Document:

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                                  Exhibit 10.6

                               SECURITY AGREEMENT

        THIS SECURITY AGREEMENT ("Agreement") is executed on May 8, 2001, to be
effective as of the 1st day of January, 2001 by and between PRINCETON
BIOMEDITECH CORP., a New Jersey corporation with a principal place of business
located at 4242 U.S. Route 1, Monmouth Junction, New Jersey 08852-1905 ("PBM"),
and WORLDWIDE MEDICAL CORPORATION, a Delaware corporation authorized to do
business in California with a principal place of business located at 13 Spectrum
Pointe Drive, Lake Forest, California 92630 ("Worldwide"). Capitalized terms not
otherwise defined in this Agreement shall have the meanings ascribed to them in
the Note (as hereinafter defined).

        WHEREAS, Worldwide is indebted to PBM for product supplied to Worldwide
by PBM; and

        WHEREAS, Worldwide has requested that PBM forbear in pursuing any and
all legal remedies against Worldwide to which it might be entitled on account of
the aforementioned indebtedness; and

        WHEREAS, subject to the execution and delivery of this Agreement and
Worldwide's adherence to the terms and conditions hereof, as well as its
adherence to the terms and conditions of the Note, PBM has agreed to forebear
pursuing any and all such legal remedies against Worldwide; and

        WHEREAS, in connection with such forbearance, Worldwide has executed a
Convertible Secured Promissory Note of even date herewith in favor of PBM in the
principal amount of Six Hundred Thirty-One Thousand Five Hundred Thirteen
Dollars and Thirty-Seven Cents ($631,513.37) (the "Note"), the terms of which
are incorporated herein by reference and made a part hereof; and

        WHEREAS, to secure payment and performance of Worldwide's duties and
obligations under the Note, Worldwide has agreed to grant PBM a security
interest in one million five hundred fifteen thousand (1,515,000) shares of
Worldwide's Common Stock (as defined in the Note), together with a security
interest in all of Worldwide's "Tangible and Intangible Personal Property" (as
hereinafter defined), subject to the terms and conditions set forth herein and
in the Note;

        NOW, THEREFORE, in consideration of the premises and mutual covenants
set forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Worldwide and PBM,
intending to be legally bound hereby, agree as follows:

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1. SECURITY INTEREST.

               (a) TO SECURE PAYMENT AND PERFORMANCE OF WORLDWIDE'S
"OBLIGATIONS" (AS HEREINAFTER DEFINED) UNDER THE NOTE, WORLDWIDE HEREBY PLEDGES,
ASSIGNS, TRANSFERS AND GRANTS TO PBM A CONTINUING SECURITY INTEREST IN THE
FOLLOWING:

                      (i) ONE MILLION FIVE HUNDRED FIFTEEN THOUSAND (1,515,000)
SHARES OF WORLDWIDE'S COMMON STOCK TOGETHER WITH THE DIVIDENDS, RIGHTS, OPTIONS,
ISSUES, PRODUCTS, PROCEEDS AND PROFITS THEREFROM (COLLECTIVELY, THE "COLLATERAL
SHARES"). THE INTEREST OF PBM IN THE COLLATERAL SHARES IS A FIRST PRIORITY LIEN
AND SECURITY INTEREST IN AND TO THE COLLATERAL SHARES. IN ADDITION TO A STOCK
CERTIFICATE REPRESENTING THE COLLATERAL SHARES, WORLDWIDE SHALL DELIVER TO THE
COLLATERAL AGENT WORLDWIDE'S UNDATED ASSIGNMENT SEPARATE FROM SUCH CERTIFICATE
EXECUTED IN BLANK, TOGETHER WITH SUCH OTHER ASSIGNMENTS, AGREEMENTS, INSTRUMENTS
AND DOCUMENTS (COLLECTIVELY, THE "ASSIGNMENT DOCUMENTATION") AS PBM FROM TIME TO
TIME MAY REASONABLY REQUIRE AND AS MAY BE NECESSARY OR EXPEDIENT TO FACILITATE
THE TRANSFER THEREOF. THE COLLATERAL SHARES AND THE ASSIGNMENT DOCUMENTATION
SHALL BE HELD AND DISTRIBUTED BY THE COLLATERAL AGENT IN ACCORDANCE WITH THE
TERMS AND CONDITIONS OF THE NOTE AND THIS AGREEMENT; AND

                      (ii) All of "Worldwide's Property", which shall refer to
all of Worldwide's "Tangible and Intangible Personal Property" which, for
purposes of this Agreement, shall mean all such property located at 13 Spectrum
Pointe Drive, Lake Forest, California 92630, and all other tangible and
intangible personal property of Worldwide wherever located, including, without
limitation, all "Goods," "Fixtures," "Accounts," "Chattel Paper," "Contracts,"
"Documents," "Equipment," "General Intangibles," "Instruments" and "Inventory,"
(as those terms are defined hereinbelow), together, in each instance, with the
renewals, substitutions, replacements, additions, rental payments, products and
"Proceeds" (as hereinafter defined) thereof. The interest of PBM in and to
Worldwide's Property is a first priority lien and security interest in and to
Worldwide's Property subject, however, to the rights of the Other Lender in
respect of the Senior Debt (as defined in the Note).

               (b) The Collateral Shares and Worldwide's Property referenced by
Subparagraphs (a)(i) and (a)(ii) of this Section, respectively, shall
hereinafter collectively be referred to as the "Collateral".

               (c) Worldwide expressly understands and agrees that the security
interests granted to PBM hereunder shall remain as security for payment and
performance of Worldwide's Obligations, whether now existing or that may
hereafter be incurred by future advances or otherwise. Notice of the continuing
grant of these security interests shall, therefore, not be required to be stated
on the face of any document representing any such Obligations, nor otherwise
identify such document as being secured hereby.

2. DEFINITIONS. THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:

               (a) "Accounts" means all accounts, as that term is defined in
Article 9 of the Uniform Commercial Code as in effect from time-to-time in the
State of California (the "UCC"), and, in any event, shall include any right to
payment held by Worldwide, whether in the form of accounts receivable, notes,
drafts, acceptances, letters of

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credit (including proceeds of letters of credit) or other forms of obligations
and receivables, now owned or hereafter received or acquired by or belonging or
owing to Worldwide (including, without limitation, under any trade name, style
or division thereof) for Inventory sold or leased or services rendered by it
whether or not earned by performance, together with all guarantees and security
therefor and all Proceeds thereof, whether cash Proceeds or otherwise,
including, without limitation, all right, title and interest of Worldwide in the
Inventory which gave rise to any such Accounts, including, without limitation,
unpaid seller's rights of rescission, replevin, reclamation and stoppage in
transit and rights to returned, reclaimed, rejected or repossessed Inventory or
other goods;

               (b) "Chattel Paper" means all chattel paper, as that term is
defined in Article 9 of the UCC, and, in any event, shall include any writing or
writings which evidence both a monetary obligation and a security interest in or
a lease of specific goods, whether now or hereafter held by Worldwide;

               (c) "Contracts" means all contracts, undertakings, franchise
agreements or other agreements (other than rights evidenced by Chattel Paper,
Documents or Instruments, as those terms are defined above and below) in or
under which Worldwide may now or hereafter have any right, title or interest,
including, without limitation, with respect to an Account, and any agreement
relating to the terms of payment or the terms of performance thereof;

               (d) "Documents" means all documents, as that term is defined in
Article 9 of the UCC;

               (e) "Equipment" means all equipment, as that term is defined in
Article 9 of the UCC and, in any event, shall include, without limitation, all
healthcare and diagnostic related equipment, furnishings, and computers and
other electronic data processing and other office equipment, including, but not
limited to, the items of Equipment listed on Exhibit A attached hereto and made
a part hereof, any and all additions, substitutions and replacements of any of
the foregoing, wherever located, together with all attachments, components,
parts, equipment and accessories installed thereon or affixed thereto, and all
Contracts, contract rights and Chattel Paper arising out of any lease of any of
the foregoing;

               (f) "Fixtures" means all fixtures, as that term is defined in
Article 9 of the UCC;

               (g) "General Intangibles" means all general intangibles, as that
term is defined in Article 9 of the UCC, and, in any event, shall include all
right, title and interest which Worldwide may now or hereafter have in or under
any Contract, all customer lists, trademarks, patents, rights in intellectual
property, interests in corporations, limited liability companies, partnerships,
joint ventures and other business associations, licenses, permits,

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copyrights, trade secrets, proprietary or confidential information, inventions
(whether or not patented or patentable), technical information, procedures,
designs, knowledge, know-how, software, data bases, data, skill, expertise,
recipes, experience, processes, models, drawings, blueprints, catalogs,
materials and records, FDA approvals, permits and authorizations, unfilled
customer purchase orders, goodwill (including, without limitation, the goodwill
associated with any trademark, trademark registration or trademark licensed
under any trademark license), claims in or under insurance policies, including
unearned premiums, uncertificated securities, deposit accounts, rights to
receive tax refunds and other payments and rights of indemnification;

               (h) "Goods" means all goods, as that term is defined in Article 2
of the UCC;

               (i) "Instruments" means all instruments, as that term is defined
in Article 9 of the UCC, and, in any event, shall include any negotiable
instrument or certificated security, as defined in Article 8 of the UCC, or any
other writing which evidences a right to the payment of money and is not itself
an instrument that constitutes, or is a part of a group or writings that
constitute, Chattel Paper, and is of a type which, in the ordinary course of
business, is transferred by delivery with any necessary endorsement or
assignment, whether now or hereafter held by Worldwide;

               (j) "Inventory" means all inventory, as that term is defined in
Article 9 of the UCC, wherever located, and, in any event, shall include all
inventory, merchandise, goods and other personal property which are held by or
on behalf of Worldwide for sale or lease or are furnished or are to be furnished
under a contract of service or which constitute raw materials, work in process
or materials used or consumed or to be used or consumed in Worldwide's business,
or the processing, packaging, promotion, delivery or shipping of the same, and
all finished goods, whether or not the same is in transit or in the
constructive, actual or exclusive occupancy or possession of Worldwide or is
held by Worldwide or by others for Worldwide's account, including, without
limitation, all goods covered by purchase orders and contracts with suppliers
and all goods billed and held by suppliers and all inventory which may be
located on premises of Worldwide or of any carriers, forwarding agents,
truckers, warehousemen, vendors, selling agents or other Persons;

               (k) "Loan Documents" means this Agreement, and any and all
agreements, notes, guaranties, instruments, security agreements, mortgages,
assignments, and documents evidencing, governing, securing or relating in any
way to any of the Obligations, including without limitation, that certain Note
in the original principal amount of $631,513.37 from Worldwide in favor of PBM
of even date herewith and that certain Form UCC-1 Financing Statement executed
by the parties of even date herewith;

               (l) "Obligations" means any and all indebtedness, obligations,

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liabilities, contracts, indentures, agreements, warranties, covenants,
guaranties, representations, provisions, terms and conditions of whatever kind
with regard to the Loan Documents, whether due or to become due, absolute or
contingent, now existing or hereafter incurred or arising, whether or not
otherwise guaranteed or secured and whether evidenced by any note or draft or
documented on the books and records of PBM or otherwise on open account,
including without limitation, all costs, expenses, fees, charges and attorneys'
and other professional fees incurred by PBM in connection with, involving or
related to the administration, protection, modification, collection,
enforcement, preservation or defense of any of PBM's rights with respect to any
of the Obligations, the Collateral or any agreement, instrument or document
evidencing, governing, securing or relating to any of the foregoing, including
without limitation, all costs and expenses incurred in inspecting or surveying
mortgaged real estate, if any, or conducting environmental studies or tests, and
in connection with any "workout" or default resolution negotiations involving
legal counsel or other professionals and any renegotiation or restructuring of
any of the Obligations; and

               (m) "Proceeds" means all proceeds, as that term is defined in
Article 9 of the UCC, and, in any event, shall include (a) any and all Accounts,
Chattel Paper, Instruments, cash and other proceeds payable to Worldwide from
time-to-time in respect of any of the foregoing collateral security, (b) any and
all proceeds of any insurance, indemnity, warranty or guaranty payable to
Worldwide from time-to-time with respect to any of the collateral security, (c)
any and all payments (in any form whatsoever) made or due and payable to
Worldwide from time-to-time in connection with any requisition, confiscation,
condemnation, seizure or forfeiture of all or any part of the collateral
security by any governmental body, authority, bureau or agency (or any person
acting under color of governmental authority), and (d) any and all other amounts
from time-to-time paid or payable under or in connection with any of the
collateral security.

3. WORLDWIDE'S REPRESENTATIONS AND WARRANTIES. WORLDWIDE MAKES THE FOLLOWING
REPRESENTATIONS AND WARRANTIES HEREUNDER AND UPON WHICH PBM RELIES:

               (a) Authority. Worldwide has full power and authority to enter
into and perform the Obligations under this Agreement, to execute and deliver
the Loan Documents and to incur the obligations provided for herein and therein,
all of which have been duly authorized by all necessary and proper corporate
action. No other consent or approval or the taking of any other action is
required as a condition to the validity or enforceability of this Agreement or
any of the other Loan Documents.

               (b) Binding Agreements. This Agreement and the other Loan
Documents constitute the valid and legally binding obligations of Worldwide,
enforceable in accordance with their respective terms, except as enforcement may
be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors' rights generally.

               (c) No Conflicting Law or Agreements. The execution, delivery and
performance by Worldwide of this Agreement and the other Loan Documents: (i)

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do not violate any provision of the bylaws of Worldwide, (ii) do not violate any
order, decree or judgment, or any provision of any statute, rule or regulation,
(iii) do not violate or conflict with, result in a breach of or constitute (with
notice or lapse of time, or both) a default under any mortgage, indenture,
contract or other agreement to which Worldwide is a party, or by which any of
Worldwide's properties are bound, or (iv) except for the lien granted to PBM
hereunder, do not result in the creation or imposition of any lien, charge or
encumbrance of any nature whatsoever upon any property or assets of Worldwide.

               (d) Collateral. Worldwide is and shall continue to be the sole
owner of the Collateral free and clear of all liens, encumbrances, security
interests and claims, except for (i) the liens granted to PBM hereunder; (ii)
the interest in the Collateral granted to the Other Lender for the Senior Debt
(as such terms are defined in the Note); and (iii) liens granted to providers of
office equipment lease financing for Worldwide's office equipment. Worldwide is
fully authorized to sell, transfer, pledge and/or grant a security interest in
each and every item of the Collateral to PBM. All documents and agreements
related to the Collateral shall be true and correct and in all respects what
they purport to be; all signatures and endorsements that appear thereon shall be
genuine and all signatories and endorsers shall have full capacity to contract.
None of the transactions underlying or giving rise to the Collateral shall
violate any applicable state or federal laws or regulations. All documents
relating to the Collateral shall be legally sufficient under such laws or
regulations and shall be legally enforceable in accordance with their terms.
Worldwide agrees to defend the Collateral against the claims of all persons
other than PBM, except as expressly reserved or otherwise provided herein.

4. AFFIRMATIVE COVENANTS OF WORLDWIDE. WORLDWIDE COVENANTS AND AGREES THAT FROM
THE DATE HEREOF UNTIL FULL AND FINAL PAYMENT AND PERFORMANCE OF ALL OBLIGATIONS
WORLDWIDE SHALL:

               (a) Financial Information. Deliver to PBM promptly upon PBM's
request, such documentation and information about Worldwide's financial
condition, business and/or operations as PBM may, at any time and from time to
time, reasonably request, including without limitation, monthly unaudited
interim, quarterly unaudited interim and annual audited or unaudited financial
statements, records relating to Paid Sales (as defined in the Note), federal and
state income tax returns and all schedules thereto, aging reports of Worldwide's
Accounts Receivable, documentation relating to Senior Debt, a listing of
Worldwide's Inventory and Equipment, and such other records and documentation as
shall reasonably related to PBM's interest as a secured creditor of Worldwide
under the terms of the Note.

               (b) Insurance and Endorsement. (i) Keep the Collateral and
Worldwide's other properties insured against loss or damage by fire and other
hazards (so-called "All Risk" coverage) in amounts and with companies
satisfactory to PBM to the same extent and covering such risks as is customary
in the same or a similar business; maintain public liability coverage, including
without limitation, products liability coverage, against claims for personal
injuries or death; and maintain all worker's compensation, employment or similar
insurance as may be required by applicable law; (ii) All insurance shall contain
such terms, be in such form, and be for such periods as are reasonably
satisfactory to PBM, and be written by such carriers

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duly licensed by the State of California. Without limiting the generality of the
foregoing, such insurance must provide that it may not be canceled without ten
(10) days' prior written notice to PBM. Worldwide shall cause PBM to be endorsed
as a loss payee with a long form Lender's Loss Payable Clause, in form and
substance acceptable to PBM on all such insurance. In the event of a failure to
provide and maintain insurance as herein provided, PBM may, at its option after
having giving five (5) days prior written notice of intent to do so, provide
such insurance and charge the amount thereof to Worldwide. Worldwide shall
furnish to PBM certificates or other satisfactory evidence of compliance with
the foregoing insurance provisions. Worldwide hereby irrevocably appoints PBM as
its attorney-in-fact, coupled with an interest, to make proofs of loss and
claims for insurance, and to receive payments of the insurance and execute all
documents, checks and drafts in connection with payment of the insurance. Any
Proceeds received by PBM shall be applied to the Obligations or shall be
remitted to Worldwide, in either event at PBM's reasonable discretion.

               (c) Tax and Other Liens. Comply with all statutes and government
regulations and pay all taxes (including withholdings), assessments,
governmental charges or levies, or claims for labor, supplies, rent and other
obligations made against it or its property which, if unpaid, might become a
lien or charge against Worldwide or its properties.

               (d) Inspections. Upon reasonable notice and during normal
business hours, allow PBM by or through any of their officers, and/or
accountants designated by PBM, to enter the offices of Worldwide to examine or
inspect any of the properties, books and records or extracts therefrom relating
to Worldwide's financial or business conditions and to discuss the affairs,
finances and accounts thereof with Worldwide all at such reasonable times and as
often as PBM or any such representative of PBM may reasonably request, all
solely to provide such assurances as PBM may reasonably require that Worldwide
is adhering to the terms and conditions of the Loan Documents.

               (e) Litigation. Promptly advise PBM of the commencement or threat
of litigation, including arbitration proceedings and any proceedings before any
governmental agency (collectively, "Litigation"), which is instituted against
Worldwide.

               (f) Maintenance of Existence. Maintain its corporate existence,
and comply with all valid and applicable statutes, rules and regulations, and
maintain its properties in good repair, working order and operating condition.
Worldwide shall immediately notify PBM of any event causing material loss in the
value of its assets.

               (g) Collateral Duties. Do whatever PBM may reasonably request
from time to time by way of obtaining, executing, delivering and filing
financing statements, assignments, landlord's or mortgagee's waivers, and other
notices and amendments and renewals thereof, and Worldwide will take any and all
steps and observe such formalities as PBM may reasonably request in order to
create and maintain a valid and enforceable first lien upon, pledge of, and
first priority security interest in, any and all of the Collateral (subject to
the Senior Debt). PBM is authorized to file financing statements without the
signature of Worldwide

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and to execute and file such financing statements on behalf of Worldwide as
specified by the UCC to perfect or maintain PBM's security interest in all of
the Collateral.

               (h) Notice of Default. Provide to PBM, not later than five (5)
business days after becoming aware of the occurrence or existence of an Event of
Default (as defined in the Note) or a condition which would constitute an Event
of Default but for the giving of notice or passage of time on both, notice in
writing of such Event of Default or condition.

               (i) Maintenance of Current Public Information. Worldwide agrees
to use its best efforts to make available "adequate current public information"
concerning itself within the meaning of Rule 144(c) promulgated under the
Securities Act of 1933, as amended. Notwithstanding anything herein to the
contrary, this covenant shall continue until the 15th month after the payment in
full of the Obligations and shall survive the termination of this Agreement.

5. NEGATIVE COVENANTS OF WORLDWIDE. WORLDWIDE COVENANTS AND AGREES THAT FROM THE
DATE HEREOF UNTIL FULL AND FINAL PAYMENT AND PERFORMANCE OF ALL OBLIGATIONS,
WORLDWIDE SHALL NOT WITHOUT THE PRIOR WRITTEN CONSENT OF PBM, WHICH CONSENT
SHALL NOT BE UNREASONABLY WITHHELD OR DELAYED:

               (a) Encumbrances. Incur or permit to exist any lien, mortgage,
charge or other encumbrance against any of the Collateral, whether now owned or
hereafter acquired, except: (i) liens required or expressly permitted by the
Loan Documents; (ii) pledges or deposits in connection with or to secure
worker's compensation, unemployment or liability insurance; and (iii) tax liens
which are being contested in good faith against which, if reasonably requested
by PBM, Worldwide shall set up a cash reserve or post a surety bond in an amount
equal to the total amount of the lien being contested.

               (b) Maintenance of Collateral. Permit to incur or suffer any
loss, theft, substantial damage or destruction of any of the Collateral which is
not immediately replaced with Collateral of equal or greater value, or which is
not fully covered by insurance, the proceeds of which shall have been endorsed
over to PBM in accordance with Section 4(b) hereof.

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        6. Additional Rights of PBM.

               (a) Upon the occurrence of an Event of Default as defined in the
Note, Worldwide hereby constitutes and appoints PBM (and any officer of PBM,
with full power of substitution) its true and lawful attorney and agent in fact
to take any or all of the actions described below in PBM's or Worldwide's name
and at Worldwide's expense, and Worldwide hereby ratifies and confirms all
actions so taken:

                      (i) Evidence of Liens. PBM may execute such financing
statements and other documents and take such other actions as PBM deems
reasonably necessary or proper in order to create, perfect or continue the
security interest and other liens provided for by this Security Agreement, and
PBM may file the same (or a photocopy of this Security Agreement or of any
financing statement signed by Worldwide) in any appropriate governmental office.

                      (ii) Preservation of Collateral. PBM may take any and all
action that it deems reasonably necessary or proper to preserve its interest in
the Collateral, including, without limitation, the payment of debts of
Worldwide, which, if unpaid, might materially impair the Collateral or PBM's
security interest therein; the purchase of insurance on the Collateral, if
Worldwide shall not then have in effect one or more policies of insurance
reasonably adequate to protect PBM's security interest therein; the repair or
safeguarding of the Collateral; or the payment of taxes, assessments or other
liens thereon. All sums so expended by PBM shall be added to the Obligations,
shall be secured by the Collateral, and shall be payable thirty (30) days
following PBM's written demand.

                      (iii) PBM's Right to Cure. In the event Worldwide fails to
perform any of its obligations, then PBM may perform the same but shall not be
obligated to do so. All sums so expended by PBM shall be added to the
Obligations, shall be secured by the Collateral, and shall be payable thirty
(30) days following PBM's written demand.

                      (iv) Verification of Accounts. PBM may test verifications
of any and all Accounts in any standard manner and through any recognized medium
PBM considers reasonable; provided, however, that such verifications shall
neither interfere nor have the prospect to interfere with the business or
prospects of Worldwide. Worldwide shall render any reasonable assistance upon
the written request therefor by PBM.

                      (v) Proofs of Loss. Upon ten (10) days' prior written
notice to Worldwide, PBM may file proofs of loss with respect to any of the
Collateral with the appropriate insurer and may endorse any checks or drafts
constituting insurance proceeds.

                      (vi) Collections; Modification or Terms. Upon the
occurrence and continuance of any Event of Default, PBM may demand, sue for,
collect and give receipts for any money, instruments or property payable or
receivable on account of or in exchange for any of the Collateral, or make any
compromises it deems necessary or proper including, without limitation,
extending the time of payment, permitting payment in installments, or otherwise
modifying the terms or rights relating to any of the Collateral, all of which
may be effected without notice to or consent by Worldwide and without otherwise
discharging or affecting the Obligations, the Collateral or the security
interest granted under this Security Agreement.

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                      (vii) Notification of Account Debtors. Upon the occurrence
and continuance of any Event of Default and upon ten (10) days' prior written
notice to Worldwide, PBM may notify the account debtors of Worldwide on any of
the Accounts to make payment directly to PBM and PBM may endorse all items of
payment received by it which are payable to Worldwide and properly account to
Worldwide for all such transactions.

                      (viii) Endorsements. Upon the occurrence and continuance
of any Event of Default and upon ten (10) days' prior written notice to
Worldwide, PBM may endorse Worldwide's name on checks, notes, acceptances,
drafts, invoices, bills of lading and any other documents or instruments
requiring Worldwide's endorsement and properly account to Worldwide for all such
transactions.

               (b) Worldwide covenants and agrees that the power of attorney
granted by the foregoing subsection (a) is coupled with an interest and shall be
irrevocable so long as this Security Agreement is in force; that said powers are
granted solely for the protection of PBM's interest and that PBM shall have no
duty to exercise any thereof; that the decision whether to exercise any of such
powers, and the manner of exercise, shall be solely within PBM's reasonable
discretion.

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7. REMEDIES OF PBM IN RESPECT OF THE COLLATERAL SHARES.

               (a) UPON THE OCCURRENCE OF ANY EVENT OF DEFAULT (AS DEFINED IN
THE NOTE), PBM SHALL HAVE THE RIGHT TO DECLARE ALL OF THE OBLIGATIONS TO BE
IMMEDIATELY DUE AND PAYABLE AND SHALL THEN, IN RESPECT ONLY OF THE COLLATERAL
SHARES, HAVE THE RIGHTS AND REMEDIES OF A SECURED PARTY UNDER THE UNIFORM
COMMERCIAL CODE OR UNDER ANY OTHER APPLICABLE LAW, INCLUDING, WITHOUT
LIMITATION, THE RIGHT TO TAKE POSSESSION OF THE COLLATERAL SHARES. FOLLOWING AN
EVENT OF DEFAULT, PBM SHALL HAVE THE RIGHT TO IMMEDIATELY MAKE WRITTEN DEMAND
UPON THE COLLATERAL AGENT TO DELIVER THE COLLATERAL SHARES AND THE ASSIGNMENT
DOCUMENTATION TO PBM. NOT LATER THAN FIVE (5) DAYS AFTER THE COLLATERAL AGENT'S
RECEIPT OF SUCH WRITTEN DEMAND, THE COLLATERAL AGENT SHALL MAKE DELIVERY, IN
ACCORDANCE WITH PBM'S DEMAND, OF THE CERTIFICATE REPRESENTING THE COLLATERAL
SHARES TOGETHER WITH THE ASSIGNMENT DOCUMENTATION IN BLANK OR COMPLETED AS PBM
SHALL HAVE SPECIFIED UNLESS, PRIOR TO THE END OF SUCH FIVE (5) DAY PERIOD,
WORLDWIDE SHALL HAVE GIVEN WRITTEN NOTICE TO THE COLLATERAL AGENT AND TO PBM IN
GOOD FAITH DISPUTING THE OCCURRENCE OF THE EVENT OF DEFAULT AND DIRECTING THE
COLLATERAL AGENT TO WITHHOLD THE DELIVERY OF THE COLLATERAL SHARES AND THE
ASSIGNMENT DOCUMENTATION. UPON RECEIPT OF SUCH WRITTEN NOTICE FROM WORLDWIDE,
THE COLLATERAL AGENT SHALL NOT DELIVER THE COLLATERAL SHARES AND THE ASSIGNMENT
DOCUMENTATION TO ANY PERSON OTHER THAN INTO COURT UNTIL THE CONTROVERSY SHALL
HAVE BEEN SETTLED EITHER BY AN AGREEMENT OR BY A FINAL JUDGMENT OF A COURT OF
COMPETENT JURISDICTION. EACH PARTY SHALL BE ENTITLED TO REIMBURSEMENT BY THE
OTHER OF ITS REASONABLE ATTORNEYS FEES AND COSTS AND OTHER REASONABLE EXPENSES
INCURRED IN THE EVENT THAT A COURT OF COMPETENT JURISDICTION SHALL DETERMINE IN
ITS FAVOR (THAT IS, AS TO PBM, THAT AN EVENT OF DEFAULT SHALL HAVE OCCURRED
FOLLOWING WORLDWIDE'S DISPUTE OF SAME; AND THAT IS, AS TO WORLDWIDE, THAT AN
EVENT OF DEFAULT SHALL NOT HAVE OCCURRED), NOTWITHSTANDING A PARTY'S GOOD FAITH
IN ASSERTING THE EXISTENCE OF AN EVENT OF DEFAULT (IN THE CASE OF PBM) OR THE
ABSENCE THEREOF (IN THE CASE OF WORLDWIDE).

               (b) UPON THE DELIVERY TO PBM OF THE COLLATERAL SHARES AND THE
ASSIGNMENT DOCUMENTATION PURSUANT TO SECTION 7(a) ABOVE, PBM MAY DATE ANY OF THE
ASSIGNMENT DOCUMENTS AND PARTICIPATE AS THE OWNER OF THE COLLATERAL SHARES IN
THE ELECTION OF DIRECTORS AND MAY EXERCISE SUCH OTHER RIGHTS AS A STOCKHOLDER OF
WORLDWIDE AS IT MAY, IN ITS SOLE AND ABSOLUTE DISCRETION, SEE FIT. IN ADDITION
TO THE FOREGOING REMEDIES, PBM MAY BE THE PURCHASER OF ANY OR ALL OF THE
COLLATERAL SHARES SOLD AT ANY PUBLIC OR PRIVATE SALE AND THEREAFTER HOLD THE
SAME, ABSOLUTELY, FREE AND CLEAR OF AND FROM ANY AND ALL CLAIMS OR RIGHTS OF ANY
KIND WHATSOEVER. WORLDWIDE HEREBY ACKNOWLEDGES AND AGREES THAT TEN DAYS' NOTICE
SHALL BE DEEMED COMMERCIALLY REASONABLE NOTICE WITH RESPECT TO THE TIME AND
PLACE OF ANY PUBLIC SALE OR THE TIME AFTER WHICH ANY PRIVATE SALE OR ANY OTHER
INTENDED DISPOSITION OF THE COLLATERAL SHARES IS TO BE MADE, AND, IN THE CASE OF
ANY NOTICE TO WORLDWIDE OF A PRIVATE SALE, SUCH NOTICE SHALL ADVISE WORLDWIDE OF
THE TERMS AND CONDITIONS OF THE SALE AS ARE THEN KNOWN TO PBM. RECOGNIZING THE
POSSIBILITY THAT THERE MAY BE NO ADEQUATE MARKET FOR THE COLLATERAL SHARES OR
THAT THE SALE OF THE COLLATERAL SHARES MAY REQUIRE REGISTRATION UNDER THE
SECURITIES ACT OF 1933 OR QUALIFICATION UNDER OTHER STATE OR FEDERAL LAWS
RELATING TO SECURITIES, WORLDWIDE SPECIFICALLY AUTHORIZES (i) A PRIVATE SALE OF
ALL OR ANY OF THE COLLATERAL SHARES WITHOUT ATTEMPTS BY PBM TO APPROACH MORE
THAN ONE POSSIBLE PURCHASER AND (ii) PBM'S RIGHT, WITHOUT THE SALE OF ANY OF THE
COLLATERAL SHARES, TO VOTE ANY OF THE COLLATERAL SHARES FOR THE SALE, TRANSFER
OR EXCHANGE OF ASSETS AND/OR LIQUIDATION OR DISSOLUTION OF WORLDWIDE.

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<PAGE>
               (c) THE PROCEEDS OF ANY SALE OF ANY OF THE COLLATERAL SHARES
SHALL BE APPLIED TO EXPENSES, INCLUDING, WITHOUT LIMITATION, ATTORNEY'S FEES TO
THE FULLEST EXTENT ALLOWABLE BY LAW, REASONABLY INCURRED IN CONNECTION WITH SUCH
SALES, THE COLLECTION OF THE NOTE, AND THE PROSECUTION OR DEFENSE OF ANY
PROCEEDING RELATED THERETO, AND THEN TO THE PAYMENT OR SATISFACTION OF THE NOTE.
IN THE EVENT THE PROCEEDS OF ANY SALE, LEASE OR OTHER DISPOSITION OF THE
COLLATERAL HEREUNDER, INCLUDING WITHOUT LIMITATION, THE PROCEEDS FROM THE
COLLECTION OF ACCOUNTS, ARE INSUFFICIENT TO PAY ALL OF THE OBLIGATIONS IN FULL,
WORLDWIDE WILL BE LIABLE FOR THE DEFICIENCY, TOGETHER WITH INTEREST THEREON, AT
THE MAXIMUM RATE ALLOWABLE BY LAW, AND THE COSTS AND EXPENSES OF COLLECTION OF
SUCH DEFICIENCY, INCLUDING (TO THE EXTENT PERMITTED BY LAW) WITHOUT LIMITATION,
ATTORNEY'S FEES, EXPENSES AND DISBURSEMENTS. FROM AND AFTER THE OCCURRENCE OF AN
EVENT OF DEFAULT AND UNLESS AND UNTIL THE NOTE HAS BEEN FULLY PAID AND
SATISFIED, PBM SHALL BE ENTITLED TO ACT WITH RESPECT TO THE COLLATERAL SHARES IN
ALL MATTERS OR EVENTS, AND TO EXERCISE ALL RIGHTS AND PRIVILEGES, TO THE MAXIMUM
EXTENT PERMITTED BY LAW, AS AN ABSOLUTE OWNER OF THE COLLATERAL SHARES AND TO
HOLD ALL PROCEEDS FROM THE SALE THEREOF AS PART OF THE COLLATERAL HEREUNDER.

8. REMEDIES OF PBM IN RESPECT OF THE COLLATERAL. UPON THE OCCURRENCE OF AN EVENT
OF DEFAULT THAT IS OF A NATURE THAT IS EXPRESSLY SET FORTH IN ANY OF SECTIONS
5(b), 5(c), 5(d) OR 5(e) OF THE NOTE, PBM SHALL HAVE THE RIGHT TO DECLARE ALL OF
THE OBLIGATIONS TO BE IMMEDIATELY DUE AND PAYABLE AND SHALL THEN AS RESPECTS ANY
AND ALL OF THE COLLATERAL HAVE THE RIGHTS AND REMEDIES OF A SECURED PARTY UNDER
THE UNIFORM COMMERCIAL CODE OR UNDER ANY OTHER APPLICABLE LAW. IN ADDITION, PBM
SHALL BE ENTITLED TO THE RIGHTS AND REMEDIES, AND WORLDWIDE SHALL HAVE THE
OBLIGATIONS, SET FORTH BELOW:

               (a) PBM may enter upon the premises where any of the Collateral
is located and take possession of, and at PBM's option remove, any or all
thereof.

               (b) Upon notice from PBM, Worldwide shall promptly at its expense
assemble any or all of the Collateral and make it available at a reasonably
convenient place designated by PBM.

               (c) PBM may, with or without judicial process, sell, lease or
otherwise dispose of any or all of the Collateral at public or private sale or
proceedings, by one or more contracts, in one or more parcels, at the same or
different times and places, with or without having the Collateral at the place
of sale or other disposition, to such persons or entities, for cash or credit or
for future delivery and upon such other terms, as PBM may in its discretion deem
best in each such matter. The purchaser of any of the Collateral at any such
sale shall hold the same free of any equity of redemption of other right or
claim of Worldwide, all of which, together with all rights, of stay, exemption
or appraisal under any statute or other law now or hereafter in effect,
Worldwide hereby unconditionally waives to the fullest extent permitted by law.
If any of the Collateral is sold on credit or for future delivery, PBM shall not
be liable for the failure of the purchaser to pay for same and, in the event of
such failure, PBM may resell such Collateral.

               (d) Worldwide further agrees that notice of the time after which
any private sale or other intended disposition or action relating to any of the
Collateral is to be made or taken, shall be deemed commercially reasonable
notice thereof, and shall satisfy the requirements of any applicable statute or
other law, if such notice is delivered or mailed (by ordinary first class

                                       72
<PAGE>
mail, postage prepaid) not less than ten (10) business days prior to the date of
the sale, disposition or other action to which the notice related. PBM shall not
be obligated to make any sale or other disposition or take other action pursuant
to such notice and may, with similar notice or publication, adjourn or postpone
any public or private sale or other disposition or action by announcement at the
time and place fixed therefor, and such sale, disposition or action may be held
or accomplished at any time or place to which the same may be so adjourned or
postponed.

               (e) PBM may purchase any or all of the Collateral at any public
sale and may purchase at private sale any of the Collateral that is of a type
customarily sold in a recognized market or the subject of widely distributed
price quotations or as may be further permitted by law. PBM may make payment of
the purchase price for any Collateral by credit against the then outstanding
amount of the Obligations.

               (f) PBM may at its discretion retain any or all of the Collateral
and apply the same, at fair market value, in satisfaction of part or all of the
Obligations.

               (g) Any cash proceeds of sale, lease or other disposition of
Collateral shall be applied as follows:

                      First: To the reasonable expenses of collecting,
enforcing, safeguarding, holding and disposing of Collateral, and to other
reasonable expenses of PBM in connection with the enforcement of this Security
Agreement, the Note, or the Loan Documents including, without limitation, court
costs and the reasonable fees of attorneys, accountants and appraisers;

                      Second: Any surplus then remaining to the payment of the
Obligations; and

                      Third: Any surplus then remaining to Worldwide or whoever
may be lawfully entitled thereto.

               (h) Worldwide agrees that, in connection with any action or
proceeding arising out of or relating to the Obligations, this Security
Agreement or the Collateral:

                      (i) Worldwide waives the right to a trial by jury and all
defenses and right to interpose any setoff or counterclaim of any nature, except
and only to the extent such defense pertains to the existence of an Event of
Default;

                      (ii) Worldwide consents to the jurisdiction of any court
of the State of California and of any federal court located in California, and
Worldwide waives any right to object to such court as a forum inconvenient to
Worldwide;

                      (iii) Worldwide agrees that PBM shall be entitled to sell
or otherwise deal with any or all of the Collateral, in any order or
simultaneously as PBM shall determine in its reasonable discretion, free of any
requirement for the marshalling of assets or other restriction upon PBM in
dealing with the Collateral.

        9. Costs and Expenses. Upon the occurrence of an Event of Default as
defined in the Note, Worldwide agrees to pay on demand all of PBM's reasonable
expenses in collecting,

                                       73
<PAGE>
enforcing, safeguarding, holding and disposing of Collateral, and all other
losses, costs and expenses incurred by PBM in connection with the enforcement of
this Security Agreement, the Note or the Loan Documents, or in connection with
legal advice relating to the rights or responsibilities of PBM under any thereof
(including in each case, without limitation, the reasonable fees and
out-of-pocket expenses of attorneys, accountants and appraisers).

        With respect to any amount advanced by PBM and required to be reimbursed
by Worldwide pursuant to any provision of this Security Agreement, Worldwide
shall also pay PBM interest on such amount at the rate from time to time
applicable to overdue principal of the Note from the date on which Worldwide
receives written notice of the expenditure to the date of reimbursement.
Worldwide's obligations under this Section 9 shall survive payment of the Note
and the other Obligations.

10. WAIVERS; ETC. WORLDWIDE HEREBY WAIVES PRESENTMENT, DEMAND, NOTICE, PROTEST
AND ALL OTHER DEMANDS AND NOTICES IN CONNECTION WITH THIS AGREEMENT OR THE
ENFORCEMENT OF PBM'S RIGHTS HEREUNDER OR IN CONNECTION WITH ANY OBLIGATIONS OR
ANY COLLATERAL; AND CONSENTS TO AND WAIVES NOTICE OF: (a) THE GRANTING OF
RENEWALS, EXTENSIONS OF TIME FOR PAYMENT OR OTHER INDULGENCES TO WORLDWIDE OR TO
ANY ACCOUNT DEBTOR IN RESPECT OF ANY ACCOUNT RECEIVABLE OF WORLDWIDE; (b)
SUBSTITUTION, RELEASE OR SURRENDER OF ANY COLLATERAL; (c) THE ADDITION OR
RELEASE OF PERSONS PRIMARILY OR SECONDARILY LIABLE ON ANY OF THE OBLIGATIONS OR
ON ANY ACCOUNT RECEIVABLE OR OTHER COLLATERAL; AND (d) THE ACCEPTANCE OF PARTIAL
PAYMENTS ON ANY OBLIGATIONS OR ON ANY ACCOUNT RECEIVABLE OR OTHER COLLATERAL
AND/OR THE SETTLEMENT OR COMPROMISE THEREOF. NO DELAY OR OMISSION ON THE PART OF
PBM IN EXERCISING ANY RIGHT HEREUNDER SHALL OPERATE AS A WAIVER OF SUCH RIGHT OR
OF ANY OTHER RIGHT HEREUNDER. ANY WAIVER OF ANY SUCH RIGHT ON ANY ONE OCCASION
SHALL NOT BE CONSTRUED AS A BAR TO OR WAIVER OF ANY SUCH RIGHT ON ANY SUCH
FUTURE OCCASION. WORLDWIDE'S WAIVERS UNDER THIS SECTION HAVE BEEN MADE
VOLUNTARILY, INTELLIGENTLY, KNOWINGLY, WITHOUT DURESS AND ONLY AFTER EXTENSIVE
CONSIDERATION OF THE RAMIFICATIONS THEREOF.

11. TERMINATION; ASSIGNMENT; ETC. THIS AGREEMENT AND THE SECURITY INTEREST IN
THE COLLATERAL CREATED HEREBY SHALL TERMINATE WHEN ALL OF THE OBLIGATIONS HAVE
BEEN PAID AND FINALLY DISCHARGED IN FULL. NO WAIVER BY PBM OR BY ANY OTHER
HOLDER OF THE OBLIGATIONS OF ANY DEFAULT SHALL BE EFFECTIVE UNLESS IN WRITING
SIGNED BY PBM NOR SHALL ANY WAIVER GRANTED ON ANY ONE OCCASION OPERATE AS A
WAIVER OF ANY OTHER DEFAULT OR OF THE SAME DEFAULT ON A FUTURE OCCASION. IN THE
EVENT OF A SALE OR ASSIGNMENT BY PBM OF ALL OR ANY OF THE OBLIGATIONS HELD BY
PBM, PBM MAY NOT ASSIGN OR TRANSFER ITS RESPECTIVE RIGHTS AND INTERESTS UNDER
THIS AGREEMENT IN WHOLE OR IN PART TO THE PURCHASER OR PURCHASERS OF SUCH
OBLIGATIONS; ACCORDINGLY, SUCH PURCHASER OR PURCHASERS SHALL BECOME VESTED WITH
ALL OF THE POWERS AND RIGHTS HEREUNDER FURTHER, NO SALE OR ASSIGNMENT SHALL ACT
TO RELEASE OR DISCHARGE, IN WHOLE OR IN PART, PBM FROM ANY LIABILITY OR
RESPONSIBILITY HEREUNDER WITH RESPECT TO THE RIGHTS AND INTERESTS SO ASSIGNED.

12. MISCELLANEOUS.

               (a) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon PBM and Worldwide and their respective successors
and

                                       74
<PAGE>
assigns.

               (b) Changes. Changes in or additions to this Agreement may be
made or compliance with any term, covenant, agreement, condition or provision
set forth herein may be omitted or waived (either generally or in a particular
instance and either retroactively or prospectively), only upon written consent
of Worldwide and PBM.

               (c) Notices. All notices, requests, consents and demands shall be
made in writing and shall be delivered by facsimile to the fax number set forth
below or by hand, sent via a reputable overnight courier service or mailed by
first class certified or registered mail, return receipt requested, postage
prepaid to Worldwide;

       If to Worldwide:

       Worldwide Medical Corporation
       13 Spectrum Pointe Drive
       Lake Forest, California 92630
       Attention: Daniel G. McGuire, President
       Fax No.: (949) 595-0575

       With a copy to:
       (which shall not constitute notice)

       Bryan Cave LLP
       2020 Main Street, Suite 600
       Irvine, California 92614
       Attention: Randolf W. Katz, Esquire
       Fax Number: (949) 223-7100

       If to PBM:

       Princeton BioMeditech Corp.
       4242 U.S. Route 1
       Monmouth Junction, New Jersey 08852-1905
       Attention: Dr. Jemo Kang
       Fax No.: (732) 274-1010

                            With a copy to:

                            (which shall not constitute notice)

                                       75
<PAGE>
                            Fox, Rothschild, O'Brien & Frankel
                            997 Lenox Drive
                            Building 3
                            Lawrenceville, New Jersey 08648
                            Attention: Jeffrey H. Nicholas, Esquire
                            Fax No.: (609) 896-1469

               (d) Governing Law. This Agreement shall be construed and enforced
in accordance with, and the rights of the parties shall be governed by, the laws
of the State of California notwithstanding any conflict-of-laws doctrines of
such state or other jurisdictions to the contrary, and without the aid of any
canon, custom or rule of law requiring constructions against the draftsman. The
parties agree to submit to the jurisdiction and venue of the sate and federal
courts of Orange County, California, for the purposes of resolving disputes
hereunder and authorize any such action to be instituted and prosecuted
exclusively in the Superior Court of the State of California or, if appropriate,
the United States District Court for the Central District of California.

               (e) Breach. Worldwide agrees to pay all costs of enforcement,
including reasonable attorney's fees and legal expenses incurred by PBM in the
event that Worldwide fails to comply with or otherwise breaches this Agreement.

               (f) Severability. If any provision of this Agreement is held
invalid or unenforceable, such invalidity or unenforceability shall not affect
the validity or enforceability of the other provisions of this Agreement, all of
which are declared severable.

               (g) Headings. The headings used in this Agreement are solely for
convenience of reference and shall not affect its interpretation.

               (h) Words and Phrases. Words and phrases such as "to this
Agreement," "herein," "hereinafter," "hereto," "hereof," "hereby," and
"hereunder," when used with reference to this Agreement, refer to this Agreement
as a whole, unless the context otherwise requires.

               (i) Gender and Number. Wherever from the context of this
Agreement it appears appropriate, each term stated in either the singular or the
plural shall

                                       76
<PAGE>
include the singular or the plural, and pronouns sated in either the masculine,
feminine or neuter gender, shall include the masculine, feminine and neuter.

               (j) Conflict. In the event of any conflict between the terms of
any of the Loan Documents, including, but not limited to, this Agreement and the
Note, the terms of the Note shall control.

               (k) Entire Understanding. Except as expressly reserved or
otherwise provided herein, this Agreement contains the entire understanding
among the parties hereto with respect to the subject matter hereof, and
supercedes all prior and contemporaneous agreements and understandings,
inducements or conditions, express or implied, oral or written, except as herein
contained. The express terms hereof control and supersede any course of
performance and/or usage of the trade inconsistent with any of the terms hereof.

               (l) Jury Waiver. THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY
COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION WITH
OR IN ANY WAY RELATED TO THE FINANCING TRANSACTIONS OF WHICH THIS AGREEMENT IS A
PART AND/OR THE ENFORCEMENT OF ANY OF THE PARTIES' RESPECTIVE RIGHTS AND
REMEDIES, INCLUDING WITHOUT LIMITATION, TORT CLAIMS. THE PARTIES ACKNOWLEDGE
THAT EACH MADE THIS WAIVER VOLUNTARILY, INTELLIGENTLY, KNOWINGLY, WITHOUT DURESS
AND ONLY AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS THEREOF.

               (m) Counterparts. This Agreement may be executed in any number of
counterparts, including separate counterparts, all of which when taken together,
shall constitute one instrument.

        Signed as of the date first above written.

WITNESSES:                              WORLDWIDE MEDICAL CORPORATION

                                        By:
----------------------------------          ------------------------------------
                                            Daniel McGuire, President

                                        PRINCETON BIOMEDITECH CORP.

                                       77
<PAGE>

                                        By:
----------------------------------          ------------------------------------
                                            Jemo Kang, President

                                       78
<PAGE>

STATE OF CALIFORNIA   )
                      )      ss.
COUNTY OF             )

The foregoing instrument was acknowledged before me this ______ day of
__________, 2001, by Daniel McGuire, President of Worldwide Medical Corporation,
a Delaware corporation.

                                            ------------------------------------
                                            Notary Public
                                            My commission expires:
                                                                  --------------

                                       79
<PAGE>
                                    Exhibit A

1.      Security Interest.

        A. Stock. One million five hundred fifteen thousand (1,515,000) shares
of the Debtor's Common Stock together with the dividends, rights, options,
issues, products, proceeds and profits therefrom (collectively, the "Collateral
Shares"). The interest of the Secured Party in the Collateral Shares is a first
priority lien and security interest in and to the Collateral Shares. In addition
to a stock certificate representing the Collateral Shares, the Debtor shall
deliver to the Collateral Agent (as that term is defined in the Collateral Agent
Agreement between the Debtor and the Secured Party) the Debtor's undated
assignment separate from such certificate executed in blank, together with such
other assignments, agreements, instruments and documents (collectively, the
"Assignment Documentation") as the Secured Party from time to time may
reasonably require and as may be necessary or expedient to facilitate the
transfer thereof. The Collateral Shares and the Assignment Documentation shall
be held and distributed by the Collateral Agent in accordance with the terms and
conditions of the Convertible Secured Promissory Note of the Debtor in favor of
the Secured Party, executed on May 8, 2001, to be effective as of January 1,
2001 (the "Note"), and the related Security Agreement, executed and effective as
of such dates (the "Security Agreement").

        B. The Debtor's Property. All of the Debtor's Property, which shall
refer to all of the Debtor's "Tangible and Intangible Personal Property" which,
for purposes of the Security Agreement and this UCC-1 Financing Statement, shall
mean all such property located at 13 Spectrum Pointe Drive, Lake Forest,
California 92630, and all other tangible and intangible personal property of the
Debtor wherever located, including, without limitation, all "Goods," "Fixtures,"
"Accounts," "Chattel Paper," "Contracts," "Documents," "Equipment," "General
Intangibles," "Instruments" and "Inventory," (as those terms are defined
hereinbelow), together, in each instance, with the renewals, substitutions,
replacements, additions, rental payments, products and "Proceeds" (as
hereinafter defined) thereof. The interest of the Secured Party in and to the
Debtor's Property is a first priority lien and security interest in and to the
Debtor's Property subject, however, to the rights of the "Other Lender" in
respect of the "Senior Debt" (as defined in the Note).

2.      DEFINITIONS. THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:

        A. "Accounts" means all accounts, as that term is defined in Article 9
of the Uniform Commercial Code as in effect from time-to-time in the State of
California (the "UCC"), and, in any event, shall include any right to payment
held by the Debtor, whether in the form of accounts receivable, notes, drafts,
acceptances, letters of credit (including proceeds of letters of credit) or
other forms of obligations and receivables, now owned or hereafter received or
acquired by or belonging or owing to the Debtor (including, without limitation,
under any trade name, style or division thereof) for Inventory sold or leased or
services rendered by it whether or not earned by performance, together with all
guarantees and security therefor and all Proceeds thereof, whether cash Proceeds
or otherwise, including, without limitation, all right, title and interest of
the Debtor in the Inventory which gave rise to any such Accounts, including,
without limitation, unpaid

<PAGE>
seller's rights of rescission, replevin, reclamation and stoppage in transit and
rights to returned, reclaimed, rejected or repossessed Inventory or other goods;

        B. "Chattel Paper" means all chattel paper, as that term is defined in
Article 9 of the UCC, and, in any event, shall include any writing or writings
which evidence both a monetary obligation and a security interest in or a lease
of specific goods, whether now or hereafter held by the Debtor;

        C. "Contracts" means all contracts, undertakings, franchise agreements
or other agreements (other than rights evidenced by Chattel Paper, Documents or
Instruments, as those terms are defined above and below) in or under which the
Debtor may now or hereafter have any right, title or interest, including,
without limitation, with respect to an Account, and any agreement relating to
the terms of payment or the terms of performance thereof;

        D. "Documents" means all documents, as that term is defined in Article 9
of the UCC;

        E. "Equipment" means all equipment, as that term is defined in Article 9
of the UCC and, in any event, shall include, without limitation, all healthcare
and diagnostic related equipment, furnishings, and computers and other
electronic data processing and other office equipment, including, but not
limited to, the items of Equipment listed on Schedule 2E attached hereto and
made a part hereof, any and all additions, substitutions and replacements of any
of the foregoing, wherever located, together with all attachments, components,
parts, equipment and accessories installed thereon or affixed thereto, and all
Contracts, contract rights and Chattel Paper arising out of any lease of any of
the foregoing;

        F. "Fixtures" means all fixtures, as that term is defined in Article 9
of the UCC;

        G. "General Intangibles" means all general intangibles, as that term is
defined in Article 9 of the UCC, and, in any event, shall include all right,
title and interest which the Debtor may now or hereafter have in or under any
Contract, all customer lists, trademarks, patents, rights in intellectual
property, interests in corporations, limited liability companies, partnerships,
joint ventures and other business associations, licenses, permits, copyrights,
trade secrets, proprietary or confidential information, inventions (whether or
not patented or patentable), technical information, procedures, designs,
knowledge, know-how, software, data bases, data, skill, expertise, recipes,
experience, processes, models, drawings, blueprints, catalogs, materials and
records, FDA approvals, permits and authorizations, unfilled customer purchase
orders, goodwill (including, without limitation, the goodwill associated with
any trademark, trademark registration or trademark licensed under any trademark
license), claims in or under insurance policies, including unearned premiums,
uncertificated securities, deposit accounts, rights to receive tax refunds and
other payments and rights of indemnification;

        H. "Goods" means all goods, as that term is defined in Article 2 of the
UCC;

                                       81
<PAGE>
        I. "Instruments" means all instruments, as that term is defined in
Article 9 of the UCC, and, in any event, shall include any negotiable instrument
or certificated security, as defined in Article 8 of the UCC, or any other
writing which evidences a right to the payment of money and is not itself an
instrument that constitutes, or is a part of a group or writings that
constitute, Chattel Paper, and is of a type which, in the ordinary course of
business, is transferred by delivery with any necessary endorsement or
assignment, whether now or hereafter held by the Debtor;

        J. "Inventory" means all inventory, as that term is defined in Article 9
of the UCC, wherever located, and, in any event, shall include all inventory,
merchandise, goods and other personal property which are held by or on behalf of
the Debtor for sale or lease or are furnished or are to be furnished under a
contract of service or which constitute raw materials, work in process or
materials used or consumed or to be used or consumed in the Debtor's business,
or the processing, packaging, promotion, delivery or shipping of the same, and
all finished goods, whether or not the same is in transit or in the
constructive, actual or exclusive occupancy or possession of the Debtor or is
held by the Debtor or by others for the Debtor's account, including, without
limitation, all goods covered by purchase orders and contracts with suppliers
and all goods billed and held by suppliers and all inventory which may be
located on premises of the Debtor or of any carriers, forwarding agents,
truckers, warehousemen, vendors, selling agents or other Persons;

        K. "Loan Documents" means the Security Agreement, and any and all
agreements, notes, guaranties, instruments, security agreements, mortgages,
assignments, and documents evidencing, governing, securing or relating in any
way to any of the Obligations, including without limitation, that certain Note
in the original principal amount of $631,513.37 from the Debtor in favor of the
Secured Party of even date herewith and that certain Form UCC-1 Financing
Statement executed by the parties of even date herewith;

        L. "Obligations" means any and all indebtedness, obligations,
liabilities, contracts, indentures, agreements, warranties, covenants,
guaranties, representations, provisions, terms and conditions of whatever kind
with regard to the Loan Documents, whether due or to become due, absolute or
contingent, now existing or hereafter incurred or arising, whether or not
otherwise guaranteed or secured and whether evidenced by any note or draft or
documented on the books and records of the Secured Party or otherwise on open
account, including without limitation, all costs, expenses, fees, charges and
attorneys' and other professional fees incurred by the Secured Party in
connection with, involving or related to the administration, protection,
modification, collection, enforcement, preservation or defense of any of the
Secured Party's rights with respect to any of the Obligations, the Collateral or
any agreement, instrument or document evidencing, governing, securing or
relating to any of the foregoing, including without limitation, all costs and
expenses incurred in inspecting or surveying mortgaged real estate, if any, or
conducting environmental studies or tests, and in connection with any "workout"
or

                                       82
<PAGE>
default resolution negotiations involving legal counsel or other professionals
and any renegotiation or restructuring of any of the Obligations; and

        M. "Proceeds" means all proceeds, as that term is defined in Article 9
of the UCC, and, in any event, shall include (a) any and all Accounts, Chattel
Paper, Instruments, cash and other proceeds payable to the Debtor from
time-to-time in respect of any of the foregoing collateral security, (b) any and
all proceeds of any insurance, indemnity, warranty or guaranty payable to the
Debtor from time-to-time with respect to any of the collateral security, (c) any
and all payments (in any form whatsoever) made or due and payable to the Debtor
from time-to-time in connection with any requisition, confiscation,
condemnation, seizure or forfeiture of all or any part of the collateral
security by any governmental body, authority, bureau or agency (or any person
acting under color of governmental authority), and (d) any and all other amounts
from time-to-time paid or payable under or in connection with any of the
collateral security.

                                       83<PAGE>
                                  Exhibit 10.7

                                ESCROW AGREEMENT

        This Escrow Agreement (the "Escrow Agreement") is executed on May 8,
2001, entered into and effective as of the 1st day of January, 2001 (the
"Effective Date") by and between Princeton BioMeditech Corporation, a New Jersey
corporation ("PBM"), and Worldwide Medical Corporation, a Delaware corporation
("Worldwide"). PBM and Worldwide are sometimes collectively referred to herein
as "Parties" and individually as "Party". Capitalized terms not otherwise
defined in this Agreement shall have the meanings ascribed to them in the
Promissory Note (as hereinafter defined).

                                    RECITALS

        A.            Worldwide has executed a Convertible Secured Promissory
                Note dated as of the Effective Date in favor of PBM (the
                "Promissory Note"), pursuant to which Worldwide has agreed to
                pay PBM the principal amount of $631,513.37.

        B.            The Promissory Note provides, among other things, that, in
                lieu of interest thereon, Worldwide shall deposit into escrow a
                total of 300,000 shares of Worldwide's Common Stock (the "Escrow
                Shares"), to be redelivered to Worldwide or released to PBM, as
                the case may be under the terms of the Promissory Note and this
                Escrow Agreement.

        C.            This Agreement is intended to and shall, among other
                things, set forth the terms and conditions of the deposit and
                disposition of the Escrow Shares.

        NOW, THEREFORE, in consideration of the premises and mutual covenants
set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, PBM and Worldwide, intending to be
legally bound hereby, agree as follows:

        1.      Appointment of Escrow Agent; Commencement and Termination.

                (a)          Worldwide and PBM hereby nominate, constitute and
                        appoint Randolf W. Katz, Esq. as escrow agent (the
                        "Escrow Agent") upon the terms and conditions set forth
                        in this Agreement.

                (b)          The escrow established by this Agreement (the
                        "Escrow") shall commence on the date of the delivery to
                        the Escrow Agent by Worldwide of a certificate or
                        certificates representing the Escrow Shares, endorsed
                        for transfer in blank in accordance with this Escrow
                        Agreement. Worldwide agrees to deliver to the Escrow
                        Agent the certificate(s) representing the Escrow Shares
                        not later than June 8, 2001. The Escrow Shares shall not
                        be registered under the Securities Act of 1933 or any
                        state blue sky law, and shall bear a restrictive legend
                        so indicating. The number of Escrow Shares shall be
                        subject to adjustment on the same terms and conditions
                        as provided for in Section 7 of any of the Warrants
                        issued by Worldwide to PBM in connection

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                        with the issuance of the Promissory Note, such that
                        whenever there shall be an adjustment in the securities
                        or number of securities that are issuable upon exercise
                        of any such Warrant, there shall be a adjustment in the
                        number of Escrow Shares, on the same basis as any
                        adjustment in the securities issuable upon exercise of
                        any such Warrant.

                (c)     The Escrow shall terminate on the earlier to occur of
                        (i) the resignation or removal of the Escrow Agent in
                        accordance with the instructions and conditions
                        contained in Section 7 hereof; or (ii) the final
                        distribution by the Escrow Agent of the Escrow Shares in
                        accordance with the terms of this Escrow Agreement.

                (d)     The Escrow Agent agrees to act in accordance with the
                        instructions in this Escrow Agreement. The Escrow Agent
                        shall be reimbursed by Worldwide promptly upon
                        submission of an invoice or invoices on a monthly basis
                        for all of the Escrow Agent's fees at his standard
                        hourly rates and out-of-pocket expenses incurred in
                        connection with this Escrow Agreement.

        2. General Instructions. Unless and until any of the events or
contingencies specified in this Escrow Agreement shall occur, the Escrow Agent
shall hold and retain in his possession at all times all of the Escrow Shares.

        3. Instructions and Conditions of Release of the Escrow Shares. The
Escrow Shares shall be released by the Escrow Agent to Worldwide and/or PBM, as
the case may be, under the terms of this Escrow Agreement as follows:

                (a)     If the principal amount of the Promissory Note shall be
                        reduced to zero prior to January 1, 2002 (whether by
                        payment by Worldwide, conversion by PBM into shares of
                        Common Stock, or otherwise), then the Escrow Agent shall
                        deliver all of the Escrow Shares to Worldwide, and PBM
                        shall not be entitled to any of the Escrow Shares.

                (b)     If the principal amount of the Promissory Note shall be
                        reduced to zero after December 31, 2001 but prior to
                        July 1, 2002 (whether by payment by Worldwide,
                        conversion by PBM into shares of Common Stock, or
                        otherwise), then the Escrow Agent shall deliver (i)
                        225,000 of the Escrow Shares to Worldwide and (ii)
                        75,000 of the Escrow Shares to PBM.

                (c)     If the principal amount of the Promissory Note shall be
                        reduced to zero after June 30, 2002 but prior to January
                        1, 2003 (whether by payment by Worldwide, conversion by
                        PBM into shares of Common Stock, or otherwise), then the
                        Escrow Agent shall deliver (i) 150,000 of the Escrow
                        Shares to Worldwide and (ii) 150,000 of the Escrow
                        Shares to PBM.

                (d)     If the principal amount of the Promissory Note shall be
                        reduced to zero after December 31, 2002 but prior to
                        July 1, 2003 (whether by payment by Worldwide,
                        conversion by PBM into shares of Common Stock, or

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<PAGE>

                        otherwise), then the Escrow Agent shall deliver (i)
                        100,000 of the Escrow Shares to Worldwide and (ii)
                        200,000 of the Escrow Shares to PBM.

                (e)     If the principal amount of the Promissory Note shall be
                        not be reduced to zero prior to July 1, 2003 (whether by
                        payment by Worldwide, conversion by PBM into shares of
                        Common Stock, or otherwise), then the Escrow Agent shall
                        deliver all of the Escrow Shares to PBM, and Worldwide
                        shall not be entitled to any of the Escrow Shares.

                (f)     The Escrow Agent shall deliver certificates representing
                        the Escrow Shares in the amounts set forth in this
                        Section 3 to the Party or Parties, as the case may be,
                        not later than 20 days after being advised by the
                        Parties in a jointly signed writing of the aggregate
                        principal amount of the Promissory Note paid by such
                        relevant date.

                (g)     The Escrow Agent shall be deemed authorized and directed
                        by the Parties to complete on the certificates
                        representing any of the Escrow Shares the name of the
                        Party or Parties, as the case may be, to whom
                        certificates shall be issued, as well as the number of
                        Escrow Shares to be represented by such certificates,
                        under the terms of this Section 3.

        4. Receipts. Any of the Parties or the Escrow Agent may, at its option,
demand a receipt as a condition of the delivery of any payments, stock
certificates, securities or documents under this Escrow Agreement

        5. Indemnity and Disputes. In the event that prior to the termination of
the Escrow, the Escrow Agent receives or becomes aware of conflicting demands or
claims with respect to the Escrow or the rights of any of the Parties for any
reason whatsoever, the Escrow Agent shall have the right to discontinue any or
all further acts on his part until such conflict is resolved to his reasonable
satisfaction. In such event, the Escrow Agent shall not pay or release the
Escrow, and, except as provided in this Agreement, shall not comply with any
claims, demands or instructions from any of the Parties with respect to the
Escrow. The Escrow Agent shall not be or become liable in any way to PBM,
Worldwide or any other person or entity for his failure or refusal to comply
with such conflicting claims or demands. The Escrow Agent shall be entitled to
refuse to act until: (i) such conflicting or adverse claims or demands shall
have been finally determined by a court of competent jurisdiction; (ii) such
conflicting or adverse claims or demands shall have been settled by agreement
between the conflicting parties as evidenced in a writing satisfactory to the
Escrow Agent; or (iii) the Escrow Agent shall have received security or an
indemnity satisfactory to the Escrow Agent sufficient to save him and his
affiliates harmless from and against any and all loss, liability or expense
which he or any of them may incur by reason of his acting.

        6. Liability of the Escrow Agent. The Escrow Agent (which term for
purposes of this Section 6 shall refer to any and all affiliates of the Escrow
Agent) shall not be liable for any error of judgment or for any act done or
omitted by him in good faith, or for anything he may in good faith do or refrain
from doing in connection with this Agreement; nor for any negligence other than
his gross negligence; nor shall the Escrow Agent be answerable for the default
or

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<PAGE>
misconduct of his agents, attorneys or employees, if they be selected with
reasonable care; nor will any liability be incurred by the Escrow Agent, if, in
the event of any dispute or question as to his duties or obligations under this
Agreement, he acts in accordance with advice of his legal counsel. The Escrow
Agent is authorized to act upon any document believed by him to be genuine and
to be signed by one or more of the Parties, and will incur no liability in so
acting.

        7. Resignation or Removal of Escrow Agent. The Escrow Agent may resign
at any time, upon thirty (30) days' prior written notice to PBM and Worldwide,
and may be removed by the mutual consent of PBM and Worldwide, upon at least
thirty (30) days' prior notice to the Escrow Agent. Prior to the effective date
of the resignation or removal of the Escrow Agent, or any successor escrow
agent, PBM and Worldwide shall appoint a successor escrow agent to hold the
Escrow then held by the Escrow Agent, and any such successor escrow agent shall
execute and deliver to the predecessor escrow agent and to PBM and Worldwide an
instrument accepting such appointment, and thereupon such successor escrow agent
shall, without further act, become vested with all the rights and powers of the
predecessor escrow agent as if originally named in this Escrow Agreement, and
shall thereafter become subject to the duties of the predecessor escrow agent.
If PBM and Worldwide are unable to agree on a successor escrow agent by the
effective date of the resignation or removal of the Escrow Agent, or any
successor escrow agent, the Escrow then held by the Escrow Agent or such
successor escrow agent shall be deposited jointly with PBM and Worldwide.

        8. Governing Document. In the event that any terms, provisions, rights,
duties, or obligations set forth in this Escrow Agreement should be in conflict
with any terms, provisions, rights, duties, or obligations set forth in the
Promissory Note or any agreements collateral thereto, the terms, provisions,
rights, duties, or obligations set forth herein shall control and the conduct of
the Escrow Agent shall be governed accordingly.

        9. Notices. Any notice required to be given under this Agreement or
which may be given under this Escrow Agreement to any party or the Escrow Agent
shall be in writing and shall be deemed given: (a) upon receipt if delivered or
sent by identified telecopier; or (b) one (1) business day after being sent via
reputable overnight courier, prepaid; (c) or three (3) business days after being
sent by registered or certified mail, postage prepaid, return receipt requested;
or (d) personally delivered to the Parties or the Escrow Agent at their
respective addresses or telecopy numbers set forth below their respective names
on the signature page hereof. Any of the Parties to this Escrow Agreement and
the Escrow Agent may, by notice delivered to the Escrow Agent or the other
Parties, as the case may be, change its address for purposes of this Agreement.

        10. Miscellaneous.

                (a)     Entire Agreement and Modification. Except as expressly
                        reserved or otherwise provided herein, this Escrow
                        Agreement constitutes the entire agreement between the
                        Parties with regard to its subject matter. The Escrow
                        Agent shall not be bound by any modification of this
                        Escrow Agreement unless there is delivered to the Escrow
                        Agent a written modification signed by the Parties. No
                        such modification shall, without

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<PAGE>
                        the prior written consent of the Escrow Agent, modify
                        the provisions of this Escrow Agreement relating to the
                        duties, obligations or rights of the Escrow Agent.

                (b)     Words and Phrases. Words and phrases such as "to this
                        Agreement," "herein," "hereinafter," "hereto," "hereof,"
                        "hereby," "hereinbelow," and "hereunder" when used with
                        reference to this Escrow Agreement, refer to this Escrow
                        Agreement as a whole, unless the context otherwise
                        requires.

                (c)     Severability. If any provision of this Escrow Agreement
                        is determined by a court of competent jurisdiction to be
                        invalid, void or unenforceable, the provisions that have
                        not been held invalid or unenforceable shall remain in
                        full force and effect and shall in no way be affected,
                        impaired or invalidated.

                (d)     No Waiver. No failure or delay on the part of either the
                        Parties of the Escrow Agent, or any of them, in
                        exercising any right, power or privilege under this
                        Agreement shall constitute a waiver thereof or of any
                        other right, power or privilege under this Escrow
                        Agreement.

                (e)     Gender and Number. Wherever from the context of this
                        Escrow Agreement it appears appropriate, each term
                        stated in either the singular or the plural, and
                        pronouns stated in either the masculine, feminine or
                        neuter gender, shall include the masculine, feminine and
                        neuter.

                (f)     Consent to Jurisdiction; Choice of Law. Any and all
                        claims by or against any of the Parties and/or the
                        Escrow Agent shall be decided under the laws of the
                        State of California, with venue in Orange County,
                        California and each of the Parties and the Escrow Agent
                        hereby consent to the exclusive jurisdiction of, and
                        agrees not to commence any action in a court other than,
                        the state and/or federal courts of the State of
                        California for the purpose of making claims under this
                        Escrow Agreement. Each Party and the Escrow Agent
                        irrevocably and unconditionally waives any objection to
                        the laying of venue in Orange County, California, in
                        connection with any action that may be brought hereunder
                        in the state and/or federal courts of the State of
                        California, and hereby further irrevocably and
                        unconditionally waives and agrees not to plead or claim
                        in any such court that any such action brought in any
                        such court has been brought in an inconvenient form.

                (g)     Benefit. This Escrow Agreement shall be binding upon and
                        inure to the benefit of the Parties, the Escrow Agent,
                        their respective, successors and assigns.

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<PAGE>
                (h)     Counterparts. This Escrow Agreement may be executed by
                        the Parties and the Escrow Agent in separate
                        counterparts, each of which when so executed and
                        delivered shall be an original, but all such
                        counterparts shall together constitute one and the same
                        instrument. Each counterpart may consist of a number of
                        copies hereof each signed by less than all, but
                        altogether signed by the Escrow Agent and all of the
                        Parties hereto.

IN WITNESS WHEREOF, the Parties and Escrow Agent have hereunto set their hands
and seals as of the date first above written.

WITNESS                                  WORLDWIDE MEDICAL CORPORATION

                                         13 Spectrum Pointe Drive
                                         Lake Forest, CA 92630
                                            Attention:  Daniel G. McGuire,
                                                        President
                                            (Fax Number:  949-598-8757

                                         By
-----------------------------------         ------------------------------------
                                            Daniel McGuire, President

WITH A COPY TO:                          BRYAN CAVE LLP
(which shall not                         2020 Main Street, Suite 600
constitute notice)                       Irvine, California 92614
                                         Attention:  Randolf W. Katz, Esquire
                                         (Fax Number:  949-223-7100)

WITNESS                                  PRINCETON BIOMEDITECH CORPORATION
                                         4242 U.S. Route 1
                                         Monmouth Junction,
                                         New Jersey 08852-1905
                                         Attention:  Mr. Jemo Kang
                                         (Fax Number:  732-274-1010)

                                         By
-----------------------------------         ------------------------------------
                                            Jemo Kang, President

WITH A COPY TO:                          FOX, ROTHSCHILD, O'BRIEN &  FRANKEL
(which shall not                         997 Lenox Drive
constitute notice)                       Lawrenceville, New Jersey 08648
                                         Attention:  Jeffrey H. Nicholas,
                                                     Esquire
                                         (Fax Number: 609-896-1469)

                                       89
<PAGE>
        The undersigned, intending to be legally bound, hereby agrees to act as
Escrow Agent under and pursuant to the terms and conditions of this Agreement.

WITNESS                                  ESCROW AGENT

-----------------------------------      ---------------------------------------
                                         Randolf W. Katz, Esq.

                                         Address:  2020 Main Street, Suite 600
                                                   Irvine, California 92614
                                                   (Fax Number: 949-223-7100)

                                       90

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