Document:

NEITHER  THIS  WARRANT NOR THE SECURITIES INTO WHICH THIS WARRANT IS EXERCISABLE
HAVE  BEEN  REGISTERED  WITH  THE  SECURITIES  AND  EXCHANGE  COMMISSION  OR THE
SECURITIES  COMMISSION  OF  ANY  STATE  IN  RELIANCE  UPON  AN  EXEMPTION  FROM
REGISTRATION  UNDER  THE  SECURITIES  ACT  OF  1933, AS AMENDED (THE "SECURITIES
ACT"),  AND,  ACCORDINGLY,  MAY  NOT  BE  OFFERED  OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE  REGISTRATION  STATEMENT  UNDER  THE  SECURITIES ACT OR PURSUANT TO AN
AVAILABLE  EXEMPTION  FROM  THE  REGISTRATION  REQUIREMENTS  THEREUNDER  AND  IN
COMPLIANCE  WITH  APPLICABLE  STATE  SECURITIES  OR  BLUE  SKY  LAWS.

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

                                DERMISONICS, INC.

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

                          COMMON STOCK PURCHASE WARRANT

Dated:  January 17, 2005

     DERMISONICS,  INC.,  a corporation organized and existing under the laws of
the  State of Nevada (the "Company"), hereby certifies that, for value received,
GEORG  HOCHWIMMER or his registered assigns (the "Holder"), is entitled, subject
to  the  terms  set  forth  below, to purchase from the Company up to a total of
225,000  shares of Common Stock, $0.01 par value per share (the "Common Stock"),
of  the  Company  (each  such  share, a "Warrant Share" and all such shares, the
"Warrant  Shares")  at  an  exercise  price  equal  to  $1.33  per Warrant Share
(hereinafter  this common stock purchase warrant is referred to as the "Warrant"
or  the  "Warrants").  The  Warrants shall vest and be exercisable in accordance
with  the  following  schedule:  75,000 Warrants shall vest on June 30, 2005, an
additional  75,000  Warrants shall vest on September 30, 2005, and the remaining
75,000 Warrants shall vest on January 31, 2006 (the "Vesting Schedule"), and may
be  exercised  after  the  Warrants vest through and including December 31, 2007
(the  "Expiration  Date").  This  Warrant is subject to the following additional
terms  and  conditions:

     1.     Registration  of  Warrant;  Registration of Transfers and Exchanges.
            -------------------------------------------------------------------

          (a)     The  Company  shall  register this Warrant, upon records to be
maintained by the Company for that purpose (the "Warrant Register"), in the name
of  the  record Holder hereof from time to time.  The Company may deem and treat
the  registered  Holder  of  this  Warrant  as the absolute owner hereof for the
purpose  of  any  exercise hereof or any distribution to the Holder, and for all
other purposes, and the Company shall not be affected by notice to the contrary.

<PAGE>
          (b)     The Company shall register the transfer of any portion of this
Warrant  in  the Warrant Register, upon surrender of this Warrant, with the Form
of  Assignment  attached hereto duly completed and signed, to the Company at its
address  for  notice specified in Section 10 along with an opinion of counsel to
the  Holder  reasonably acceptable to the Company that such transfer may be made
without  compliance  with  Federal  and  state  securities  laws.  Upon any such
registration  or  transfer,  a  new  warrant  to  purchase  Common  Stock,  in
substantially  the form of this Warrant (any such new warrant, a "New Warrant"),
evidencing  the  portion  of  this Warrant so transferred shall be issued to the
transferee  and  a  New Warrant evidencing the remaining portion of this Warrant
not  so  transferred,  if  any, shall be issued to the transferring Holder.  The
acceptance  of  the  New  Warrant  by the transferee thereof shall be deemed the
acceptance  of  such transferee of all of the rights and obligations of a holder
of  a  Warrant.

          (c)     This Warrant is exchangeable, upon the surrender hereof by the
Holder  to  the  office  of  the  Company at its address for notice specified in
Section  10  for one or more New Warrants, evidencing in the aggregate the right
to  purchase the number of Warrant Shares which may then be purchased hereunder.
Any  such  New  Warrant  will  be  dated  the  date  of  such  exchange.

     2.     Duration, Exercise and Redemption of Warrants.
            ---------------------------------------------

          (a)     This  Warrant shall be exercisable by the registered Holder on
any business day before 5:00 P.M., New York City time, at any time and from time
to time on or after the date hereof, in accordance with the Vesting Schedule, to
and  including  the  Expiration  Date.  At  5:00 P.M., New York City time on the
Expiration  Date,  the portion of this Warrant not exercised prior thereto shall
be  and  become  void  and of no value.  This Warrant shall be redeemable by the
Company  as  provided  in  Section  4,  below.

          (b)     Subject  to  Sections  1(c)  and  5,  upon  surrender  of this
Warrant,  with  the  Form of Election to Purchase attached hereto duly completed
and signed, to the Company at its address for notice set forth in Section 10 and
upon  payment  of  the Exercise Price multiplied by the number of Warrant Shares
that  the  Holder  intends  to purchase hereunder, in lawful money of the United
States of America, in cash or by certified or official bank check or checks, all
as  specified  by  the  Holder  in the Form of Election to Purchase, the Company
shall promptly (but in no event later than three business days after the Date of
Exercise  (as  defined  herein))  issue  or  cause  to be issued and cause to be
delivered  to  or upon the written order of the Holder and in such name or names
as  the Holder may designate, a certificate for the Warrant Shares issuable upon
such exercise.  Any person so designated by the Holder to receive Warrant Shares
shall  be  deemed to have become a holder of record of such Warrant Shares as of
the

<PAGE>
Date  of Exercise of this Warrant.  A "Date of Exercise" means the date on which
the  Company  shall  have  received  (i)  this  Warrant  (or any New Warrant, as
applicable),  with the Form of Election to Purchase attached hereto (or attached
to  such  New Warrant) appropriately completed and duly signed, and (ii) payment
of  the  Exercise  Price  for  the  number of Warrant Shares so indicated by the
holder  hereof  to  be  purchased.

          (c)     This  Warrant shall be exercisable, either in its entirety or,
from  time to time, for a portion of the number of Warrant Shares.  If less than
all  of  the  Warrant  Shares  which  may  be  purchased  under this Warrant are
exercised  at  any  time,  the Company shall issue or cause to be issued, at its
expense,  a New Warrant evidencing the right to purchase the remaining number of
Warrant Shares for which no exercise has been evidenced by this Warrant.

     3.     Redemption  of Warrant.  The Warrants may be redeemed by the Company
            ----------------------
at  any  time  on  30  day's  written  notice  to the Holder at the last address
therefor  as  it  shall appear upon the Warrant Register at a price of $0.01 per
Warrant  commencing  immediately  after  the Registration Date provided that the
average  closing  bid  price  per  share of Common Stock for the 30 trading days
ending  five  days prior to the date of the redemption notice of the Warrants is
at  least  $4.00  per  share.

     4.     Payment  of Taxes.  The Company will pay all documentary stamp taxes
            -----------------
attributable  to  the  issuance  of  Warrant  Shares  upon  the exercise of this
Warrant;  provided,  however,  that the Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the registration
of  any certificates for Warrant Shares or Warrants in a name other than that of
the Holder, and the Company shall not be required to issue or cause to be issued
or  deliver  or cause to be delivered the certificates for Warrant Shares unless
or  until  the person or persons requesting the issuance thereof shall have paid
to  the  Company  the  amount  of  such  tax  or  shall  have established to the
satisfaction  of  the  Company that such tax has been paid.  The Holder shall be
responsible for all other tax liability that may arise as a result of holding or
transferring  this  Warrant  or  receiving  Warrant Shares upon exercise hereof.

     5.     Replacement  of Warrant.  If this Warrant is mutilated, lost, stolen
            -----------------------
or  destroyed,  the  Company  shall  issue or cause to be issued in exchange and
substitution  for  and  upon cancellation hereof, or in lieu of and substitution
for  this  Warrant,  a New Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and indemnity, if
reasonably  satisfactory  to  it.  Applicants  for  a  New  Warrant  under  such
circumstances  shall  also  comply  with  such  other reasonable regulations and
procedures  and  pay such other reasonable charges as the Company may prescribe.

     6.     Reservation  of  Warrant Shares.  The Company covenants that it will
            -------------------------------
at  all  times reserve and keep available out of the aggregate of its authorized
but  unissued

<PAGE>
Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon
exercise  of this Warrant as herein provided, the number of Warrant Shares which
are then issuable and deliverable upon the exercise of this entire Warrant, free
from preemptive rights or any other actual contingent purchase rights of persons
other  than the Holders (taking into account the adjustments and restrictions of
Section  7).  The  Company  covenants  that  all Warrant Shares that shall be so
issuable  and deliverable shall, upon issuance and the payment of the applicable
Exercise  Price  in  accordance  with  the  terms  hereof,  be  duly and validly
authorized,  issued  and  fully  paid  and  nonassessable.

     7.     Certain  Adjustments.  The  Exercise  Price  and  number  of Warrant
            --------------------
Shares  issuable  upon  exercise  of this Warrant are subject to adjustment from
time  to  time as set forth in this Section 7.  Upon each such adjustment of the
Exercise  Price pursuant to this Section 7, the Holder shall thereafter prior to
the  Expiration  Date  be  entitled to purchase, at the Exercise Price resulting
from  such  adjustment, the number of Warrant Shares obtained by multiplying the
Exercise  Price  in effect immediately prior to such adjustment by the number of
Warrant  Shares issuable upon exercise of this Warrant immediately prior to such
adjustment and dividing the product thereof by the Exercise Price resulting from
such  adjustment.

          (a)     If the Company, at any time while this Warrant is outstanding,
(i) shall pay a stock dividend or otherwise make a distribution or distributions
on  shares  of  its  Common  Stock  (as  defined below) or on any other class of
capital stock (and not the Common Stock) payable in shares of Common Stock, (ii)
subdivide  outstanding shares of Common Stock into a larger number of shares, or
(iii)  combine  outstanding  shares  of  Common  Stock  into a smaller number of
shares,  the  Exercise  Price  shall  be  multiplied  by a fraction of which the
numerator  shall  be  the  number  of shares of Common Stock (excluding treasury
shares, if any) outstanding before such event and of which the denominator shall
be  the  number  of  shares  of Common Stock (excluding treasury shares, if any)
outstanding  after  such  event.  Any  adjustment  made pursuant to this Section
shall  become  effective immediately after the record date for the determination
of  stockholders  entitled  to  receive  such dividend or distribution and shall
become  effective  immediately  after  the  effective  date  in  the  case  of a
subdivision  or  combination,  and  shall  apply  to successive subdivisions and
combinations.

          (b)     In  case  of  any  reclassification  of  the Common Stock, any
consolidation  or merger of the Company with or into another person, the sale or
transfer  of  all or substantially all of the assets of the Company in which the
consideration  therefor  is  equity  or  equity  equivalent  securities  or  any
compulsory  share  exchange pursuant to which the Common Stock is converted into
other securities or property, then the Holder shall have the right thereafter to
exercise  this  Warrant  only  into the shares of stock and other securities and
property  receivable  upon  or  deemed  to  be  held  by holders of Common Stock
following  such  reclassification,  consolidation,

<PAGE>
merger,  sale, transfer or share exchange, and the Holder shall be entitled upon
such  event  to  receive  such amount of securities or property of the Company's
business  combination  partner equal to the amount of Warrant Shares such Holder
would  have  been entitled to had such Holder exercised this Warrant immediately
prior  to  such reclassification, consolidation, merger, sale, transfer or share
exchange.  The  terms of any such consolidation, merger, sale, transfer or share
exchange  shall  include  such terms so as to continue to give to the Holder the
right  to receive the securities or property set forth in this Section 7(b) upon
any  exercise  following any such reclassification, consolidation, merger, sale,
transfer  or  share  exchange.

          (c)     If the Company, at any time while this Warrant is outstanding,
shall  distribute  to  all  holders  of Common Stock (and not to holders of this
Warrant)  evidences  of  its  indebtedness  or  assets  or rights or warrants to
subscribe  for or purchase any security (excluding those referred to in Sections
7(a),  (b)  and  (d)),  then  in  each  such  case  the  Exercise Price shall be
determined  by multiplying the Exercise Price in effect immediately prior to the
record  date  fixed  for  determination of stockholders entitled to receive such
distribution  by a fraction of which the denominator shall be the Exercise Price
determined  as  of  the  record date mentioned above, and of which the numerator
shall be such Exercise Price on such record date less the then fair market value
at such record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one outstanding share of Common Stock as determined by
a  nationally  recognized  or  major regional investment banking firm or firm of
independent  certified  public accountants of recognized standing (which, in all
events,  may be the firm that regularly examines the financial statements of the
Company)  (an  "Appraiser")  mutually selected in good faith by the holders of a
majority  in  interest  of  the  Warrants then outstanding and the Company.  Any
determination  made  by  the  Appraiser  shall  be  final.

          (d)     If, at any time while this Warrant is outstanding, the Company
shall  issue  or  cause  to be issued rights or warrants to acquire or otherwise
sell  or  distribute shares of Common Stock to all holders of Common Stock for a
consideration  per  share  less  than  the  Exercise Price then in effect, then,
forthwith  upon  such  issue or sale, the Exercise Price shall be reduced to the
price  (calculated  to  the  nearest  cent) determined by dividing (i) an amount
equal  to  the  sum  of  (A)  the  number  of shares of Common Stock outstanding
immediately  prior  to  such issue or sale multiplied by the Exercise Price, and
(B)  the  consideration, if any, received or receivable by the Company upon such
issue  or  sale  by  (ii) the total number of shares of Common Stock outstanding
immediately  after  such  issue  or  sale.

          (e)     For  the  purposes  of  this  Section 7, the following clauses
shall  also  be  applicable:

<PAGE>
               (i)     Record  Date.  In case the Company shall take a record of
                       ------------
the  holders  of  its  Common  Stock for the purpose of entitling the holders of
Common  Stock  (A) to receive a dividend or other distribution payable in Common
Stock  or in securities convertible or exchangeable into shares of Common Stock,
or  (B)  to  subscribe for or purchase Common Stock or securities convertible or
exchangeable  into shares of Common Stock, then such record date shall be deemed
to be the date of the issue or sale of the shares of Common Stock deemed to have
been  issued or sold upon the declaration of such dividend or the making of such
other  distribution or the date of the granting of such right of subscription or
purchase,  as  the  case  may  be.

               (ii)     Treasury  Shares.  The  number of shares of Common Stock
                        ----------------
outstanding  at  any given time shall not include shares owned or held by or for
the  account  of  the  Company,  and the disposition of any such shares shall be
considered an issue or sale of Common Stock.

          (f)     All  calculations  under  this  Section 7 shall be made to the
nearest cent or the nearest 1/100th of a share, as the case may be.

          (g)    If:

                (i) the  Company  shall  declare  a  dividend  (or  any  other
                    distribution)  on  its  Common  Stock;  or

               (ii) the  Company  shall  declare  a  special  nonrecurring  cash
                    dividend  on  or  a  redemption  of  its  Common  Stock;  or

              (iii) the Company shall authorize the granting to all  holders  of
                    the  Common  Stock  rights  or  warrants to subscribe for or
                    purchase  any shares of capital stock of any class or of any
                    rights;  or

               (iv) the  approval  of  any  stockholders of the Company shall be
                    required  in  connection  with  any  reclassification of the
                    Common  Stock of the Company, any consolidation or merger to
                    which the Company is a party, any sale or transfer of all or
                    substantially  all  of  the  assets  of  the Company, or any
                    compulsory  share  exchange  whereby  the  Common  Stock  is
                    converted  into  other  securities,  cash  or  property;  or

                (v) the  Company  shall  authorize  the  voluntary  dissolution,
                    liquidation  or  winding  up  of the affairs of the Company;

<PAGE>
then the Company shall cause to be mailed to each Holder at their last addresses
as  they shall appear upon the Warrant Register, at least 30 calendar days prior
to  the  applicable  record  or  effective  date hereinafter specified, a notice
stating  (x)  the  date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to
be  taken,  the  date  as  of  which the holders of Common Stock of record to be
entitled  to such dividend, distributions, redemption, rights or warrants are to
be  determined  or  (y)  the date on which such reclassification, consolidation,
merger,  sale,  transfer  or  share  exchange is expected to become effective or
close,  and  the date as of which it is expected that holders of Common Stock of
record  shall  be  entitled  to  exchange  their  shares  of  Common  Stock  for
securities,  cash  or  other  property  deliverable  upon such reclassification,
consolidation,  merger, sale, transfer, share exchange, dissolution, liquidation
or  winding  up;  provided, however, that the failure to mail such notice or any
                  --------  -------
defect  therein  or  in the mailing thereof shall not affect the validity of the
corporate  action  required  to  be  specified  in  such  notice.

     8.     Payment  of Exercise Price.  The Holder may exercise this Warrant by
            --------------------------
tendering  to  the Company cash or certified or official bank check or checks in
an  amount  calculated by multiplying the Exercise Price per share by the number
of  Warrant  Shares  the  Holder  desires  to  purchase.

     9.     Fractional  Shares.  The  Company  shall not be required to issue or
            ------------------
cause  to  be  issued fractional Warrant Shares on the exercise of this Warrant.
The  number  of full Warrant Shares which shall be issuable upon the exercise of
this  Warrant  shall be computed on the basis of the aggregate number of Warrant
Shares purchasable on exercise of this Warrant so presented.  If any fraction of
a  Warrant Share would, except for the provisions of this Section 9, be issuable
on  the  exercise  of this Warrant, the Company shall, at its option, (i) pay an
amount  in  cash equal to the Exercise Price multiplied by such fraction or (ii)
round  the  number  of  Warrant  Shares  issuable,  up to the next whole number.

     10.     Notices.  Any and all notices or other communications or deliveries
             -------
hereunder  shall  be  in  writing and shall be deemed given and effective on the
earliest  of  (i)  the  date of transmission, if such notice or communication is
delivered  via  facsimile  at  the  facsimile telephone number specified in this
Section,  (ii)  the  business  day  following  the  date  of mailing, if sent by
internationally  recognized  overnight  courier  service,  or  (iii) upon actual
receipt by the party to whom such notice is required to be given.  The addresses
for  such  communications  shall  be:

          If to the Company:  DERMISONICS, INC.
                              c/o Bruce H. Haglund
                              2 Park Plaza, Suite 450
                              Irvine, California  92164
                              Facsimile Number: (949) 733-1188

<PAGE>
          If to the Holder:   GEORG HOCHWIMMER

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

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

                              ----------------------------
                              Facsimile Number:
                                               -----------

Either party may change the address and facsimile number to which notices are to
be  sent by delivering notice to the other party in accordance with this Section
10.

     11.     Warrant  Agent.
             --------------

          (a)     The  Company  shall serve as warrant agent under this Warrant.
Upon 30 days' notice to the Holder, the Company may appoint a new warrant agent.

          (b)     Any  corporation  into  which  the  Company or any new warrant
agent may be merged or any corporation resulting from any consolidation to which
the  Company  or  any  new  warrant agent shall be a party or any corporation to
which  the  Company  or any new warrant agent transfers substantially all of its
corporate  trust  or shareholders services business shall be a successor warrant
agent  under  this  Warrant without any further act.  Any such successor warrant
agent  shall  promptly  cause  notice  of  its succession as warrant agent to be
mailed (by first class mail, postage prepaid) to the Holder at the Holder's last
address  as  shown  on  the  Warrant  Register.

     12.     Miscellaneous.
             -------------

          (a)     This  Warrant  shall be binding on and inure to the benefit of
the  parties hereto and their respective successors and permitted assigns.  This
Warrant  may  be  amended  only in writing signed by the Company and the Holder.

          (b)     Subject to Section 12(a), above, nothing in this Warrant shall
be construed to give to any person or corporation other than the Company and the
Holder  any  legal  or equitable right, remedy or cause under this Warrant; this
Warrant  shall  be  for  the  sole  and exclusive benefit of the Company and the
Holder.

          (c)     This  Warrant  shall be governed by and construed and enforced
in  accordance  with  the internal laws of the State of Nevada without regard to
the  principles  of  conflicts  of  law  thereof.

          (d)     The  headings  herein  are  for  convenience  only,  do  not
constitute a part of this Warrant and shall not be deemed to limit or affect any
of  the  provisions  hereof.

<PAGE>
          (e)     In  case  any  one  or  more of the provisions of this Warrant
shall  be  invalid  or  unenforceable  in  any  respect,  the  validity  and
enforceability  of  the remaining terms and provisions of this Warrant shall not
in  any way be affected or impaired thereby and the parties will attempt in good
faith  to  agree  upon  a  valid  and  enforceable  provision  which  shall be a
commercially  reasonable  substitute  therefor,  and  upon  so  agreeing,  shall
incorporate  such  substitute  provision  in  this  Warrant.

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

                             DERMISONICS, INC.

                             By:
                                  ---------------------------------
                                  Bruce H. Haglund, Chairman

<PAGE>
                          FORM OF ELECTION TO PURCHASE

         (To be executed by the Holder to exercise the right to purchase
               shares of Common Stock under the foregoing Warrant)

To:  DERMISONICS,  INC.:

     In  accordance  with  the  Warrant  enclosed  with this Form of Election to
Purchase,  the  undersigned  hereby  irrevocably  elects to purchase ___________
shares  of  Common  Stock  ("Common  Stock"),  $0.01  par  value  per  share, of
DERMISONICS,  INC.  and  encloses  herewith  $________  in  cash or certified or
official bank check or checks, which sum represents the aggregate Exercise Price
(as  defined  in  the Warrant) for the number of shares of Common Stock to which
this  Form  of  Election to Purchase relates, together with any applicable taxes
payable  by  the  undersigned  pursuant  to  the  Warrant.

     The  undersigned  requests that certificates for the shares of Common Stock
issuable  upon  this  exercise  be  issued  in  the  name  of

Print name and address:
                                -------------------------------------

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

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

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

Print social security or
tax identification number:
                                -------------------------------------

     If  the  number of shares of Common Stock issuable upon this exercise shall
not  be  all  of the shares of Common Stock which the undersigned is entitled to
purchase  in accordance with the enclosed Warrant, the undersigned requests that
a  New  Warrant (as defined in the Warrant) evidencing the right to purchase the
shares of Common Stock not issuable pursuant to the exercise evidenced hereby be
issued  in  the  name  of  and  delivered  to:

Print name and address:
                                -------------------------------------

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

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

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

<PAGE>
Dated:                          Name of Holder:
       -------                                     -----------------------------

                                Signature:
                                                   -----------------------------

                                By (if entity):
                                                   -----------------------------

                                Name (if entity):
                                                   -----------------------------

                                Title (if entity):
                                                   -----------------------------

                                (Signature  must conform in all respects to name
                                of holder  as  specified  on  the  face  of  the
                                Warrant)

<PAGE>
           [To be completed and signed only upon transfer of Warrant]

     FOR  VALUE  RECEIVED,  the  undersigned hereby sells, assigns and transfers
unto ___________________________________________________________________________
the  right  represented  by  the  within  Warrant  to  purchase ________________
shares  of Common Stock of DERMISONICS, INC. to which the within Warrant relates
and  appoints the Secretary of DERMISONICS, INC. attorney to transfer said right
on  the  books  of  DERMISONICS,  INC.  with  full  power of substitution in the
premises.

Dated:                          Name of Holder:
       -------                                     -----------------------------

                                Signature:
                                                   -----------------------------

                                By (if entity):
                                                   -----------------------------

                                Name (if entity):
                                                   -----------------------------

                                Title (if entity):
                                                   -----------------------------

                                (Signature  must conform in all respects to name
                                of holder  as  specified  on  the  face  of  the
                                Warrant)

Name and Address of Transferee:
                                       -----------------------------------

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

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

In the presence of:

-----------------------------SECURED
      PROMISSORY NOTE

    

    
      	
              $150,000.00

            	
              Santa
                Monica, California

            
	 	
              January
                11, 2006

            

    

    

    

    FOR
      VALUE
      RECEIVED, Patient Safety Technologies, Inc. (the “Maker”), a Delaware
      corporation with an office located at 100 Wilshire Boulevard, Suite 1750, Santa
      Monica, California 90401, hereby promises to pay to the order of Ault Glazer
      Bodnar Acquisition Fund LLC (the “Payee”), a Delaware limited liability company,
      the principal sum of one hundred fifty thousand dollars ($150,000.00) plus
      any
      accrued interest thereon in lawful money of the United States on March 11,
      2006
      (the “Maturity Date”).

    

    Maker
      further promises to pay interest on the unpaid principal balance hereof at
      the
      rate of seven percent (7%) per annum, such interest to be paid on the Maturity
      Date. Interest shall commence accruing on the issue date and shall be calculated
      on the basis of a 365-day year and actual days elapsed. In no event shall the
      interest charged hereunder exceed the maximum permitted under the laws of the
      State of California.
      At the
      option of Maker, payments of principal and interest hereunder may be made in
      lawful money of the United States of America or, in whole or in part, of
      like-kind exchange including without limitation shares of any securities owned
      by the Maker (“Common Stock”), which shall be valued at the closing price of the
      Common Stock on the day before the Maturity Date obtained from the respective
      exchange.

    

    This
      Note
      may be prepaid in whole or in part at any time without the consent of the Maker
      provided that Payee shall pay Maker an amount in cash equal to the principal
      amount of this Note plus all accrued interest on the principal. 

    

    The
      entire unpaid principal balance of this Note and interest accrued with respect
      thereto shall be immediately due and payable upon the occurrence of any of
      the
      following (each, an “Event of Default”):

    

    a.
       The
      Maker
      filing for relief under any bankruptcy law;

     

    b. The
      filing of a lien, the issuance of a levy or execution, or the seizure,
      attachment or garnishment, or the entry of judgment on or against Maker or
      any
      of Maker’s property which shall not be released, satisfied of record or bonded
      within twenty (20) days thereafter, except liens which exist as the date hereof
      or liens to which the Payee shall consent; 

     

    c. The
      Maker
      creates, incurs, assumes or suffers to exist any liability for borrowed money,
      except borrowings in existence or committed on the date hereof and indebtedness
      to trade creditors or financial institutions incurred in the ordinary course
      of
      business; or

    

    d. The
      Maker
      has failed to pay the principal and any accrued and unpaid interest on the
      Maturity Date.

    

    The
      obligations under this Note shall be secured by certain collateral of Maker
      in
      accordance with the terms of a Security Agreement entered into on the date
      hereof. 

     

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    

    All
      rights and remedies available to the Payee pursuant to the provisions of
      applicable law and otherwise are cumulative, not exclusive and enforceable
      alternatively, successively and/or concurrently after default by Maker pursuant
      to the provisions of this Note.

    

    The
      Maker
      waives demand, presentment, protest and notice of any kind and consents to
      the
      extension of time of payments, the release, surrender or substitution of any
      and
      all security or guarantees for the obligations evidenced hereby or other
      indulgence with respect to this Note, all without notice.

    

    This
      Note
      may not be changed, modified or terminated orally, but only by an agreement
      in
      writing, signed by the party to be charged. The Maker hereby authorizes the
      Payee to complete this Note and any particulars relating thereto according
      to
      the terms of the indebtedness evidenced hereby.

    

    In
      the
      event of any litigation with respect to the obligations evidenced by this Note,
      the Maker waives the right to a trial by jury and all rights of set-off and
      rights to interpose permissive counterclaims and cross-claims. This Note shall
      be governed by and construed in accordance with the laws of the State of
      California and shall be binding upon the successors, assigns, heirs,
      administrators and executors of the Maker and inure to the benefit of the Payee,
      his successors, endorsees, assigns, heirs, administrators and
      executors.

    

    The
      Maker
      hereby irrevocably consents to the jurisdiction of the state and federal courts
      in Los Angeles County, California in connection with any action or proceeding
      arising out of or relating to this Note. If any term or provision of this Note
      shall be held invalid, illegal or unenforceable, the validity of all other
      terms
      and provisions hereof shall in no way be affected thereby.

     

    
      	 	 	 
	 	PATIENT
              SAFETY
              TECHNOLOGIES, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              Louis Glazer, M.D., Ph.D
	 	Title:
              Chief Executive Officer and Chairman

    
      
         

      

      
        -2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00096-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00096-of-00352.parquet"}]]