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<P align="right"><FONT size="2"><B>Registration No.&nbsp;333-________<BR>
As filed with the Securities and Exchange Commission on August&nbsp;11, 2003</B></FONT>

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<P align="center"><FONT size="4"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</FONT>

<DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT></DIV>
<P align="center"><FONT size="5"><B>FORM S-8</B>
</FONT>

<P align="center"><FONT size="3"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</FONT>

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<P align="center"><FONT size="6"><B>VIRAGEN, INC.</B>
</FONT>

<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT></DIV>
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    <TD align="center" valign="top"><FONT size="2"><B>Delaware</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>59-2101668</B></FONT></TD>
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    <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(IRS Employer<BR>
Identification Number)</FONT></TD>
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<P align="center"><FONT size="2"><B>865 SW 78<SUP>th</SUP>Avenue, Suite&nbsp;100<BR>
Plantation, Florida 33324<BR>
(954)&nbsp;233-8746</B>
</FONT>

<DIV align="center"><FONT size="2">(Address, including zip code, and telephone number, including area code of principal executive offices)
</FONT></DIV>
<P align="center"><FONT size="2">Addendums to Employment Agreements for Dennis W. Healey,<BR>
Douglas D. Lind, M.D. and Melvin Rothberg<BR>
Officers and Directors Alternative Stock Compensation Plan<BR>
Consulting Agreement with Douglas D. Lind, M.D.<BR>
Consulting Agreement with Seton Services Limited<BR>
Consulting Agreement with Investor Relations Worldwide Corporation
</FONT>

<P align="center"><FONT size="2">(Full title of the Plan)
</FONT>

<P align="center"><HR align="center" size="1" width="25%" noshade>

<P align="center"><FONT size="2">Dennis W. Healey<BR>
Executive Vice President and Chief Financial Officer<BR>
Viragen, Inc.<BR>
865 SW 78<SUP>th</SUP> Avenue, Suite&nbsp;100<BR>
Plantation, Florida 33324<BR>
(Name, address and telephone number, including area code of agent for service)
</FONT>

<P align="center"><FONT size="2">Copies to:<BR>
James M. Schneider, Esq.<BR>
Schneider Weinberger LLP<BR>
2499 Glades Road, Suite&nbsp;108<BR>
Boca Raton, Florida 33431<BR>
Telephone: (561)&nbsp;362-9595<BR>
Facsimile: (561)&nbsp;362-9612
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
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    <TD width="3%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Title of securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>of shares to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>offering price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>maximum aggregate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>to be registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>registered(1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>per share</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>offering price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>registration fee</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, $.01 par value</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">936,464</FONT></TD>
    <TD nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.11</FONT></TD>
    <TD nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">101,075</FONT></TD>
    <TD nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">8.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, $.01 par value</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">46,978</FONT></TD>
    <TD nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.11</FONT></TD>
    <TD nowrap><FONT size="2">(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">5,000</FONT></TD>
    <TD nowrap><FONT size="2">(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, $.01 par value</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">453,022</FONT></TD>
    <TD nowrap><FONT size="2">(6)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.25</FONT></TD>
    <TD nowrap><FONT size="2">(7)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">113,256</FONT></TD>
    <TD nowrap><FONT size="2">(7)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">9.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, $.01 par value</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">250,000</FONT></TD>
    <TD nowrap><FONT size="2">(8)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.26</FONT></TD>
    <TD nowrap><FONT size="2">(9)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">65,000</FONT></TD>
    <TD nowrap><FONT size="2">(9)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">5.26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, $.01 par value</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100,000</FONT></TD>
    <TD nowrap><FONT size="2">(10)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.25</FONT></TD>
    <TD nowrap><FONT size="2">(11)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">25,000</FONT></TD>
    <TD nowrap><FONT size="2">(11)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, $.01 par value</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">16,701</FONT></TD>
    <TD nowrap><FONT size="2">(12)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.96</FONT></TD>
    <TD nowrap><FONT size="2">(13)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">16,000</FONT></TD>
    <TD nowrap><FONT size="2">(13)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1.29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,803,165</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">325,330</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">26.32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Pursuant to Rule&nbsp;416 of the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), this registration statement shall also cover any
additional shares of common stock which become issuable under the listed
plans by reason of any stock dividend, stock split, recapitalization or
other similar transaction effected without the receipt of consideration
which results in an increase in the number of the outstanding shares of
our common stock.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents shares of our common stock issued to certain officers of
Viragen in lieu of normal cash compensation</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Calculated based on the closing prices of our shares of common stock on
the relevant dates and issued to certain officers and directors of Viragen
in lieu of normal cash compensation</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents shares of our common stock issued to certain directors of
Viragen under the Officers and Directors Alternative Stock Compensation
Plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Calculated based on the closing prices of our shares of common stock on
the relevant dates and issued to certain officers and directors of Viragen
under the Viragen Officers and Directors Stock-Based Compensation Plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(6)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents 453,022 shares of our common stock reserved for issuance upon
the earning of shares by certain officers and directors of Viragen under
the Officers and Directors Alternative Stock Compensation Plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(7)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Fee based on the last sale price of our common stock, $.01 par value per
share, as reported by the American Stock Exchange on August&nbsp;7, 2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(8)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents shares of our common stock reserved for issuance upon the
exercise of common stock purchase warrants issued to Douglas D. Lind, M.D.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(9)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Fee based on the $0.26 price at which the common stock purchase warrants
are exercisable into shares of our common stock.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(10)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents shares of our common stock reserved for issuance upon the
exercise of common stock purchase warrants issued to Toni Vallen, director
of Seton Services Limited.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(11)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Fee based on the last sale price of our common stock, $.01 par value per
share, as reported by the American Stock Exchange on August&nbsp;7, 2003, which
was greater than the $0.24 exercise price of the common stock purchase
warrants.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(12)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents shares of our common stock issued upon being earned by
Investor Relations Worldwide Corporation under the Consulting Agreement
with Investor Relations Worldwide Corporation.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(13)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Fee based on the prices actually paid for our shares issued.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><B>EXPLANATORY NOTE</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viragen, Inc. has prepared this registration statement in accordance with
the requirements of Form&nbsp;S-8 under the Securities Act of 1933, to register
shares of common stock issued to Dennis W. Healey, Douglas D. Lind, M.D. and
Melvin Rothberg, shares of common stock issuable pursuant to the Officers and
Directors Alternative Stock Compensation Plan and shares of common stock
issuable pursuant to the consulting agreements with Douglas D. Lind, M.D.,
Seton Services Limited and Investor Relations Worldwide Corporation.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
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<TR><TD colspan="9"><A HREF="#000">AVAILABLE INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">THE COMPANY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">RISK FACTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">USE OF PROCEEDS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">SELLING STOCKHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">PLAN OF DISTRIBUTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">LEGAL MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">EXPERTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="g84394exv5w1.txt">EX-5.1 Opinion & Consent of Schneider Weinberger</A></TD></TR>
<TR><TD colspan="9"><A HREF="g84394exv10w85.txt">EX-10.85 Addendum to Employment Agree. - Healey</A></TD></TR>
<TR><TD colspan="9"><A HREF="g84394exv10w86.txt">EX-10.86 Addendum #2 to Employ. Agree. - Healey</A></TD></TR>
<TR><TD colspan="9"><A HREF="g84394exv10w87.txt">EX-10.87 Addendum to Employment Agree. - Lind</A></TD></TR>
<TR><TD colspan="9"><A HREF="g84394exv10w88.txt">EX-10.88 Addendum to Employment Agree. - Rothberg</A></TD></TR>
<TR><TD colspan="9"><A HREF="g84394exv10w89.txt">EX-10.89 Alternative Stock Compensation Plan</A></TD></TR>
<TR><TD colspan="9"><A HREF="g84394exv10w90.txt">EX-10.90 Lind Common Stock Compensation Plan</A></TD></TR>
<TR><TD colspan="9"><A HREF="g84394exv10w91.txt">EX-10.91 Vallen Common Stock Purchase Warrant</A></TD></TR>
<TR><TD colspan="9"><A HREF="g84394exv23w1.txt">EX-23.1 Consent of Ernst & Young LLP</A></TD></TR>
</TABLE>
</CENTER>
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<P align="center"><FONT size="2"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will send or give the documents containing the information specified in
Part I of Form&nbsp;S-8 to employees as specified by the Securities and Exchange
Commission Rule&nbsp;428(b)(1) under the Securities Act. We do not need to file
these documents with the Commission either as a part of the registration
statement or as prospectuses or prospectus supplements under Rule&nbsp;424 of the
Securities Act.
</FONT>
<P align="center"><FONT size="2"><B>TABLE OF CONTENTS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Page</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Available Information</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Incorporation of Certain Documents by Reference</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">The Company</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Note Regarding Forward-Looking Statements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Risk Factors</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Use of Proceeds</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Selling Stockholders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Plan of Distribution</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Legal Matters</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Experts</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2">PROSPECTUS
</FONT>

<P align="center"><FONT size="2"><B>VIRAGEN, INC.</B>
</FONT>

<P align="center"><FONT size="2"><B>1,803,165 Shares</B>
</FONT>

<P align="center"><FONT size="2"><B>Common Stock, par value $0.01 per share</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus relates to 1,803,165 shares of the common stock of
Viragen, Inc., which may be offered from time to time by the selling
stockholders identified on page 14 of this prospectus, to whom we have issued
or will issue shares of our common stock under the plans and contracts
described in this prospectus. The selling stockholders named below acquired or
will acquire the shares of common stock pursuant to an addendum to their
employment agreements with Viragen, under our Officers and Directors
Alternative Stock Compensation Plan or through consulting agreements with the
named consultants.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is anticipated that the selling stockholders will offer shares for sale
at prevailing prices on the American Stock Exchange on the date of sale or in
negotiated transactions. We will receive no part of the proceeds from sales
made under this prospectus. We are paying the expenses incurred in registering
the shares, but all selling and other expenses incurred by each of the selling
stockholders will be borne by that selling stockholder.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among the shares of common stock there are shares which are &#147;restricted
securities&#148; under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), before their sale under this prospectus. This prospectus has been
prepared for the purpose of registering the shares of common stock under the
Securities Act to allow for future sales by the selling stockholders, on a
continuous or delayed basis, to the public without restriction. Each selling
stockholder and any participating broker or dealer may be deemed to be an
&#147;underwriter&#148; within the meaning of the Securities Act, in which event any
profit on the sale of shares by the selling stockholder and any commissions or
discounts received by those brokers or dealers may be deemed to be underwriting
compensation under the Securities Act.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is traded on the American Stock Exchange under the symbol
&#147;VRA.&#148; On August&nbsp;7, 2003, the last reported sale price of our common stock on
the American Stock Exchange was $0.25 per share.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in our common stock involves a high degree of risk. Please
carefully consider the &#147;Risk Factors&#148; beginning on Page 6 of this prospectus.</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any other regulatory
body has approved or disapproved these securities or passed upon the adequacy
or accuracy of this prospectus. Any representation to the contrary is a
criminal offense.</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This prospectus does not constitute an offer to sell securities in any
state to any person to whom it is unlawful to make such offer in such state.</B>
</FONT>
<P align="center"><FONT size="2">The date of this prospectus is
August 11, 2003
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>
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<!-- link1 "AVAILABLE INFORMATION" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>AVAILABLE INFORMATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the Securities and Exchange Commission a registration
statement on Form&nbsp;S-8 under the Securities Act for the common stock offered by
this prospectus. This prospectus, which is a part of the registration
statement, does not contain all of the information in the registration
statement and the exhibits filed with it, portions of which have been omitted
as permitted by Securities and Exchange Commission rules and regulations. For
further information concerning us and the securities offered by this
prospectus, we refer to the registration statement and the exhibits filed with
it. Statements contained in this prospectus as to the content of any contract
or other document referred to are not necessarily complete. Where a contract or
other document is an exhibit to the registration statement, you should review
the provisions of the exhibit to which reference is made. You may obtain these
exhibits from the Securities and Exchange Commission, as discussed below.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to file annual, quarterly, and current reports, proxy
statements and other information with the Securities and Exchange Commission.
You may read and copy these filings at the Securities and Exchange Commission&#146;s
Public Reference Room at 450 Fifth Street, N.W. Washington, D.C. 20549, and at
the Securities and Exchange Commission&#146;s regional offices located in New York,
NY and Chicago, IL. You may request copies of these documents by writing to the
Securities and Exchange Commission and paying the required fee for copying.
Please call the Securities and Exchange Commission at 1-800-SEC-0330 for more
information about the operation of their public reference rooms. Copies of our
filings are also available at the Securities and Exchange Commission website at
http://www.sec.gov.
</FONT>
<!-- link1 "INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission allows us to &#147;incorporate by
reference&#148; information that we file with them, which means that we can disclose
important information to you by referring you to those documents. The
information incorporated by reference is an important part of this prospectus,
and information that we file later with the Securities and Exchange Commission
will automatically update and supercede this information. We incorporate by
reference the documents listed below and any future filings we make with the
Securities and Exchange Commission under Section&nbsp;13(a), 14 or 15(d) of the
Securities Exchange Act of 1934:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Current Report on Form&nbsp;8-K dated July&nbsp;1, 2003 filed with the SEC on July&nbsp;1, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Definitive Proxy Statement filed with the SEC on May&nbsp;28, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Quarterly Report on Form&nbsp;10-Q for the quarter ended March
31, 2003 filed with the SEC on May&nbsp;14, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our amended Quarterly Report on Form&nbsp;10-Q/A for the quarter
ended December&nbsp;31, 2002 filed with the SEC on March&nbsp;20, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Quarterly Report on Form&nbsp;10-Q for the quarter ended
December&nbsp;31, 2002 filed with the SEC on February&nbsp;14, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Current Report on Form&nbsp;8-K dated January&nbsp;30, 2003 filed
with the SEC on January&nbsp;30, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Definitive Proxy Statement filed with the SEC on December
20, 2002;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Current Report on Form&nbsp;8-K dated November&nbsp;19, 2002 filed
with the SEC on November&nbsp;19, 2002;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Quarterly Report on Form&nbsp;10-Q for the quarter ended
September&nbsp;30, 2002 filed with the SEC on November&nbsp;14, 2002; and</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">2</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Annual Report on Form&nbsp;10-K for the year ended June&nbsp;30,
2002 filed with the SEC on September&nbsp;30, 2002.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will deliver without charge a copy of our Annual Report on Form&nbsp;10-K
for the fiscal year ended June&nbsp;30, 2002 and our Quarterly Report on Form&nbsp;10-Q
that has been filed with the SEC for any quarter ended after June&nbsp;30, 2002 to
each person receiving a copy of this prospectus. If you need an additional copy
of these documents, or if you would like to receive a copy of the other items
referenced above, you may request copies, at no cost, by writing or telephoning
us at the following address:
</FONT>
<P align="center"><FONT size="2">Dennis W. Healey<BR>
Chief Financial Officer<BR>
Viragen, Inc.<BR>
865 S.W. 78<SUP>th</SUP> Avenue, Suite&nbsp;100<BR>
Plantation, Florida 33324<BR>
Telephone Number: (954)&nbsp;233-8746
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies of our SEC filings and other information about us are also
available on our website at www.viragen.com. The information on our website is
neither incorporated into, nor a part of, this prospectus.
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<!-- link1 "THE COMPANY" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>THE COMPANY</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because this is a summary, it does not contain all the information about
us that may be important to you. You should read the more detailed information
and the financial statements and related notes which are incorporated by
reference in this prospectus.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viragen, Inc. and its subsidiaries are engaged in the research,
development, manufacture and sale of a natural human alpha interferon product
designed to treat a broad range of viral and malignant diseases. Our strategy
also includes the development of avian transgenics technology for the
large-scale, cost-effective contract manufacturing of protein-based drugs. We
are also researching and developing recombinant protein-based drugs designed to
treat a broad range of cancers.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our majority-owned subsidiary, Viragen International, Inc., whose shares
are traded on the over-the-counter Bulletin Board under the symbol &#147;VGNI,&#148; is a
biopharmaceutical company engaged in researching, developing, manufacturing and
selling a natural human alpha interferon product designed to treat a broad
range of viral and malignant diseases. Viragen International, Inc. produces a
natural human alpha interferon under the name <I>Multiferon</I>&#153;, from human white
blood cells, also known as leukocytes. Natural human alpha interferon
stimulates and modulates the human immune system. In addition, natural human
alpha interferon inhibits the growth of various viruses including those
associated with diseases like hepatitis, cancer, multiple sclerosis, and
HIV/AIDS.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our avian transgenic project is designed to enable us to produce
protein-based drugs, including monoclonal antibodies, inside the eggs of
specially developed chickens. Monoclonal antibodies are laboratory-produced,
highly specialized therapeutic proteins that can locate and bind to cancer
cells wherever they are in the body. Many monoclonal antibodies are used in
cancer detection or therapy. Our goal is to develop a technology which will
enable us to meet the large-scale production requirements for our own
therapeutic protein-based products currently under development. We also believe
this technology has potential to offer to others in the biopharmaceutical
industry an alternate faster method of production of their protein-based
products with higher capacity and at a lower cost. Specifically, using
transgenic chickens in production may provide advantages over current
traditional methods including relative ease of scale-up, time to develop
commercial scale production levels and reduced capital outlay when compared to
the most common production methods, which utilize capital intensive
bioreactors.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that no single approach or method is likely to treat all
cancers effectively. We have approached the treatment of targeted cancers from
several directions, which we believe will increase our likelihood of clinical
success. In collaboration with the Memorial Sloan-Kettering Cancer Center, we
have initiated research on human monoclonal antibodies targeting ganglioside
GD3 for the treatment of melanoma and possibly certain other cancers. In
collaboration with the UK&#146;s Cancer Research Campaign, we are developing DNA
vaccines and monoclonal antibodies to block the protective effect of the
protein CD55 on the surface of tumor cells. In collaboration with the
University of Miami&#146;s Sylvester Comprehensive Cancer Center, we are researching
and developing a specific anti-cancer technology designed to develop a novel
form of an immune enhancing drug that has shown promise by inhibiting tumor
growth in rats for a broad range of cancers. The drug is a novel 11 amino acid
peptide called IEP 11, which was derived from a tumor transmembrane
glycoprotein. We believe IEP 11 possesses anti-cancer vaccine properties, both
prophylactically and therapeutically.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our executive offices are located at 865 SW 78th Avenue, Suite&nbsp;100,
Plantation, Florida 33324. Our telephone number is (954)&nbsp;233-8746; our
facsimile number is (954)&nbsp;233-1414. Unless otherwise
</FONT>
<P align="center"><FONT size="2">4</FONT>
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<P align="left"><FONT size="2"> indicated, references in this prospectus to &#147;Viragen,&#148; &#147;we,&#148; &#147;us&#148; and
&#147;our&#148; are to Viragen, Inc., and our wholly-owned and majority-owned
subsidiaries.
</FONT>
<!-- link1 "NOTE REGARDING FORWARD-LOOKING STATEMENTS" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2"><B>NOTE REGARDING FORWARD-LOOKING STATEMENTS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus, and other documents that we have incorporated by
reference or included by attachment, contain forward-looking statements.
Forward-looking statements express our expectations or predictions of future
events or results. They are not guarantees and are subject to many risks and
uncertainties. There are a number of factors &#150; many beyond our control &#150; that
could cause actual events or results to be significantly different from those
described in the forward-looking statement. Any or all of our forward-looking
statements in this report or in any other public statements we make may turn
out to be wrong.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements might include one or more of the following:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">anticipated debt or equity fundings;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">projections of future revenue;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">anticipated clinical trial commencement dates, completion timelines or results;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">descriptions of plans or objectives of management for
future operations, products or services;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">forecasts of future economic performance; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">descriptions or assumptions underlying or relating to any of the above items.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts. They use words such as
&#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;believe&#148; or
words of similar meaning. They may also use words such as &#147;will,&#148; &#147;would,&#148;
&#147;should,&#148; &#147;could&#148; or &#147;may&#148;. Factors that may cause our actual results to
differ materially from those described in forward-looking statements include
the risks discussed elsewhere in this prospectus under the caption &#147;Risk
Factors&#148;.
</FONT>
<P align="center"><FONT size="2">5</FONT>
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<!-- link1 "RISK FACTORS" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="center"><FONT size="2"><B>RISK FACTORS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>An investment in our common stock is highly speculative. You should be
aware you could lose the entire amount of your investment. Prior to making an
investment decision, you should carefully read this entire prospectus and
consider the following risk factors. The risks and uncertainties described
below are not the only ones we face. There may be additional risks and
uncertainties that are not known to us or that we do not consider to be
material at this time. If the events described in these risks occur, our
business, financial condition and results of operations could be adversely
affected. This prospectus contains forward-looking statements that involve
risks and uncertainties. Our actual results may differ significantly from the
results discussed in the forward-looking statements. This section discusses the
business risk factors that might cause those differences.</I>
</FONT>
<P align="center"><FONT size="2"><B>Risks Related to Our Financial Condition</B>
</FONT>

<P align="left"><FONT size="2"><B><I>We have a history of losses due to lack of sales and regulatory approvals. If
we do not receive necessary regulatory approvals and develop profitable
operations, we will need to terminate our operations. As a result, investors
may lose their entire investment.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the organization of Viragen, we have incurred operating losses.
Losses have totaled:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="2%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="92%"><FONT size="2">$11,179,261 for the nine month period ended March&nbsp;31, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">$11,088,832 for the fiscal year ended June&nbsp;30, 2002;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">$11,007,809 for the fiscal year ended June&nbsp;30, 2001; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">$12,310,895 for the fiscal year ended June&nbsp;30, 2000.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2003, we had a total deficit since organization of
$96,120,461, and our working capital deficit totaled $1,930,103.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended June&nbsp;30, 2002, the report of our independent
auditors includes an explanatory paragraph indicating substantial doubt as to
our ability to continue as a going concern, due to our financial condition.
While our financial condition has improved since June&nbsp;30, 2002, we are still
dependant upon further debt or equity fundings to successfully execute our
business plan. If we are unable to raise sufficient additional equity or debt
financing, it would be necessary for us to significantly curtail or suspend a
portion or all of our operations. Further, sufficient funding may not be
available to finance planned future scientific collaborations, planned
marketing efforts or planned plant facility expansions or modifications.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We presently produce a natural human alpha interferon product under the
name <I>Multiferon&#153;</I>. The product is approved in Sweden and Mexico for the
treatment of chronic myeloid leukemia, hairy cell leukemia and for the
treatment of any and all diseases for which recombinant interferon therapy
failed or the patient was unable to tolerate the regimen. The product is also
approved for sale in the treatment of chronic myeloid leukemia and hairy cell
leukemia in the Czech Republic, Hong Kong, Indonesia, Myanmar, Thailand, and as
purified bulk in Egypt. However, as the United States Food and Drug
Administration and other European Union regulatory authorities have not
approved our natural interferon product, we have
</FONT>
<P align="center"><FONT size="2">6</FONT>
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<P align="left"><FONT size="2"> limited sales revenues. We have not sought the approval of our natural
human interferon product from the United State Food and Drug Administration or
its European Union counterparts, except Sweden.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not be able to significantly reduce our losses or operate
profitably until we obtain the necessary approvals to manufacture and sell
natural interferon or other products on a widely accepted basis. We expect
sales of natural interferon to be our primary source of income for the
foreseeable future. Investors must understand that our natural interferon
product may never receive certain approvals sought from regulatory authorities.
In addition, even if approval is received, we may not be able to achieve
sufficient profit from the sale of natural interferon. If we do not obtain the
required approvals, or we do not profit from the sale of natural interferon or
other products, we will likely cease operations. In that case, investors in
Viragen will likely lose their entire investment.
</FONT>
<P align="left"><FONT size="2"><B><I>Our business is capital intensive, and because we do not generate sufficient
operating revenues, we will require additional financing that may not be
available to us.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our cash and cash equivalents are not sufficient to meet our operating
requirements through the end of fiscal 2004. Our operating losses and working
capital requirements continue to adversely affect cash flow. In the event of
our inability to raise capital, or a lack of expanded revenue from the sale of
our natural interferon product, we will likely be unable to meet our operating
requirements through the end of fiscal 2004. In this event, we would be
required to significantly curtail or suspend our operations. As a result of
these financial conditions, the report of our independent certified public
accountants on our June&nbsp;30, 2002 consolidated financial statements includes an
explanatory paragraph indicating that these conditions raise substantial doubt
about our ability to continue as a going concern.
</FONT>
<P align="left"><FONT size="2"><B><I>If we are unable to obtain additional funds from other financings we may have
to significantly curtail the scope of our operations and alter our business
model.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must achieve profitability for our business model to succeed. Prior to
accomplishing this goal, we will need to raise additional funds, from equity or
debt sources. Our cash requirements are substantial. While we have raised
approximately $4.55&nbsp;million, net of related commissions, fees and expenses, in
connection with the sale of convertible debentures during June 2003, and we
expect draw downs to be available to us under an equity line agreement executed
in March 2003, the proceeds of these financings may still not be sufficient to
meet our cash needs in the future. In addition, business and economic
conditions may make it unfeasible or undesirable to initiate draw downs under
our equity line agreement, and only one draw down may occur at a time. If
additional financing is not available when required or is not available on
acceptable terms, we may be unable to continue our operations at current
levels. In addition, any failure to raise additional funds in the future may
result in our inability to successfully promote our brand name, complete
existing and/or undertake new research and development projects, take advantage
of business opportunities or respond to competitive pressures, any of which
could have a material adverse effect on our financial condition and results of
operations.
</FONT>
<P align="center"><FONT size="2">7</FONT>
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<P align="center"><FONT size="2"><B>Risks Related to this Offering and the Market for our Shares</B>
</FONT>

<P align="left"><FONT size="2"><B><I>The issuance of our shares under our equity line agreement and upon conversion
of outstanding convertible debentures may cause significant dilution to our
stockholders and may have an adverse impact on the market price of our common
stock.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resales of shares by the purchasers under our equity line agreement will
increase the number of our publicly traded shares, which could depress the
market price of our common stock. Moreover, as all the shares we sell under
the equity line will be available for immediate resale, the mere prospect of
these resales could depress the market price for our common stock. The shares
of our common stock issuable under the equity line facility will be sold at 85%
of the daily volume weighted average price of our common stock for a ten day
pricing period prior to purchase, subject to a minimum price threshold. If we
require the purchaser to purchase our common stock at a time when our stock
price is low, our existing common stockholders will experience substantial
dilution. The issuance of shares under the equity line therefore dilutes the
equity interest of existing stockholders and could have an adverse effect on
the market price of our common stock.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The conversion price of our outstanding convertible debentures was above
the market price of our common stock on the date they were sold. The issuance
of our shares upon conversion of the convertible debentures and their resale by
the debenture holders will increase our publicly traded shares. These resales
could also depress the market price of our common stock. We will not control
whether or when the debenture holders elects to convert their shares, but it
can be assumed that they will do so at a time when the conversion price is less
than the market price for our shares.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The perceived risk of dilution may cause our stockholders to sell their
shares, which would contribute to a downward movement in the stock price of our
common stock. Moreover, the perceived risk of dilution and the resulting
downward pressure on our stock price could encourage investors to engage in
short sales of our common stock. By increasing the number of shares offered
for sale, material amounts of short selling could further contribute to
progressive price declines in our common stock.
</FONT>
<P align="center"><FONT size="2"><B>Risks Related to our Business</B>
</FONT>

<P align="left"><FONT size="2"><B><I>Competitive conditions in the pharmaceutical industry may force us to terminate
operations.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition for investment capital and market share in the immunological
and pharmaceutical products industry is very strong. Our competitors, which
include major pharmaceutical companies, have more experience in research,
development and clinical testing of pharmaceutical and biomedical products. We
have not yet developed an immunological product that can be widely marketed.
Our competitors also have greater financial, marketing and human resources.
Some of our competitors, including Hoffmann-La Roche, Inc., Shering-Plough
Corporation, Biogen, Inc., Chiron Corp., and Berlex Laboratories, have received
approvals for their synthetic interferons. They have been marketing their
products since 1986 and have received wide acceptance from the medical
community and the patient population for their products. This will make it more
difficult for us to introduce and penetrate the market with our product, if and
when we receive the necessary regulatory approvals. We expect competition to
increase in the future.
</FONT>
<P align="center"><FONT size="2">8</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, technological advances made by our competitors may make
synthetic interferon products more effective, less costly and with less harmful
side effects. We may not be able to keep pace with technological advances by
others, either because we do not have sufficient resources or because we cannot
achieve greater improvements in our technology. If we are unable to compete
with our larger, more experienced competitors, we will likely terminate
operations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition for funding in the pharmaceutical industry is also intense. We
have a limited source of income at this time, and we will require additional
funding to conduct clinical trials so we may receive regulatory approvals. We
must obtain additional funding from outside sources to conduct these trials. If
we are unable to locate funding or obtain funding on reasonable terms, we will
likely terminate operations. In that case, investors in Viragen will likely
lose their entire investment.
</FONT>
<P align="left"><FONT size="2"><B><I>Government regulation may affect Viragen&#146;s ability to develop and distribute
natural interferon.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All pharmaceutical manufacturers are subject to state, federal and foreign
rules and regulations, including those of the United States Food and Drug
Administration, Asian markets and the European Union regulatory authorities.
These rules and regulations are constantly changing. These changes could extend
the period of clinical trials, involve costly compliance measures and may
restrict our ability to produce and distribute our natural interferon product
based on the results of testing. It is possible that we may never receive these
regulatory approvals for any specific illness or range of illnesses that we are
attempting to treat with our natural interferon product.
</FONT>
<P align="left"><FONT size="2"><B><I>If patients have problems receiving third party reimbursements for natural
interferon, it will be more difficult to market our product. In addition, our
marketing costs would increase.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to successfully market our products depends in part on the
availability of reimbursements from government health administration
authorities, private health coverage insurers and other organizations. The
pricing of products similar to ours, or the amount of reimbursement available
to patients, may affect our ability to market our product at a profit. Third
party reimbursement limitations could restrict the patient population that will
use our product. If we have difficulty in securing third party payors to
reimburse for our product, we could be required to increase our marketing
efforts, which, in turn, will involve greater expense to us.
</FONT>
<P align="left"><FONT size="2"><B><I>Our proprietary technology and any future patents that we receive may not
provide sufficient protection to us.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to rely, in part, on technology developed by our scientists for
the efficient and safe production of natural interferon, our avian transgenics
technologies and our oncology technologies. If we are not successful in
obtaining patents or demonstrating that our production processes are
proprietary under trade secret law, we will have limited protection against
those who might copy our technology. We have not received any communications or
had any conversations with the owners of related patents that may potentially
make claims or who have threatened to make a claim that our patents infringe
their patents. However, we may be damaged if we are accused of misappropriating
a competitor&#146;s proprietary technology, even if these claims are untrue. We
cannot assure you that any of our patent applications will be approved. Even if
granted, we cannot assure you that these patents or any future patent
applications or our other proprietary rights will provide sufficient protection
to us.
</FONT>
<P align="center"><FONT size="2">9</FONT>
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<P align="left"><FONT size="2"><B><I>We may not be able to produce targeted drugs in egg whites of transgenic
chickens in commercially viable quantities.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our avian transgenics project, still in the development stage, is designed
to enable Viragen to produce protein-based drugs, including monoclonal
antibodies, inside the egg whites of transgenic developed chickens. Even if we
are successful in producing the targeted proteins in egg whites, we are unable
to predict whether this technology will yield commercially viable quantities.
</FONT>
<P align="left"><FONT size="2"><B><I>Technology transfers to third parties may not result in revenue to us.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One of our proposed marketing strategies is to license our manufacturing
technology to third parties. They, in turn, will use our technology to produce
and market our natural interferon outside the United States of America. We
cannot guarantee that these third parties will be able to successfully market
the product or that we will receive revenue from their efforts.
</FONT>
<P align="left"><FONT size="2"><B><I>We may be exposed to product liability claims, and our product liability
insurance may not be sufficient to cover all claims or continue to be available
to us.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who claim to be injured from use of our natural interferon, or
other products or processes, may file claims for personal injuries or other
damages against us. Directives in the European Union provide for strict
liability and permit compensation claims to be made within a ten year period
from when the product is placed on the market, and three years from the event
giving rise to the claim, thereby creating a 13&nbsp;year period within which
compensation claims could be asserted. In order to protect ourselves against
these claims, we maintain product liability insurance in the amount of
$7,000,000. We cannot be sure that our insurance coverage will be adequate to
insulate us from liabilities that may result from the use of our products.
Also, in the future this type of insurance may not be available, or we may not
be able to afford this form of insurance.
</FONT>
<P align="left"><FONT size="2"><B><I>Our reliance on foreign third party manufacturers may disrupt operations.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign manufacturing could expose us to risks involved with fluctuations
in exchange rates of foreign currencies. In addition, reliance on international
vendors exposes us to all the risks of dealing with a foreign manufacturing
source. These risks include:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">unexpected changes in regulatory requirements;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">tariffs and other trade barriers, including import and export restrictions;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">political or economic instability;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">compliance with foreign laws;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">transportation delays and interruptions;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">difficulties in protecting intellectual property rights in foreign countries; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">currency exchange risks.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign manufacturing arrangements may also limit our control, and could
disrupt our operations, which, in turn, could negatively impact upon your
investment in us.
</FONT>
<P align="center"><FONT size="2">10</FONT>
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<P align="left"><FONT size="2"><B><I>We do not expect to pay dividends in the foreseeable future.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have never paid cash dividends on our common stock. We do not expect to
pay cash dividends on our common stock any time in the foreseeable future. The
future payment of dividends directly depends upon our future earnings, capital
requirements, financial requirements and other factors that our board of
directors will consider. For the foreseeable future, we will use earnings from
operations, if any, to finance our growth, and we will not pay dividends to our
common stockholders. You should not rely on an investment in our common stock
if you require dividend income. The only return on your investment in our
common stock, if any, would most likely come from any appreciation of our
common stock.
</FONT>
<P align="left"><FONT size="2"><B><I>Possible sales of securities by current stockholders could have a depressive
effect on market value of our stock.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this prospectus, there are 272,689,559 shares of our
common stock outstanding. Sales of our common stock by current stockholders
or pursuant to this prospectus may have a depressive effect on the market price
for our common stock.
</FONT>
<P align="left"><FONT size="2"><B><I>We are engaged in the biotechnology industry; as a result, the market price for
our common stock may be subject to extreme volatility.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market for securities of biotechnology companies, including companies
such as ours, has historically been more volatile than the market for stocks in
general. As a result, the price of our common stock may be subject to wide
fluctuations in response to factors, some of which are beyond our control,
including, without limitation:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">quarter-to-quarter variations in our operating results;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">our announcement of material events;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">price fluctuations in sympathy to others engaged in our industry; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the effects of media coverage of our business.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of the limited trading market for our common stock, and because of
the possible price volatility, you may not be able to sell your shares of
common stock when you desire to do so. The inability to sell your shares in a
rapidly declining market may substantially increase your risk of loss because
of such illiquidity and because the price for our common stock may suffer
greater declines because of its price volatility.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viragen&#146;s common stock traded on the over-the-counter Bulletin Board from
June&nbsp;29, 1999 through April&nbsp;16, 2000, under the symbol &#147;VRGN.&#148; Our common stock
began trading on the American Stock Exchange on April&nbsp;17, 2000, under the
symbol &#147;VRA.&#148; Our common stock has traded between a high of $1.69 and a low of
$0.05 since January&nbsp;1, 2001.
</FONT>
<P align="center"><FONT size="2">11</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B><I>We depend on the continued services of our executive officers and on our
ability to attract and maintain other qualified employees.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While we do not rely upon one specific individual to provide the
management and scientific leadership, the team of executive management in the
U.S. and the scientific team located in Scotland, taken together, are crucial
to the future development of the company. Though competition for qualified
scientific and managerial personnel is at times intense in the markets in which
we operate, we have in the past had a high level of success in attracting and
retaining such personnel, and, while we can give you no assurance, we
anticipate continued success in such regard in the future.
</FONT>
<P align="left"><FONT size="2"><B><I>We could use preferred stock to resist takeovers, and the issuance of preferred
stock may cause additional dilution.</I></B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Certificate of Incorporation authorizes the issuance of up to
1,000,000 shares of preferred stock, of which 2,650 shares of series A
preferred stock are issued and outstanding on the date of this prospectus. Our
Certificate of Incorporation gives our board of directors the authority to
issue preferred stock without approval of our stockholders. We may issue
additional shares of preferred stock to raise money to finance our operations.
We may authorize the issuance of the preferred stock in one or more series. In
addition, we may set the terms of preferred stock, including:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">dividend and liquidation preferences;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">voting rights;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">conversion privileges;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">redemption terms; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">other privileges and rights of the shares of each authorized series.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuance of large blocks of preferred stock could possibly have a
dilutive effect to our existing stockholders. It can also negatively impact our
existing stockholders&#146; liquidation preferences. In addition, while we include
preferred stock in our capitalization to improve our financial flexibility, we
could possibly issue our preferred stock to friendly third parties to preserve
control by present management. This could occur if we become subject to a
hostile takeover that could ultimately benefit Viragen and Viragen&#146;s
stockholders.
</FONT>
<P align="center"><FONT size="2">12</FONT>
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<!-- link1 "USE OF PROCEEDS" -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="center"><FONT size="2"><B>USE OF PROCEEDS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any of the proceeds from the sale of shares of common
stock by the selling stockholders.
</FONT>
<!-- link1 "SELLING STOCKHOLDERS" -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="center"><FONT size="2"><B>SELLING STOCKHOLDERS</B>
</FONT>

<P align="left"><FONT size="2">Addendums to Employment Agreements for Dennis W. Healey, Douglas D. Lind, M.D.
and Melvin Rothberg
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;14, 2003, Dennis W. Healey, Douglas D. Lind, M.D. and Melvin
Rothberg executed addendums to their employment agreements which provided for
the payment of 20% of their salary in the form of shares of Viragen common
stock. On March&nbsp;1, 2003, Dennis W. Healey again executed an amendment to his
employment agreements which provided for the payment of 75% of his salary in
the form of shares of Viragen common stock. As a result of these addendums,
during the period from February&nbsp;15, 2003 through June&nbsp;30, 2003 Viragen issued
an aggregate of 936,464 shares of its common stock to Dennis W. Healey, Douglas
D. Lind, M.D. and Melvin Rothberg in lieu of a portion of their normal cash
compensation.
</FONT>
<P align="left"><FONT size="2">Officers and Directors Alternative Stock Compensation Plan
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;31, 2003, Viragen&#146;s Board of Directors approved a plan that
provided for the issuance of shares of its common stock to certain officers and
directors of Viragen in lieu of normal cash payments for salary and Board fees.
During the period from January&nbsp;31, 2003 through May&nbsp;16, 2003 Viragen issued an
aggregate of 46,978 share of its common stock to Charles J. Simons in lieu of
cash payments for services rendered as a member of the Board of Directors of
Viragen. The 46,978 shares of Viragen common stock are being registered on the
Form&nbsp;S-8 registration statement forming a part of this prospectus. A total of
516,558 shares of common stock remain available for issuance under this plan.
</FONT>
<P align="left"><FONT size="2">Consulting Agreement with Douglas D. Lind, M.D.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;16, 2003, we entered into a consulting agreement with Douglas D.
Lind, M.D. The agreement does not contain a fixed term. However, either
Viragen or Dr.&nbsp;Lind has the option to terminate the agreement for any reason
upon 90&nbsp;days written notice. Under the agreement, Dr.&nbsp;Lind has been engaged to
consult with management on a variety of scientific and biopharmaceutical market
issues. The consulting agreement also provides for additional non-equity
compensation for Dr.&nbsp;Lind&#146;s assistance in the facilitation of potential
financing transactions, corporate collaborations or partnerships and merger and
acquisition activity. For his consulting services, we issued Dr.&nbsp;Lind 250,000
common stock purchase warrants exercisable at $0.26 per share for a period of
five years and agreed to register the shares underlying those warrants on the
Form&nbsp;S-8 registration statement forming a part of this prospectus. Concurrent
with his entering into the consulting agreement and the issuance of the related
common stock purchase warrants, Dr.&nbsp;Lind surrendered 275,000 common stock
purchase options granted during the term of his expired employment agreement.
</FONT>
<P align="center"><FONT size="2">13</FONT>
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<P align="left"><FONT size="2">Consulting Agreement with Seton Services Limited
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;1, 2003, we entered into a consulting agreement with Seton
Services Limited, a London-based investor relations firm. The term of the
agreement is one year but may be terminated by either party upon 60&nbsp;days
written notice. The agreement provides for a monthly retainer fee of 3,500
Pounds Sterling. In addition, we granted 100,000 common stock purchase
warrants exercisable at $0.24 per share for a period of two years to Toni
Vallen, director of Seton Services Limited. Concurrent with the commencement
of the agreement, Toni Vallen surrendered 100,000 common stock purchase
warrants issued in July 2002.
</FONT>
<P align="left"><FONT size="2">Consulting Agreement with Investor Relations Worldwide Corporation
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;26, 2001, we entered into a consulting agreement with Investor
Relations Worldwide Corporation. The initial term of the agreement was for a
period of three months commencing December&nbsp;1, 2001 and continued for five
consecutive months at our option. Under the agreement, Investor Relations
Worldwide Corporation was engaged to introduce management of Viragen to
qualified individuals and entities with the Asian financial community and
coordinate meetings between Viragen and these entities. Investor Relations
Worldwide Corporation also agreed to introduce Viragen to Asian media companies
with the intent of obtaining press coverage of Viragen and its products. For
their services, we issued Investor Relations Worldwide Corporation 16,701
shares of our common stock, and agreed to register those shares on the Form&nbsp;S-8
registration statement forming a part of this prospectus.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information with respect to the selling
stockholders and the shares of our common stock that they may offer and sell
under this prospectus. The table sets forth with respect to each selling
stockholder, based upon information available to us as of August&nbsp;7, 2003, the
number of shares of common stock owned, the number of shares of common stock
registered by this prospectus and the number and percent of outstanding shares
of common stock that will be owned after the sale of the registered shares of
common stock assuming the sale of all of the registered shares of common stock.
We calculated beneficial ownership according to Rule&nbsp;13d-3 of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), as of August&nbsp;7, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the selling stockholders may sell all or some portion of the
shares of common stock beneficially owned by them, only an estimate (assuming
the selling stockholder sells all of the shares offered hereby) can be given as
to the number of shares of common stock that will be beneficially owned by the
selling stockholders after this offering. In addition, the selling
stockholders may have sold, transferred or otherwise disposed of, or may sell,
transfer or otherwise dispose of, at any time or from time to time since the
dates on which they provided the information regarding the shares of common
stock beneficially owned by them in transactions exempt from the registration
requirements of the Securities Act.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Number of Shares Owned</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>After the Offering</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number of Shares</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number of Shares</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Beneficially Owned</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percent</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dennis W. Healey</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,525,647</FONT></TD>
    <TD nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">610,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">915,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Douglas D. Lind, M.D.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">465,119</FONT></TD>
    <TD nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">435,119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">30,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Melvin Rothberg</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">430,998</FONT></TD>
    <TD nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">140,698</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">290,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Charles J. Simons</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">71,978</FONT></TD>
    <TD nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">46,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Toni Vallen</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100,000</FONT></TD>
    <TD nowrap><FONT size="2">(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investor Relations Worldwide Corp.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">16,701</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">16,701</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Less than one percent</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">14</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 500,000 shares subject to common stock purchase options
currently exercisable by Mr.&nbsp;Healey.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 250,000 shares subject to common stock purchase warrants
currently exercisable by Douglas D. Lind, M.D.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 275,000 shares subject to common stock purchase options
currently exercisable by Mr.&nbsp;Rothberg.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 15,000 shares subject to common stock purchase options currently
exercisable by Mr.&nbsp;Simons.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 100,000 shares subject to common stock purchase warrants
currently exercisable by Ton Vallen.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">15</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "PLAN OF DISTRIBUTION" -->
<DIV align="left"><A NAME="007"></A></DIV>
<P align="center"><FONT size="2"><B>PLAN OF DISTRIBUTION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares covered by this prospectus may be resold and distributed from
time to time by the selling security holders in one or more transactions,
including ordinary broker&#146;s transactions, privately-negotiated transactions or
through sales to one or more broker-dealers for resale of these shares as
principals, at market prices existing at the time of sale, at prices related to
existing market prices, through Rule&nbsp;144 transactions or at negotiated prices.
Usual and customary or specifically negotiated brokerage fees or commissions
may be paid by the selling security holders in connection with sales of
securities.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling security holders may sell shares in one or more of the
following methods, which may include crosses or block transactions:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">-</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">on the American Stock Exchange or on such exchanges or
over-the-counter markets on which our shares may be listed from
time-to-time, in transactions which may include special offerings,
exchange distributions and/or secondary distributions, pursuant to
and in accordance with the rules of such exchanges; or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">-</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">in transactions other than on such exchanges or in the
over-the-counter market, or a combination of such transactions,
including sales through brokers, acting as principal or agent, sales
in privately negotiated transactions, or dispositions for value,
subject to rules relating to sales by affiliates;</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such transactions may be effected at market prices prevailing at the
time of sale, at prices related to such prevailing market prices, at negotiated
prices or at fixed prices.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making sales, brokers or dealers used by the selling security holders
may arrange for other brokers or dealers to participate. Information as to
whether an underwriter(s) who may be selected by the selling security holders,
or any other broker-dealer, is acting as principal or agent for the selling
security holders, the compensation to be received by underwriters who may be
selected by the selling security holders, or any broker-dealer, acting as
principal or agent for the selling security holders and the compensation to be
received by other broker-dealers, in the event the compensation of other
broker-dealers is in excess of usual and customary commissions, will, to the
extent required, be set forth in a supplement to this prospectus. Any dealer
or broker participating in any distribution of the shares may be required to
deliver a copy of this prospectus, including the supplement, if any, to any
person who purchases any of the shares from or through a dealer or broker.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have advised the selling security holders that, at the time a resale of
the shares is made by or on behalf of a selling security holder, a copy of this
prospectus is to be delivered.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also advised the selling security holders that during the time as
they may be engaged in a distribution of the shares included herein they are
required to comply with Regulation&nbsp;M of the Exchange Act. With certain
exceptions, Regulation&nbsp;M precludes any selling security holders, any affiliated
purchasers and any broker-dealer or other person who participates in the
distribution from bidding for or purchasing, or attempting to induce any person
to bid for or purchase any security which is the subject of the distribution
until the entire distribution is complete. Regulation&nbsp;M also prohibits any
bids or purchase made in order to stabilize the price of a security in
connection with the distribution of that security.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of securities by the selling security holders or even the potential
of these sales may have an adverse effect on the market price for shares of our
common stock.
</FONT>
<P align="center"><FONT size="2">16</FONT>
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<P align="center"><FONT size="2"><B>DESCRIPTION OF SECURITIES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viragen is currently authorized to issue up to 700,000,000 shares of
common stock, par value $.01 per share and 1,000,000 shares of preferred stock,
par value $1.00 per share. As of the date of this prospectus, there are
272,689,559 shares of common stock and 2,650 shares of series A preferred stock
outstanding.
</FONT>
<P align="left"><FONT size="2"><B>Common Stock</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the dividend rights of preferred stockholders, common
stockholders share dividends on a proportionate basis, as may be declared by
the board of directors. Upon liquidation, dissolution or winding up of
Viragen, after payment to creditors and holders of our outstanding preferred
stock, Viragen&#146;s remaining assets, if any, will be divided proportionately on a
per share basis among the holders of our common stock.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of our common stock has one vote. Holders of our common stock
do not have cumulative voting rights. This means that the holders of a
plurality of the shares voting for the election of directors can elect all of
the directors. In that event, the holders of the remaining shares will not be
able to elect any directors. Viragen&#146;s By-Laws provide that a majority of the
outstanding shares of our common stock are a quorum to transact business at a
stockholders&#146; meeting. Our common stock has no preemptive, subscription or
conversion rights. Also, our common stock is not redeemable.
</FONT>
<P align="left"><FONT size="2"><B>Preferred Stock</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viragen is authorized to issue a total of 1,000,000 shares of preferred
stock, par value $1.00 per share. Viragen&#146;s board of directors may issue
preferred stock by resolutions, without any action of the stockholders. These
resolutions may authorize issuance of preferred stock in one or more series.
In addition, the board of directors may fix and determine all privileges and
rights of the authorized preferred stock series including:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">dividend and liquidation preferences,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">voting rights,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">conversion privileges, and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">redemption terms.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viragen includes preferred stock in its capitalization to improve its
financial flexibility. However, Viragen could use preferred stock to preserve
control by present management, in the event of a potential hostile takeover of
Viragen. In addition, the issuance of large blocks of preferred stock could
have a dilutive effect to existing holders of Viragen&#146;s common stock.
</FONT>
<P align="left"><FONT size="2"><B>Series&nbsp;A Preferred Stock</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viragen established the series A preferred stock in November 1986. Each
share of series A preferred stock is immediately convertible into 4.26 shares
of our common stock. Dividends on the series A preferred stock are cumulative
and have priority to our common stock. These dividends are payable in either
cash or common stock, at Viragen&#146;s option.
</FONT>
<P align="center"><FONT size="2">17</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The series A preferred stock has voting rights only if dividends are in
arrears for five annual dividends. Upon this occurrence, the voting is limited
to the election of two directors. Voting rights terminate upon payment of the
cumulative dividends. Viragen may redeem the series A preferred stock at any
time after expiration of ten consecutive business days during which the bid or
last sale price for our common stock is $6.00 per share or higher. There is no
mandatory redemption or sinking fund obligation for the series A preferred
stock.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owners of the series A preferred stock are entitled to receive $10.00 per
share, plus accrued and unpaid dividends, upon liquidation, dissolution or
winding up of Viragen. This must be satisfied before any distribution or
payment is made to holders of the common stock or other stock of Viragen junior
to the series A preferred stock.
</FONT>
<P align="left"><FONT size="2"><B>Transfer Agent</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent for the shares of our common stock is Mellon Investor
Services, Overpeck Center, 85 Challenger Road, Ridgefield Park, New Jersey
07660-2108.
</FONT>
<!-- link1 "LEGAL MATTERS" -->
<DIV align="left"><A NAME="008"></A></DIV>
<P align="center"><FONT size="2"><B>LEGAL MATTERS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Weinberger LLP will review the validity of the issuance of the
shares of common stock offered by this prospectus. Schneider Weinberger LLP is
located at 2499 Glades Road, Suite&nbsp;108, Boca Raton, Florida 33431.
</FONT>
<!-- link1 "EXPERTS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center"><FONT size="2"><B>EXPERTS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst &#038; Young LLP, independent certified public accountants, have audited
our consolidated financial statements included in our Annual Report on Form
10-K for the year ended June&nbsp;30, 2002, as set forth in their report, which
contains an explanatory paragraph describing conditions that raise substantial
doubt about the Company&#146;s ability to continue as a going concern as described
in Note A to the consolidated financial statements, and which is incorporated
by reference in this prospectus and elsewhere in the registration statement.
Our consolidated financial statements are incorporated by reference in reliance
on Ernst &#038; Young LLP&#146;s report, given on their authority as experts in
accounting and auditing.
</FONT>
<P align="center"><FONT size="2">18</FONT>
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<P align="center"><FONT size="2"><B>INDEMNIFICATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the General Corporation Law of Delaware allows a
corporation to indemnify any person who was or is, or is threatened to be made
a party to any threatened, pending, or completed suit or proceeding. This
applies whether the matter is civil, criminal, administrative or investigative
because he or she is or was a director, officer, employee or agent of the
corporation.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A corporation may indemnify against expenses, including attorney&#146;s fees,
and, except for an action by or in the name of the corporation, against
judgments, fines and amounts paid in settlement as part of this suit or
proceeding. This applies only if the person indemnified acted in good faith and
in a manner he or she reasonably believed to be in the best interest of the
corporation. In addition, with respect to any criminal action or proceeding,
the person had no reasonable cause to believe his or her conduct was unlawful.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of an action by or in the name of the corporation, no
indemnification of expenses may be made for any claim, as to which the person
has been found to be liable to the corporation. The exception is if the court
in which this action was brought determines that the person is reasonably
entitled to indemnity for expenses.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the General Corporation Law of Delaware further provides
that if a director, officer, employee or agent of the corporation has been
successful in the defense of any suit, claim or proceeding described above, he
or she will be indemnified for expenses, including attorney&#146;s fees, actually
and reasonably incurred by him or her.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers or persons controlling
Viragen pursuant to the foregoing provisions, Viragen has been informed that in
the opinion of the Securities and Exchange Commission, indemnification is
against public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for indemnification against
these liabilities, other than the payment by Viragen in the successful defense
of any action, suit or proceeding, is asserted, Viragen will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether
indemnification by it is against public policy. Viragen will be governed by the
final adjudication of this issue.
</FONT>
<P align="center"><FONT size="2">19</FONT>
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<P align="center"><FONT size="2"><B>PART II<BR>
INFORMATION REQUIRED IN REGISTRATION STATEMENT</B>
</FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Incorporation of Documents by Reference</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission allows us to &#147;incorporate by
reference&#148; information that we file with them, which means that we can disclose
important information to you by referring you to those documents. The
information incorporated by reference is an important part of this prospectus,
and information that we file later with the Securities and Exchange Commission
will automatically update and supercede this information. We incorporate by
reference the documents listed below and any future filings we make with the
Securities and Exchange Commission under Section&nbsp;13(a), 14 or 15(d) of the
Securities Exchange Act of 1934:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Current Report on Form&nbsp;8-K dated July&nbsp;1, 2003 filed with the SEC on July&nbsp;1, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Definitive Proxy Statement filed with the SEC on May&nbsp;28, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Quarterly Report on Form&nbsp;10-Q for the quarter ended March
31, 2003 filed with the SEC on May&nbsp;14, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our amended Quarterly Report on Form&nbsp;10-Q/A for the quarter
ended December&nbsp;31, 2002 filed with the SEC on March&nbsp;20, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Quarterly Report on Form&nbsp;10-Q for the quarter ended
December&nbsp;31, 2002 filed with the SEC on February&nbsp;14, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Current Report on Form&nbsp;8-K dated January&nbsp;30, 2003 filed
with the SEC on January&nbsp;30, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Definitive Proxy Statement filed with the SEC on December
20, 2002;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Current Report on Form&nbsp;8-K dated November&nbsp;19, 2002 filed
with the SEC on November&nbsp;19, 2002;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Quarterly Report on Form&nbsp;10-Q for the quarter ended
September&nbsp;30, 2002 filed with the SEC on November&nbsp;14, 2002; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Annual Report on Form&nbsp;10-K for the year ended June&nbsp;30,
2002 filed with the SEC on September&nbsp;30, 2002.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will deliver without charge a copy of our Annual Report on Form&nbsp;10-K
for the fiscal year ended June&nbsp;30, 2002 and our Quarterly Report on Form&nbsp;10-Q
that has been filed with the SEC for any quarter ended after June&nbsp;30, 2002 to
each person receiving a copy of this prospectus. If you need an additional copy
of these documents, or if you would like to receive a copy of the other items
referenced above, you may request copies, at no cost, by writing or telephoning
us at the following address:
</FONT>
<P align="center"><FONT size="2">Dennis W. Healey<BR>
Chief Financial Officer<BR>
Viragen, Inc.<BR>
865 S.W. 78<SUP>th</SUP> Avenue, Suite&nbsp;100<BR>
Plantation, Florida 33324<BR>
Telephone Number: (954)&nbsp;233-8746
</FONT>

<P align="left"><FONT size="2">Copies of our SEC filings and other information about us are also available on
our website at www.viragen.com. The information on our website is neither
incorporated into, nor a part of, this prospectus.
</FONT>
<P align="center"><FONT size="2">20</FONT>
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<P align="left"><FONT size="2"><B>Item&nbsp;4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Description of Securities</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the Registrant&#146;s securities is set forth in the
Prospectus forming a part of this Registration Statement.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interests of Named Experts and Counsel</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Indemnification of Directors and Officers</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the General Corporation Law of Delaware allows a
corporation to indemnify any person who was or is, or is threatened to be made
a party to any threatened, pending, or completed suit or proceeding. This
applies whether the matter is civil, criminal, administrative or investigative
because he or she is or was a director, officer, employee or agent of the
corporation.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A corporation may indemnify against expenses, including attorney&#146;s fees,
and, except for an action by or in the name of the corporation, against
judgments, fines and amounts paid in settlement as part of this suit or
proceeding. This applies only if the person indemnified acted in good faith and
in a manner he or she reasonably believed to be in the best interest of the
corporation. In addition, with respect to any criminal action or proceeding,
the person had no reasonable cause to believe his or her conduct was unlawful.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of an action by or in the name of the corporation, no
indemnification of expenses may be made for any claim, as to which the person
has been found to be liable to the corporation. The exception is if the court
in which this action was brought determines that the person is reasonably
entitled to indemnity for expenses.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the General Corporation Law of Delaware further provides
that if a director, officer, employee or agent of the corporation has been
successful in the defense of any suit, claim or proceeding described above, he
or she will be indemnified for expenses, including attorney&#146;s fees, actually
and reasonably incurred by him or her.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers or persons controlling
Viragen pursuant to the foregoing provisions, Viragen has been informed that in
the opinion of the Securities and Exchange Commission, indemnification is
against public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for indemnification against
these liabilities, other than the payment by Viragen in the successful defense
of any action, suit or proceeding, is asserted, Viragen will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether
indemnification by it is against public policy. Viragen will be governed by the
final adjudication of this issue.
</FONT>
<P align="center"><FONT size="2">21</FONT>
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<P align="left"><FONT size="2"><B>Item&nbsp;7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exemption From Registration Claimed</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of our common stock covered by the prospectus forming a part of
this registration statement were issued or will be issued to the selling
stockholders in reliance upon the exemption afforded under Section&nbsp;4(2) of the
Securities Act of 1933, as amended, and the rules and regulations thereunder.
Each selling stockholder had access to information about us and had such
knowledge and experience in financial and business matters that he was capable
of understanding the risks and merits of an investment in our securities. The
certificate evidencing the shares bears a legend restricting transferability of
the shares unless registered under the Act or covered by an applicable
exemption from registration.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exhibits</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="80%">
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Number</B></FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top" align="center"><FONT size="1"><B>Description of document</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="2"><HR size="1" noshade></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">5.1</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Opinion and Consent of Schneider Weinberger LLP (includes Exhibit&nbsp;23.2)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">10.85</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Addendum to employment agreement with Dennis W. Healey dated February&nbsp;14, 2003*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">10.86</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Addendum #2 to employment agreement with Dennis W. Healey dated March&nbsp;1, 2003*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">10.87</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Addendum to employment agreement with Douglas D. Lind, M.D. dated February&nbsp;14, 2003*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">10.88</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Addendum to employment agreement with Melvin Rothberg dated February&nbsp;14, 2003*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">10.89</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Officers and Directors Alternative Stock Compensation Plan*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">10.90</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Douglas D. Lind, M.D. Common Stock Purchase Warrant agreement dated June&nbsp;16, 2003*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">10.91</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Toni Vallen Common Stock Purchase Warrant agreement dated August&nbsp;1, 2003*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Consent of Independent Certified Public Accountants*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Consent of Schneider Weinberger LLP (included as part of Exhibit&nbsp;5.1)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Filed herewith.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Undertakings</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">To reflect in the prospectus any facts or events
arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">22</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">represent no more than a 20% change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective registration statement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">To include any material information with respect
to the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement;</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the
registration statement is on Form&nbsp;S-3 or Form&nbsp;S-8 and the information required
to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the registrant pursuant to section 13 or section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold
at the termination of the offering.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant&#146;s annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers, and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act of 1933 against such liabilities (other than the payment by the
registrant in the successful defense of an action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its
counsel, the matter has been settled by controlling precedent, submit to a
court of appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Securities Act of 1933 and will
be governed by the final adjudication of such issue.
</FONT>
<P align="center"><FONT size="2">23</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Plantation, State of Florida, on August&nbsp;7, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2"><B>VIRAGEN, INC.</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ Robert C. Salisbury</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" width="80%" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Robert C. Salisbury</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President and Principal Executive Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the
dates indicated.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>SIGNATURE</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>TITLE</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>DATE</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Carl N. Singer<BR>
</FONT><HR size="1" noshade><FONT size="2">
Carl N. Singer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chairman of the Board of Directors and<BR>
Chairman of the Executive Committee
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">August 7, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Robert C. Salisbury<BR>
</FONT><HR size="1" noshade><FONT size="2">
Robert C. Salisbury</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
President, Principal Executive Officer and<BR>
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">August 7, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Dennis W. Healey<BR>
</FONT><HR size="1" noshade><FONT size="2">
Dennis W. Healey</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Executive Vice President, Treasurer,<BR>
Principal Financial Officer, Director and<BR>
Secretary
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">August 8, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Douglas Lind<BR>
</FONT><HR size="1" noshade><FONT size="2">
Douglas Lind</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">August 7, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Charles J. Simons<BR>
</FONT><HR size="1" noshade><FONT size="2">
Charles J. Simons</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director and Chairman of the Audit and<BR>
Finance Committee
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">August 7, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Gerald Smith<BR>
</FONT><HR size="1" noshade><FONT size="2">
Gerald Smith</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">August 7, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ C. Richard Stafford<BR>
</FONT><HR size="1" noshade><FONT size="2">
C. Richard Stafford</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">August 8, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Nicholas Burke<BR>
</FONT><HR size="1" noshade><FONT size="2">
Nicholas Burke</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Controller and Principal Accounting Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">August 8, 2003</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">24</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Exhibit</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Description of document</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="center" colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="left"><FONT size="2">5.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Opinion and Consent of Schneider Weinberger LLP (includes Exhibit&nbsp;23.2)</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">10.85</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Addendum to employment agreement with Dennis W. Healey dated February&nbsp;14, 2003</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">10.86</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Addendum #2 to employment agreement with Dennis W. Healey dated March&nbsp;1, 2003</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">10.87</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Addendum to employment agreement with Douglas D. Lind, M.D. dated February
14, 2003</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">10.88</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Addendum to employment agreement with Melvin Rothberg dated February&nbsp;14, 2003</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">10.89</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Officers and Directors Alternative Stock Compensation Plan</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">10.90</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Douglas D. Lind, M.D. Common Stock Purchase Warrant agreement dated June&nbsp;16,
2003</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">10.91</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Toni Vallen Common Stock Purchase Warrant agreement dated August&nbsp;1, 2003</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="left"><FONT size="2">23.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Consent of Independent Certified Public Accountants</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="left"><FONT size="2">23.2</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Consent of Schneider Weinberger LLP (included as part of Exhibit&nbsp;5.1)</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">25</FONT>




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Viragen, Inc.
Table of Contents
Registration No. 333-________
As filed with the Securities and Exchange Commission on August 11, 2003
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
VIRAGEN, INC.
(Exact name of registrant as specified in its charter)
Delaware
59-2101668
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification Number)
865 SW 78
th
Avenue, Suite 100
Plantation, Florida 33324
(954) 233-8746
(Address, including zip code, and telephone number, including area code of principal executive offices)
Addendums to Employment Agreements for Dennis W. Healey,
Douglas D. Lind, M.D. and Melvin Rothberg
Officers and Directors Alternative Stock Compensation Plan
Consulting Agreement with Douglas D. Lind, M.D.
Consulting Agreement with Seton Services Limited
Consulting Agreement with Investor Relations Worldwide Corporation
(Full title of the Plan)
Dennis W. Healey
Executive Vice President and Chief Financial Officer
Viragen, Inc.
865 SW 78
th
Avenue, Suite 100
Plantation, Florida 33324
(Name, address and telephone number, including area code of agent for service)
Copies to:
James M. Schneider, Esq.
Schneider Weinberger LLP
2499 Glades Road, Suite 108
Boca Raton, Florida 33431
Telephone: (561) 362-9595
Facsimile: (561) 362-9612
Table of Contents
CALCULATION OF REGISTRATION FEE
Proposed number
Proposed maximum
Proposed
Title of securities
of shares to be
offering price
maximum aggregate
Amount of
to be registered
registered(1)
per share
offering price
registration fee
Common Stock, $.01 par value
936,464
(2)
$
0.11
(3)
$
101,075
(3)
$
8.18
Common Stock, $.01 par value
46,978
(4)
$
0.11
(5)
$
5,000
(5)
$
0.40
Common Stock, $.01 par value
453,022
(6)
$
0.25
(7)
$
113,256
(7)
$
9.16
Common Stock, $.01 par value
250,000
(8)
$
0.26
(9)
$
65,000
(9)
$
5.26
Common Stock, $.01 par value
100,000
(10)
$
0.25
(11)
$
25,000
(11)
$
2.02
Common Stock, $.01 par value
16,701
(12)
$
0.96
(13)
$
16,000
(13)
$
1.29
Total
1,803,165
$
0.18
$
325,330
$
26.32
(1)
Pursuant to Rule 416 of the Securities Act of 1933, as amended (the
"Securities Act"), this registration statement shall also cover any
additional shares of common stock which become issuable under the listed
plans by reason of any stock dividend, stock split, recapitalization or
other similar transaction effected without the receipt of consideration
which results in an increase in the number of the outstanding shares of
our common stock.
(2)
Represents shares of our common stock issued to certain officers of
Viragen in lieu of normal cash compensation
(3)
Calculated based on the closing prices of our shares of common stock on
the relevant dates and issued to certain officers and directors of Viragen
in lieu of normal cash compensation
(4)
Represents shares of our common stock issued to certain directors of
Viragen under the Officers and Directors Alternative Stock Compensation
Plan.
(5)
Calculated based on the closing prices of our shares of common stock on
the relevant dates and issued to certain officers and directors of Viragen
under the Viragen Officers and Directors Stock-Based Compensation Plan.
(6)
Represents 453,022 shares of our common stock reserved for issuance upon
the earning of shares by certain officers and directors of Viragen under
the Officers and Directors Alternative Stock Compensation Plan.
(7)
Fee based on the last sale price of our common stock, $.01 par value per
share, as reported by the American Stock Exchange on August 7, 2003.
(8)
Represents shares of our common stock reserved for issuance upon the
exercise of common stock purchase warrants issued to Douglas D. Lind, M.D.
(9)
Fee based on the $0.26 price at which the common stock purchase warrants
are exercisable into shares of our common stock.
(10)
Represents shares of our common stock reserved for issuance upon the
exercise of common stock purchase warrants issued to Toni Vallen, director
of Seton Services Limited.
(11)
Fee based on the last sale price of our common stock, $.01 par value per
share, as reported by the American Stock Exchange on August 7, 2003, which
was greater than the $0.24 exercise price of the common stock purchase
warrants.
(12)
Represents shares of our common stock issued upon being earned by
Investor Relations Worldwide Corporation under the Consulting Agreement
with Investor Relations Worldwide Corporation.
(13)
Fee based on the prices actually paid for our shares issued.
EXPLANATORY NOTE
Viragen, Inc. has prepared this registration statement in accordance with
the requirements of Form S-8 under the Securities Act of 1933, to register
shares of common stock issued to Dennis W. Healey, Douglas D. Lind, M.D. and
Melvin Rothberg, shares of common stock issuable pursuant to the Officers and
Directors Alternative Stock Compensation Plan and shares of common stock
issuable pursuant to the consulting agreements with Douglas D. Lind, M.D.,
Seton Services Limited and Investor Relations Worldwide Corporation.
TABLE OF CONTENTS
AVAILABLE INFORMATION
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
THE COMPANY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
RISK FACTORS
USE OF PROCEEDS
SELLING STOCKHOLDERS
PLAN OF DISTRIBUTION
LEGAL MATTERS
EXPERTS
SIGNATURES
INDEX TO EXHIBITS
EX-5.1 Opinion & Consent of Schneider Weinberger
EX-10.85 Addendum to Employment Agree. - Healey
EX-10.86 Addendum #2 to Employ. Agree. - Healey
EX-10.87 Addendum to Employment Agree. - Lind
EX-10.88 Addendum to Employment Agree. - Rothberg
EX-10.89 Alternative Stock Compensation Plan
EX-10.90 Lind Common Stock Compensation Plan
EX-10.91 Vallen Common Stock Purchase Warrant
EX-23.1 Consent of Ernst & Young LLP
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
We will send or give the documents containing the information specified in
Part I of Form S-8 to employees as specified by the Securities and Exchange
Commission Rule 428(b)(1) under the Securities Act. We do not need to file
these documents with the Commission either as a part of the registration
statement or as prospectuses or prospectus supplements under Rule 424 of the
Securities Act.
TABLE OF CONTENTS
Page
Available Information
2
Incorporation of Certain Documents by Reference
2
The Company
4
Note Regarding Forward-Looking Statements
5
Risk Factors
6
Use of Proceeds
13
Selling Stockholders
13
Plan of Distribution
16
Legal Matters
18
Experts
18
Table of Contents
PROSPECTUS
VIRAGEN, INC.
1,803,165 Shares
Common Stock, par value $0.01 per share
This prospectus relates to 1,803,165 shares of the common stock of
Viragen, Inc., which may be offered from time to time by the selling
stockholders identified on page 14 of this prospectus, to whom we have issued
or will issue shares of our common stock under the plans and contracts
described in this prospectus. The selling stockholders named below acquired or
will acquire the shares of common stock pursuant to an addendum to their
employment agreements with Viragen, under our Officers and Directors
Alternative Stock Compensation Plan or through consulting agreements with the
named consultants.
It is anticipated that the selling stockholders will offer shares for sale
at prevailing prices on the American Stock Exchange on the date of sale or in
negotiated transactions. We will receive no part of the proceeds from sales
made under this prospectus. We are paying the expenses incurred in registering
the shares, but all selling and other expenses incurred by each of the selling
stockholders will be borne by that selling stockholder.
Among the shares of common stock there are shares which are "restricted
securities" under the Securities Act of 1933, as amended (the "Securities
Act"), before their sale under this prospectus. This prospectus has been
prepared for the purpose of registering the shares of common stock under the
Securities Act to allow for future sales by the selling stockholders, on a
continuous or delayed basis, to the public without restriction. Each selling
stockholder and any participating broker or dealer may be deemed to be an
"underwriter" within the meaning of the Securities Act, in which event any
profit on the sale of shares by the selling stockholder and any commissions or
discounts received by those brokers or dealers may be deemed to be underwriting
compensation under the Securities Act.
Our common stock is traded on the American Stock Exchange under the symbol
"VRA." On August 7, 2003, the last reported sale price of our common stock on
the American Stock Exchange was $0.25 per share.
Investing in our common stock involves a high degree of risk. Please
carefully consider the "Risk Factors" beginning on Page 6 of this prospectus.
Neither the Securities and Exchange Commission nor any other regulatory
body has approved or disapproved these securities or passed upon the adequacy
or accuracy of this prospectus. Any representation to the contrary is a
criminal offense.
This prospectus does not constitute an offer to sell securities in any
state to any person to whom it is unlawful to make such offer in such state.
The date of this prospectus is
August 11, 2003
Table of Contents
AVAILABLE INFORMATION
We have filed with the Securities and Exchange Commission a registration
statement on Form S-8 under the Securities Act for the common stock offered by
this prospectus. This prospectus, which is a part of the registration
statement, does not contain all of the information in the registration
statement and the exhibits filed with it, portions of which have been omitted
as permitted by Securities and Exchange Commission rules and regulations. For
further information concerning us and the securities offered by this
prospectus, we refer to the registration statement and the exhibits filed with
it. Statements contained in this prospectus as to the content of any contract
or other document referred to are not necessarily complete. Where a contract or
other document is an exhibit to the registration statement, you should review
the provisions of the exhibit to which reference is made. You may obtain these
exhibits from the Securities and Exchange Commission, as discussed below.
We are required to file annual, quarterly, and current reports, proxy
statements and other information with the Securities and Exchange Commission.
You may read and copy these filings at the Securities and Exchange Commission's
Public Reference Room at 450 Fifth Street, N.W. Washington, D.C. 20549, and at
the Securities and Exchange Commission's regional offices located in New York,
NY and Chicago, IL. You may request copies of these documents by writing to the
Securities and Exchange Commission and paying the required fee for copying.
Please call the Securities and Exchange Commission at 1-800-SEC-0330 for more
information about the operation of their public reference rooms. Copies of our
filings are also available at the Securities and Exchange Commission website at
http://www.sec.gov.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The Securities and Exchange Commission allows us to "incorporate by
reference" information that we file with them, which means that we can disclose
important information to you by referring you to those documents. The
information incorporated by reference is an important part of this prospectus,
and information that we file later with the Securities and Exchange Commission
will automatically update and supercede this information. We incorporate by
reference the documents listed below and any future filings we make with the
Securities and Exchange Commission under Section 13(a), 14 or 15(d) of the
Securities Exchange Act of 1934:
•
Our Current Report on Form 8-K dated July 1, 2003 filed with the SEC on July 1, 2003;
•
Our Definitive Proxy Statement filed with the SEC on May 28, 2003;
•
Our Quarterly Report on Form 10-Q for the quarter ended March
31, 2003 filed with the SEC on May 14, 2003;
•
Our amended Quarterly Report on Form 10-Q/A for the quarter
ended December 31, 2002 filed with the SEC on March 20, 2003;
•
Our Quarterly Report on Form 10-Q for the quarter ended
December 31, 2002 filed with the SEC on February 14, 2003;
•
Our Current Report on Form 8-K dated January 30, 2003 filed
with the SEC on January 30, 2003;
•
Our Definitive Proxy Statement filed with the SEC on December
20, 2002;
•
Our Current Report on Form 8-K dated November 19, 2002 filed
with the SEC on November 19, 2002;
•
Our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2002 filed with the SEC on November 14, 2002; and
2
Table of Contents
•
Our Annual Report on Form 10-K for the year ended June 30,
2002 filed with the SEC on September 30, 2002.
We will deliver without charge a copy of our Annual Report on Form 10-K
for the fiscal year ended June 30, 2002 and our Quarterly Report on Form 10-Q
that has been filed with the SEC for any quarter ended after June 30, 2002 to
each person receiving a copy of this prospectus. If you need an additional copy
of these documents, or if you would like to receive a copy of the other items
referenced above, you may request copies, at no cost, by writing or telephoning
us at the following address:
Dennis W. Healey
Chief Financial Officer
Viragen, Inc.
865 S.W. 78
th
Avenue, Suite 100
Plantation, Florida 33324
Telephone Number: (954) 233-8746
Copies of our SEC filings and other information about us are also
available on our website at www.viragen.com. The information on our website is
neither incorporated into, nor a part of, this prospectus.
3
Table of Contents
THE COMPANY
Because this is a summary, it does not contain all the information about
us that may be important to you. You should read the more detailed information
and the financial statements and related notes which are incorporated by
reference in this prospectus.
Viragen, Inc. and its subsidiaries are engaged in the research,
development, manufacture and sale of a natural human alpha interferon product
designed to treat a broad range of viral and malignant diseases. Our strategy
also includes the development of avian transgenics technology for the
large-scale, cost-effective contract manufacturing of protein-based drugs. We
are also researching and developing recombinant protein-based drugs designed to
treat a broad range of cancers.
Our majority-owned subsidiary, Viragen International, Inc., whose shares
are traded on the over-the-counter Bulletin Board under the symbol "VGNI," is a
biopharmaceutical company engaged in researching, developing, manufacturing and
selling a natural human alpha interferon product designed to treat a broad
range of viral and malignant diseases. Viragen International, Inc. produces a
natural human alpha interferon under the name
Multiferon
™, from human white
blood cells, also known as leukocytes. Natural human alpha interferon
stimulates and modulates the human immune system. In addition, natural human
alpha interferon inhibits the growth of various viruses including those
associated with diseases like hepatitis, cancer, multiple sclerosis, and
HIV/AIDS.
Our avian transgenic project is designed to enable us to produce
protein-based drugs, including monoclonal antibodies, inside the eggs of
specially developed chickens. Monoclonal antibodies are laboratory-produced,
highly specialized therapeutic proteins that can locate and bind to cancer
cells wherever they are in the body. Many monoclonal antibodies are used in
cancer detection or therapy. Our goal is to develop a technology which will
enable us to meet the large-scale production requirements for our own
therapeutic protein-based products currently under development. We also believe
this technology has potential to offer to others in the biopharmaceutical
industry an alternate faster method of production of their protein-based
products with higher capacity and at a lower cost. Specifically, using
transgenic chickens in production may provide advantages over current
traditional methods including relative ease of scale-up, time to develop
commercial scale production levels and reduced capital outlay when compared to
the most common production methods, which utilize capital intensive
bioreactors.
We believe that no single approach or method is likely to treat all
cancers effectively. We have approached the treatment of targeted cancers from
several directions, which we believe will increase our likelihood of clinical
success. In collaboration with the Memorial Sloan-Kettering Cancer Center, we
have initiated research on human monoclonal antibodies targeting ganglioside
GD3 for the treatment of melanoma and possibly certain other cancers. In
collaboration with the UK's Cancer Research Campaign, we are developing DNA
vaccines and monoclonal antibodies to block the protective effect of the
protein CD55 on the surface of tumor cells. In collaboration with the
University of Miami's Sylvester Comprehensive Cancer Center, we are researching
and developing a specific anti-cancer technology designed to develop a novel
form of an immune enhancing drug that has shown promise by inhibiting tumor
growth in rats for a broad range of cancers. The drug is a novel 11 amino acid
peptide called IEP 11, which was derived from a tumor transmembrane
glycoprotein. We believe IEP 11 possesses anti-cancer vaccine properties, both
prophylactically and therapeutically.
Our executive offices are located at 865 SW 78th Avenue, Suite 100,
Plantation, Florida 33324. Our telephone number is (954) 233-8746; our
facsimile number is (954) 233-1414. Unless otherwise
4
Table of Contents
indicated, references in this prospectus to "Viragen," "we," "us" and
"our" are to Viragen, Inc., and our wholly-owned and majority-owned
subsidiaries.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus, and other documents that we have incorporated by
reference or included by attachment, contain forward-looking statements.
Forward-looking statements express our expectations or predictions of future
events or results. They are not guarantees and are subject to many risks and
uncertainties. There are a number of factors – many beyond our control – that
could cause actual events or results to be significantly different from those
described in the forward-looking statement. Any or all of our forward-looking
statements in this report or in any other public statements we make may turn
out to be wrong.
Forward-looking statements might include one or more of the following:
•
anticipated debt or equity fundings;
•
projections of future revenue;
•
anticipated clinical trial commencement dates, completion timelines or results;
•
descriptions of plans or objectives of management for
future operations, products or services;
•
forecasts of future economic performance; and
•
descriptions or assumptions underlying or relating to any of the above items.
Forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts. They use words such as
"anticipate," "estimate," "expect," "project," "intend," "plan," "believe" or
words of similar meaning. They may also use words such as "will," "would,"
"should," "could" or "may". Factors that may cause our actual results to
differ materially from those described in forward-looking statements include
the risks discussed elsewhere in this prospectus under the caption "Risk
Factors".
5
Table of Contents
RISK FACTORS
An investment in our common stock is highly speculative. You should be
aware you could lose the entire amount of your investment. Prior to making an
investment decision, you should carefully read this entire prospectus and
consider the following risk factors. The risks and uncertainties described
below are not the only ones we face. There may be additional risks and
uncertainties that are not known to us or that we do not consider to be
material at this time. If the events described in these risks occur, our
business, financial condition and results of operations could be adversely
affected. This prospectus contains forward-looking statements that involve
risks and uncertainties. Our actual results may differ significantly from the
results discussed in the forward-looking statements. This section discusses the
business risk factors that might cause those differences.
Risks Related to Our Financial Condition
We have a history of losses due to lack of sales and regulatory approvals. If
we do not receive necessary regulatory approvals and develop profitable
operations, we will need to terminate our operations. As a result, investors
may lose their entire investment.
Since the organization of Viragen, we have incurred operating losses.
Losses have totaled:
•
$11,179,261 for the nine month period ended March 31, 2003;
•
$11,088,832 for the fiscal year ended June 30, 2002;
•
$11,007,809 for the fiscal year ended June 30, 2001; and
•
$12,310,895 for the fiscal year ended June 30, 2000.
At March 31, 2003, we had a total deficit since organization of
$96,120,461, and our working capital deficit totaled $1,930,103.
For the fiscal year ended June 30, 2002, the report of our independent
auditors includes an explanatory paragraph indicating substantial doubt as to
our ability to continue as a going concern, due to our financial condition.
While our financial condition has improved since June 30, 2002, we are still
dependant upon further debt or equity fundings to successfully execute our
business plan. If we are unable to raise sufficient additional equity or debt
financing, it would be necessary for us to significantly curtail or suspend a
portion or all of our operations. Further, sufficient funding may not be
available to finance planned future scientific collaborations, planned
marketing efforts or planned plant facility expansions or modifications.
We presently produce a natural human alpha interferon product under the
name
Multiferon™
. The product is approved in Sweden and Mexico for the
treatment of chronic myeloid leukemia, hairy cell leukemia and for the
treatment of any and all diseases for which recombinant interferon therapy
failed or the patient was unable to tolerate the regimen. The product is also
approved for sale in the treatment of chronic myeloid leukemia and hairy cell
leukemia in the Czech Republic, Hong Kong, Indonesia, Myanmar, Thailand, and as
purified bulk in Egypt. However, as the United States Food and Drug
Administration and other European Union regulatory authorities have not
approved our natural interferon product, we have
6
Table of Contents
limited sales revenues. We have not sought the approval of our natural
human interferon product from the United State Food and Drug Administration or
its European Union counterparts, except Sweden.
We will not be able to significantly reduce our losses or operate
profitably until we obtain the necessary approvals to manufacture and sell
natural interferon or other products on a widely accepted basis. We expect
sales of natural interferon to be our primary source of income for the
foreseeable future. Investors must understand that our natural interferon
product may never receive certain approvals sought from regulatory authorities.
In addition, even if approval is received, we may not be able to achieve
sufficient profit from the sale of natural interferon. If we do not obtain the
required approvals, or we do not profit from the sale of natural interferon or
other products, we will likely cease operations. In that case, investors in
Viragen will likely lose their entire investment.
Our business is capital intensive, and because we do not generate sufficient
operating revenues, we will require additional financing that may not be
available to us.
Our cash and cash equivalents are not sufficient to meet our operating
requirements through the end of fiscal 2004. Our operating losses and working
capital requirements continue to adversely affect cash flow. In the event of
our inability to raise capital, or a lack of expanded revenue from the sale of
our natural interferon product, we will likely be unable to meet our operating
requirements through the end of fiscal 2004. In this event, we would be
required to significantly curtail or suspend our operations. As a result of
these financial conditions, the report of our independent certified public
accountants on our June 30, 2002 consolidated financial statements includes an
explanatory paragraph indicating that these conditions raise substantial doubt
about our ability to continue as a going concern.
If we are unable to obtain additional funds from other financings we may have
to significantly curtail the scope of our operations and alter our business
model.
We must achieve profitability for our business model to succeed. Prior to
accomplishing this goal, we will need to raise additional funds, from equity or
debt sources. Our cash requirements are substantial. While we have raised
approximately $4.55 million, net of related commissions, fees and expenses, in
connection with the sale of convertible debentures during June 2003, and we
expect draw downs to be available to us under an equity line agreement executed
in March 2003, the proceeds of these financings may still not be sufficient to
meet our cash needs in the future. In addition, business and economic
conditions may make it unfeasible or undesirable to initiate draw downs under
our equity line agreement, and only one draw down may occur at a time. If
additional financing is not available when required or is not available on
acceptable terms, we may be unable to continue our operations at current
levels. In addition, any failure to raise additional funds in the future may
result in our inability to successfully promote our brand name, complete
existing and/or undertake new research and development projects, take advantage
of business opportunities or respond to competitive pressures, any of which
could have a material adverse effect on our financial condition and results of
operations.
7
Table of Contents
Risks Related to this Offering and the Market for our Shares
The issuance of our shares under our equity line agreement and upon conversion
of outstanding convertible debentures may cause significant dilution to our
stockholders and may have an adverse impact on the market price of our common
stock.
Resales of shares by the purchasers under our equity line agreement will
increase the number of our publicly traded shares, which could depress the
market price of our common stock. Moreover, as all the shares we sell under
the equity line will be available for immediate resale, the mere prospect of
these resales could depress the market price for our common stock. The shares
of our common stock issuable under the equity line facility will be sold at 85%
of the daily volume weighted average price of our common stock for a ten day
pricing period prior to purchase, subject to a minimum price threshold. If we
require the purchaser to purchase our common stock at a time when our stock
price is low, our existing common stockholders will experience substantial
dilution. The issuance of shares under the equity line therefore dilutes the
equity interest of existing stockholders and could have an adverse effect on
the market price of our common stock.
The conversion price of our outstanding convertible debentures was above
the market price of our common stock on the date they were sold. The issuance
of our shares upon conversion of the convertible debentures and their resale by
the debenture holders will increase our publicly traded shares. These resales
could also depress the market price of our common stock. We will not control
whether or when the debenture holders elects to convert their shares, but it
can be assumed that they will do so at a time when the conversion price is less
than the market price for our shares.
The perceived risk of dilution may cause our stockholders to sell their
shares, which would contribute to a downward movement in the stock price of our
common stock. Moreover, the perceived risk of dilution and the resulting
downward pressure on our stock price could encourage investors to engage in
short sales of our common stock. By increasing the number of shares offered
for sale, material amounts of short selling could further contribute to
progressive price declines in our common stock.
Risks Related to our Business
Competitive conditions in the pharmaceutical industry may force us to terminate
operations.
Competition for investment capital and market share in the immunological
and pharmaceutical products industry is very strong. Our competitors, which
include major pharmaceutical companies, have more experience in research,
development and clinical testing of pharmaceutical and biomedical products. We
have not yet developed an immunological product that can be widely marketed.
Our competitors also have greater financial, marketing and human resources.
Some of our competitors, including Hoffmann-La Roche, Inc., Shering-Plough
Corporation, Biogen, Inc., Chiron Corp., and Berlex Laboratories, have received
approvals for their synthetic interferons. They have been marketing their
products since 1986 and have received wide acceptance from the medical
community and the patient population for their products. This will make it more
difficult for us to introduce and penetrate the market with our product, if and
when we receive the necessary regulatory approvals. We expect competition to
increase in the future.
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In addition, technological advances made by our competitors may make
synthetic interferon products more effective, less costly and with less harmful
side effects. We may not be able to keep pace with technological advances by
others, either because we do not have sufficient resources or because we cannot
achieve greater improvements in our technology. If we are unable to compete
with our larger, more experienced competitors, we will likely terminate
operations.
Competition for funding in the pharmaceutical industry is also intense. We
have a limited source of income at this time, and we will require additional
funding to conduct clinical trials so we may receive regulatory approvals. We
must obtain additional funding from outside sources to conduct these trials. If
we are unable to locate funding or obtain funding on reasonable terms, we will
likely terminate operations. In that case, investors in Viragen will likely
lose their entire investment.
Government regulation may affect Viragen's ability to develop and distribute
natural interferon.
All pharmaceutical manufacturers are subject to state, federal and foreign
rules and regulations, including those of the United States Food and Drug
Administration, Asian markets and the European Union regulatory authorities.
These rules and regulations are constantly changing. These changes could extend
the period of clinical trials, involve costly compliance measures and may
restrict our ability to produce and distribute our natural interferon product
based on the results of testing. It is possible that we may never receive these
regulatory approvals for any specific illness or range of illnesses that we are
attempting to treat with our natural interferon product.
If patients have problems receiving third party reimbursements for natural
interferon, it will be more difficult to market our product. In addition, our
marketing costs would increase.
Our ability to successfully market our products depends in part on the
availability of reimbursements from government health administration
authorities, private health coverage insurers and other organizations. The
pricing of products similar to ours, or the amount of reimbursement available
to patients, may affect our ability to market our product at a profit. Third
party reimbursement limitations could restrict the patient population that will
use our product. If we have difficulty in securing third party payors to
reimburse for our product, we could be required to increase our marketing
efforts, which, in turn, will involve greater expense to us.
Our proprietary technology and any future patents that we receive may not
provide sufficient protection to us.
We intend to rely, in part, on technology developed by our scientists for
the efficient and safe production of natural interferon, our avian transgenics
technologies and our oncology technologies. If we are not successful in
obtaining patents or demonstrating that our production processes are
proprietary under trade secret law, we will have limited protection against
those who might copy our technology. We have not received any communications or
had any conversations with the owners of related patents that may potentially
make claims or who have threatened to make a claim that our patents infringe
their patents. However, we may be damaged if we are accused of misappropriating
a competitor's proprietary technology, even if these claims are untrue. We
cannot assure you that any of our patent applications will be approved. Even if
granted, we cannot assure you that these patents or any future patent
applications or our other proprietary rights will provide sufficient protection
to us.
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We may not be able to produce targeted drugs in egg whites of transgenic
chickens in commercially viable quantities.
Our avian transgenics project, still in the development stage, is designed
to enable Viragen to produce protein-based drugs, including monoclonal
antibodies, inside the egg whites of transgenic developed chickens. Even if we
are successful in producing the targeted proteins in egg whites, we are unable
to predict whether this technology will yield commercially viable quantities.
Technology transfers to third parties may not result in revenue to us.
One of our proposed marketing strategies is to license our manufacturing
technology to third parties. They, in turn, will use our technology to produce
and market our natural interferon outside the United States of America. We
cannot guarantee that these third parties will be able to successfully market
the product or that we will receive revenue from their efforts.
We may be exposed to product liability claims, and our product liability
insurance may not be sufficient to cover all claims or continue to be available
to us.
Persons who claim to be injured from use of our natural interferon, or
other products or processes, may file claims for personal injuries or other
damages against us. Directives in the European Union provide for strict
liability and permit compensation claims to be made within a ten year period
from when the product is placed on the market, and three years from the event
giving rise to the claim, thereby creating a 13 year period within which
compensation claims could be asserted. In order to protect ourselves against
these claims, we maintain product liability insurance in the amount of
$7,000,000. We cannot be sure that our insurance coverage will be adequate to
insulate us from liabilities that may result from the use of our products.
Also, in the future this type of insurance may not be available, or we may not
be able to afford this form of insurance.
Our reliance on foreign third party manufacturers may disrupt operations.
Foreign manufacturing could expose us to risks involved with fluctuations
in exchange rates of foreign currencies. In addition, reliance on international
vendors exposes us to all the risks of dealing with a foreign manufacturing
source. These risks include:
•
unexpected changes in regulatory requirements;
•
tariffs and other trade barriers, including import and export restrictions;
•
political or economic instability;
•
compliance with foreign laws;
•
transportation delays and interruptions;
•
difficulties in protecting intellectual property rights in foreign countries; and
•
currency exchange risks.
Foreign manufacturing arrangements may also limit our control, and could
disrupt our operations, which, in turn, could negatively impact upon your
investment in us.
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We do not expect to pay dividends in the foreseeable future.
We have never paid cash dividends on our common stock. We do not expect to
pay cash dividends on our common stock any time in the foreseeable future. The
future payment of dividends directly depends upon our future earnings, capital
requirements, financial requirements and other factors that our board of
directors will consider. For the foreseeable future, we will use earnings from
operations, if any, to finance our growth, and we will not pay dividends to our
common stockholders. You should not rely on an investment in our common stock
if you require dividend income. The only return on your investment in our
common stock, if any, would most likely come from any appreciation of our
common stock.
Possible sales of securities by current stockholders could have a depressive
effect on market value of our stock.
As of the date of this prospectus, there are 272,689,559 shares of our
common stock outstanding. Sales of our common stock by current stockholders
or pursuant to this prospectus may have a depressive effect on the market price
for our common stock.
We are engaged in the biotechnology industry; as a result, the market price for
our common stock may be subject to extreme volatility.
The market for securities of biotechnology companies, including companies
such as ours, has historically been more volatile than the market for stocks in
general. As a result, the price of our common stock may be subject to wide
fluctuations in response to factors, some of which are beyond our control,
including, without limitation:
•
quarter-to-quarter variations in our operating results;
•
our announcement of material events;
•
price fluctuations in sympathy to others engaged in our industry; and
•
the effects of media coverage of our business.
Because of the limited trading market for our common stock, and because of
the possible price volatility, you may not be able to sell your shares of
common stock when you desire to do so. The inability to sell your shares in a
rapidly declining market may substantially increase your risk of loss because
of such illiquidity and because the price for our common stock may suffer
greater declines because of its price volatility.
Viragen's common stock traded on the over-the-counter Bulletin Board from
June 29, 1999 through April 16, 2000, under the symbol "VRGN." Our common stock
began trading on the American Stock Exchange on April 17, 2000, under the
symbol "VRA." Our common stock has traded between a high of $1.69 and a low of
$0.05 since January 1, 2001.
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We depend on the continued services of our executive officers and on our
ability to attract and maintain other qualified employees.
While we do not rely upon one specific individual to provide the
management and scientific leadership, the team of executive management in the
U.S. and the scientific team located in Scotland, taken together, are crucial
to the future development of the company. Though competition for qualified
scientific and managerial personnel is at times intense in the markets in which
we operate, we have in the past had a high level of success in attracting and
retaining such personnel, and, while we can give you no assurance, we
anticipate continued success in such regard in the future.
We could use preferred stock to resist takeovers, and the issuance of preferred
stock may cause additional dilution.
Our Certificate of Incorporation authorizes the issuance of up to
1,000,000 shares of preferred stock, of which 2,650 shares of series A
preferred stock are issued and outstanding on the date of this prospectus. Our
Certificate of Incorporation gives our board of directors the authority to
issue preferred stock without approval of our stockholders. We may issue
additional shares of preferred stock to raise money to finance our operations.
We may authorize the issuance of the preferred stock in one or more series. In
addition, we may set the terms of preferred stock, including:
•
dividend and liquidation preferences;
•
voting rights;
•
conversion privileges;
•
redemption terms; and
•
other privileges and rights of the shares of each authorized series.
The issuance of large blocks of preferred stock could possibly have a
dilutive effect to our existing stockholders. It can also negatively impact our
existing stockholders' liquidation preferences. In addition, while we include
preferred stock in our capitalization to improve our financial flexibility, we
could possibly issue our preferred stock to friendly third parties to preserve
control by present management. This could occur if we become subject to a
hostile takeover that could ultimately benefit Viragen and Viragen's
stockholders.
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USE OF PROCEEDS
We will not receive any of the proceeds from the sale of shares of common
stock by the selling stockholders.
SELLING STOCKHOLDERS
Addendums to Employment Agreements for Dennis W. Healey, Douglas D. Lind, M.D.
and Melvin Rothberg
On February 14, 2003, Dennis W. Healey, Douglas D. Lind, M.D. and Melvin
Rothberg executed addendums to their employment agreements which provided for
the payment of 20% of their salary in the form of shares of Viragen common
stock. On March 1, 2003, Dennis W. Healey again executed an amendment to his
employment agreements which provided for the payment of 75% of his salary in
the form of shares of Viragen common stock. As a result of these addendums,
during the period from February 15, 2003 through June 30, 2003 Viragen issued
an aggregate of 936,464 shares of its common stock to Dennis W. Healey, Douglas
D. Lind, M.D. and Melvin Rothberg in lieu of a portion of their normal cash
compensation.
Officers and Directors Alternative Stock Compensation Plan
On January 31, 2003, Viragen's Board of Directors approved a plan that
provided for the issuance of shares of its common stock to certain officers and
directors of Viragen in lieu of normal cash payments for salary and Board fees.
During the period from January 31, 2003 through May 16, 2003 Viragen issued an
aggregate of 46,978 share of its common stock to Charles J. Simons in lieu of
cash payments for services rendered as a member of the Board of Directors of
Viragen. The 46,978 shares of Viragen common stock are being registered on the
Form S-8 registration statement forming a part of this prospectus. A total of
516,558 shares of common stock remain available for issuance under this plan.
Consulting Agreement with Douglas D. Lind, M.D.
On June 16, 2003, we entered into a consulting agreement with Douglas D.
Lind, M.D. The agreement does not contain a fixed term. However, either
Viragen or Dr. Lind has the option to terminate the agreement for any reason
upon 90 days written notice. Under the agreement, Dr. Lind has been engaged to
consult with management on a variety of scientific and biopharmaceutical market
issues. The consulting agreement also provides for additional non-equity
compensation for Dr. Lind's assistance in the facilitation of potential
financing transactions, corporate collaborations or partnerships and merger and
acquisition activity. For his consulting services, we issued Dr. Lind 250,000
common stock purchase warrants exercisable at $0.26 per share for a period of
five years and agreed to register the shares underlying those warrants on the
Form S-8 registration statement forming a part of this prospectus. Concurrent
with his entering into the consulting agreement and the issuance of the related
common stock purchase warrants, Dr. Lind surrendered 275,000 common stock
purchase options granted during the term of his expired employment agreement.
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Consulting Agreement with Seton Services Limited
On August 1, 2003, we entered into a consulting agreement with Seton
Services Limited, a London-based investor relations firm. The term of the
agreement is one year but may be terminated by either party upon 60 days
written notice. The agreement provides for a monthly retainer fee of 3,500
Pounds Sterling. In addition, we granted 100,000 common stock purchase
warrants exercisable at $0.24 per share for a period of two years to Toni
Vallen, director of Seton Services Limited. Concurrent with the commencement
of the agreement, Toni Vallen surrendered 100,000 common stock purchase
warrants issued in July 2002.
Consulting Agreement with Investor Relations Worldwide Corporation
On November 26, 2001, we entered into a consulting agreement with Investor
Relations Worldwide Corporation. The initial term of the agreement was for a
period of three months commencing December 1, 2001 and continued for five
consecutive months at our option. Under the agreement, Investor Relations
Worldwide Corporation was engaged to introduce management of Viragen to
qualified individuals and entities with the Asian financial community and
coordinate meetings between Viragen and these entities. Investor Relations
Worldwide Corporation also agreed to introduce Viragen to Asian media companies
with the intent of obtaining press coverage of Viragen and its products. For
their services, we issued Investor Relations Worldwide Corporation 16,701
shares of our common stock, and agreed to register those shares on the Form S-8
registration statement forming a part of this prospectus.
The following table sets forth information with respect to the selling
stockholders and the shares of our common stock that they may offer and sell
under this prospectus. The table sets forth with respect to each selling
stockholder, based upon information available to us as of August 7, 2003, the
number of shares of common stock owned, the number of shares of common stock
registered by this prospectus and the number and percent of outstanding shares
of common stock that will be owned after the sale of the registered shares of
common stock assuming the sale of all of the registered shares of common stock.
We calculated beneficial ownership according to Rule 13d-3 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), as of August 7, 2003.
Because the selling stockholders may sell all or some portion of the
shares of common stock beneficially owned by them, only an estimate (assuming
the selling stockholder sells all of the shares offered hereby) can be given as
to the number of shares of common stock that will be beneficially owned by the
selling stockholders after this offering. In addition, the selling
stockholders may have sold, transferred or otherwise disposed of, or may sell,
transfer or otherwise dispose of, at any time or from time to time since the
dates on which they provided the information regarding the shares of common
stock beneficially owned by them in transactions exempt from the registration
requirements of the Securities Act.
Number of Shares Owned
After the Offering
Number of Shares
Number of Shares
Name
Beneficially Owned
Registered
Number
Percent
Dennis W. Healey
1,525,647
(1)
610,647
915,000
*
Douglas D. Lind, M.D.
465,119
(2)
435,119
30,000
*
Melvin Rothberg
430,998
(3)
140,698
290,300
*
Charles J. Simons
71,978
(4)
46,978
25,000
*
Toni Vallen
100,000
(5)
100,000
0
*
Investor Relations Worldwide Corp.
16,701
16,701
0
*
*
Less than one percent
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(1)
Includes 500,000 shares subject to common stock purchase options
currently exercisable by Mr. Healey.
(2)
Includes 250,000 shares subject to common stock purchase warrants
currently exercisable by Douglas D. Lind, M.D.
(3)
Includes 275,000 shares subject to common stock purchase options
currently exercisable by Mr. Rothberg.
(4)
Includes 15,000 shares subject to common stock purchase options currently
exercisable by Mr. Simons.
(5)
Includes 100,000 shares subject to common stock purchase warrants
currently exercisable by Ton Vallen.
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PLAN OF DISTRIBUTION
The shares covered by this prospectus may be resold and distributed from
time to time by the selling security holders in one or more transactions,
including ordinary broker's transactions, privately-negotiated transactions or
through sales to one or more broker-dealers for resale of these shares as
principals, at market prices existing at the time of sale, at prices related to
existing market prices, through Rule 144 transactions or at negotiated prices.
Usual and customary or specifically negotiated brokerage fees or commissions
may be paid by the selling security holders in connection with sales of
securities.
The selling security holders may sell shares in one or more of the
following methods, which may include crosses or block transactions:
-
on the American Stock Exchange or on such exchanges or
over-the-counter markets on which our shares may be listed from
time-to-time, in transactions which may include special offerings,
exchange distributions and/or secondary distributions, pursuant to
and in accordance with the rules of such exchanges; or
-
in transactions other than on such exchanges or in the
over-the-counter market, or a combination of such transactions,
including sales through brokers, acting as principal or agent, sales
in privately negotiated transactions, or dispositions for value,
subject to rules relating to sales by affiliates;
Any such transactions may be effected at market prices prevailing at the
time of sale, at prices related to such prevailing market prices, at negotiated
prices or at fixed prices.
In making sales, brokers or dealers used by the selling security holders
may arrange for other brokers or dealers to participate. Information as to
whether an underwriter(s) who may be selected by the selling security holders,
or any other broker-dealer, is acting as principal or agent for the selling
security holders, the compensation to be received by underwriters who may be
selected by the selling security holders, or any broker-dealer, acting as
principal or agent for the selling security holders and the compensation to be
received by other broker-dealers, in the event the compensation of other
broker-dealers is in excess of usual and customary commissions, will, to the
extent required, be set forth in a supplement to this prospectus. Any dealer
or broker participating in any distribution of the shares may be required to
deliver a copy of this prospectus, including the supplement, if any, to any
person who purchases any of the shares from or through a dealer or broker.
We have advised the selling security holders that, at the time a resale of
the shares is made by or on behalf of a selling security holder, a copy of this
prospectus is to be delivered.
We have also advised the selling security holders that during the time as
they may be engaged in a distribution of the shares included herein they are
required to comply with Regulation M of the Exchange Act. With certain
exceptions, Regulation M precludes any selling security holders, any affiliated
purchasers and any broker-dealer or other person who participates in the
distribution from bidding for or purchasing, or attempting to induce any person
to bid for or purchase any security which is the subject of the distribution
until the entire distribution is complete. Regulation M also prohibits any
bids or purchase made in order to stabilize the price of a security in
connection with the distribution of that security.
Sales of securities by the selling security holders or even the potential
of these sales may have an adverse effect on the market price for shares of our
common stock.
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DESCRIPTION OF SECURITIES
Viragen is currently authorized to issue up to 700,000,000 shares of
common stock, par value $.01 per share and 1,000,000 shares of preferred stock,
par value $1.00 per share. As of the date of this prospectus, there are
272,689,559 shares of common stock and 2,650 shares of series A preferred stock
outstanding.
Common Stock
Subject to the dividend rights of preferred stockholders, common
stockholders share dividends on a proportionate basis, as may be declared by
the board of directors. Upon liquidation, dissolution or winding up of
Viragen, after payment to creditors and holders of our outstanding preferred
stock, Viragen's remaining assets, if any, will be divided proportionately on a
per share basis among the holders of our common stock.
Each share of our common stock has one vote. Holders of our common stock
do not have cumulative voting rights. This means that the holders of a
plurality of the shares voting for the election of directors can elect all of
the directors. In that event, the holders of the remaining shares will not be
able to elect any directors. Viragen's By-Laws provide that a majority of the
outstanding shares of our common stock are a quorum to transact business at a
stockholders' meeting. Our common stock has no preemptive, subscription or
conversion rights. Also, our common stock is not redeemable.
Preferred Stock
Viragen is authorized to issue a total of 1,000,000 shares of preferred
stock, par value $1.00 per share. Viragen's board of directors may issue
preferred stock by resolutions, without any action of the stockholders. These
resolutions may authorize issuance of preferred stock in one or more series.
In addition, the board of directors may fix and determine all privileges and
rights of the authorized preferred stock series including:
•
dividend and liquidation preferences,
•
voting rights,
•
conversion privileges, and
•
redemption terms.
Viragen includes preferred stock in its capitalization to improve its
financial flexibility. However, Viragen could use preferred stock to preserve
control by present management, in the event of a potential hostile takeover of
Viragen. In addition, the issuance of large blocks of preferred stock could
have a dilutive effect to existing holders of Viragen's common stock.
Series A Preferred Stock
Viragen established the series A preferred stock in November 1986. Each
share of series A preferred stock is immediately convertible into 4.26 shares
of our common stock. Dividends on the series A preferred stock are cumulative
and have priority to our common stock. These dividends are payable in either
cash or common stock, at Viragen's option.
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The series A preferred stock has voting rights only if dividends are in
arrears for five annual dividends. Upon this occurrence, the voting is limited
to the election of two directors. Voting rights terminate upon payment of the
cumulative dividends. Viragen may redeem the series A preferred stock at any
time after expiration of ten consecutive business days during which the bid or
last sale price for our common stock is $6.00 per share or higher. There is no
mandatory redemption or sinking fund obligation for the series A preferred
stock.
Owners of the series A preferred stock are entitled to receive $10.00 per
share, plus accrued and unpaid dividends, upon liquidation, dissolution or
winding up of Viragen. This must be satisfied before any distribution or
payment is made to holders of the common stock or other stock of Viragen junior
to the series A preferred stock.
Transfer Agent
The transfer agent for the shares of our common stock is Mellon Investor
Services, Overpeck Center, 85 Challenger Road, Ridgefield Park, New Jersey
07660-2108.
LEGAL MATTERS
Schneider Weinberger LLP will review the validity of the issuance of the
shares of common stock offered by this prospectus. Schneider Weinberger LLP is
located at 2499 Glades Road, Suite 108, Boca Raton, Florida 33431.
EXPERTS
Ernst & Young LLP, independent certified public accountants, have audited
our consolidated financial statements included in our Annual Report on Form
10-K for the year ended June 30, 2002, as set forth in their report, which
contains an explanatory paragraph describing conditions that raise substantial
doubt about the Company's ability to continue as a going concern as described
in Note A to the consolidated financial statements, and which is incorporated
by reference in this prospectus and elsewhere in the registration statement.
Our consolidated financial statements are incorporated by reference in reliance
on Ernst & Young LLP's report, given on their authority as experts in
accounting and auditing.
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INDEMNIFICATION
Section 145 of the General Corporation Law of Delaware allows a
corporation to indemnify any person who was or is, or is threatened to be made
a party to any threatened, pending, or completed suit or proceeding. This
applies whether the matter is civil, criminal, administrative or investigative
because he or she is or was a director, officer, employee or agent of the
corporation.
A corporation may indemnify against expenses, including attorney's fees,
and, except for an action by or in the name of the corporation, against
judgments, fines and amounts paid in settlement as part of this suit or
proceeding. This applies only if the person indemnified acted in good faith and
in a manner he or she reasonably believed to be in the best interest of the
corporation. In addition, with respect to any criminal action or proceeding,
the person had no reasonable cause to believe his or her conduct was unlawful.
In the case of an action by or in the name of the corporation, no
indemnification of expenses may be made for any claim, as to which the person
has been found to be liable to the corporation. The exception is if the court
in which this action was brought determines that the person is reasonably
entitled to indemnity for expenses.
Section 145 of the General Corporation Law of Delaware further provides
that if a director, officer, employee or agent of the corporation has been
successful in the defense of any suit, claim or proceeding described above, he
or she will be indemnified for expenses, including attorney's fees, actually
and reasonably incurred by him or her.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers or persons controlling
Viragen pursuant to the foregoing provisions, Viragen has been informed that in
the opinion of the Securities and Exchange Commission, indemnification is
against public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for indemnification against
these liabilities, other than the payment by Viragen in the successful defense
of any action, suit or proceeding, is asserted, Viragen will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether
indemnification by it is against public policy. Viragen will be governed by the
final adjudication of this issue.
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PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
The Securities and Exchange Commission allows us to "incorporate by
reference" information that we file with them, which means that we can disclose
important information to you by referring you to those documents. The
information incorporated by reference is an important part of this prospectus,
and information that we file later with the Securities and Exchange Commission
will automatically update and supercede this information. We incorporate by
reference the documents listed below and any future filings we make with the
Securities and Exchange Commission under Section 13(a), 14 or 15(d) of the
Securities Exchange Act of 1934:
•
Our Current Report on Form 8-K dated July 1, 2003 filed with the SEC on July 1, 2003;
•
Our Definitive Proxy Statement filed with the SEC on May 28, 2003;
•
Our Quarterly Report on Form 10-Q for the quarter ended March
31, 2003 filed with the SEC on May 14, 2003;
•
Our amended Quarterly Report on Form 10-Q/A for the quarter
ended December 31, 2002 filed with the SEC on March 20, 2003;
•
Our Quarterly Report on Form 10-Q for the quarter ended
December 31, 2002 filed with the SEC on February 14, 2003;
•
Our Current Report on Form 8-K dated January 30, 2003 filed
with the SEC on January 30, 2003;
•
Our Definitive Proxy Statement filed with the SEC on December
20, 2002;
•
Our Current Report on Form 8-K dated November 19, 2002 filed
with the SEC on November 19, 2002;
•
Our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2002 filed with the SEC on November 14, 2002; and
•
Our Annual Report on Form 10-K for the year ended June 30,
2002 filed with the SEC on September 30, 2002.
We will deliver without charge a copy of our Annual Report on Form 10-K
for the fiscal year ended June 30, 2002 and our Quarterly Report on Form 10-Q
that has been filed with the SEC for any quarter ended after June 30, 2002 to
each person receiving a copy of this prospectus. If you need an additional copy
of these documents, or if you would like to receive a copy of the other items
referenced above, you may request copies, at no cost, by writing or telephoning
us at the following address:
Dennis W. Healey
Chief Financial Officer
Viragen, Inc.
865 S.W. 78
th
Avenue, Suite 100
Plantation, Florida 33324
Telephone Number: (954) 233-8746
Copies of our SEC filings and other information about us are also available on
our website at www.viragen.com. The information on our website is neither
incorporated into, nor a part of, this prospectus.
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Item 4.
Description of Securities
A description of the Registrant's securities is set forth in the
Prospectus forming a part of this Registration Statement.
Item 5.
Interests of Named Experts and Counsel
Not Applicable.
Item 6.
Indemnification of Directors and Officers
Section 145 of the General Corporation Law of Delaware allows a
corporation to indemnify any person who was or is, or is threatened to be made
a party to any threatened, pending, or completed suit or proceeding. This
applies whether the matter is civil, criminal, administrative or investigative
because he or she is or was a director, officer, employee or agent of the
corporation.
A corporation may indemnify against expenses, including attorney's fees,
and, except for an action by or in the name of the corporation, against
judgments, fines and amounts paid in settlement as part of this suit or
proceeding. This applies only if the person indemnified acted in good faith and
in a manner he or she reasonably believed to be in the best interest of the
corporation. In addition, with respect to any criminal action or proceeding,
the person had no reasonable cause to believe his or her conduct was unlawful.
In the case of an action by or in the name of the corporation, no
indemnification of expenses may be made for any claim, as to which the person
has been found to be liable to the corporation. The exception is if the court
in which this action was brought determines that the person is reasonably
entitled to indemnity for expenses.
Section 145 of the General Corporation Law of Delaware further provides
that if a director, officer, employee or agent of the corporation has been
successful in the defense of any suit, claim or proceeding described above, he
or she will be indemnified for expenses, including attorney's fees, actually
and reasonably incurred by him or her.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers or persons controlling
Viragen pursuant to the foregoing provisions, Viragen has been informed that in
the opinion of the Securities and Exchange Commission, indemnification is
against public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for indemnification against
these liabilities, other than the payment by Viragen in the successful defense
of any action, suit or proceeding, is asserted, Viragen will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether
indemnification by it is against public policy. Viragen will be governed by the
final adjudication of this issue.
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Item 7.
Exemption From Registration Claimed
The shares of our common stock covered by the prospectus forming a part of
this registration statement were issued or will be issued to the selling
stockholders in reliance upon the exemption afforded under Section 4(2) of the
Securities Act of 1933, as amended, and the rules and regulations thereunder.
Each selling stockholder had access to information about us and had such
knowledge and experience in financial and business matters that he was capable
of understanding the risks and merits of an investment in our securities. The
certificate evidencing the shares bears a legend restricting transferability of
the shares unless registered under the Act or covered by an applicable
exemption from registration.
Item 8.
Exhibits
Exhibit
Number
Description of document
5.1
Opinion and Consent of Schneider Weinberger LLP (includes Exhibit 23.2)
10.85
Addendum to employment agreement with Dennis W. Healey dated February 14, 2003*
10.86
Addendum #2 to employment agreement with Dennis W. Healey dated March 1, 2003*
10.87
Addendum to employment agreement with Douglas D. Lind, M.D. dated February 14, 2003*
10.88
Addendum to employment agreement with Melvin Rothberg dated February 14, 2003*
10.89
Officers and Directors Alternative Stock Compensation Plan*
10.90
Douglas D. Lind, M.D. Common Stock Purchase Warrant agreement dated June 16, 2003*
10.91
Toni Vallen Common Stock Purchase Warrant agreement dated August 1, 2003*
23.1
Consent of Independent Certified Public Accountants*
23.2
Consent of Schneider Weinberger LLP (included as part of Exhibit 5.1)
*
Filed herewith.
Item 9.
Undertakings
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:
(a)
To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;
(b)
To reflect in the prospectus any facts or events
arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price
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represent no more than a 20% change in the maximum aggregate
offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement;
(c)
To include any material information with respect
to the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement;
Provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the
registration statement is on Form S-3 or Form S-8 and the information required
to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the registrant pursuant to section 13 or section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement.
(2)
That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold
at the termination of the offering.
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers, and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act of 1933 against such liabilities (other than the payment by the
registrant in the successful defense of an action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its
counsel, the matter has been settled by controlling precedent, submit to a
court of appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Securities Act of 1933 and will
be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Plantation, State of Florida, on August 7, 2003.
VIRAGEN, INC.
By:
/s/ Robert C. Salisbury
Robert C. Salisbury
President and Principal Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the
dates indicated.
SIGNATURE
TITLE
DATE
/s/ Carl N. Singer
Carl N. Singer
Chairman of the Board of Directors and
Chairman of the Executive Committee
August 7, 2003
/s/ Robert C. Salisbury
Robert C. Salisbury
President, Principal Executive Officer and
Director
August 7, 2003
/s/ Dennis W. Healey
Dennis W. Healey
Executive Vice President, Treasurer,
Principal Financial Officer, Director and
Secretary
August 8, 2003
/s/ Douglas Lind
Douglas Lind
Director
August 7, 2003
/s/ Charles J. Simons
Charles J. Simons
Director and Chairman of the Audit and
Finance Committee
August 7, 2003
/s/ Gerald Smith
Gerald Smith
Director
August 7, 2003
/s/ C. Richard Stafford
C. Richard Stafford
Director
August 8, 2003
/s/ Nicholas Burke
Nicholas Burke
Controller and Principal Accounting Officer
August 8, 2003
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INDEX TO EXHIBITS
Exhibit
Number
Description of document
5.1
Opinion and Consent of Schneider Weinberger LLP (includes Exhibit 23.2)
10.85
Addendum to employment agreement with Dennis W. Healey dated February 14, 2003
10.86
Addendum #2 to employment agreement with Dennis W. Healey dated March 1, 2003
10.87
Addendum to employment agreement with Douglas D. Lind, M.D. dated February
14, 2003
10.88
Addendum to employment agreement with Melvin Rothberg dated February 14, 2003
10.89
Officers and Directors Alternative Stock Compensation Plan
10.90
Douglas D. Lind, M.D. Common Stock Purchase Warrant agreement dated June 16,
2003
10.91
Toni Vallen Common Stock Purchase Warrant agreement dated August 1, 2003
23.1
Consent of Independent Certified Public Accountants
23.2
Consent of Schneider Weinberger LLP (included as part of Exhibit 5.1)
25