Filing Pursuant to Rule 424(b)(2)
                      Registration Statement No. 333-32306



                              PROSPECTUS SUPPLEMENT
                      (TO PROSPECTUS DATED MARCH 21, 2000)

                                1,420,111 shares

                                  Viragen, Inc.

                                  Common Stock

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         You should read this prospectus supplement and the related prospectus
carefully before you invest. Both documents contain information you should
consider when making your investment decision.

         INVESTING IN VIRAGEN, INC. COMMON STOCK INVOLVES A HIGH DEGREE OF RISK.
SEE "RISK FACTORS" BEGINNING ON PAGE 6 OF OUR PROSPECTUS DATED MARCH 21, 2000 TO
READ ABOUT FACTORS YOU SHOULD CONSIDER BEFORE BUYING SHARES OF OUR COMMON STOCK.

PLAN OF DISTRIBUTION

         We are offering 1,352,487 shares of our common stock to Isosceles Fund
Ltd. under the terms of this prospectus supplement. The common stock will be
purchased at a negotiated purchase price of $1,000,000. We will also issue
Isosceles Fund Ltd. a three (3) year warrant to purchase 67,624 shares of our
common stock at an exercise price per share of $0.85. We expect this transaction
to close following this filing. We will not pay any compensation in conjunction
with this sale of our common stock.

USE OF PROCEEDS

         The net proceeds to us from this offering will be $1,000,000. We plan
to use the net proceeds for general corporate purposes, including:

         o        funding of the commercialization of our Multiferon(TM)
                  product;

         o        funding collaborative research projects for the development
                  of new technologies;

         o        financing capital expenditures; and

         o        working capital.

         Pending use of the net proceeds for any of these purposes, we may
invest the net proceeds in short-term investment grade instruments,
interest-bearing bank accounts, certificates of deposit, money market
securities, U.S. government securities or mortgage-backed securities guaranteed
by federal agencies.




MARKET FOR OUR COMMON STOCK

         On May 6, 2002, the last reported sales price of our common stock
on the American Stock Exchange was $0.87 per share. Our common stock began
trading under the symbol "VRA" on April 17, 2000, on the American Stock
Exchange.

         As of May 3, 2002 and before the issuance of shares pursuant to
this prospectus supplement, we had 100,698,562 shares of common stock
outstanding.

GENERAL

         You should rely only on the information provided or incorporated by
reference in this prospectus supplement and the prospectus. We have not
authorized anyone else to provide you with different information. You should not
assume that the information in this prospectus supplement is accurate as of any
date other than the date on the front of these documents.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

         The statements contained in this supplemental prospectus that are not
purely historical are forward-looking statements within in the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities and
Exchange Act of 1934. These include statements regarding Viragen's expectations,
hopes, intentions, beliefs, or strategies regarding the future. Forward-looking
statements include our statements regarding liquidity, anticipated cash needs
and availability, and anticipated expense levels, including expected product
clinical trial commencement dates, product introductions, expected research and
development expenditures and related anticipated costs. All forward-looking
statements included in this document or documents incorporated by reference are
based on information available on this date, and we assume no obligation to
update any of our forward-looking statements. You should note that actual
results could differ materially from those contained in forward-looking
statements. Among the factors that may cause our actual results to differ
materially are the risks discussed in the "Risk Factors" section included in
the related prospectus.
                               -------------------

         NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER REGULATORY
BODY HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY
OR ADEQUACY OF THE RELATED PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

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

             The date of this prospectus supplement is May 8, 2002.




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                               TABLE OF CONTENTS

                                                                   PAGE
                                                                   ----
PROSPECTUS SUPPLEMENT

Plan of Distribution ...........................................      1
Use of Proceeds.................................................      1
Market for our Common Stock ....................................      2
General ........................................................      2
Disclosure Regarding Forward-Looking
  Statements....................................................      2









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