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                                                                  EXHIBIT 10.105

NEITHER THIS WARRANT NOR ISSUANCE OF THE SECURITIES ISSUABLE UPON THE EXERCISE
HEREOF TO THE HOLDER HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
QUALIFIED OR REGISTERED UNDER STATE SECURITIES OR BLUE SKY LAWS. NEITHER THIS
WARRANT NOR SUCH SECURITIES MAY BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN
COMPLIANCE WITH THE SECURITIES ACT OF 1933, APPLICABLE STATE SECURITIES OR BLUE
SKY LAWS AND THE APPLICABLE RULES AND REGULATIONS THEREUNDER.

THIS WARRANT MAY NOT BE TRANSFERRED EXCEPT AS PROVIDED IN SECTION 25.

No. W-2004-__                                      Right to Purchase __________
                                                   Shares of Common Stock of
                                                   Viragen, Inc.

                                  VIRAGEN, INC.

                          COMMON STOCK PURCHASE WARRANT

            VIRAGEN, INC., a Delaware corporation, hereby certifies that, for
value received, __________________________________, or registered assigns (the
"Holder"), is entitled, subject to the terms set forth below, to purchase from
the Company at any time or from time to time before 5:00 p.m., New York City
time, on the Expiration Date (such capitalized term and all other capitalized
terms used herein having the respective meanings provided herein), __________
fully paid and nonassessable shares of Common Stock at a purchase price per
share equal to the Purchase Price. The number of such shares of Common Stock and
the Purchase Price are subject to adjustment as provided in this Warrant.

            1. DEFINITIONS.

            (a) As used in this Warrant, the term "Holder" shall have the
meaning assigned to such term in the first paragraph of this Warrant.

            (b) All the agreements or instruments herein defined shall mean such
agreements or instruments as the same may from time to time be supplemented or
amended or the terms thereof waived or modified to the extent permitted by, and
in accordance with, the terms thereof and of this Warrant.
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            (c) The following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the
terms defined):

            "Affiliate" means, with respect to any Person, any other Person that
      directly, or indirectly through one or more intermediaries, controls, is
      controlled by or is under common control with the subject Person. For
      purposes of this definition, "control" (including, with correlative
      meaning, the terms "controlled by" and "under common control with"), as
      used with respect to any Person, shall mean the possession, directly or
      indirectly, of the power to direct or cause the direction of the
      management and policies of such Person, whether through the ownership of
      voting securities or by contract or otherwise.

            "Aggregate Purchase Price" means at any time an amount equal to the
      product obtained by multiplying (x) the Purchase Price times (y) the
      number of shares of Common Stock for which this Warrant may be exercised
      at such time.

            "Aggregation Parties" shall have the meaning provided in Section
      2(c).

            "AMEX" means the American Stock Exchange, Inc.

            "Board of Directors" means the Board of Directors of the Company.

            "Business Day" means any day other than a Saturday, Sunday or other
      day on which commercial banks in The City of New York are authorized or
      required by law or executive order to remain closed.

            "Common Stock" includes the Company's Common Stock, par value $.01
      per share, (and any purchase rights issued with respect to the Common
      Stock in the future) as authorized on the date hereof, and any other
      securities into which or for which the Common Stock (and any such rights
      issued with respect to the Common Stock) may be converted or exchanged
      pursuant to a plan of recapitalization, reorganization, merger, sale of
      assets or otherwise and any stock (other than Common Stock) and other
      securities of the Company or any other Person which the Holder at any time
      shall be entitled to receive, or shall have received, on the exercise of
      this Warrant, in lieu of or in addition to Common Stock.

            "Common Stock Equivalents" means any warrant, option, subscription
      or purchase right with respect to shares of Common Stock, any security
      convertible into, exchangeable

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      for, or otherwise entitling the holder thereof to acquire, shares of
      Common Stock or any warrant, option, subscription or purchase right with
      respect to any such convertible, exchangeable or other security.

            "Company" shall include Viragen, Inc., a Delaware corporation, and
      any corporation that shall succeed to or assume the obligations of
      Viragen, Inc. hereunder in accordance with the terms hereof.

            "Current Fair Market Value" means when used with respect to the
      Common Stock as of a specified date with respect to each share of Common
      Stock, the average of the closing prices of the Common Stock sold on all
      securities exchanges (including the AMEX, the Nasdaq and the Nasdaq
      SmallCap) on which the Common Stock may at the time be listed, or, if
      there have been no sales on any such exchange on such day, the average of
      the highest bid and lowest asked prices on all such exchanges at the end
      of such day, or, if on such day the Common Stock is not so listed, the
      average of the representative bid and asked prices quoted in the Nasdaq
      System as of 4:00 p.m., New York City time, or, if on such day the Common
      Stock is not quoted in the Nasdaq System, the average of the highest bid
      and lowest asked price on such day in the domestic over-the-counter market
      as reported by the National Quotation Bureau, Incorporated, or any similar
      successor organization, in each such case averaged over a period of five
      Trading Days consisting of the day as of which the Current Fair Market
      Value of Common Stock is being determined (or if such day is not a Trading
      Day, the Trading Day next preceding such day) and the four consecutive
      Trading Days prior to such day. If on the date for which Current Fair
      Market Value is to be determined the Common Stock is not listed on any
      securities exchange or quoted in the Nasdaq System or the over-the-counter
      market, the Current Fair Market Value of Common Stock shall be the highest
      price per share which the Company could then obtain from a willing buyer
      (not an employee or director of the Company at the time of determination)
      in an arms'-length transaction for shares of Common Stock sold by the
      Company, from authorized but unissued shares, as determined in good faith
      by the Board of Directors.

            "Current Market Price" shall mean the arithmetic average of the
      daily Market Prices per share of Common Stock for the five consecutive
      Trading Days immediately prior to the date in question; provided, however,
      that (1) if the "ex" date (as hereinafter defined) for any event (other
      than the issuance or distribution requiring such computation) that
      requires an adjustment to the Purchase Price pursuant

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      to Sections 4, 5, 6, 7 or 8 occurs during such ten consecutive Trading
      Days, the Market Price for each Trading Day prior to the "ex" date for
      such other event shall be adjusted by multiplying such Market Price by the
      same fraction by which the Purchase Price is so required to be adjusted as
      a result of such other event, (2) if the "ex" date for any event (other
      than the issuance or distribution requiring such computation) that
      requires an adjustment to the Purchase Price pursuant to Sections 4, 5, 6,
      7 or 8 occurs on or after the "ex" date for the issuance or distribution
      requiring such computation and prior to the day in question, the Market
      Price for each Trading Day on and after the "ex" date for such other event
      shall be adjusted by multiplying such Market Price by the reciprocal of
      the fraction by which the Purchase Price is so required to be adjusted as
      a result of such other event, and (3) if the "ex" date for the issuance or
      distribution requiring such computation is prior to the day in question,
      after taking into account any adjustment required pursuant to clause (1)
      or (2) of this proviso, the Market Price for each Trading Day on or after
      such "ex" date shall be adjusted by adding thereto the amount of any cash
      and the fair market value (as determined in good faith by the Board of
      Directors) of the evidences of indebtedness, shares of capital stock or
      assets being distributed applicable to one share of Common Stock as of the
      close of business on the day before such "ex" date. For purposes of this
      paragraph, the term "ex" date, (1) when used with respect to any issuance
      or distribution, means the first date on which the Common Stock trades,
      regular way, on the relevant exchange or in the relevant market from which
      the Market Price was obtained without the right to receive such issuance
      or distribution, and (2) when used with respect to any subdivision or
      combination of shares of Common Stock, means the first date on which the
      Common Stock trades, regular way, on such exchange or in such market after
      the time at which such subdivision or combination becomes effective.
      Notwithstanding the foregoing, whenever successive adjustments to the
      Purchase Price are called for pursuant to Sections 4, 5, 6, 7 or 8, such
      adjustments shall be made to the Current Market Price as may be necessary
      or appropriate to effectuate the intent of Sections 4, 5, 6, 7 and 8 and
      to avoid unjust or inequitable results as determined in good faith by the
      Board of Directors.

            "Escrow Funding Date" shall have the meaning provided in the
      Purchase Agreement.

            "Excluded Shares" shall have the meaning provided in Section 2(c).

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            "Expiration Date" means June 18, 2007.

            "Issuance Date" means the date of original issuance of this Warrant
      or its predecessor instrument.

            "Market Price" means with respect to any security on any day the
      closing bid price of such security on such day on the Nasdaq or the NYSE
      or the AMEX, as applicable, or, if such security is not listed or admitted
      to trading on the Nasdaq, the NYSE or the AMEX, on the principal national
      securities exchange or quotation system on which such security is quoted
      or listed or admitted to trading, in any such case as reported by
      Bloomberg, L.P. or, if not quoted or listed or admitted to trading on any
      national securities exchange or quotation system, the average of the
      closing bid and asked prices of such security on the over-the-counter
      market on the day in question, as reported by the National Quotation
      Bureau Incorporated, or a similar generally accepted reporting service, or
      if not so available, in such manner as furnished by any New York Stock
      Exchange member firm selected from time to time by the Board of Directors
      for that purpose, or a price determined in good faith by the Board of
      Directors.

            "Nasdaq" means the Nasdaq National Market.

            "Nasdaq SmallCap" means the Nasdaq SmallCap Market.

            "1934 Act" means the Securities Exchange Act of 1934, as amended.

            "1933 Act" means the Securities Act of 1933, as amended.

            "Note" means any of the 7% Convertible Notes due 2006 issued by the
      Company pursuant to the Purchase Agreement and the Other Purchase
      Agreements.

            "NYSE" means the New York Stock Exchange, Inc.

            "Other Purchase Agreements" means the several Purchase Agreements,
      dated as of the date of the Purchase Agreement, by and between the Company
      and the several buyers named therein.

            "Other Securities" means any stock (other than Common Stock) and
      other securities of the Company or any other Person which the Holder at
      any time shall be entitled to receive, or shall have received, on the
      exercise of this Warrant, in lieu of or in addition to Common Stock, or
      which

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      at any time shall be issuable or shall have been issued in exchange for or
      in replacement of Common Stock or Other Securities pursuant to Section 5.

            "Other Warrants" shall mean the Common Stock Purchase Warrants
      (other than this Warrant) issued or issuable pursuant to the Other
      Purchase Agreements and the Common Stock Purchase Warrants issued or
      issuable pursuant to the Notes.

            "Person" means an individual, corporation, partnership, limited
      liability company, trust, business trust, association, joint stock
      company, joint venture, pool, syndicate, sole proprietorship,
      unincorporated organization, governmental authority or any other form of
      entity not specifically listed herein.

            "Purchase Agreement" means the Purchase Agreement, dated as of April
      1, 2004, by and between the Company and the original Holder of this
      Warrant.

            "Purchase Price" means $2.40 (which gives effect to the reverse
      stock split approved by the Company's stockholders on June 11, 2004 but
      not any adjustment provided in Section 9), subject to adjustment as
      provided in this Warrant.

            "QIB" means a "qualified institutional buyer" as defined in Rule
      144A.

            "Registration Rights Agreement" means the Registration Rights
      Agreement, dated as of June 18, 2004, by and between the Company and the
      original Holder of this Warrant.

            "Registration Statement" shall have the meaning provided in the
      Registration Rights Agreement.

            "Reorganization Event" means the occurrence of any one or more of
      the following events:

                  (i) any consolidation, merger or similar transaction of the
            Company or any Subsidiary with or into another entity (other than a
            merger or consolidation or similar transaction of a Subsidiary into
            the Company or a wholly-owned Subsidiary); or the sale or transfer
            of all or substantially all of the assets of the Company and the
            Subsidiaries in a single transaction or a series of related
            transactions; or

                  (ii) the occurrence of any transaction or event in connection
            with which all or substantially all the

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            Common Stock shall be exchanged for, converted into, acquired for or
            constitute the right to receive securities of any other Person
            (whether by means of a Tender Offer, liquidation, consolidation,
            merger, share exchange, combination, reclassification,
            recapitalization, or otherwise); or

                  (iii) the acquisition by a Person or group of Persons acting
            in concert as a partnership, limited partnership, syndicate or
            group, as a result of a tender or exchange offer, open market
            purchases, privately negotiated purchases or otherwise, of
            beneficial ownership of securities of the Company representing 50%
            or more of the combined voting power of the outstanding voting
            securities of the Company ordinarily (and apart from rights accruing
            in special circumstances) having the right to vote in the election
            of directors.

            "Restricted Ownership Percentage" shall have the meaning provided in
      Section 2(c).

            "Restricted Securities" means securities that are not eligible for
      resale pursuant to Rule 144(k) under the 1933 Act (or any successor
      provision).

            "Reverse Stock Split" shall have the meaning provided in the
      Purchase Agreement.

            "Rule 144A" means Rule 144A as promulgated under the 1933 Act.

            "SEC" means the Securities and Exchange Commission.

            "SEC Filings" shall have the meaning provided in the Purchase
      Agreement.

            "Subsidiary" means any corporation or other entity of which a
      majority of the capital stock or other ownership interests having ordinary
      voting power to elect a majority of the board of directors or other
      Persons performing similar functions are at the time directly or
      indirectly owned by the Company.

            "Tender Offer" means a tender offer, exchange offer or other offer
      by the Company to repurchase outstanding shares of its capital stock.

            "Trading Day" means a day on whichever of the national securities
      exchange, the Nasdaq or the Nasdaq SmallCap which

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      then constitutes the principal securities market for the Common Stock is
      open for general trading.

            2. EXERCISE OF WARRANT.

            (a) EXERCISE. This Warrant may be exercised by the Holder in whole
at any time or in part from time to time on or before the Expiration Date by (x)
surrendering this Warrant to the Company, (y) giving a subscription form in the
form of EXHIBIT 1 to this Warrant (duly executed by the Holder) to the Company,
and (z) making payment, in cash or by certified or official bank check payable
to the order of the Company, or by wire transfer of funds to the account of the
Company, in any such case, in the amount obtained by multiplying (a) the number
of shares of Common Stock designated by the Holder in the subscription form by
(b) the Purchase Price then in effect. On any partial exercise the Company will
forthwith issue and deliver to or upon the order of the Holder a new Warrant or
Warrants of like tenor, in the name of the Holder or as the Holder (upon payment
by the Holder of any applicable transfer taxes) may request, providing in the
aggregate on the face or faces thereof for the purchase of the number of shares
of Common Stock for which such Warrant or Warrants may still be exercised. The
subscription form may be surrendered by telephone line facsimile transmission to
such telephone number for the Company as shall have been specified in writing to
the Holder by the Company; provided, however, that if the subscription form is
given to the Company by telephone line facsimile transmission the Holder shall
send an original of such subscription form to the Company within ten Business
Days after such subscription form is so given to the Company; provided further,
however, that any failure or delay on the part of the Holder in giving such
original of any subscription form shall not affect the validity or the date on
which such subscription form is so given by telephone line facsimile
transmission.

            (b) NET EXERCISE. Notwithstanding anything to the contrary contained
in Section 2(a), the Holder may elect to exercise this Warrant, in whole at any
time or in part from time to time, by receiving shares of Common Stock equal to
the net issuance value (as determined below) of this Warrant, or any part
hereof, upon surrender of the subscription form annexed hereto (duly executed by
the Holder) to the Company (followed by surrender of this Warrant to the Company
within three Trading Days after surrender of such subscription form), in which
event the Company shall issue to the Holder a number of shares of Common Stock
computed using the following formula:

                                    X = Y x (A - B)
                                        -----------
                                          A

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where,

            X =   the number of shares of Common Stock to be issued to the
                  Holder

            Y =   the number of shares of Common Stock as to which this Warrant
                  is to be exercised

            A =   the Current Fair Market Value of one share of Common Stock
                  calculated as of the last Trading Day immediately preceding
                  the exercise of this Warrant

            B =   the Purchase Price

            (c) 9.9% LIMITATION.

            (1) Notwithstanding anything to the contrary contained herein, the
number of shares of Common Stock that may be acquired by the Holder upon
exercise pursuant to the terms hereof at any time shall not exceed a number
that, when added to the total number of shares of Common Stock deemed
beneficially owned by the Holder (other than by virtue of the ownership of
securities or rights to acquire securities that have limitations on the Holder's
right to convert, exercise or purchase similar to the limitation set forth
herein (the "Excluded Shares"), together with all shares of Common Stock deemed
beneficially owned at such time (other than by virtue of the ownership of the
Excluded Shares) by Persons whose beneficial ownership of Common Stock would be
aggregated with the beneficial ownership by the Holder for purposes of
determining whether a group exists or for purposes of determining the Holder's
beneficial ownership (the "Aggregation Parties"), in either such case for
purposes of Section 13(d) of the 1934 Act and Regulation 13D-G thereunder
(including, without limitation, as the same is made applicable to Section 16 of
the 1934 Act and the rules promulgated thereunder), would result in beneficial
ownership by the Holder or such group of more than 9.9% of the shares of Common
Stock for purposes of Section 13(d) or Section 16 of the 1934 Act and the rules
promulgated thereunder (as the same may be modified by the Holder as provided
herein, the "Restricted Ownership Percentage"). The Holder shall have the right
at any time and from time to time to reduce its Restricted Ownership Percentage
immediately upon notice to the Company in the event and only to the extent that
Section 16 of the 1934 Act or the rules promulgated thereunder (or any successor
statute or rules) is changed to reduce the beneficial ownership percentage
threshold thereunder to a percentage less than 9.9%. If at any time the limits
in this Section 2(c) make this Warrant unexercisable in whole or in part, the
Company shall not by reason thereof be relieved of its

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obligation to issue shares of Common Stock at any time or from time to time
thereafter but prior to the Expiration Date upon exercise of this Warrant as and
when shares of Common Stock may be issued in compliance with such restrictions.

            (2) For purposes of this Section 2(c), in determining the number of
outstanding shares of Common Stock at any time the Holder may rely on the number
of outstanding shares of Common Stock as reflected in (1) the Company's then
most recent Form 10-Q, Form 10-K or other public filing with the SEC, as the
case may be, (2) a public announcement by the Company that is later than any
such filing referred to in the preceding clause (1) or (3) any other notice by
the Company or its transfer agent setting forth the number shares of Common
Stock outstanding and knowledge the Holder may have about the number of shares
of Common Stock issued upon conversion or exercise of Common Stock Equivalents
by any Person, including the Holder, which are not reflected in the preceding
clauses (1) through (3). Upon the written request of the Holder, the Company
shall within three Business Days confirm in writing to the Holder the number of
shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion
or exercise of Common Stock Equivalents, including the Notes and the Warrants,
by the Holder or its Affiliates, in each such case subsequent to, the date as of
which such number of outstanding shares of Common Stock was reported.

            3. DELIVERY OF STOCK CERTIFICATES, ETC., ON EXERCISE. (a) As soon as
practicable after the exercise of this Warrant and in any event within five
Trading Days thereafter, upon the terms and subject to the conditions of this
Warrant, the Company at its expense (including the payment by it of any
applicable issue or stamp taxes) will cause to be issued in the name of and
delivered to the Holder, or as the Holder (upon payment by the Holder of any
applicable transfer taxes) may direct, a certificate or certificates for the
number of fully paid and nonassessable shares of Common Stock (or Other
Securities) to which the Holder shall be entitled on such exercise, in such
denominations as may be requested by the Holder, which certificate or
certificates shall be free of restrictive and trading legends (except to the
extent permitted under Section 6.12 of the Purchase Agreement), plus, in lieu of
any fractional share to which the Holder would otherwise be entitled, cash equal
to such fraction multiplied by the then Current Fair Market Value of one full
share of Common Stock, together with any other stock or Other Securities or any
property (including cash, where applicable) to which the Holder is entitled upon
such exercise pursuant to Section 2 or otherwise. In lieu of delivering physical
certificates for the shares of Common Stock or (Other Securities) issuable upon
any exercise of this Warrant, provided the Company's transfer agent

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is participating in the Depository Trust Company ("DTC") Fast Automated
Securities Transfer ("FAST") program, upon request of the Holder, the Company
shall use commercially reasonable efforts to cause its transfer agent
electronically to transmit such shares of Common Stock (or Other Securities)
issuable upon conversion to the Holder (or its designee), by crediting the
account of the Holder's (or such designee's) broker with DTC through its Deposit
Withdrawal Agent Commission system (provided that the same time periods herein
as for stock certificates shall apply). The Company shall pay any taxes and
other governmental charges that may be imposed under the laws of the United
States of America or any political subdivision or taxing authority thereof or
therein in respect of the issue or delivery of shares of Common Stock (or Other
Securities) or payment of cash upon exercise of this Warrant (other than income
taxes imposed on the Holder). The Company shall not be required, however, to pay
any tax or other charge imposed in connection with any transfer involved in the
issue of any certificate for shares of Common Stock (or Other Securities)
issuable upon exercise of this Warrant or payment of cash to any Person other
than the Holder, and in case of such transfer or payment the Company shall not
be required to deliver any certificate for shares of Common Stock (or Other
Securities) upon such exercise or pay any cash until such tax or charge has been
paid or it has been established to the Company's reasonable satisfaction that no
such tax or charge is due. If the Company fails to deliver or cause to be
delivered to the Holder such shares of Common Stock (or Other Securities)
pursuant to this Section 3(a) (free of any restrictions on transfer or legends
except to the extent permitted under Section 6.12 of the Purchase Agreement) in
accordance herewith, within five Trading Days after a particular exercise of
this Warrant, then, in addition to any other liability the Company may have, the
Company shall pay to the Holder, in cash, an amount, computed at the rate of 2%
per month of the Current Fair Market Value of the shares of Common Stock (or
Other Securities) not timely delivered by the Company, for the period such
failure continues (the "Exercise Delay Payments"), with each change in the
Current Fair Market Value during such period being given effect. Upon exercise
of this Warrant as provided herein, the Company's obligation to issue and
deliver the certificates for Common Stock shall be absolute and unconditional,
irrespective of the absence of any action by the Holder to enforce the same, any
waiver or consent with respect to any provision hereof, the recovery of any
judgment against any Person or any action to enforce the same, any failure or
delay in the enforcement of any other obligation of the Company to the Holder,
or any setoff, counterclaim, recoupment, limitation or termination, or any
breach or alleged breach by the Holder or any other Person of any obligation to
the Company or any violation or alleged violation of law by the Holder or any
other Person, and irrespective of any other

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circumstance which might otherwise limit such obligation of the Company to the
Holder in connection with such exercise.

            (b) If in any case the Company shall fail to issue and deliver or
cause to be delivered the shares of Common Stock to the Holder within five
Trading Days of a particular exercise of this Warrant, in addition to any other
liabilities the Company may have hereunder and under applicable law, (A) the
Company shall pay or reimburse the Holder on demand for all out-of-pocket
expenses, including, without limitation, reasonable fees and expenses of legal
counsel, incurred by the Holder as a result of such failure; (B) if as a result
of such failure the Holder shall suffer any direct damages or liabilities from
such failure (including, without limitation, margin interest and the cost of
purchasing securities to cover a sale (whether by the Holder or the Holder's
securities broker) or borrowing of shares of Common Stock by the Holder for
purposes of settling any trade involving a sale of shares of Common Stock made
by the Holder during the period beginning on the Issuance Date and ending on the
date the Company delivers or causes to be delivered to the Holder such shares of
Common Stock), then, in addition to any amounts payable pursuant to Section
3(a), the Company shall upon demand of the Holder pay to the Holder an amount
equal to the actual, direct, demonstrable out-of-pocket damages and liabilities
suffered by the Holder by reason thereof which the Holder documents to the
reasonable satisfaction of the Company, and (C) the Holder may by written notice
(which may be given by mail, courier, personal service or telephone line
facsimile transmission) or oral notice (promptly confirmed in writing), given at
any time prior to delivery to the Holder of the shares of Common Stock issuable
in connection with such exercise of the Holder's right, rescind such exercise
and the subscription form relating thereto, in which case the Holder shall
thereafter be entitled to exercise that portion of this Warrant as to which such
exercise is so rescinded and to exercise its other rights and remedies with
respect to such failure by the Company. Notwithstanding the foregoing the
Company shall not be liable to the Holder under clauses (A) or (B) of the
immediately preceding sentence to the extent the failure of the Company to
deliver or to cause to be delivered such shares of Common Stock results from
fire, flood, storm, earthquake, shipwreck, strike, war, acts of terrorism, crash
involving facilities of a common carrier, acts of God, or any similar event
outside the control of the Company (it being understood that the action or
failure to act of the Company's Transfer Agent shall not be deemed an event
outside the control of the Company except to the extent resulting from fire,
flood, storm, earthquake, shipwreck, strike, war, acts of terrorism, crash
involving facilities of a common carrier, acts of God, or any similar event
outside the control of such Transfer Agent or the bankruptcy, liquidation or
reorganization of such Transfer

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<PAGE>
Agent under any bankruptcy, insolvency or other similar law). The Holder shall
notify the Company in writing (or by telephone conversation, confirmed in
writing) as promptly as practicable following the third Trading Day after the
Holder exercises this Warrant if the Holder becomes aware that such shares of
Common Stock so issuable have not been received as provided herein, but any
failure so to give such notice shall not affect the Holder's rights under this
Warrant or otherwise.

            4. ADJUSTMENT FOR DIVIDENDS IN OTHER STOCK, PROPERTY, ETC.;
RECLASSIFICATION, ETC. In case at any time or from time to time on or after the
Escrow Funding Date, all holders of Common Stock (or Other Securities) shall
have received, or (on or after the record date fixed for the determination of
stockholders eligible to receive) shall have become entitled to receive, without
payment therefor,

            (a) other or additional stock, rights, warrants or other securities
      or property (other than cash) by way of dividend, or

            (b) any cash (excluding cash dividends payable solely out of
      earnings or earned surplus of the Company), or

            (c) other or additional stock, rights, warrants or other securities
      or property (including cash) by way of spin-off, split-up,
      reclassification, recapitalization, combination of shares or similar
      corporate rearrangement,

other than (i) additional shares of Common Stock (or Other Securities) issued as
a stock dividend or in a stock-split (adjustments in respect of which are
provided for in Section 6) and (ii) rights or warrants to subscribe for Common
Stock at less than the Current Fair Market Value (adjustments in respect of
which are provided in Section 7), then and in each such case the Holder, on the
exercise hereof as provided in Section 2, shall be entitled to receive the
amount of stock, rights, warrants and Other Securities and property (including
cash in the cases referred to in subdivisions (b) and (c) of this Section 4)
which the Holder would hold on the date of such exercise if on the date of such
action specified in the preceding clauses (a) through (c) (or the record date
therefor) the Holder had been the holder of record of the number of shares of
Common Stock called for on the face of this Warrant and had thereafter, during
the period from the date thereof to and including the date of such exercise,
retained such shares and all such other or additional stock, rights, warrants
and Other Securities and property (including cash in the case referred to in
subdivisions (b) and (c) of this Section 4) receivable by the Holder as
aforesaid during such

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period, giving effect to all adjustments called for during such period by
Section 5.

            5. EXERCISE UPON A REORGANIZATION EVENT. In case of any
Reorganization Event the Company shall, as a condition precedent to the
consummation of the transactions constituting, or announced as, such
Reorganization Event, cause effective provisions to be made so that the Holder
shall have the right thereafter, by exercising this Warrant (in lieu of the
shares of Common Stock of the Company and Other Securities or property
purchasable and receivable upon exercise of the rights represented hereby
immediately prior to such Reorganization Event) to purchase the kind and amount
of shares of stock and Other Securities and property (including cash) receivable
upon such Reorganization Event by a holder of the number of shares of Common
Stock that might have been received upon exercise of this Warrant immediately
prior to such Reorganization Event. Any such provision shall include provisions
for adjustments in respect of such shares of stock and Other Securities and
property that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Warrant. The provisions of this Section 5 shall
apply to successive Reorganization Events.

            6. ADJUSTMENT FOR CERTAIN EXTRAORDINARY EVENTS. If on or after the
Escrow Funding Date the Company shall (i) issue additional shares of the Common
Stock as a dividend or other distribution on outstanding Common Stock, (ii)
subdivide or reclassify its outstanding shares of Common Stock, or (iii) combine
its outstanding shares of Common Stock into a smaller number of shares of Common
Stock, then, in each such event, the Purchase Price shall, simultaneously with
the happening of such event, be adjusted by multiplying the Purchase Price in
effect immediately prior to such event by a fraction, the numerator of which
shall be the number of shares of Common Stock outstanding immediately prior to
such event and the denominator of which shall be the number of shares of Common
Stock outstanding immediately after such event, and the product so obtained
shall thereafter be the Purchase Price then in effect. The Purchase Price, as so
adjusted, shall be readjusted in the same manner upon the happening of any
successive event or events described herein in this Section 6. The Holder shall
thereafter, on the exercise hereof as provided in Section 2, be entitled to
receive that number of shares of Common Stock determined by multiplying the
number of shares of Common Stock which would be issuable on such exercise
immediately prior to such issuance, subdivision or combination, as the case may
be, by a fraction of which (i) the numerator is the Purchase Price in effect
immediately prior to such issuance and (ii) the denominator is the Purchase
Price in effect on the date of such exercise.

                                      -14-
<PAGE>
            7. ISSUANCE OF RIGHTS OR WARRANTS TO COMMON STOCKHOLDERS AT LESS
THAN CURRENT FAIR MARKET VALUE. If the Company shall on or after the Escrow
Funding Date issue rights or warrants to all holders of its outstanding shares
of Common Stock entitling them to subscribe for or purchase shares of Common
Stock at a price per share less than the Current Fair Market Value on the record
date fixed for the determination of stockholders entitled to receive such rights
or warrants, then

            (a) the Purchase Price shall be adjusted so that the same shall
      equal the price determined by multiplying the Purchase Price in effect at
      the opening of business on the day after such record date by a fraction of
      which the numerator shall be the number of shares of Common Stock
      outstanding at the close of business on such record date plus the number
      of shares which the aggregate offering price of the total number of shares
      so offered would purchase at such Current Fair Market Value, and the
      denominator shall be the number of shares of Common Stock outstanding on
      the close of business on such record date plus the total number of
      additional shares of Common Stock so offered for subscription or purchase;
      and

            (b) the number of shares of Common Stock which the Holder may
      thereafter purchase upon exercise of this Warrant at the opening of
      business on the day after such record date shall be increased to a number
      equal to the quotient obtained by dividing (x) the Aggregate Purchase
      Price in effect immediately prior to such adjustment in the Purchase Price
      pursuant to clause (a) of this Section 7 by (y) the Purchase Price in
      effect immediately after such adjustment in the Purchase Price pursuant to
      clause (a) of this Section 7.

Such adjustment shall become effective immediately after the opening of business
on the day following the record date fixed for determination of stockholders
entitled to receive such rights or warrants. To the extent that shares of Common
Stock are not delivered pursuant to such rights or warrants, upon the expiration
or termination of such rights or warrants, the Purchase Price shall be
readjusted to the Purchase Price which would then be in effect had the
adjustments made upon the issuance of such rights or warrants been made on the
basis of delivery of only the number of shares

                                      -15-
<PAGE>
of Common Stock actually delivered and the number of shares of Common Stock for
which this Warrant may thereafter be exercised shall be readjusted (subject to
proportionate adjustment for any intervening exercises of this Warrant) to the
number which would then be in effect had the adjustments made upon the issuance
of such rights or warrants been made on the basis of delivery of only the number
of shares of Common Stock actually delivered. In the event that such rights or
warrants are not so issued, the Purchase Price shall again be adjusted to be the
Purchase Price which would then be in effect if such record date had not been
fixed and the number of shares of Common Stock for which this Warrant may
thereafter be exercised shall again be adjusted (subject to proportionate
adjustment for any intervening exercises of this Warrant) to be the number which
would then be in effect if such record date had not been fixed. In determining
whether any rights or warrants entitle the Holder to subscribe for or purchase
shares of Common Stock at less than such Current Fair Market Value, and in
determining the aggregate offering price of such shares of Common Stock, there
shall be taken into account any consideration received for such rights or
warrants, the value of such consideration, if other than cash, to be determined
by the Board of Directors.

            8. ADJUSTMENTS FOR CERTAIN ISSUANCES OF NEWLY ISSUED SHARES.

            (a) In case at any time on or after the Escrow Funding Date the
      Company shall issue shares of its Common Stock or Common Stock Equivalents
      (collectively, the "Newly Issued Shares"), other than an issuance pro rata
      to all holders of its outstanding Common Stock, at a price below the
      greater of (x) the Current Fair Market Value of the Common Stock at the
      time of such issuance and (y) the Purchase Price in effect immediately
      prior to such issuance, then following such issuance of Newly Issued
      Shares the Purchase Price shall be reduced as provided in Section 8(b) and
      the number of shares of Common Stock which may be issued upon exercise of
      this Warrant shall be increased as Section 8(c).

            (b) The reduction in the Purchase Price following any such
      adjustment shall be determined by multiplying the Purchase Price
      immediately prior to such adjustment by a fraction, of which the numerator
      shall be the sum of (i) the number of shares of Common Stock outstanding
      immediately prior to the issuance of the Newly Issued Shares (calculated
      on a fully-diluted basis assuming the exercise or conversion of all
      options, warrants, purchase rights or convertible securities which are
      exercisable or convertible at the time of the issuance of the Newly Issued
      Shares) plus (ii) the number of shares of Common Stock which the aggregate
      consideration, if any, received by the Company for the number of Newly
      Issued Shares would purchase at a price equal to the greater of (x) the
      Current Fair Market Value of the Common Stock at the time of such issuance
      and (y) the Purchase Price in effect immediately prior to such issuance,
      and the denominator shall be the sum of (X) the number of

                                      -16-
<PAGE>
      shares of Common Stock outstanding immediately prior to the issuance of
      the Newly Issued Shares (calculated on a fully-diluted basis assuming the
      exercise or conversion of all options, warrants, purchase rights or
      convertible securities which are exercisable or convertible at the time of
      the issuance of the Newly Issued Shares) plus (Y) the number of Newly
      Issued Shares. The adjustment provided for in this Section 8(b) may be
      expressed as the following mathematical formula:

                                    ( O +(C / MP))   x PP
                                    ---------------
               NPP                    ( O + N )
      where,

      C     =     aggregate consideration received by the Company for the Newly
                  Issued Shares

      N     =     number of Newly Issued Shares

      O     =     number of shares of Common Stock outstanding (on a fully
                  diluted basis, as described above) immediately prior to the
                  issuance of the Newly Issued Shares

      MP    =     greater of (x) Current Fair Market Value of the Common Stock
                  at the time of issuance of the Newly Issued Shares and (y)
                  Purchase Price at the time of issuance of the Newly Issued
                  Shares

      PP    =     Purchase Price immediately prior to the issuance of the Newly
                  Issued Shares

      NPP   =     Purchase Price immediately after the issuance of the Newly
                  Issued Shares

            (c) If the Purchase Price is reduced in connection with the issuance
      of Newly Issued Shares as provided in Section 8(b), then the number of
      shares of Common Stock for which this Warrant may thereafter be exercised
      shall be increased at the time of such reduction in the Purchase Price to
      a number equal to the quotient obtained by dividing (x) the Aggregate
      Purchase Price in effect immediately prior to such issuance of Newly
      Issued Shares by (y) the Purchase Price in effect immediately after such
      issuance of Newly Issued Shares after such reduction in the Purchase Price
      pursuant to Section 8(b).

            (d) Notwithstanding the foregoing, no adjustment shall be made under
      this Section 8 by reason of:

                                      -17-
<PAGE>
                  (1) the issuance by the Company of shares of Common Stock pro
            rata to all holders of the Common Stock so long as (i) any
            adjustment required by Section 6 is made and (ii) the Company shall
            have given notice thereof to the Holder pursuant to Section 15;

                  (2) the issuance by the Company of Newly Issued Shares in an
            offering for cash for the account of the Company that is
            underwritten on a firm commitment basis and is registered with the
            SEC under the 1933 Act;

                  (3) the issuance by the Company of the Notes or the Other
            Warrants or shares of Common Stock upon conversion of the Notes or
            upon exercise of this Warrant or the Other Warrants in accordance
            with the terms hereof and thereof;

                  (4) the issuance by the Company of shares of Common Stock in
            lieu of payment of cash interest on the Notes in accordance with the
            terms thereof;

                  (5) the issuance by the Company of Newly Issued Shares upon
            grant or exercise of options for employees, directors and
            consultants under the Company's 1995 Stock Option Plan and 1997
            Stock Option Plan;

                  (6) the issuance by the Company of Newly Issued Shares to the
            lessor or vendor in any equipment lease or similar equipment
            financing transaction in which the Company or any Subsidiary obtains
            the use of equipment for its business; and

                  (7) the issuance by the Company of Newly Issued Shares upon
            conversion or exercise of Common Stock Equivalents outstanding on
            the date of the Purchase Agreement and disclosed in the Purchase
            Agreement or the SEC Filings.

            9. ADJUSTMENT IN RESPECT OF REVERSE STOCK SPLIT. If the stockholder
approval of the Reverse Stock Split contemplated by Section 6.1(b) of the
Purchase Agreement is obtained and after giving effect to the adjustment
provided for in Section 6 in respect of the Reverse Stock Split, the Purchase
Price is greater than 120% of the Current Market Price for the 6th Trading Day
after the earlier of (x) the effective date of the Reverse Stock Split and (y)
the first Trading Day on which "ex" trading of the Common Stock begins in
respect of the Reverse Stock Split, the Purchase Price shall be reduced to the
greater of (A) 120% of such Current Market Price and (B) the product of $.15
times the

                                      -18-
<PAGE>
number of shares of Common Stock outstanding immediately prior to the Reverse
Stock Split as shall have, by reason of the Reverse Stock Split, become one
share of Common Stock immediately after the Reverse Stock Split times 1.2. If
the Purchase Price is reduced in connection with the Reverse Stock Split
pursuant to this Section 9, then the number of shares of Common Stock for which
this Warrant may thereafter be exercised shall be increased at the time of such
reduction in the Purchase Price to a number equal to the quotient obtained by
dividing (x) the Aggregate Purchase Price in effect immediately prior to such
reduction in the Purchase Price by (y) the Purchase Price in effect immediately
after such reduction in the Purchase Price pursuant to this Section 9.

            10. EFFECT OF RECLASSIFICATION, CONSOLIDATION, MERGER OR SALE.

            (a) If any of the following events occur, namely:

            (i) any reclassification or change of the outstanding shares of
      Common Stock (other than a change in par value, or from par value to no
      par value, or from no par value to par value, or as a result of a
      subdivision or combination),

            (ii) any consolidation, merger statutory exchange or combination of
      the Company with another corporation as a result of which holders of
      Common Stock shall be entitled to receive stock, securities or other
      property or assets (including cash) with respect to or in exchange for
      such Common Stock, or

            (iii) any sale or conveyance of the properties and assets of the
      Company as, or substantially as, an entirety to any other Person as a
      result of which holders of Common Stock shall be entitled to receive
      stock, securities or other property or assets (including cash) with
      respect to or in exchange for such Common Stock,

then the Company or the successor or purchasing Person, as the case may be,
shall execute with the Holder a written agreement providing that:

            (x) this Warrant shall thereafter entitle the Holder to purchase the
      kind and amount of shares of stock and Other Securities or property or
      assets (including cash) receivable upon such reclassification, change,
      consolidation, merger, statutory exchange, combination, sale or conveyance
      by the holder of a number of shares of Common Stock issuable upon exercise
      of this Warrant (assuming, for such purposes, a sufficient number of
      authorized shares of Common Stock available to exercise this Warrant)
      immediately prior to such reclassification, change, consolidation, merger,

                                      -19-
<PAGE>
      statutory exchange, combination, sale or conveyance assuming such holder
      of Common Stock did not exercise such holder's rights of election, if any,
      as to the kind or amount of securities, cash or other property receivable
      upon such consolidation, merger, statutory exchange, combination, sale or
      conveyance (provided that, if the kind or amount of securities, cash or
      other property receivable upon such consolidation, merger, statutory
      exchange, sale or conveyance is not the same for each share of Common
      Stock in respect of which such rights of election shall not have been
      exercised ("non-electing share"), then for the purposes of this Section 10
      the kind and amount of securities, cash or other property receivable upon
      such consolidation, merger, statutory exchange, sale or conveyance for
      each non-electing share shall be deemed to be the kind and amount so
      receivable per share by a plurality of the non-electing shares),

            (y) in the case of any such successor or purchasing Person, upon
      such consolidation, merger, statutory exchange, combination, sale or
      conveyance such successor or purchasing Person shall be jointly and
      severally liable with the Company for the performance of all of the
      Company's obligations under this Warrant, the Purchase Agreement and the
      Registration Rights Agreement and

            (z) if registration or qualification is required under the 1933 Act
      or applicable state law for the public resale by the Holder of such shares
      of stock and Other Securities so issuable upon exercise of this Warrant,
      such registration or qualification shall be completed prior to such
      reclassification, change, consolidation, merger, statutory exchange,
      combination or sale.

Such written agreement shall provide for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this
Warrant. If, in the case of any such reclassification, change, consolidation,
merger, statutory exchange, combination, sale or conveyance, the stock or other
securities or other property or assets receivable thereupon by a holder of
shares of Common Stock includes shares of stock, other securities, other
property or assets of a Person other than the Company or any such successor or
purchasing Person, as the case may be, in such reclassification, change,
consolidation, merger, statutory exchange, combination, sale or conveyance, then
such written agreement shall also be executed by such other Person and shall
contain such additional provisions to protect the interests of the Holder as the
Board of Directors shall reasonably consider necessary by reason of the
foregoing.

                                      -20-
<PAGE>
            (b) The above provisions of this Section 10 shall similarly apply to
successive reclassifications, changes, consolidations, mergers, combinations,
sales and conveyances.

            (c) If this Section 10 applies to any event or occurrence, Section 5
shall not apply.

            11. TAX ADJUSTMENTS. The Company may make such reductions in the
Purchase Price, in addition to those required by Sections 4, 5, 6, 7, 8 and 9as
the Board of Directors considers to be advisable to avoid or diminish any income
tax to holders of Common Stock or rights to purchase Common Stock resulting from
any dividend or distribution of stock (or rights to acquire stock) or from any
event treated as such for income tax purposes.

            12. MINIMUM ADJUSTMENT. (a) No adjustment in the Purchase Price (and
no related adjustment in the number of shares of Common Stock which may
thereafter be purchased upon exercise of this Warrant) shall be required unless
such adjustment would require an increase or decrease of at least 1% in the
Purchase Price; provided, however, that any adjustments which by reason of this
Section 12 are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All such calculations under this Warrant
shall be made by the Company and shall be made to the nearest cent or to the
nearest one hundredth of a share, as the case may be.

            (b) No adjustment need be made for a change in the par value of the
Common Stock or from par value to no par value or from no par value to par
value.

            13. NOTICE OF ADJUSTMENTS. Whenever the Purchase Price is adjusted
as herein provided, the Company shall promptly, but in no event later than five
Trading Days thereafter, give a notice to the Holder setting forth the Purchase
Price and number of shares of Common Stock which may be purchased upon exercise
of this Warrant after such adjustment and setting forth a brief statement of the
facts requiring such adjustment but which such statement shall not include any
information which would be material non-public information for purposes of the
1934 Act. Failure to deliver such notice shall not affect the legality or
validity of any such adjustment.

            14. FURTHER ASSURANCES. The Company will take all action that may be
necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of stock, free from all taxes, liens and
charges with respect to the issue thereof, on the exercise of all or any portion
of this Warrant from time to time outstanding.

                                      -21-
<PAGE>
            15. NOTICE TO HOLDER PRIOR TO CERTAIN ACTIONS. In case on or after
the Issuance Date:

            (a) the Company shall declare a dividend (or any other distribution)
on its Common Stock (other than in cash out of retained earnings); or

            (b) the Company shall authorize the granting to the holders of its
Common Stock of rights or warrants to subscribe for or purchase any share of any
class or any other rights or warrants; or

            (c) the Board of Directors shall authorize any reclassification of
the Common Stock (other than a subdivision or combination of its outstanding
Common Stock, or a change in par value, or from par value to no par value, or
from no par value to par value), or any consolidation or merger or other
business combination transaction to which the Company is a party and for which
approval of any stockholders of the Company is required, or the sale or transfer
of all or substantially all of the assets of the Company; or

            (d) there shall be pending the voluntary or involuntary dissolution,
liquidation or winding-up of the Company;

the Company shall give the Holder, as promptly as possible but in any event at
least ten Trading Days prior to the applicable date hereinafter specified, a
notice stating (x) the date on which a record is to be taken for the purpose of
such dividend, distribution or 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, distribution or rights are to be determined, or (y) the date
on which such reclassification, consolidation, merger, other business
combination transaction, sale, transfer, dissolution, liquidation or winding-up
is expected to become effective or occur, and the date as of which it is
expected that holders of Common Stock of record who shall be entitled to
exchange their Common Stock for securities or other property deliverable upon
such reclassification, consolidation, merger, other business combination
transaction, sale, transfer, dissolution, liquidation or winding-up shall be
determined. Such notice shall not include any information which would be
material non-public information for purposes of the 1934 Act. Failure to give
such notice, or any defect therein, shall not affect the legality or validity of
such dividend, distribution, reclassification, consolidation, merger, sale,
transfer, dissolution, liquidation or winding-up. In the case of any such action
of which the Company gives such notice to the

                                      -22-
<PAGE>
Holder or is required to give such notice to the Holder, the Holder shall be
entitled to give a subscription form to exercise this Warrant in whole or in
part that is contingent on the completion of such action.

            16. RESERVATION OF STOCK, ETC., ISSUABLE ON EXERCISE OF WARRANTS.
The Company will at all times reserve and keep available out of its authorized
but unissued shares of capital stock, solely for issuance and delivery on the
exercise of this Warrant, a sufficient number of shares of Common Stock (or
Other Securities) to effect the full exercise of this Warrant and the exercise,
conversion or exchange of all other Common Stock Equivalents from time to time
outstanding (or Other Securities), and if at any time the number of authorized
but unissued shares of Common Stock (or Other Securities) shall not be
sufficient to effect such exercise, conversion or exchange, the Company shall
take such action as may be necessary to increase its authorized but unissued
shares of Common Stock (or Other Securities) to such number as shall be
sufficient for such purposes.

            17. TRANSFER OF WARRANT. This Warrant shall inure to the benefit of
the successors to and assigns of the Holder. This Warrant and all rights
hereunder, in whole or in part, are registrable at the office or agency of the
Company referred to below by the Holder in Person or by his duly authorized
attorney, upon surrender of this Warrant properly endorsed accompanied by an
assignment form in the form attached to this Warrant, or other customary form,
duly executed by the transferring Holder.

            18. REGISTER OF WARRANTS. The Company shall maintain, at the
principal office of the Company (or such other office as it may designate by
notice to the Holder), a register in which the Company shall record the name and
address of the Person in whose name this Warrant has been issued, as well as the
name and address of each successor and prior owner of such Warrant. The Company
shall be entitled to treat the Person in whose name this Warrant is so
registered as the sole and absolute owner of this Warrant for all purposes.

            19. EXCHANGE OF WARRANT. This Warrant is exchangeable, upon the
surrender hereof by the Holder at the office or agency of the Company referred
to in Section 17, for one or more new Warrants of like tenor representing in the
aggregate the right to subscribe for and purchase the number of shares of Common
Stock which may be subscribed for and purchased hereunder, each of such new
Warrants to represent the right to subscribe for and purchase such number of
shares as shall be designated by the Holder at the time of such surrender.

                                      -23-
<PAGE>
            20. REPLACEMENT OF WARRANT. On receipt by the Company of evidence
reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of this Warrant and (a) in the case of loss, theft or
destruction, of indemnity from the Holder reasonably satisfactory in form to the
Company (and without the requirement to post any bond or other security), or (b)
in the case of mutilation, upon surrender and cancellation of this Warrant, the
Company will execute and deliver to the Holder a new Warrant of like tenor
without charge to the Holder.

            21. WARRANT AGENT. The Company may, by written notice to the Holder,
appoint the transfer agent and registrar for the Common Stock as the Company's
agent for the purpose of issuing Common Stock (or Other Securities) on the
exercise of this Warrant pursuant to Section 2, and the Company may, by written
notice to the Holder, appoint an agent having an office in the United States of
America for the purpose of exchanging this Warrant pursuant to Section 18, and
replacing this Warrant pursuant to Section 20, or any of the foregoing, and
thereafter any such exchange or replacement, as the case may be, shall be made
at such office by such agent.

            22. REMEDIES. The Company stipulates that the remedies at law of the
Holder in the event of any default or threatened default by the Company in the
performance of or compliance with any of the terms of this Warrant are not and
will not be adequate, and that such terms may be specifically enforced by a
decree for the specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or otherwise.

            23. NO RIGHTS OR LIABILITIES AS A STOCKHOLDER. This Warrant shall
not entitle the Holder to any voting rights or other rights as a stockholder of
the Company. Nothing contained in this Warrant shall be construed as conferring
upon the Holder the right to vote or to consent or to receive notice as a
stockholder of the Company on any matters or with respect to any rights
whatsoever as a stockholder of the Company. No dividends or interest shall be
payable or accrued in respect of this Warrant or the interest represented hereby
or the Common Stock (or Other Securities) purchasable hereunder until, and only
to the extent that, this Warrant shall have been exercised in accordance with
its terms.

            24. NOTICES, ETC. All notices and other communications from the
Company to the Holder shall be in writing and delivered personally, by confirmed
facsimile, by a nationally recognized overnight courier service or mailed by
first class certified mail, postage prepaid, at such facsimile telephone number
or address as may have been furnished to the Company in

                                      -24-
<PAGE>
writing by the Holder or at such facsimile telephone number or the address shown
for the Holder on the register of Warrants referred to in Section 18.

            25. TRANSFER RESTRICTIONS. This Warrant has not been and is not
being registered under the provisions of the 1933 Act or any state securities
laws and this Warrant may not be transferred prior to the end of the holding
period applicable to sales hereof under Rule 144(k) unless (1) the transferee is
an "accredited investor" (as defined in Regulation D under the 1933 Act) or a
QIB in a transfer that meets the requirements of Rule 144A and (2) the Holder
shall have delivered to the Company an opinion of counsel, reasonably
satisfactory in form, scope and substance to the Company, to the effect that
this Warrant may be sold or transferred without registration under the 1933 Act.
Prior to any such transfer, such transferee shall have represented in writing to
the Company that such transferee has requested and received from the Company all
information relating to the business, properties, operations, condition
(financial or other), results of operations or prospects of the Company deemed
relevant by such transferee; that such transferee has been afforded the
opportunity to ask questions of the Company concerning the foregoing and has had
the opportunity to obtain and review the Registration Statement and the
prospectus related thereto, each as amended or supplemented to the date of
transfer to such transferee, and the reports and other information concerning
the Company which at the time of such transfer have been filed by the Company
with the SEC pursuant to the 1934 Act and which are incorporated by reference in
such prospectus as of the date of such transfer. If such transfer is intended to
assign the rights and obligations of the Holder under the Purchase Agreement and
the Registration Rights Agreement, such transfer shall otherwise be made in
compliance with the applicable provisions of the Purchase Agreement and the
Registration Rights Agreement.

            26. RULE 144A INFORMATION REQUIREMENT. Within the period prior to
the expiration of the holding period applicable to sales hereof under Rule
144(k) under the 1933 Act (or any successor provision), the Company covenants
and agrees that it shall, during any period in which it is not subject to
Section 13 or 15(d) under the 1934 Act, make available to the Holder and the
holder of any shares of Common Stock issued upon exercise of this Warrant which
continue to be Restricted Securities in connection with any sale thereof and any
prospective purchaser of this Warrant from the Holder, the information required
pursuant to Rule 144A(d)(4) under the 1933 Act upon the request of the Holder
and it will take such further action as the Holder may reasonably request, all
to the extent required from time to time to enable the Holder to sell this
Warrant without registration under the

                                      -25-
<PAGE>
1933 Act within the limitation of the exemption provided by Rule 144A, as Rule
144A may be amended from time to time. Upon the request of the Holder, the
Company will deliver to the Holder a written statement as to whether it has
complied with such requirements.

            27. LEGEND. The provisions of Section 6.12 of the Purchase Agreement
and the related definitions of capitalized terms used therein and defined in the
Purchase Agreement are by this reference incorporated herein as if set forth in
full at this place.

            28. AMENDMENT; WAIVER. This Warrant and any terms hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought. Notwithstanding anything to the contrary contained
herein, no amendment or waiver shall increase or eliminate the Restricted
Ownership Percentage, whether permanently or temporarily, unless, in addition to
complying with the other requirements of this Warrant, such amendment or waiver
shall have been approved in accordance with the General Corporation Law of the
State of Delaware and the Company's By-laws by holders of the outstanding shares
of Common Stock entitled to vote at a meeting or by written consent in lieu of
such meeting.

            29. MISCELLANEOUS. This Warrant shall be construed and enforced in
accordance with and governed by the internal laws of the State of New York. The
headings, captions and footers in this Warrant are for purposes of reference
only, and shall not limit or otherwise affect any of the terms hereof. The
invalidity or unenforceability of any provision hereof shall in no way affect
the validity or enforceability of any other provision.

            30. ATTORNEYS' FEES. In any litigation, arbitration or court
proceeding between the Company and Holder relating hereto, the prevailing party
shall be entitled to attorneys' fees and expenses and all costs of proceedings
incurred in enforcing this Warrant.

                            [Signature Page Follows]

                                      -26-
<PAGE>
            IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed on its behalf by one of its officers thereunto duly authorized.

Dated:                                 June __, 2004  VIRAGEN, INC.

                                       By:
                                           -----------------------------------
                                           Name:
                                           Title:

                                      -27-
<PAGE>
                                   ASSIGNMENT

            For value                                         hereby sell(s),
assign(s) and transfer(s) unto
(Please insert social security or other Taxpayer Identification Number of
assignee: )
the attached original, executed Warrant to purchase
share of Common Stock of Viragen, Inc., a Delaware corporation (the "Company"),
and hereby irrevocably constitutes and appoints
attorney to transfer the Warrant on the books of the Company, with full power of
substitution in the premises.

      In connection with any transfer of the Warrant within the period prior to
the expiration of the holding period applicable to sales thereof under Rule
144(k) under the 1933 Act (or any successor provision) (other than any transfer
pursuant to a registration statement that has been declared effective under the
1933 Act), the undersigned confirms that such Warrant is being transferred:

      [ ] To the Company or a Subsidiary; or

      [ ] To a QIB pursuant to and in compliance with Rule 144A; or

      [ ] To an "accredited investor" (as defined in Regulation D under the 1933
Act) pursuant to and in compliance with the 1933 Act; or

      [ ] Pursuant to and in compliance with Rule 144 under the 1933 Act;

and unless the box below is checked, the undersigned confirms that, to the
knowledge of the undersigned, such Warrant is not being transferred to an
"affiliate" (as defined in Rule 144 under the 1933 Act) of the Company.

      [ ] The transferee is an affiliate of the Company.

            Capitalized terms used in this Assignment and not defined in this
Assignment shall have the respective meanings provided in the Warrant.
<PAGE>
Dated:                                                    NAME:
       ---------------------------------                        ---------------

                                   --------------------------------------------
                                                   Signature(s)
<PAGE>
                                                                       EXHIBIT 1

                              FORM OF SUBSCRIPTION

                                  VIRAGEN, INC.

                   (To be signed only on exercise of Warrant)

TO:   Viragen, Inc.
      865 SW 78th Avenue
      Suite 100
      Plantation, Florida  33324

      Attention: Chief Financial Officer

      1. The undersigned Holder of the attached original, executed Warrant
hereby elects to exercise its purchase right under such Warrant with respect to
                                shares (the "Exercise Shares") of Common Stock,
as defined in the Warrant, of Viragen, Inc., a Delaware corporation (the
"Company").

      2.    The undersigned Holder (check one):

      [ ]   (a) elects to pay the Aggregate Purchase Price for such shares of
            Common Stock (i) in lawful money of the United States or by the
            enclosed certified or official bank check payable in United States
            dollars to the order of the Company in the amount of $    , or (ii)
            by wire transfer of United States funds to the account of the
            Company in the amount of $     , which transfer has been made before
            or simultaneously with the delivery of this Form of Subscription
            pursuant to the instructions of the Company;

            or

      [ ]   (b) elects to receive shares of Common Stock having a value equal to
            the value of the Warrant calculated in accordance with Section 2(b)
            of the Warrant.

      3. Please issue a stock certificate or certificates representing the
appropriate number of shares of Common Stock in the name of the undersigned or
in such other name(s) as is specified below:

                                      I-1
<PAGE>
      Name:
               ---------------------------------------------------

      Address:
               ---------------------------------------------------

      Social Security or Tax Identification Number (if any):

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

Dated:
       -----------                     -----------------------------------------
                                       (Signature must conform to name of Holder
                                        as specified on the face of the Warrant)

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

                                       -----------------------------------------
                                                      (Address)

                                      I-2<PAGE>

                                                                  EXHIBIT 10.106

                          REGISTRATION RIGHTS AGREEMENT

            THIS REGISTRATION RIGHTS AGREEMENT, dated as of June 18, 2004 (this
"Agreement"), by and between VIRAGEN, INC., a Delaware corporation (the
"Company"), and ___________________________________________, a
____________________ company (the "Investor").

                              W I T N E S S E T H:

            WHEREAS, in connection with the Purchase Agreement (such capitalized
term and all other capitalized terms used herein having the respective meanings
provided herein), the Company has agreed to provide certain registration rights
under the 1933 Act and applicable state securities laws with respect to the
Registrable Securities issuable pursuant to the securities issued pursuant to
the Purchase Agreement;

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

            1. DEFINITIONS.

            (a) As used in this Agreement, the terms "Agreement," "Company" and
"Investor" shall have the respective meanings assigned to such terms in the
introductory paragraph of this Agreement.

            (b) All the agreements or instruments herein defined shall mean such
agreements or instruments as the same may from time to time be supplemented or
amended or the terms thereof waived or modified to the extent permitted by, and
in accordance with, the terms thereof and of this Agreement.

            (c) The following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the
terms defined):

            "Additional Registrable Securities" means any shares of Common Stock
which are included within the definition of
<PAGE>
Registrable Securities but not included in any Registration Statement filed
pursuant to Section 2(a)(i) below.

            "Allowed Delay" shall have the meaning provided in Section 2(c)(ii).

            "AMEX" means the American Stock Exchange, Inc.

            "Approved Market" shall have the meaning provided in Section
2(c)(i).

            "Availability Date" shall have the meanings provided in Section
3(l).

            "Closing Warrant" means the Common Stock Purchase Warrant issued by
the Company to the Investor pursuant to the Purchase Agreement and any similar
instrument issued upon transfer or slit up thereof.

            "Common Stock" means the Common Stock, par value $.01 per share, of
the Company.

            "Common Stock Warrant" shall have the meaning provided in the Note.

            "Default Event" shall have the meaning provided in Section 2(c)(i).

            "Default Period" shall have the meaning provided in Section 2(c)(i).

            "Holders" means the Investor and each subsequent holder of the Note,
the Warrants, Registrable Securities or Additional Registrable Securities, or
any portion thereof.

            "Initial Registrable Securities Amount" shall have the meaning
provided in Section 2(a)(i).

            "1934 Act" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder.

            "1933 Act" means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder.

            "NASD" means the National Association of Securities Dealers, Inc.

                                      -2-
<PAGE>
            "Nasdaq" means the Nasdaq National Market.

            "Note" means the 7% Convertible Note due 2006 issued by the Company
pursuant to the Purchase Agreement.

            "NYSE" means the New York Stock Exchange, Inc.

            "Other Registration Rights Agreements" means the several
Registration Rights Agreements, dated as of the date hereof, by and between the
Company and the several investors parties thereto who purchased 7% Convertible
Notes due 2006 and Common Stock Purchase Warrants issued by the Company.

            "Principal Market" means the AMEX or such other U.S. market or
exchange which is the principal market on which the Common Stock is then listed
for trading.

            "Prospectus" means the prospectus included in any Registration
Statement, as amended or supplemented by any prospectus supplement, with respect
to the terms of the offering of any portion of the Registrable Securities or
Additional Registrable Securities covered by such Registration Statement and by
all other amendments and supplements to the prospectus, including post-effective
amendments and all material incorporated by reference in such prospectus.

            "Purchase Agreement" means the Purchase Agreement, dated as of April
1, 2004, by and between the Company and the Investor.

            "register," "registered" and "registration" refer to a registration
made by preparing and filing a registration statement or similar document in
compliance with the 1933 Act (as defined below), and the declaration or ordering
of effectiveness of such registration statement or document by the SEC.

            "Registrable Securities" means (i) the Underlying Shares, the
Warrant Shares and the shares of Common Stock or other securities issued or
issuable to each Holder or its permitted transferee or designee (a) upon
conversion of the Note and upon exercise of the Warrants, or (b) upon any
distribution with respect to, any exchange for or any replacement of the Note or
the Warrants, or (c) upon any conversion, exercise or exchange of any securities
issued in connection with any such distribution, exchange or replacement; (ii)
securities issued or

                                      -3-
<PAGE>
issuable upon any stock split, stock dividend, recapitalization or similar event
with respect to such shares of Common Stock; and (iii) any other security issued
as a dividend or other distribution with respect to, in exchange for, or in
replacement of, the securities referred to in the preceding clauses.

            "Registration Period" shall have the meaning provided in Section
3(a).

            "Registration Statement" shall mean any registration statement of
the Company filed under the 1933 Act that covers the resale of any of the
Registrable Securities or Additional Registrable Securities pursuant to the
provisions of this Agreement, amendments and supplements to such Registration
Statement, including post-effective amendments, all exhibits and all material
incorporated by reference in such Registration Statement.

            "SEC" means the U.S. Securities and Exchange Commission.

            "Trading Day" means a day on whichever of either the national
securities exchange or Nasdaq which then constitutes the principal securities
market for the Common Stock is open for general trading of securities.

            "Underlying Shares" means the shares of Common Stock issuable upon
conversion of, or otherwise in respect of, the Note.

            "VWAP" means for any Trading Day the volume-weighted average price
of the Common Stock on the Principal Market, as reported by Bloomberg Financial
L.P. (based on a Trading Day from 9:30 a.m., Eastern Time, to 4:00 p.m., Eastern
Time) using the AQR function, on such Trading Day.

            "Warrants" means, collectively, the Closing Warrant and the Common
Stock Warrant.

            "Warrant Shares" means the shares of Common Stock issuable upon
exercise of, or otherwise in respect of, the Warrants.

            (d) Capitalized terms used herein but not otherwise defined herein
shall have the respective meanings assigned to such terms in the Purchase
Agreement.

                                      -4-
<PAGE>
            2. REGISTRATION.

            (a) REGISTRATION STATEMENTS.

            (I) REGISTRABLE SECURITIES. Promptly following the Closing of the
purchase and sale of the Note and the Warrants contemplated by the Purchase
Agreement on the Closing Date (but, subject to Section 2(a)(iii), no later than
twenty-five (25) days after the Closing Date), the Company shall prepare and
file with the SEC one Registration Statement on Form S-3 (or, if Form S-3 is not
then available to the Company, on such form of registration statement as is then
available to effect a registration for resale of the Registrable Securities,
subject to the Holder's consent), covering the resale of the Registrable
Securities in an amount at least equal to the sum of (1) 130% of the number of
Underlying Shares that would be issuable upon conversion of the Note in full for
resale after issuance upon conversion of, or in lieu of payment of cash interest
on, the Note or exercise of the Common Stock Warrant plus (2) 100% of the number
of shares of Common Stock issuable upon exercise of the Closing Warrant in full
for cash, in each case in the preceding clauses (1) and (2), determined without
regard to any restrictions on beneficial ownership contained in the Note, the
Warrants or the Purchase Agreement (such sum the "Initial Registrable Securities
Amount"). Such Registration Statement also shall cover, to the extent allowable
under the 1933 Act and the rules promulgated thereunder (including Rule 416),
such indeterminate number of additional shares of Common Stock resulting from
stock splits, stock dividends or similar transactions with respect to the
Registrable Securities. No securities other than the Registrable Securities and
the securities being registered by the Company in accordance with the Other
Registration Rights Agreements shall be included in the Registration Statement
without the consent of the Holder. The Registration Statement (and each
amendment or supplement thereto) shall be provided in accordance with Section
3(c) to the Holder and its counsel prior to its filing or other submission. If
at any time the number of shares of Common Stock included in a Registration
Statement required to be filed as provided in this Section 2(a) and remaining
unsold thereunder shall be insufficient to cover the resale of Registrable
Securities in an amount at least equal to the sum of (x) 130% of the number of
Underlying Shares that would be issuable upon conversion in full of the Note,
plus (y) 100% of the number of shares of Common Stock issuable upon exercise of
the Warrants outstanding at such time in full for cash, in each case in the
preceding clauses (x) and (y) determined without regard to any

                                      -5-
<PAGE>
restrictions on beneficial ownership contained in the Note, the Warrants or the
Purchase Agreement, then promptly, but in no event later than thirty (30) days
after such insufficiency shall occur, the Company shall file with the SEC an
additional Registration Statement on Form S-3 covering such number of shares of
Common Stock as shall be sufficient to cover such amount. Except as set forth
above, the requirements with respect to a subsequent Registration Statement
shall be the same as those applicable to the initial Registration Statement.

            (II) ADDITIONAL REGISTRABLE SECURITIES. At any time and from time to
time, promptly following the written demand of the Holder following the issuance
of any Additional Registrable Securities, and in any event within thirty (30)
days following such demand, the Company shall prepare and file with the SEC
either a new Registration Statement or a post-effective amendment to a
previously filed Registration Statement, to the extent permitted under the 1933
Act, on Form S-3 (or, if Form S-3 is not then available to the Company, on such
form of registration statement as is then available to effect a registration for
resale of the Additional Registrable Securities) covering the resale of the
Additional Registrable Securities in an amount equal to the number of Additional
Registrable Securities. Such Registration Statement also shall cover, to the
extent allowable under the 1933 Act and the rules promulgated thereunder
(including Rule 416), such indeterminate number of additional shares of Common
Stock resulting from stock splits, stock dividends or similar transactions with
respect to the Additional Registrable Securities. The Registration Statement
(and each amendment or supplement thereto) shall be provided in accordance with
Section 3(c) to the Holder and its counsel prior to its filing or other
submission.

            (III) If the Company proposes to file with the SEC a registration
statement (other than on Form S-8) relating to securities other than the
Registrable Securities or Additional Registrable Securities, then on or before
the date the Company files such other registration statement with the SEC the
Company shall file the Registration Statement required by Section 2(a)(i) with
the SEC. In any such case, the Company shall not request acceleration of
effectiveness of such other registration statement unless simultaneously
therewith the Company requests acceleration of effectiveness of the Registration
Statement to the same date and time as so requested for such other registration
statement.

                                      -6-
<PAGE>
            (b) EXPENSES. All expenses, other than underwriting discounts and
commissions and other fees and expenses of investment bankers and other than
brokerage commissions, incurred in connection with registrations, filing or
qualifications pursuant to this Agreement, including, without limitation, all
registration, listing and qualifications fees, printers and accounting fees and
the fees and disbursements of counsel for the Company, shall be borne by the
Company.

            (c) EFFECTIVENESS.

            (i) The Company shall use its best efforts to have each Registration
Statement declared effective as soon as practicable after it is filed with the
SEC. If (A) the Company fails to file with the SEC a Registration Statement on
or before the date by which the Company is required to file the Registration
Statement pursuant to Section 2(a)(i) above (if the Company files a Registration
Statement without affording the Holder the opportunity to review and comment on
the same as required by Section 3(c), the Company shall not be deemed to have
satisfied this clause (A)), (B) the Company fails to file with the SEC the
Registration Statement covering Additional Registrable Securities within thirty
(30) days following demand of the Holder relating to the Additional Registrable
Securities to be covered thereby (if the Company files a Registration Statement
without affording the Holder the opportunity to review and comment on the same
as required by Section 3(c), the Company shall not be deemed to have satisfied
this clause (B)), (C) the Company fails to file with the SEC a request for
acceleration of effectiveness of a Registration Statement to a time and date not
more than 48 hours after the submission of such request within five Trading Days
of the date the Company learns that no review of the Registration Statement will
be made by the staff of the SEC or that the staff of the SEC has no further
comments on the Registration Statement, as the case may be, (D) the Registration
Statement covering Registrable Securities is not declared effective by the SEC
within eighty-five (85) days following the Closing Date, or the Registration
Statement covering Additional Registrable Securities is not declared effective
by the SEC within ninety (90) days following demand of the Holder relating to
the Additional Registrable Securities to be covered thereby, (E) after a
Registration Statement has been declared effective by the SEC, sales cannot be
made pursuant to such Registration Statement for any reason (including without
limitation by reason of a stop order, or the Company's failure to update the
Registration Statement) but except as excused pursuant to subparagraph (ii)
below, or (F) the Common Stock generally or

                                      -7-
<PAGE>
the Registrable Securities (or Additional Registrable Securities after issuance)
specifically are not listed or included for quotation on the Nasdaq, the Nasdaq
Small Cap, the NYSE or the AMEX (each an "Approved Market"), or trading of the
Common Stock is suspended or halted on the Approved Market which at the time
constitutes the Principal Market for the Common Stock, then the Company will
make payments to the Holder as partial liquidated damages for the minimum amount
of damages to the Holder by reason thereof, and not as a penalty, at the rate of
1.5% per month of the sum of (x) the outstanding principal amount of, and
accrued interest on, the Note held at such time by the Holder plus (y) the
amount, if any, by which the product of (i) the average of the daily VWAPs for
all of the Trading Days during the particular portion of the period for which
such computation is being made times (ii) the number of Warrant Shares issuable
upon exercise of the unexercised portion of the Warrants held at such time by
the Holder exceeds the aggregate Purchase Price of the number of Warrant Shares
issuable upon exercise of the unexercised portion of the Warrants held at such
time by the Holder, for the period during which any of the events described in
clause (A), (B), (C), (D), (E) or (F) above (each, a "Default Event") occurs and
is continuing (the "Default Period"). Each such payment shall be due and payable
within five (5) days after the end of each calendar month of the Default Period
until the termination of the Default Period and within five (5) days after such
termination. Such payments shall be in partial compensation to the Holder, and
shall not constitute the Holder's exclusive remedy for such events. The Default
Period shall terminate upon (w) the filing of the applicable Registration
Statement in the case of clauses (A) and (B) above; (x) the effectiveness of the
applicable Registration Statement in the case of clauses (C), (D) and (E) above;
(y) listing or inclusion and/or trading of the Common Stock on an Approved
Market, as the case may be, in the case of clause (F) above; and (z) in the case
of the events described in clauses (C), (D) or (E) above, the earlier
termination of the Registration Period (as defined in Section 3(a) below), and
in each such case any Default Period that commences by reason of the occurrence
of such event shall terminate if at the time no other Default Event is
continuing. The amounts payable as liquidated damages pursuant to this paragraph
shall be payable in lawful money of the United States. If the Company fails to
pay any liquidated damages pursuant to this Section in full within seven days
after the date payable, the Company will pay interest thereon at a rate of 18%
per annum (or such lesser maximum amount that is permitted to paid by applicable
law) to the Holder, accruing daily from the date such liquidated damages are due
until such

                                      -8-
<PAGE>
amounts, plus all such interest thereon, are paid in full. Amounts payable as
liquidated damages hereunder shall cease when the Holder no longer holds the
Note, the Warrants, Registrable Securities or Additional Registrable Securities.

            (ii) For not more than five (5) consecutive Trading Days or for a
total of not more than twenty (20) Trading Days in any consecutive twelve (12)
month period, the Company may delay the disclosure of material non-public
information concerning the Company, by terminating or suspending effectiveness
of any registration contemplated by this Section, the disclosure of which
information at the time is not, in the good faith opinion of the Company, in the
best interests of the Company or would be unduly detrimental to the Company's
affairs (an "Allowed Delay"); provided, that the Company shall promptly (a)
notify the Holder in writing of the existence of (but in no event, without the
prior written consent of the Holder, shall the Company disclose to the Holder
any of the facts or circumstances regarding) material non-public information
giving rise to an Allowed Delay, and (b) advise the Holder in writing to cease
all sales under the Registration Statement until the end of the Allowed Delay.

            3. COMPANY OBLIGATIONS. The Company will use its best efforts to
effect the registration of the Registrable Securities and Additional Registrable
Securities in accordance with the terms hereof, and pursuant thereto the Company
will, as expeditiously as possible:

            (a) use its best efforts to cause such Registration Statement to
become effective and to remain continuously effective for a period (the
"Registration Period") that will terminate upon the earlier of (i) the date on
which all Registrable Securities or Additional Registrable Securities have been
sold (and the Note and the Warrants no longer remain outstanding) and (ii) the
date on which all Registrable Securities or Additional Registrable Securities,
as the case may be, may be sold pursuant to Rule 144(k) promulgated under the
1933 Act;

            (b) prepare and file with the SEC such amendments, post-effective
amendments and prospectus supplements to the Registration Statement and the
Prospectus as may be necessary to keep the Registration Statement effective for
the period specified in Section 3(a) and to comply with the provisions of the
1933 Act and the 1934 Act with respect to the distribution of all Registrable
Securities and Additional Registrable

                                      -9-
<PAGE>
Securities; provided that, at a time reasonably prior to the filing of a
Registration Statement or Prospectus, or any amendments or supplements thereto,
the Company will furnish to the Holder copies of all documents proposed to be
filed, which documents will be subject to the comments of the Holder provided
reasonably promptly after receipt of such documents;

            (c) permit counsel designated by the Holder to review each
Registration Statement and Prospectus and all amendments and supplements thereto
no fewer than four (4) Business Days (or as many Business Days as possible if
SEC rules do not allow such time for such review) prior to their filing with the
SEC and not file any document to which such counsel reasonably objects;

            (d) furnish to the Holder and its legal counsel (i) promptly after
the same is prepared and publicly distributed, filed with the SEC, or received
by the Company, one copy of any Registration Statement and any amendment
thereto, each preliminary prospectus and Prospectus and each amendment or
supplement thereto, and each letter written by or on behalf of the Company to
the SEC or the staff of the SEC, and each item of correspondence from the SEC or
the staff of the SEC, in each case relating to such Registration Statement
(other than any portion of any thereof which contains information for which the
Company has sought confidential treatment), and (ii) such number of copies of a
Prospectus, including a preliminary prospectus, and all amendments and
supplements thereto and such other documents as the Holder may reasonably
request in order to facilitate the disposition of the Registrable Securities and
Additional Registrable Securities owned by the Holder;

            (e) in the event the Holder selects an underwriter for the offering,
the Company shall enter into and perform its obligations under an underwriting
agreement, in usual and customary form, including, without limitation, customary
indemnification and contribution obligations, with the underwriter of such
offering;

            (f) if the Holder is described in the Registration Statement as an
underwriter, the Company shall furnish, on the effective date of the
Registration Statement and at periodic intervals thereafter from time to time on
request, (i) an opinion, dated as of such date, from independent legal counsel
representing the Company for purposes of such Registration Statement, in form,
scope and substance as is customarily given in an underwritten public offering,
addressed to the Holder and (ii) a letter, dated such date, from the Company's
independent

                                      -10-
<PAGE>
certified public accountants in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten
public offering, addressed to the Holder;

            (g) to prevent the issuance of any stop order or other suspension of
effectiveness and, if such order is issued, obtain the withdrawal of any such
order at the earliest possible moment;

            (h) furnish to the Holder at least five copies of the Registration
Statement and any post-effective amendment thereto, including financial
statements and schedules by air mail or reputable courier within three (3)
Business Days after the effective date thereof;

            (i) prior to any public offering of Registrable Securities or
Additional Registrable Securities, use its best efforts to register or qualify
or cooperate with the Holder and its counsel in connection with the registration
or qualification of the Registrable Securities or Additional Registrable
Securities, as applicable, for offer and sale under the securities or blue sky
laws of such jurisdictions requested by the Holder and do any and all other
reasonable acts or things necessary or advisable to enable the distribution in
such jurisdictions of the Registrable Securities or Additional Registrable
Securities covered by the Registration Statement;

            (j) cause all Registrable Securities or Additional Registrable
Securities covered by a Registration Statement to be listed on each securities
exchange, interdealer quotation system or other market on which similar
securities issued by the Company are then listed;

            (k) cooperate with the Holder to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be delivered
to a transferee pursuant to a Registration Statement, which certificates shall
be free, to the extent permitted by the Purchase Agreement, of all restrictive
legends, and to enable such Registrable Securities to be in such denominations
and registered in such names as the Holder may request;

            (l) immediately notify the Holder at any time when a Prospectus
relating to the Registrable Securities or Additional Registrable Securities is
required to be delivered under the 1933 Act, upon discovery that, or upon the
happening of any

                                      -11-
<PAGE>
event as a result of which, the Prospectus included in such Registration
Statement, as then in effect, includes an untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which made,
not misleading, and at the request of any such holder, promptly prepare and
furnish to such holder a reasonable number of copies of a supplement to or an
amendment of such Prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such Registrable Securities or Additional
Registrable Securities, as applicable, such Prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading in
the light of the circumstances then existing; and

            (m) otherwise to comply with all applicable rules and regulations of
the SEC under the 1933 Act and the 1934 Act, take such other actions as may be
reasonably necessary to facilitate the registration of the Registrable
Securities and Additional Registrable Securities, if applicable, hereunder; and
make available to its security holders, as soon as reasonably practicable, but
not later than the Availability Date, an earnings statement covering a period of
at least twelve months, beginning after the effective date of each Registration
Statement, which earnings statement shall satisfy the provisions of Section
11(a) of the 1933 Act (for the purpose of this subsection 3(m), "Availability
Date" means the 45th day following the end of the fourth fiscal quarter
following the fiscal quarter that includes the effective date of such
Registration Statement, except that, if such fourth fiscal quarter is the last
quarter of the Company's fiscal year, "Availability Date" means the 90th day
after the end of such fourth fiscal quarter).

            4. DUE DILIGENCE REVIEW; INFORMATION. The Company shall make
available, during normal business hours, for inspection and review by the
Holder, advisors to and representatives of the Holder (who may or may not be
affiliated with the Holder and who are reasonably acceptable to the Company),
and any underwriter participating in any disposition of Common Stock on behalf
of the Holder pursuant to the Registration Statement or amendments or
supplements thereto or any blue sky, NASD, or other filing, all financial and
other records, all SEC Filings and other filings with the SEC, and all other
corporate documents and properties of the Company as may be reasonably necessary
for the purpose of establishing a due

                                      -12-
<PAGE>
diligence defense under applicable securities laws and such other reasonable
purposes, and cause the Company's officers, directors and employees, within a
reasonable time period, to supply all such information reasonably requested by
the Holder or any such representative, advisor or underwriter in connection with
such Registration Statement (including, without limitation, in response to all
questions and other inquiries reasonably made or submitted by any of them),
prior to and from time to time after the filing and effectiveness of the
Registration Statement for the sole purpose of enabling the Holder and such
representatives, advisors and underwriters and their respective accountants and
attorneys to conduct initial and ongoing due diligence with respect to the
Company and the accuracy of the Registration Statement.

            The above to the contrary notwithstanding, the Company shall not
disclose material nonpublic information to the Holder, or to advisors to or
representatives of the Holder, unless prior to disclosure of such information
the Company identifies such information as being material nonpublic information
and provides the Holder, such advisors and representatives with the opportunity
to accept or refuse to accept such material nonpublic information for review.
The Company may, as a condition to disclosing any material nonpublic information
hereunder, require the Holder's advisors and representatives to enter into a
confidentiality agreement (including an agreement with such advisors and
representatives prohibiting them from trading in Common Stock during such period
of time as they are in possession of material nonpublic information) in form
reasonably satisfactory to the Company and the Holder. Nothing herein shall
require the Company to disclose material nonpublic information to the Holder or
its advisors or representatives.

            5. OBLIGATIONS OF THE HOLDER.

            (a) The Holder shall furnish in writing to the Company such
information regarding itself, the Registrable Securities or Additional
Registrable Securities, as applicable, held by it and the intended method of
disposition of the Registrable Securities or Additional Registrable Securities,
as applicable, held by it, as shall be required by the 1933 Act to effect the
registration of such Registrable Securities or Additional Registrable
Securities, as applicable, and shall execute such documents in connection with
such registration as the Company may reasonably request. At least ten (10)
Business Days prior to the first anticipated filing date of any Registration
Statement (or such shorter period as may be agreed

                                      -13-
<PAGE>
to by the Holder), the Company shall notify the Holder of the information the
Company requires from the Holder if the Holder's Registrable Securities or
Additional Registrable Securities are to be included in the Registration
Statement.

            (b) The Holder, by its acceptance of the Registrable Securities and
Additional Registrable Securities, if any, agrees to cooperate with the Company
as reasonably requested by the Company in connection with the preparation and
filing of a Registration Statement hereunder, unless the Holder has notified the
Company in writing of its election to exclude all of its Registrable Securities
or Additional Registrable Securities, as applicable, from the Registration
Statement.

            (c) The Holder agrees that, upon receipt of any notice from the
Company of the happening of any event rendering a Registration Statement no
longer effective or available for use by the Holder, the Holder will immediately
discontinue disposition of Registrable Securities or Additional Registrable
Securities pursuant to the Registration Statement covering such Registrable
Securities or Additional Registrable Securities, until the Holder's receipt of
the copies of the supplemented or amended Prospectus filed with the SEC and
declared effective and, if so directed by the Company, the Holder shall deliver
to the Company (at the expense of the Company) or destroy all copies in the
Holder's possession of the Prospectus covering the Registrable Securities or
Additional Registrable Securities, as applicable, current at the time of receipt
of such notice.

            6. INDEMNIFICATION.

            (a) INDEMNIFICATION BY COMPANY. The Company agrees to indemnify and
hold harmless, to the fullest extent permitted by law, the Holder, each
investment advisor and investment sub-advisor of the Holder and each of their
respective officers, directors, partners, members and employees and each person
who controls the Holder (within the meaning of the 1933 Act) against all losses,
claims, damages, liabilities, costs (including, without limitation, reasonable
attorney's fees) and expenses imposed on such person caused by (i) any untrue or
alleged untrue statement of a material fact contained in any Registration
Statement, Prospectus or any preliminary prospectus or any amendment or
supplement thereto or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as the same are based upon any
information furnished in writing to the Company by the Holder,

                                      -14-
<PAGE>
expressly for use therein, or (ii) any violation by the Company of any federal,
state or common law, rule or regulation applicable to the Company in connection
with any Registration Statement, Prospectus or any preliminary prospectus, or
any amendment or supplement thereto, and shall reimburse in accordance with
subparagraph (c) below, each of the foregoing persons for any legal and any
other expenses reasonably incurred in connection with investigating or defending
any such claims. The foregoing is subject to the condition that, insofar as the
foregoing indemnities relate to any untrue statement, alleged untrue statement,
omission or alleged omission made in any preliminary prospectus or Prospectus
that is eliminated or remedied in any Prospectus or amendment or supplement
thereto, the above indemnity obligations of the Company shall not inure to the
benefit of any indemnified party if a copy of such corrected Prospectus or
amendment or supplement thereto had been provided to such indemnified party and
was not sent or given by such indemnified party at or prior to the time such
action was required of such indemnified party by the 1933 Act and if delivery of
such Prospectus or amendment or supplement thereto would have eliminated (or
been a sufficient defense to) any liability of such indemnified party with
respect to such statement or omission. Indemnity under this Section 5(a) shall
remain in full force and effect regardless of any investigation made by or on
behalf of any indemnified party and shall survive the transfer of the
Registrable Securities and Additional Registrable Securities.

            (b) INDEMNIFICATION BY HOLDER. In connection with any registration
pursuant to the terms of this Agreement, the Holder will furnish to the Company
in writing such information as required by the 1933 Act concerning the Holder or
the proposed manner of distribution for use in connection with any Registration
Statement or Prospectus and agrees to indemnify and hold harmless, to the
fullest extent permitted by law, the Company, its directors, officers, and each
person who controls the Company (within the meaning of the 1933 Act) against any
losses, claims, damages, liabilities and expense (including reasonable
attorney's fees) resulting from any untrue statement of a material fact or any
omission of a material fact required to be stated in the Registration Statement
or Prospectus or preliminary prospectus or amendment or supplement thereto or
necessary to make the statements therein not misleading, to the extent, but only
to the extent that such untrue statement or omission is contained in any
information furnished in writing by such Holder to the Company specifically for
inclusion in such Registration Statement or Prospectus or amendment or
supplement thereto and that such information was substantially relied upon by
the Company in preparation of the Registration Statement or Prospectus or any
amendment or supplement

                                      -15-
<PAGE>
thereto. In no event shall the liability of the Holder be greater in amount than
the dollar amount of the proceeds (net of the cost of the Registrable Securities
and Additional Registrable Securities sold and all expenses paid by the Holder
and not reimbursed by the Company and the amount of any damages the Holder has
otherwise been required to pay by reason of such untrue statement or omission)
received by the Holder upon the sale of the Registrable Securities or Additional
Registrable Securities included in the Registration Statement giving rise to
such indemnification obligation.

            (c) CONDUCT OF INDEMNIFICATION PROCEEDINGS. Any person entitled to
indemnification hereunder shall (i) give prompt notice to the indemnifying party
of any claim with respect to which it seeks indemnification, (ii) permit such
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party and (iii) by notice to the indemnifying
party, require the indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party; provided, however,
that any person entitled to indemnification hereunder shall have the right to
employ separate counsel and to participate in the defense of such claim, but the
fees and expenses of such counsel shall be at the expense of such person unless
(a) the indemnifying party has agreed to pay such fees or expenses, or (b) the
indemnifying party shall have failed to assume the defense of such claim and
employ counsel reasonably satisfactory to such person or (c) in the reasonable
judgment of any such person, based upon written advice of its counsel, a
conflict of interest exists between such person and the indemnifying party with
respect to such claims (in which case, if the person notifies the indemnifying
party in writing that such person elects to employ separate counsel at the
expense of the indemnifying party, the indemnifying party shall not have the
right to assume the defense of such claim on behalf of such person); and
provided, however, further, that the failure of any indemnified party to give
notice as provided herein shall not relieve the indemnifying party of its
obligations hereunder, except to the extent that such failure to give notice
shall materially adversely affect the indemnifying party in the defense of any
such claim or litigation. It is understood that the indemnifying party shall
not, in connection with any proceeding in the same jurisdiction, be liable for
fees or expenses of more than one separate firm of attorneys at any time

                                      -16-
<PAGE>
for all such indemnified parties. No indemnifying party will, except with the
consent of each indemnified party, consent to entry of any judgment or enter
into any settlement that does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release from
all liability in respect of such claim or litigation.

            (d) CONTRIBUTION. If for any reason the indemnification provided for
in the preceding paragraphs (a) and (b) is unavailable to an indemnified party
or insufficient to hold it harmless, other than as expressly specified therein,
then the indemnifying party shall contribute to the amount paid or payable by
the indemnified party as a result of such loss, claim, damage or liability in
such proportion as is appropriate to reflect the relative fault of the
indemnified party and the indemnifying party, as well as any other relevant
equitable considerations. No person guilty of fraudulent misrepresentation
within the meaning of Section 11(f) of the 1933 Act shall be entitled to
contribution from any person not guilty of such fraudulent misrepresentation. In
no event shall the contribution obligation of a holder of Registrable Securities
or Additional Registrable Securities be greater in amount than the dollar amount
of the proceeds (net of the cost of the Registrable Securities or Additional
Registrable Securities sold and all expenses paid by such holder and not
reimbursed by the Company and the amount of any damages such holder has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission) received by it upon the sale of the
Registrable Securities or Additional Registrable Securities giving rise to such
contribution obligation.

            7. MISCELLANEOUS.

            (a) AMENDMENTS AND WAIVERS. This Agreement may be amended only by a
writing signed by the Company and the Holder. The Company may take any action
herein prohibited, or omit to perform any act herein required to be performed by
it, in any such case after the Registration Statement covering the Initial
Registrable Securities Amount is declared effective by the SEC only if the
Company shall have obtained the written consent to such amendment, action or
omission to act, of the Holder and holders under the Other Registration Rights
Agreements who hold, directly or indirectly, at least 80% of the aggregate
number of Registrable Securities and Additional Registrable Securities (as
defined herein or in the Other Registration Rights Agreements) held by the
Holder and such other holders.

                                      -17-
<PAGE>
            (b) NOTICES. All notices and other communications provided for or
permitted hereunder shall be made as set forth in Section 9.4 of the Purchase
Agreement.

            (c) ASSIGNMENTS AND TRANSFERS BY HOLDER. This Agreement and the
rights and obligations of the Holder hereunder may be assigned or transferred in
whole to any transferee or assignee of the Note, the Warrants, the Registrable
Securities or the Additional Registrable Securities or in part to any transferee
or assignee of any portion thereof, except as otherwise set forth herein. The
Holder may make such assignment or transfer to any transferee or assignee of the
Note, the Warrants, the Registrable Securities or the Additional Registrable
Securities; provided, that (i) such transfer is made expressly subject to this
Agreement and the transferee agrees in writing to be bound by the terms and
conditions hereof, and (ii) the Company is provided with written notice of such
assignment.

            (d) ASSIGNMENTS AND TRANSFERS BY THE COMPANY. This Agreement may not
be assigned by the Company without the prior written consent of the Holder but,
in any case of any successor-in-interest to the Company or any Person other than
the Company who is an issuer of Registrable Securities or Additional Registrable
Securities, such successor-in-interest or other issuer, shall assume, jointly
and severally with the Company, the rights and duties of the Company hereunder,
in the event of a merger or consolidation of the Company with or into another
corporation or the sale of all or substantially all of the Company's assets (and
it shall be a condition to any such merger, consolidation or sale that such
successor-in-interest or other issuer assume in writing all obligations
hereunder jointly and severally with the Company as provided herein and in the
Note and the Warrants).

            (e) BENEFITS OF THE AGREEMENT. The terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the respective
permitted successors and assigns of the parties. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties
hereto or their respective permitted successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

            (f) COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an

                                      -18-
<PAGE>
original, but all of which together shall constitute one and the same
instrument.

            (g) TITLES AND SUBTITLES. The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

            (h) SEVERABILITY. If one or more provisions of this Agreement are
held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of this Agreement shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance with its
terms to the fullest extent permitted by law.

            (i) FURTHER ASSURANCES. The parties shall execute and deliver all
such further instruments and documents and take all such other actions as may
reasonably be required to carry out the transactions contemplated hereby and to
evidence the fulfillment of the agreements herein contained.

            (j) ENTIRE AGREEMENT. This Agreement, together with the Purchase
Agreement, the Note and the Warrants and documents contemplated thereby, is
intended by the parties as a final expression of their agreement and intended to
be a complete and exclusive statement of the agreement and understanding of the
parties hereto in respect of the subject matter contained herein. This
Agreement, together with the Purchase Agreement, the Note and the Warrants and
documents contemplated thereby, supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

            (k) APPLICABLE LAW. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York without regard
to principles of conflicts of law.

                            [Signature Page Follows]

                                      -19-
<PAGE>
            IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be duly executed by their respective officers or other
representatives thereunto duly authorized as of the date first written above.

                                  THE COMPANY:

                                  VIRAGEN, INC.

                                  By:
                                      -----------------------------
                                      Name:
                                      Title:

                                  THE HOLDER:

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

                                  By:
                                      -----------------------------
                                      Name:
                                      Title:

                                      -20-

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