     persons.

     Repairs and Maintenance. Grantor agrees to keep and maintain, and to cause
     others to keep and maintain, the Collateral in good order, repair and
     condition at all times while this Agreement remains in effect. Grantor
     further agrees to pay when due all claims for work done on, or services
     rendered or material furnished in connection with the Collateral so that no
     lien or encumbrance may ever attach to or be filed against the Collateral.

     Inspection of Collateral. Lender and Lender's designated representatives
     and agents shall have the right at all reasonable times to examine and
     inspect the Collateral wherever located.

     Taxes, Assessments and Liens. Grantor will pay when due all taxes,
     assessments and liens upon the Collateral, its use or operation, upon this
     Agreement, upon any promissory note or notes evidencing the Indebtedness,
     or upon any of the other Related Documents. Grantor may withhold any such
     payment or may elect to contest any lien if Grantor is in good faith
     conducting an appropriate proceeding to contest the obligation to pay and
     so long as Lender's interest in the Collateral is not jeopardized in
     Lender's sole opinion. If the Collateral is subjected to a lien which is
     not discharged within fifteen (151 days, Grantor shall deposit with Lender
     cash, a sufficient corporate surety bond or other security satisfactory to
     Lender in an amount adequate to provide for the discharge of the lien plus
     any interest, costs, reasonable attorneys' fees or other charges that could
     accrue as a result of foreclosure or sale of the Collateral. In any contest
     Grantor shall defend itself and Lender and shall satisfy any final adverse
     judgment before enforcement against the Collateral. Grantor shall name
     Lender as an additional obligee under any surety bond furnished in the
     contest proceedings. Grantor further agrees to furnish Lender with evidence
     that such taxes, assessments, and governmental and other charges have been
     paid in full and in a timely manner. Grantor may withhold any such payment
     or may elect to contest any lien if Grantor is in good faith conducting an
     appropriate proceeding to contest the obligation to pay and so long as
     Lender's interest in the Collateral is not jeopardized.

     Compliance with Governmental Requirements. Grantor shall comply promptly
     with all Saws, ordinances, rules and regulations of all governmental
     authorities, now or hereafter in effect, applicable to the ownership,
     production, disposition, or use of the Collateral, including all laws or
     regulations relating to the undue erosion of highly-erodible land or
     relating to the conversion of wetlands for the production of an
     agricultural product or commodity. Grantor may contest in good faith any
     such law, ordinance or regulation and withhold compliance during any
     proceeding, including appropriate appeals, so long as Lender's interest in
     the Collateral, in Lender's opinion, is not jeopardized.

     Hazardous Substances. Grantor represents and warrants that the Collateral
     never has been, and never will be so long as this Agreement remains a lien
     on the Collateral, used in violation of any Environmental Laws or for the
     generation, manufacture, storage, transportation, treatment, disposal,
     release or threatened release of any Hazardous Substance. The
     representations and warranties contained herein are based on Grantor's due
     diligence in investigating the Collateral for Hazardous Substances. Grantor
     hereby 11} releases and waives any Suture claims against Lender for
     indemnity or contribution in the event Grantor becomes liable for cleanup
     or other costs under any Environmental Laws, and (2} agrees to indemnify
     and hold harmless Lender against any and all claims and tosses resulting
     from a breach of this provision of this Agreement. This obligation to
     indemnify shall survive the payment of the Indebtedness and the
     satisfaction of this Agreement.

     Maintenance of Casualty Insurance. Grantor shall procure and maintain all
     risks insurance, including without limitation fire, theft and liability
     coverage together with such other insurance as Lender may require with
     respect to the Collateral, in form, amounts, coverages and basis reasonably
     acceptable to Lender and issued by a company or companies reasonably
     acceptable to Lender. Grantor, upon request of Lender, will deliver to
     Lender from time to time the policies or certificates of insurance in form
     satisfactory to Lender, including stipulations that coverages will not be
     cancelled or diminished without at least fifteen {151 days' prior written
     notice to Lender and not including any disclaimer of the insurer's
     liability for failure to give such a notice. Each insurance policy also
     shall include an endorsement providing that coverage in favor of Lender
     will not be impaired in any way by any act, omission or default of Grantor
     or any other person. In connection with all policies covering assets in
     which Lender holds or is offered a security interest, Grantor will provide
     Lender with such loss payable or other endorsements as Lender may require.
     If Grantor at any time fails to obtain or maintain any insurance as
     required under this Agreement, Lender may (but shall not be obligated to)
     obtain such insurance as Lender deems appropriate, including if Lender so
     chooses "single interest insurance," which wilt cover only Lender's
     interest in the Collateral.

    Application of insurance Proceeds. Grantor shall promptly notify Lender of
    any loss or damage to the Collateral. Lender may make proof of loss if
    Grantor fails to do so within fifteen (15] days of the casualty. All
    proceeds of any insurance on the Collateral, including accrued proceeds
    thereon, shall be held by Lender as part of the Collateral. If Lender
    consents to repair or replacement of the damaged or destroyed Collateral,
    Lender shall, upon satisfactory proof of expenditure, pay or reimburse
    Grantor from the proceeds for the reasonable cost of repair or restoration.
    If Lender does not consent to repair or replacement of the Collateral,
    Lender shall retain a sufficient amount of the proceeds to pay all of the
    Indebtedness, and shall pay the balance to Grantor, Any proceeds which have
    not been disbursed within six (61 months after their receipt and which
    Grantor has not committed to the repair or restoration of the Collateral
    shall be used to prepay the Indebtedness.

    Insurance Reserves. Lender may require Grantor to maintain with Lender
    reserves for payment of insurance premiums, which reserves shall be created
    by monthly payments from Grantor of a sum estimated by Lender to be
    sufficient to produce, at least fifteen (15) days before the premium due
    date, amounts at least equal to the insurance premiums to be paid. If
    fifteen (15) days before payment is due, the reserve funds are insufficient,
    Grantor shall upon demand pay any deficiency to Lender, The reserve funds
    shall be held by Lender as a general deposit and shall constitute a
    non-interest-bearing account which Lender may satisfy by payment of the
    insurance premiums required to be paid by Grantor as they become due. Lender
    does not hold the reserve funds in trust for Grantor, and Lender is not the
    agent of Grantor for payment of the insurance premiums required to be paid
    by Grantor. The responsibility for the payment of premiums shall remain
    Grantor's sole responsibility.

    Insurance Reports. Grantor, upon request of Lender, shall furnish to
    Lender reports on each existing policy of insurance showing such

<PAGE>

                         COMMERCIAL SECURITY AGREEMENT
Loan No: 200505006                (Continued)                            Page 3
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     information as Lender may reasonably request including the following: (1)
     the name of the insurer; (2) the risks insured; (3) the amount of the
     policy; (4) the property insured; (5) the then current value on the basis
     of which insurance has been obtained and the manner of determining that
     value; and (6) the expiration date of the policy. In addition, Grantor
     shall upon request by Lender (however not more often than annually) have an
     independent appraiser satisfactory to Lender determine, as applicable, the
     cash value or replacement cost of the Collateral.

     Financing Statements. Grantor authorizes Lender to file a UCC financing
     statement, or alternatively, a copy of this Agreement to perfect Lender's
     security interest. At Lender's request, Grantor additionally agrees to sign
     all other documents that are necessary to perfect, protect, and continue
     Lender's security interest in the Property. Grantor will pay alt filing
     fees, title transfer fees, and other fees and costs involved unless
     prohibited by law or unless Lender is required by law to pay such fees and
     costs. Grantor irrevocably appoints Lender to execute documents necessary
     to transfer title if there is a default. Lender may file a copy of this
     Agreement as a financing statement. If Grantor changes Grantor's name or
     address, or the name or address of any person granting a security interest
     under this Agreement changes. Grantor will promptly notify the Lender of
     such change.

 GRANTOR'S RIGHT TO POSSESSION, Until default, Grantor may have possession of
 the tangible personal property and beneficial use of all the Collateral and may
 use it in any lawful manner not inconsistent with this Agreement or the Related
 Documents, provided that Grantor's right to possession and beneficial use shall
 not apply to any Collateral where possession of the Collateral by Lender is
 required by law to perfect Lender's security interest in such Collateral. If
 Lender at any time has possession of any Collateral, whether before or after an
 Event of Default, Lender shall be deemed to have exercised reasonable care in
 the custody and preservation of the Collateral if Lender takes such action for
 that purpose as Grantor shall request or as Lender, in Lender's sole
 discretion, shall deem appropriate under the circumstances, but failure to
 honor any request by Grantor shall not of itself be deemed to be a failure to
 exercise reasonable care. Lender shall not be required to take any steps
 necessary to preserve any rights in the Collateral against prior parties, nor
 to protect, preserve or maintain any security interest given to secure the
 Indebtedness.

 LENDER'S EXPENDITURES. If any action or proceeding is commenced that would
 materially affect Lender's interest in the Collateral or if Grantor fails to
 comply with any provision of this Agreement or any Related Documents, including
 but not limited to Grantor's failure to discharge or pay when due any amounts
 Grantor is required to discharge or pay under this Agreement or any Related
 Documents, Lender on Grantor's behalf may (but shall not be obligated to) take
 any action that Lender deems appropriate, including but not limited to
 discharging or paying all taxes, liens, security interests, encumbrances and
 other claims, at any time levied or placed on the Collateral and paying all
 costs for insuring, maintaining and preserving the Collateral. All such
 expenditures incurred or paid by Lender for such purposes will then bear
 interest at the rate charged under the Note from the date incurred or paid by
 Lender to the date of repayment by Grantor. All such expenses will become a
 part of the Indebtedness and, at Lender's option, will (A} be payable on
 demand; (B) be added to the balance of the Note and be apportioned among and be
 payable with any installment payments to become due during either (1) the term
 of any applicable insurance policy; or (2) the remaining term of the Note; or
 |Cl be treated as a balloon payment which will be due and payable at the Note's
 maturity. The Agreement also will secure payment of these amounts. Such right
 shall be in addition to all other rights and remedies to which Lender may be
 entitled upon Default. DEFAULT. Each of the following shall constitute an Event
 of Default under this

     Agreement: Payment Default.  Grantor fails to make any payment when due
     under the Indebtedness.

     Other Defaults. Grantor fails to comply with or to perform any other term,
     obligation, covenant or condition contained in this Agreement or in any of
     the Related Documents or to comply with or to perform any term, obligation,
     covenant or condition contained in any other agreement between Lender and
     Grantor.

     False Statements. Any warranty, representation or statement made or
     furnished to Lender by Grantor or on Grantor's behalf under this Agreement
     or the Related Documents is false or misleading in any material respect,
     either now or at the time made or furnished or becomes false or misleading
     at any time thereafter.

     Defective Collateralization. This Agreement or any of the Related Documents
     ceases to be in full force and effect (including failure of any collateral
     document to create a valid and perfected security interest or lien) at any
     time and for any reason.

     Insolvency. The dissolution or termination of Grantor's existence as a
     going business, the insolvency of Grantor, the appointment of a receiver
     for any part of Grantor's property, any assignment for the benefit of
     creditors, any type of creditor workout, or the commencement of any
     proceeding under any bankruptcy or insolvency laws by or against Grantor.

     Creditor or Forfeiture Proceedings. Commencement of foreclosure or
     forfeiture proceedings, whether by judicial proceeding, self-help,
     repossession or any other method, by any creditor of Grantor or by any
     governmental agency against any collateral securing the Indebtedness. This
     includes a garnishment of any of Grantor's accounts, including deposit
     accounts, with Lender. However, this Event of Default shall not apply if
     there is a good faith dispute by Grantor as to the validity or
     reasonableness of the claim which is the basis of the creditor or
     forfeiture proceeding and if Grantor gives Lender written notice of the
     creditor or forfeiture proceeding and deposits with Lender monies or a
     surety bond for the creditor or forfeiture proceeding, in an amount
     determined by Lender, in its sole discretion, as being an adequate reserve
     or bond for the dispute.

     Events Affecting Guarantor. Any of the preceding events occurs with respect
     to any guarantor, endorser, surety, or accommodation party of any of the
     Indebtedness or guarantor, endorser, surety, or accommodation party dies or
     becomes incompetent or revokes or disputes the validity of, or liability
     under, any Guaranty of the Indebtedness.

     Adverse Change. A material adverse change occurs in Grantor's financial
     condition, or Lender believes the prospect of payment or performance of the
     Indebtedness is impaired,

     Insecurity, Lender in good faith believes itself insecure.

     Cure Provisions. If any default, other than a default in payment is curable
     and if Grantor has not been given a notice of a breach of the same
     provision of this Agreement within the preceding twelve (12) months, it may
     be cured if Grantor, after receiving written notice from Lender demanding
     cure oi such default: |1) cures the default within fifteen (15) days; or
     (2) if the cure requires more than fifteen (15) days, immediately initiates
     steps which Lender deems in Lender's sole discretion to be sufficient to
     cure the default and thereafter continues and completes all reasonable and
     necessary steps sufficient to produce compliance as soon as reasonably
     practical.

RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this
Agreement, at any time thereafter. Lender shall have all the rights of a secured
party under the Florida Uniform Commercial Code. In addition and without
limitation. Lender may exercise any one or more of the following rights and
remedies:

     Accelerate Indebtedness. Lender may declare the entire Indebtedness,
     including any prepayment penalty which Grantor would be required to pay,
     immediately due and payable, without notice of any kind to Grantor.

     Assemble Collateral. Lender may require Grantor to deliver to Lender all or
     any portion of the Collateral and any and all certificates of title

<PAGE>

                          COMMERCIAL SECURITY AGREEMENT
Loan No: 200505006                 (Continued)                           Page 4
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     and other documents relating to the Collateral. Lender may require Grantor
     to assemble the Collateral and make it available to Lender at a place to be
     designated by Lender. Lender also shall have full power to enter upon the
     property of Grantor to take possession of and remove the Collateral. If the
     Collateral contains other goods not covered by this Agreement at the time
     of repossession, Grantor agrees Lender may take such other goods, provided
     that Lender makes reasonable efforts to return them to Grantor after
     repossession.

     Sell the Collateral. Lender shall have full power to sell, lease, transfer,
     or otherwise deal with the Collateral or proceeds thereof in Lender's own
     name or that of Grantor. Lender may sell the Collateral at public auction
     or private sale. Unless the Collateral threatens to decline speedily in
     value or is of a type customarily sold on a recognized market. Lender will
     give Grantor, and other persons as required by law, reasonable notice of
     the time and place of any public sale, or the time after which any private
     sale or any other disposition of the Collateral is to be made. However, no
     notice need be provided to any person who, after Event of Default occurs,
     enters into and authenticates an agreement waiving that person's right to
     notification of sale. The requirements of reasonable notice shall be met if
     such notice is given at least ten 110) days before the time of the sale or
     disposition. All expenses relating to the disposition o! the Collateral,
     including without limitation the expenses of retaking, holding, insuring,
     preparing for sale and selling the Collateral, shall become a part of the
     Indebtedness secured by this Agreement and shall be payable on demand, with
     interest at the Note rate from date of expenditure until repaid.

     Appoint Receiver. In the event of a suit being instituted to foreclose this
     Agreement, Lender shall be entitled to apply at any time pending such
     foreclosure suit to the court having jurisdiction thereof for the
     appointment of a receiver of any or al! of the Collateral, and of all
     rents, incomes, profits, issues and revenues thereof, from whatsoever
     source. The parties agree that the court shall forthwith appoint such
     receiver with the usual powers and duties of receivers in like cases. Such
     appointment shall be made by the court as a matter of strict right to
     Lender and without notice to Grantor, and without reference to the adequacy
     or inadequacy of the value of the Collateral, or to Grantor's solvency or
     any other party defendant to such suit. Grantor hereby specifically waives
     the right to object to the appointment of a receiver and agrees that such
     appointment shall be made as an admitted equity and as a matter of absolute
     right to Lender, and consents to the appointment of any officer or employee
     of Lender as receiver. Lender shall have the right to have a receiver
     appointed to take possession of alt or any part of the Collateral, with the
     power to protect and preserve the Collateral, to operate the Collateral
     preceding foreclosure or sale, and to collect the Rents from the Collateral
     and apply the proceeds, over and above the cost of the receivership,
     against the Indebtedness. The receiver may serve without bond if permitted
     by law. Lender's right to the appointment of a receiver shall exist whether
     or not the apparent value of the Collateral exceeds the Indebtedness by a
     substantial amount. Employment by Lender shall not disqualify a person from
     serving as a receiver.

     Collect Revenues, Apply Accounts. Lender, either itself or through a
     receiver, may collect the payments, rents, income, and revenues from the
     Collateral. Lender may at any time in Lender's discretion transfer any
     Collateral into Lender's own name or that of Lender's nominee and receive
     the payments, rents, income, and revenues therefrom and hold the same as
     security for the Indebtedness or apply it to payment of the Indebtedness in
     such order of preference as Lender may determine. Insofar as the Collateral
     consists of accounts, general intangibles, insurance policies, instruments,
     chattel paper, choses in action, or similar property. Lender may demand,
     collect, receipt for, settle, compromise, adjust, sue for, foreclose, or
     realize on the Collateral as Lender may determine, whether or not
     Indebtedness or Collateral is then due. For these purposes, Lender may, on
     behalf of and in the name of Grantor, receive, open and dispose of mail
     addressed to Grantor; change any address to which mail and payments are to
     be sent; and endorse notes, checks, drafts, money orders, documents of
     title, instruments and items pertaining to payment, shipment, or storage of
     any Collateral. To facilitate collection. Lender may notify account debtors
     and obligors on any Collateral to make payments directly to Lender.

     Obtain Deficiency. If Lender chooses to sell any or all of the Collateral,
     Lender may obtain a judgment against Grantor for any deficiency remaining
     on the Indebtedness due to Lender after application of all amounts received
     from the exercise of the rights provided in this Agreement. Grantor shall
     be liable for a deficiency even if the transaction described in this
     subsection is a sale of accounts or chattel paper.

     Other Rights and Remedies. Lender shall have all the rights and remedies of
     a secured creditor under the provisions of the Uniform Commercial Code, as
     may be amended from time to time. In addition, Lender shall have and may
     exercise any or all other rights and remedies it may have available at law,
     in equity, or otherwise.

     Election of Remedies, Except as may be prohibited by applicable law, all of
     Lender's rights and remedies, whether evidenced by this Agreement, the
     Related Documents, or by any other writing, shall be cumulative and may be
     exercised singularly or concurrently. Election by Lender to pursue any
     remedy shall not exclude pursuit of any other remedy, and an election to
     make expenditures or to take action to perform an obligation of Grantor
     under this Agreement, after Grantor's failure to perform, shall not affect
     Lender's right to declare a default and exercise its remedies.

_________(INITIALS) DEMAND PROVISION. If the Replacement Therapy A2JM Phase I
 Clinical study is terminated due to an adverse event, the borrower agrees to
 repay the loan within 30 days of the termination.

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of
this Agreement;

     Amendments. This Agreement, together with any Related Documents,
     constitutes the entire understanding and agreement of the parties as to the
     matters set forth in this Agreement. No alteration of or amendment to this
     Agreement shall be effective unless given in writing and signed by the
     party or parties sought to be charged or bound by the alteration or
     amendment.

     Attorneys' Fees; Expenses. Grantor agrees to pay upon demand all of
     Lender's costs and expenses, including Lender's reasonable attorneys' fees
     and Lender's legal expenses, incurred in connection with the enforcement of
     this Agreement. Lender may hire or pay someone else to help enforce this
     Agreement, and Grantor shall pay the costs and expenses of such
     enforcement. Costs and expenses include Lender's reasonable attorneys' fees
     and legal expenses whether or not there is a lawsuit, including reasonable
     attorneys' fees and legal expenses for bankruptcy proceedings (including
     efforts to modify or vacate any automatic stay or injunction), appeals, and
     any anticipated post-judgment collection services. Grantor also shall pay
     all court costs and such additional fees as may be directed by the court.

     Caption Headings. Caption headings in this Agreement are for convenience
     purposes only and are not to be used to interpret or define the provisions
     of this Agreement.

     Governing Law, This Agreement will be governed by federal law applicable to
     Lender and, to the extent not preempted by federal law, the laws of the
     State of Florida without regard to its conflicts of law provisions. This
     Agreement has been accepted by Lender in the State of Florida.

     Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's
     request to submit to the jurisdiction of the courts of Alachua County,
     State of Florida.

     No Waiver by Lender. Lender shall not be deemed to have waived any rights
     under this Agreement unless such waiver is given in writing and signed by
     Lender. No delay or omission on the part of Lender in exercising any right
     shall operate as a waiver of such right or any other right. A waiver by
     Lender of a provision of this Agreement shall not prejudice or constitute a
     waiver of Lender's right otherwise to

<PAGE>

                          COMMERCIAL SECURITY AGREEMENT

Loan No: 200505006                  (Continued)                          Page 5
-------------------------------------------------------------------------------

     demand strict compliance with that provision or any other provision of this
     Agreement. No prior waiver by Lender, nor any course of dealing between
     Lender and Grantor, shall constitute a waiver at any of Lender's rights or
     of any of Grantor's obligations as to any future transactions, Whenever the
     consent of Lender is required under this Agreement, the granting of such
     consent by Lender in any instance shall not constitute continuing consent
     to subsequent instances where such consent is required and in all cases
     such consent may be granted or withheld in the sole discretion of Lender.

     Notices. Any notice required to be given under this Agreement shall be
     given in writing, and shall be effective when actually delivered, when
     actually received by telefacsimile [unless otherwise required by law), when
     deposited with a nationally recognized overnight courier, or, if mailed,
     when deposited in the United States mail, as first class, certified or
     registered mail postage prepaid, directed to the addresses shown near the
     beginning of this Agreement. Any party may change its address for notices
     under this Agreement by giving written notice to the other parties,
     specifying that the purpose of the notice is to change the party's address.
     For notice purposes. Grantor agrees to keep Lender informed at all times of
     Grantor's current address. Unless otherwise provided or required by law, \i
     there is more than one Grantor, any notice given by Lender to any Grantor
     is deemed to be notice given to all Grantors.

     Power of Attorney. Grantor hereby appoints Lender as Grantor's irrevocable
     attorney-in-fact for the purpose of executing any documents necessary to
     perfect, amend, or to continue the security interest granted in this
     Agreement or to demand termination of filings of other secured parties.
     Lender may at any time, and without further authorization from Grantor,
     file a carbon, photographic or other reproduction of any financing
     statement or of this Agreement for use as a financing statement. Grantor
     will reimburse Lender for all expenses for the perfection and the
     continuation of the perfection of Lender's security interest in the
     Collateral.

     Severability. If a court of competent jurisdiction finds any provision of
     this Agreement to be illegal, invalid, or unenforceable as to any
     circumstance, that finding shall not make the offending provision illegal,
     invalid, or unenforceable as to any other circumstance. If feasible, the
     offending provision shall be considered modified so that it becomes legal,
     valid and enforceable. If the offending provision cannot be so modified, it
     shall be considered deleted from this Agreement. Unless otherwise required
     by law, the illegality, invalidity, or unenforceability at any provision of
     this Agreement shall not affect the legality, validity or enforceability of
     any other provision of this Agreement.

     Successors and Assigns. Subject to any limitations stated in this Agreement
     on transfer of Grantor's interest, this Agreement shall be binding upon and
     inure to the benefit of the parties, their successors and assigns. If
     ownership of the Collateral becomes vested in a person other than Grantor,
     Lender, without notice to Grantor, may deal with Grantor's successors with
     reference to this Agreement and the indebtedness by way of forbearance or
     extension without releasing Grantor from the obligations of this Agreement
     or liability under the Indebtedness.

     Survival of Representations and Warranties. Al! representations,
     warranties, and agreements made by Grantor in this Agreement shall survive
     the execution and delivery of this Agreement, shall be continuing in
     nature, and shall remain in full force and effect until such time as
     Grantor's Indebtedness shall be paid in full, Time is of the Essence. Time
     is of the essence in the performance of this Agreement. Waive Jury. All
     parties to this Agreement hereby waive the right to any jury trial in any
     action, proceeding, or counterclaim brought by any party against any other
     party. (Initial Here ___________)

DEFINITIONS. The following capitalized words and terms shall have the following
meanings when used in this Agreement. Unless specifically stated to the
contrary, all references to dollar amounts shall mean amounts in lawful money of
the United States of America. Words and terms used in the singular shall include
the plural, and the plural shall include the singular, as the context may
require. Words and terms not otherwise defined in this Agreement shall have the
meanings attributed to such terms in the Uniform Commercial Code:

     Agreement. The word "Agreement" means this Commercial Security Agreement,
     as this Commercial Security Agreement may be amended or modified from time
     to time, together with all exhibits and schedules attached to this
     Commercial Security Agreement from time to time.

     Borrower. The word "Borrower" means Oragenics, Inc and includes al!
     co-signers and co-makers signing the Note.

     Collateral. The word "Collateral" means all of Grantor's right, title and
     interest in and to all the Collateral as described in the Collateral
     Description section of this Agreement. Default. The word "Default" means
     the Default set forth in this Agreement in the section titled "Default".

     Environmental Laws. The words "Environmental Laws" mean any and all state,
     federal and local statutes, regulations and ordinances relating to the
     protection of human health or the environment, including without limitation
     the Comprehensive Environmental Response, Compensation, and Liability Act
     of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the
     Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499
     ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section
     1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C.
     Section 6901, et seq., or other applicable state or federal laws, rules, or
     regulations adopted pursuant thereto.

     Event of Default. The words "Event of Default" mean any of the events of
     default set forth in this Agreement in the default section of this
     Agreement. Grantor. The word "Grantor" means Oragenics, Inc.

     Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser,
     surety, or accommodation party to Lender, including without limitation a
     guaranty of all or part of the Note.

     Hazardous Substances, The words "Hazardous Substances" mean materials that,
     because of their quantity, concentration or physical, chemical or
     infectious characteristics, may cause or pose a present or potential hazard
     to human health or the environment when improperly used, treated, stored,
     disposed of, generated, manufactured, transported or otherwise handled. The
     words "Hazardous Substances" are used in their very broadest sense and
     include without limitation any and all hazardous or toxic substances,
     materials or waste as defined by or listed under the Environmental Laws.
     The term "Hazardous Substances" also includes, without limitation,
     petroleum and petroleum by-products or any fraction thereof and asbestos.

     Indebtedness. The word "Indebtedness" means the indebtedness evidenced by
     the Note or Related Documents, including all principal and interest
     together with all other indebtedness and costs and expenses for which
     Grantor is responsible under this Agreement or under any of the Related
     Documents.

     Lender. The word "Lender" means Merchants & Southern Bank, its successors
     and assigns.

     Note. The word "Note" means the Note executed by Oragenics, Inc in the
     principal amount of $615,191.55 dated February 24, 2005, together with all
     renewals of, extensions of, modifications of, refinancings of,
     consolidations of, and substitutions for the note or credit agreement.

     Property. The word "Property" means all of Grantor's right, title and
     interest in and to all the Property as described in the "Collateral

<PAGE>

                         COMMERCIAL SECURITY AGREEMENT

Loan No: 200505006                (Continued)                            Page 6
--------------------------------------------------------------------------------

Description" section of this Agreement.

     Related Documents. The words "Related Documents" mean all promissory notes,
     credit agreements, loan agreements, environmental agreements, guaranties,
     security agreements, mortgages, deeds of trust, security deeds, collateral
     mortgages, and all other instruments, agreements and documents, whether now
     or hereafter existing, executed in connection with the Indebtedness.

 GRANTOR HAS READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS COMMERCIAL SECURITY
 AGREEMENT AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED FEBRUARY 24, 2005.

 GRANTOR:

ORAGENICS, INC

<TABLE>
<CAPTION>
<S>                                                        <C>
 By:  /s/ Mento Soponis                                    By:  /s/ Paul A. Hassie
      ------------------------------------------           ------------------------------------------------------------
      Mento Soponis, President of Oragenics, Inc           Paul A. Hassle, Chief Financial Officer of Oragenics, Inc
</TABLE>

<PAGE>

                                   Exhibit "A"

                                Equipment Listing
                                 as o! 12/31/04

                               Computer Equipment

Dell Dimension 8200
Dell Dimension 4600
Dell Dimension 8200
Dell Dimension 8300
Dell Dimension 8300
Dell Dimension GX260
Dell Dimension 4600
Dell Dimension 4600
Dell Precision 360
Dell Dimension 8200
CAT Generic PC
Dell Dimension 4600
Dell Precision 360
Dell Dimension 4600
Dell Precision 360
MPC Transport T2200 (m)
IBM NetVista
Generic PC
Dell Inspirion 8000 (m)
Sony S270 (m)
LCD Projector

                                  Lab Equipment

HPLC DuoFlow Std System
Fisher Marathon 16km Microcenterfuge
Fisher Isotemp 215 Incubator
Lab-Line Thermal Rocker
Buchi Vac V-500 (part of Rotovap system)
Balance Topload Pinacle
Rot Evap'r - R-205C, Prof 24/40 (part of Rotovap system)
Powerpac Universal Power Supply
Protean IEF System
SSR-3A-PB Sterilizer
Kodak Imaging Machine
PD Quest Software
Under Bench Washer Dryer
Nanopure Diamond LS Water Filtration System
Animal Weighing System
Avanti J-E Centrifuge
Sonic Dismembrator MDL100
LRC50HGCH Refrigerator
Icemaker
Biomate 5 Spectrophotometer with Printer
D.O. Sensor 12mmx320mm
Microscope
Savant Speed Vac Centrifuge SC 110
Vertis Lyophalizer
Nuaire Incubator
Cryo Tank
LRC50HGCH Refrigerator

<PAGE>

Oragenics, Inc.
Loan #200505006
Attachment to Security Documents

<TABLE>
<CAPTION>
                                                      Exhibit "B"

Quantity            Equipment                                                                      Serial Numbers
<S>                 <C>                                                                            <C>
1                   Nuaire NU-495G C02 Incubator                                                   Lot #95755123004
1                   Nuaire NU-4950 C02 Incubator                                                   Lot #95756123004
1                   Chart Recorded Multi-Signal Output

1                   Nuaire NU 425-500 Class n Type A2 BSC                                          Lot #95678122804
1                   RMPetcocfc (M197)

1                   UV Light (E34)
                                                                                                   Catalog # 05-04-100
1                   Fisher Scientific EPP Centrifuge 5415D W/ RTR 115V

1                   Pharsight WinNonLin Pro Float Initial 4.1

1                   Applied BioSystems Voyager DE Pro Biospec Workstation                          Product # V888630
1                   Applied BioSystems Color Monitor, International, CE                            Product # 4319068
1                   Applied BioSystems Computer, Armorlink System, Voyager                         Product #4344451 Serial #6382
1                   Applied BioSystems Dell 17in Flat Screen Monitor 1703FP                        Product # 4346944
1                   Applied BioSystems Voyager De Pro Biospec Workstation                          Product #V800630 Serial #6382
1                   Applied SioSystems Acquisition System 2 GS/S                                   Product # 4323418
1                   Applied BioSystems CID Option                                                  Product # V700400
1                   Applied BioSystems Annual Bioassurance Voyager De Pro &                        Product # ANN-1-MLD
                    Accessories

1                   Appropriate Technical Resources, Inc. AMGU002/6 Sixfors                        Item # FAMGU002
                    base with 6 units, 3 pumps each 115V                                           Serial # S-000107412
1                   Appropriate Technical Resources, Inc. 22714 Sixfors                            Product # F22174
                    EPROM 1200RPM used w/ AMPU003/004
1                   Appropriate Technical Resources, Inc. ASZS001                                  Item # FASZS001
                    Complete Service Set
2                   Appropriate Technical Resources, Inc. 21707 Holder for 3                       Item # F21707
                    vessels
6                   Appropriate Technical Resources, Inc. AMKU Sixfors Flat                        Item # FAMKU002
                    Bottom Vessel, 700/500mi, standard
6                   Appropriate Technical Resources, Inc. AMRU004 Sixfors                          Item # FAMRU004
                    Stirrer Shaft, 700/500 ml high torque flat/round bottom
12                  Appropriate Technical Resources, Inc. 18276 Impeller,                          Item # F18276
                    Flat blade Rushton, Odeg
6                   Appropriate Technical Resources, Inc. 21720 Tube Sparer                        Item # F21720
                    500ml 90deg

6                   Appropriate Technical Resources, Inc. ASME088 pH                               Item # FASME088
                    electrode 200mm 700/500ml vessels
6                   Appropriate Technical Resources, Inc. ASME085 pO2                              Item # FAME085
                    electrode 220mm 700/500ml vessels
12                  Appropriate Technical Resources, Inc. 21500 Adapter,                           Item # F21500
                    Clamping for electrode's (pH & 02)
6                   Appropriate Technical Resources, Inc. 22776 Clamping                           Item # F22776
                    device, 6mm 10mm port (18735)

<PAGE>

Quantity            Equipment                                                                      Serial Numbers

6                   Appropriate Technical Resources, Inc. Harvest pipe,                            Item # F20200
                    6mmx255mm Height adjust, 10nun port
6                   Appropriate Technical Resources, Inc. ASZZ016 Sixfors                          Item # FASZZ016
                    exhaust gas Cooler for 12mm port, eccentric
1                   Appropriate Technical Resources, Inc. AP804 IRIS NT 4.0                        Item # FAP804
                    Software for 6 units
1                   Appropriate Technical Resources, Inc. ASZZ025 Interface                        Item # FASZZ025
                    Cable Serial

1                   Thermo Finnigan LCQ DECAXP MAS ESI SRVYR                                       Serial # LDM 10709
1                   Thermo Finnigan ESI PROBE
1                   Thermo Finnigan METABOLITE ID
1                   Thermo Finnigan EXCHANGE SRVEYOR
1                   Thermo Finnigan ESSESTIAL CONTRACT LCQ DECA
1                   Thermo Finnigan ESSENTIAL CONTRACT SURVEYOR
1                   Thermo Finnigan FREIGHT - FOB ORIGIN
</TABLE>

Equipment listed below is to be purchased but not currently invoiced

Varian Pilot Scale Chromatography System

<PAGE>

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

UCC FINANCING STATEMENT

FOLLOW INSTRUCTIONS (front and back) CAREFULLY
-------------------------------------------------------
A. NAME & PHONE OF CONTACT AT FILER [optional]

-------------------------------------------------------
-------------------------------------------------------
B. SEND ACKNOWLEDGMENT TO: (Name and Address)

           Merchants & Southern Bank
           P O Box 5278
           Gainesville, FL   32627-5278

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

THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

<TABLE>
<CAPTION>
<S>                                      <C>                <C>                               <C>                      <C>
1. DEBTOR'S EXACT FULL LEGAL NAME - insert only one debtor name (1 a or 1 b) -
do not abbreviate or combine names

     ------------------------------------------------------------------------------------------------------------------------------
     1a   ORGANIZATION'S NAME
     Oragenics, Inc

OR

     ------------------------------------------------------------------------------------------------------------------------------
     1b  INDIVIDUAL'S LAST NAME                             FIRST NAME                         MIDDLE NAME                SUFFIX

-----------------------------------------------------------------------------------------------------------------------------------
Ic   MAILING ADDRESS                                        CITY                               STATE  POSTAL CODE         COUNTRY
13700 Progress Boulevard                                    Alachua                            FL     32615               USA
-----------------------------------------------------------------------------------------------------------------------------------
1d. SEE INSTRUCTIONS   ADD'L INFO RE      1 1e, TYPE OF     1f. JURISDICTION OF ORGANIZATION   1g. ORGANIZATIONAL ID #, if any
                       ORGANIZATION                         FL
                       ORGANIZATION
                       DEBTOR                  |                                               |X| NONE
                       Corporation

-----------------------------------------------------------------------------------------------------------------------------------
 2. ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME - insert only one debtor name (2a or 2b) - do not abbreviate or combine names
-----------------------------------------------------------------------------------------------------------------------------------
     2a   ORGANIZATION'S NAME

OR

     ------------------------------------------------------------------------------------------------------------------------------
     2b, INDIVIDUAL'S LAST NAME                             FIRST NAME                         MIDDLE NAME                SUFFIX

-----------------------------------------------------------------------------------------------------------------------------------
2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY

-----------------------------------------------------------------------------------------------------------------------------------
2d. SEE INSTRUCTIONS   ADD'L INFO RE    1 2e. TYPE OF       2f, JURISDICTION OF ORGANIZATION   2g. ORGANIZATIONAL 10 #, II any
                       ORGANIZATION ORGANIZATION
                       DEBTOR                |
                                                                                               NONE
-----------------------------------------------------------------------------------------------------------------------------------
 3. SECURED PARTY'S NAME (or NAME of TOTAL ASSIGNEE of ASSIGNOR S/P) - insert only one secured party name (3a or 3b)

     ------------------------------------------------------------------------------------------------------------------------------
     3a. ORGANIZATION'S NAME Merchants & Southern Bank

OR

     ------------------------------------------------------------------------------------------------------------------------------
     3b, INDIVIDUAL'S LAST NAME                             FIRST NAME                         MIDDLE NAME                 SUFFIX

-----------------------------------------------------------------------------------------------------------------------------------
3c   MAILING ADDRESS                                        CITY                               STATE   POSTAL CODE         COUNTRY
3631 N Main Street                                          Gainesville                        FL      32609               USA

-----------------------------------------------------------------------------------------------------------------------------------
 4. This FINANCING STATEMENT covers the following collateral:
</TABLE>

  All furniture, fixtures and equipment now owned to include items noted on
  Exhibit "A". In addition a purchase money security interest is given in items
  listed in Exhibit "B": whether any of the foregoing is owned now or acquired
  later; all accessions, additions, replacements, and substitutions relating to
  any of the foregoing: all records of any kind relating to any of the
  foregoing; all proceeds relating to any of the foregoing (including insurance,
  genera! intangibles and accounts proceeds).

                               [GRAPHIC OMITTED]<TABLE>
<CAPTION>
                                                       PROMISSORY NOTE
----------------------------------------------------------------------------------------------------------------------------------
       Principal           Loan Date          Maturity     Loan No     Call/Coll         Account         Officer       Initials
      $615,191.55          02-24-2005        03-24-2008   200505006      .4A0                             JKLElN
----------------------------------------------------------------------------------------------------------------------------------
<S>                         <S>              <C>         <C>            <C>              <C>             <C>           <C>
References in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular
loan or item. Any item above containing "***" has been omitted due to text length limitations.
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
<S>                                              <C>
  Borrower: Oragenics, Inc {TIN:   59-3410522]   Lender: Merchants & Southern Bank
            13700 Progress Boulevard                     Commercial Loans
            Alachua, FL  32615                           3631 N Main Street
                                                         Gainesville, FL  32609
</TABLE>

    Principal Amount: $615,191.55 Date of Note: February 24, 2005 PROMISE TO
    PAY. Oragenics, Inc ("Borrower") promises to pay to Merchants & Southern
    Bank ("Lender"), or order, in lawful money of the United States of America,
    the principal amount of Six Hundred Fifteen Thousand One Hundred Ninety-one
    & 55/100 Dollars ($615,191.55), together with interest on the unpaid
    principal balance from February 24, 2005. until paid in full. The interest
    rate will not increase above 17,750%.

    PAYMENT. Subject to any payment changes resulting from changes in the Index,
    Borrower will pay this loan in accordance with the following payment
    schedule: one interest payment on March 24, 2005, with interest calculated
    on the unpaid principal balances at an interest rate based on the Prime rate
    as published in the Wall Street Journal (currently 5.500%), plus a margin of
    1.000 percentage points, resulting in an initial interest rate of 6.500%; 35
    monthly consecutive principal and interest payments in the initial amount of
    $18,883.89 each, beginning April 24, 2005, with interest calculated on the
    unpaid principal balances at an interest rate based on the Prime rate as
    published in the Wail Street Journal (currently 5.500%), plus a margin of
    1.000 percentage points, resulting in an initial interest rate of 6.500%;
    and one principal and interest payment of $18,883.85 on March 24, 2008, with
    interest calculated on the unpaid principal balances at an interest rate
    based on the Prime rate as published in the Wall Street Journal (currently
    5.500%), plus a margin of 1.000 percentage points, resulting in an initial
    interest rate of 6.500%. This estimated final payment is based on the
    assumption that all payments will be made exactly as scheduled and that the
    Index does not change; the actual final payment will be for all principal
    and accrued interest not yet paid, together with any other unpaid amounts
    under this Note. Unless otherwise agreed or required by applicable law,
    payments will be applied first to any accrued unpaid interest; then to
    principal; then to any unpaid collection costs; and then to any late
    charges. The annual interest rate for this Note is computed on a 365/360
    basis; that is, by applying the ratio of the annual interest rate over a
    year of 360 days, multiplied by the outstanding principal balance,
    multiplied by the actual number of days the principal balance is
    outstanding. Borrower will pay Lender at Lender's address shown above or at
    such other place as Lender may designate in writing.

    VARIABLE INTEREST RATE. The interest rate on this Note is subject to change
    from time to time based on changes in an independent index which is the
    Prime rate as published in the Wall Street Journal line "Index"}. The Index
    is not necessarily the lowest rate charged by Lender on its loans, if the
    Index becomes unavailable during the term of this loan. Lender may designate
    a substitute index after notice to Borrower. Lender will tell Borrower the
    current Index rate upon Borrower's request. The interest rate change will
    not occur more often than each day. Borrower understands that Lender may
    make loans based on other rates as well. The Index currently is 5.500% per
    annum. The interest rate or rates to be applied to the unpaid principal
    balance of this Note will be the rate or rates set forth herein in the
    "Payment" section. Notwithstanding any other provision of this Note, after
    the first payment stream, the interest rate for each subsequent payment
    stream will be effective as of the last payment date of the just-ending
    payment stream. Notwithstanding the foregoing, the variable interest rate or
    rates provided for in this Note will be subject to the following minimum and
    maximum rates. NOTICE: Under no circumstances will the effective rate of
    interest on this Note be less than 5.750% per annum or more than (except for
    any higher default rate shown below) the lesser of 17.750% per annum or the
    maximum rate allowed by applicable law. Whenever increases occur in the
    interest rate. Lender, at its option, may do one or more of the following:
    (A) increase Borrower's payments to ensure Borrower's loan will pay off by
    its original final maturity dote, (8) increase Borrower's payments to cover
    accruing interest, (C) increase the number of Borrower's payments, and (D)
    continue Borrower's payments at the same amount and increase Borrower's
    final payment.

   PREPAYMENT. Borrower may pay without penalty all or a portion of the amount
   owed earlier than it is due. Early payments will not, unless agreed to by
   Lender in writing, relieve Borrower of Borrower's obligation to continue to
   make payments under the payment schedule. Rather, early payments will reduce
   the principal balance due and may result in Borrower's making fewer payments.
   Borrower agrees not to send Lender payments marked "paid in full", "without
   recourse", or similar language. If Borrower sends such a payment, Lender may
   accept it without losing any of Lender's rights under this Note, and Borrower
   will remain obligated to pay any further amount owed to Lender. All written
   communications concerning disputed amounts, including any check or other
   payment instrument that indicates that the payment constitutes "payment in
   full" of the amount owed or that is tendered with other conditions or
   limitations or as full satisfaction of a disputed amount must be mailed or
   delivered to; Merchants & Southern Bank, P 0 Box 5278 Gainesville, FL
   32627-5278,

   LATE CHARGE, If a payment is 10 days or more late. Borrower will be charged
   5.000% of the unpaid portion of the regularly scheduled payment or $2.00,
   whichever is greater.

   INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final
   maturity, Lender, at its option, may, if permitted under applicable law,
   increase the variable interest rate on this Note to 18.000% per annum, if and
   to the extent that the increase does not cause the interest rate to exceed
   the maximum rate permitted by applicable law.

   DEFAULT. Each of the following shall constitute an event of default ("Event
   of Default") under this Note:

        Payment Default. Borrower fails to make any payment when due under this
        Note.

        Other Defaults. Borrower fails to comply with or to perform any other
        term, obligation, covenant or condition contained in this Note or in any
        of the related documents or to comply with or to perform any term,
        obligation, covenant or condition contained in any other agreement
        between Lender and Borrower.

        False Statements. Any warranty, representation or statement made or
        furnished to Lender by Borrower or on Borrower's behalf under this Note
        or the related documents is false or misleading in any material respect,
        either now or at the time made or furnished or becomes false or
        misleading at any time thereafter.

        Insolvency. The dissolution or termination of Borrower's existence as a
        going business, the insolvency of Borrower, the appointment of a
        receiver for any part of Borrower's property, any assignment for the
        benefit of creditors, any type of creditor workout, or the commencement
        of any proceeding under any bankruptcy or insolvency laws by or against
        Borrower.

        Creditor or Forfeiture Proceedings. Commencement of foreclosure or
        forfeiture proceedings, whether by judicial proceeding, self-help,
        repossession or any other method, by any creditor of Borrower or by any
        governmental agency against any collateral securing the loan. This
        includes a garnishment of any of Borrower's accounts, including deposit
        accounts, with Lender. However, this Event of Default shall not apply if
        there is a good faith dispute by Borrower as to the validity or
        reasonableness of the claim which is the basis of the creditor or
        forfeiture proceeding and if Borrower gives Lender written notice of the
        creditor or forfeiture proceeding and deposits with Lender monies or a
        surety bond for the creditor or forfeiture proceeding, in an amount
        determined by Lender, in its sole discretion, as being an adequate
        reserve or bond for the dispute.

        Events Affecting Guarantor. Any of the preceding events occurs with
        respect to any guarantor, endorser, surety, or accommodation party at
        any of the indebtedness or any guarantor, endorser, surety, or
        accommodation party dies or becomes incompetent, or revokes or disputes
        the validity of, or liability under, any guaranty of the indebtedness
        evidenced by this Note, in the event of a death. Lender, at its option,
        may, but shall not be required to, permit the guarantor's estate to
        assume unconditionally the obligations arising under the guaranty in a
        manner satisfactory to Lender, and, in doing so, cure any Event of
        Default.

        Change In Ownership. Any change in ownership of twenty-five percent
        (25%) or more of the common stock of Borrower.

        Adverse Change. A material adverse change occurs in Borrower's financial
        condition, or Lender believes the prospect of payment or performance of
        this Note is impaired.

        Insecurity. Lender in good faith believes itself insecure.

        Cure Provisions. If any default, other than a default in payment is
        curable and if Borrower has not been given a notice of a breach of the
        same provision of this Note within the preceding twelve (12) months, it
        may be cured If Borrower, after receiving written notice from Lender
        demanding cure of such default; (1) cures the default within fifteen
        (I5) days; or (2) if the cure requires more than fifteen (15) days,
        immediately initiates steps which Lender deems in Lender's sole
        discretion to be sufficient to cure the default and thereafter continues
        and completes all reasonable and necessary steps sufficient to produce
        compliance as soon as reasonably practical.

   LENDER'S RIGHTS. Upon default. Lender may declare the entire unpaid principal
   balance on this Note and all accrued unpaid interest immediately due, and
   then Borrower will pay that amount.

   ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone else to help
   collect this Note if Borrower does not pay. Borrower will pay

<PAGE>

                                 PROMISSORY NOTE

Loan No: 200505006                  (Continued)                          Page 2
-------------------------------------------------------------------------------

Lender the amount of these costs and expenses, which includes, subject to any
limits under applicable law, Lender's reasonable attorneys' fees and Lender's
legal expenses whether or not there is a lawsuit, including reasonable
attorneys' fees and legal expenses for bankruptcy proceedings (including efforts
to modify or vacate any automatic stay or injunction!, and appeals. If not
prohibited by applicable law. Borrower also will pay any court costs, in
addition to all other sums provided by law.

JURY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any
action, proceeding, or counterclaim brought by either Lender or Borrower against
the other. (Initial Here ________ )

GOVERNING LAW. This Note will be governed by federal law applicable to Lender
and, to the extent not preempted by federal law, the laws of the State of
Florida without regard to its conflicts of law provisions. This Note has been
accepted by Lender in the State of Florida.

CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to
submit to the jurisdiction of the courts of Alachua County, State of Florida.

DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $31.00 if Borrower
makes a payment on Borrower's loan and the check or preauthorized charge with
which Borrower pays is later dishonored.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Borrower's accounts with Lender (whether checking,
savings, or some other account!. This includes all accounts Borrower holds
jointly with someone else and ail accounts Borrower may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
indebtedness against any and all such accounts, and, at Lender's option, to
administratively freeze ail such accounts to allow Lender to protect Lender's
charge and setoff rights provided in this paragraph.

COLLATERAL. Borrower acknowledges this Note is secured by All furniture,
fixtures and equipment as more fully described in a Commercial Security
Agreement of even date herewith.

DISHONORED ITEM FEE. The dishonored item fee listed above is subject to change
from time to time. Please refer to our Miscellaneous Service Charges Brochure
for the most current fee.

______ (INITIALS) DEMAND PROVISION. If the Replacement Therapy A2JM Phase I
Clinical study is terminated due to an adverse event, the borrower agrees to
repay the loan within 30 days of the termination.

FINANCIAL REPORTS:. Borrower shall provide Lender with annual Tax Returns and
Financial Statements as soon as they become available, but in no event later
than 120 days after the end of each fiscal year.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and
upon Borrower's heirs, personal representatives, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.

GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will
not affect the rest of the Note. Borrower does not agree or intend to pay, and
Lender does not agree or intend to contract for, charge, collect, take, reserve
or receive (collectively referred to herein as "charge or collect"), any amount
in the nature of interest or in the nature of a fee for this loan, which would t
0 0 in any way or event (including demand, prepayment, or acceleration) cause
Lender to charge or collect more for this loan than the maximum Lender would be
permitted to charge or collect by federal law or the law of the State of Florida
(as applicable). Any such excess interest or unauthorized fee shall, instead of
anything stated to the contrary, be applied first to reduce the principal
balance of this loan, and when the principal has been paid in full, be refunded
to Borrower. Lender may delay or forgo enforcing any of its rights or remedies
under this Note without losing them. Borrower and any other person who signs,
guarantees or endorses this Note, to the extent allowed by law, waive
presentment, demand for payment, and notice of dishonor. Upon any change in the
terms of this Note, and unless otherwise expressly stated in writing, no party
who signs this Note, whether as maker, guarantor, accommodation maker or
endorser, shall be released from liability. All such parties agree that Lender
may renew or extend (repeatedly and for any length of time) this loan or release
any party or guarantor or collateral; or impair, fail to realize upon or perfect
Lender's security interest in the collateral; and take any other action deemed
necessary by Lender without the consent of or notice to anyone. All such parties
also agree that Lender may modify this loan without the consent of or notice to
anyone other than the party with whom the modification is made. The obligations
under this Note are joint and several.

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO
THE TERMS OF THE NOTE.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

BORROWER:

ORAGENICS, INC

<TABLE>
<CAPTION>
<S>                                                   <C>
By: /s/ Mento Soponis                                 By: /s/ Paul A. Hassie
    ------------------------------------------            ---------------------------------------------------------
    Mento Soponis, President of Oragenics, Inc            Paul A. Hassie, Chief Financial Officer of Oragenics, Inc
</TABLE>

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