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                                                                   Exhibit 10.17
                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into as of this 25th
day of August, 2003 (the "Effective Date"), by and between Douglas H. Altschuler
("Executive") and Eyetech Pharmaceuticals, Inc., a Delaware corporation (the
"Company").

         WHEREAS, the Company desires to employ Executive to provide personal
services to the Company, and wishes to provide Executive with certain
compensation and benefits in return for such services; and

         WHEREAS, Executive wishes to be employed by the Company and provide
personal services to the Company in return for certain compensation and
benefits.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, it is hereby agreed by and between the parties hereto as
follows:

1.       Employment By The Company.

         1.1      The Company agrees to employ Executive in the position of
                  General Counsel of the Company. During Executive's employment
                  with the Company, Executive will devote his devote his best
                  efforts and substantially all of his business time and
                  attention to the business of the Company.

         1.2      Executive shall serve in an executive capacity and shall
                  perform such duties as are customarily associated with his
                  then current title, consistent with the Bylaws of the Company
                  and as required by the Company's Board of Directors (the
                  "Board") or the Company's Chief Executive Officer.

         1.3      The employment relationship between the parties shall also be
                  governed by the general employment policies and practices of
                  the Company, including those relating to protection of
                  confidential information and assignment of inventions, except
                  that when the terms of this Agreement differ from or are in
                  conflict with the Company's general employment policies or
                  practices, this Agreement shall control.

         1.4      The Company and Executive each acknowledge that either party
                  has the right to terminate Executive's employment with the
                  Company at any time for any reason whatsoever, with or without
                  Cause or advance notice. This at-will employment relationship
                  cannot be changed except in a writing signed by both Executive
                  and the Chief Executive Officer.

2.       Compensation.

         2.1      Salary. Executive shall receive, for services to be rendered
                  under this Agreement, a base salary ("Base Salary") at the
                  annualized rate of $250,000.00, less applicable federal and
                  state withholdings. Such Base Salary shall commence as of the
                  Effective Date, and shall be payable in installments
                  consistent with the Company's regular payroll practices.
                  Executive's Base Salary shall be reviewed
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                  at least annually by the Board, and in the Board's sole
                  discretion, may be adjusted at any time upon thirty (30) days
                  written notice to the Executive.

2.2      Termination.

         (a)      In the event Executive's employment terminates as a result of
                  a voluntary termination by Executive for Good Reason, or a
                  termination by the Company without Cause, upon execution of an
                  effective general release of all claims against the Company,
                  its employees, officers, directors and agents, in a form
                  reasonably acceptable to the Company: (i) Executive shall
                  receive twelve (12) monthly payments each equal in amount to
                  one-twelfth (1/12th) of Executive's then Base Salary, less
                  applicable state and federal withholdings; and (ii) for a
                  period of twelve (12) months (or until comparable benefits
                  coverage becomes available to Executive, if sooner), the
                  Company shall reimburse Executive (or pay him directly, at the
                  Company's option) the costs associated with the continuation
                  of Executive's and his dependents' medical and dental benefits
                  under the Consolidated Omnibus Budget Reconciliation Act of
                  1985, as amended ("COBRA") as in effect immediately prior to
                  Executive's termination of employment. In addition, in the
                  event Executive's employment is terminated by the Company
                  without Cause within the first twelve (12) months following
                  the Effective Date, and after signing the release described
                  above, any stock option he receives from the Company at the
                  commencement of employment shall become pro rata vested at the
                  rate of 1/48th of such option for each completed month of
                  service the Executive has provided to the Company.

         (b)      For purposes of this Agreement, "Good Reason" means that any
                  of the following are undertaken without Executive's express
                  written consent: (i) the assignment to Executive of any duties
                  or responsibilities which result in any material diminution or
                  adverse change of Executive's position, status or
                  circumstances of employment; (ii) the taking of any action by
                  the Company which would adversely affect Executive's
                  participation in, or reduce Executive's benefits under, the
                  Company's benefit plans (including equity benefits) as of the
                  time this Agreement is executed, except tot the extent the
                  benefits of all other executive officers of the Company are
                  similarly reduced; (iii) a relocation of Executive's principal
                  office to a location more than thirty-five (35) miles from
                  Manhattan, New York, except for required travel by Executive
                  on the Company's business; or (iv) any failure by the Company
                  to obtain the assumption of this Agreement by any successor or
                  assign of the Company. For purposes of this Agreement, "Cause"
                  means: (V) an intentional action or intentional failure to act
                  by Executive which was performed in bad faith and to the
                  material detriment of the Company; (W) Executive intentionally
                  refuses or intentionally fails to act in accordance with any
                  lawful and proper direction or order of the Board; (X)
                  Executive willfully and habitually neglects the duties of his
                  employment; (Y) Executive violates Sections 3, 4 or 5 of this
                  Agreement;

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                  or (Z) Executive is convicted of a felony crime involving
                  moral turpitude; provided, however, that in the event that any
                  of the foregoing events under clauses (V), (W), (X) or (Y)
                  above is capable of being cured, the Company shall provide
                  written notice to Executive describing the nature of such
                  event and Executive shall thereafter have ten (10) business
                  days to cure such event.

         (c)      In the event Executive's employment terminates as a result of
                  termination of Executive by the Company or its successor
                  without Cause, or by the Executive voluntarily for Good
                  Reason, within the three (3) months before or twelve (12)
                  months following a Change in Control Event, upon execution of
                  an effective general release of all claims against the
                  Company, its employees, officers, directors and agents, in a
                  form reasonably acceptable to the Company: (i) Executive shall
                  receive, within fifteen (15) days of such termination, one
                  lump sum payment equivalent to fifteen (15) months of his then
                  Base Salary, less applicable state and federal withholdings;
                  (ii) Executive's unvested equity rights shall become vested
                  and exercisable as set forth in Section 2.3(b); and (iii) for
                  a period of fifteen (15) months (or until comparable benefits
                  coverage becomes available to the Executive, if sooner), the
                  Company shall reimburse Executive (or pay him directly at the
                  Company's option) the costs associated with the continuation
                  of Executive's and his dependents' medical and dental benefits
                  under COBRA as in effect immediately prior to Executive's
                  termination of employment. Fur purposes of this paragraph,
                  Executive's "Base Salary" shall be the greater of the amount
                  in effect either immediately prior to the Change in Control
                  Event or the termination date of Executive's employment. The
                  benefits provided under this Section 2.2(c) shall be in lieu
                  of any benefits the Executive would have otherwise been
                  entitled to pursuant to Section 2.2(a) of this Agreement.

         (d)      For purposes of this Agreement, a "Change in Control Event"
                  shall mean:

                  (i)      The acquisition by an individual, entity or group
                           (within the meaning of Section 13(d)(3) or 14(d)(2)
                           of the Exchange Act)(a "Person") of beneficial
                           ownership of any capital stock of the Company if,
                           after such acquisition, such Person beneficially owns
                           (within the meaning of Rule 13d-3 promulgated under
                           the Exchange Act) 50% or more of either (x) the
                           then-outstanding shares of common stock of the
                           Company (the "Outstanding Company Common Stock") or
                           (y) the combined voting power of the then-outstanding
                           securities of the Company entitled to vote generally
                           in the election of directors (the "Outstanding
                           Company Voting Securities"); provided, however, that
                           for purposes of this subsection (i), the following
                           acquisitions shall not constitute a Change in Control
                           Event: (A) any acquisition directly from the Company
                           (excluding an acquisition pursuant to the exercise,
                           conversion or exchange of any security exercisable
                           for, convertible

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                           into or exchangeable for common stock or voting
                           securities of the Company, unless the Person
                           exercising, converting or exchanging such security
                           acquired such security directly from the Company or
                           an underwriter or agent of the Company), (B) any
                           acquisition by any employee benefit plan (or related
                           trust) sponsored or maintained by the Company or any
                           corporation controlled by the Company, or (C) any
                           acquisition by an corporation pursuant to a Business
                           Combination (as defined below) which complies with
                           clauses (x) and (y) of subsection (iii) of this
                           definition; or

                  (ii)     Such time as the Continuing Directors (as defined
                           below) do not constitute a majority of the Board (or,
                           if applicable, the Board of Directors of a successor
                           corporation to the Company), where the term
                           "Continuing Director" means at any date a member of
                           the Board (x) who was a member of the Board on the
                           date of the initial adoption of this Agreement by the
                           Board or (y) who was nominated or elected subsequent
                           to such date by at least a majority of the directors
                           who were Continuing Directors at the time of such
                           nomination or election or whose election to the Board
                           was recommended or endorse by at least a majority of
                           the directors who were Continuing Directors at the
                           time of such nomination or election; or

                  (iii)    The consummation of a merger, consolidation,
                           reorganization, recapitalization or share exchange
                           involving the Company or a sale or other disposition
                           of all or substantially al of the assets of the
                           Company (a "Business Combination"), unless,
                           immediately following such Business Combination, each
                           of the following two conditions is satisfied: (x) all
                           or substantially all of the individuals and entities
                           who were the beneficial owners of the Outstanding
                           Company Common Stock and Outstanding Company Voting
                           Securities immediately prior to such Business
                           Combination beneficially own, directly or indirectly,
                           more than 50% of the then-outstanding shares of
                           common stock and the combined voting power of the
                           then-outstanding securities entitled to vote
                           generally in the election of directors, respectively,
                           of the resulting or acquiring corporation or other
                           form of entity in such Business Combination (which
                           shall include, without limitation, a corporation
                           which as a result of such transaction owns the
                           Company or substantially all of the Company's assets
                           either directly or through one or more subsidiaries)
                           (such resulting or acquiring corporation or entity is
                           referred to herein as the "Acquiring Corporation") in
                           substantially the same proportions as their ownership
                           of the Outstanding Company Common Stock and
                           Outstanding Company Voting Securities, respectively,
                           immediately prior to such Business Combination and
                           (y) no Person (excluding the Acquiring Corporation or
                           any employee benefit

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                           plan (or related trust) maintained or sponsored by
                           the Company or by the Acquiring Corporation)
                           beneficially owns, directly or indirectly, 30% or
                           more of the then-outstanding shares of common stock
                           of the Acquiring Corporation, or of the combined
                           voting power of the then-outstanding securities of
                           such corporation entitled to vote generally in the
                           election of directors (except of the extent that such
                           ownership existed prior to the Business Combination).

                  (iv)     Notwithstanding the foregoing, a Change in Control
                           Event will not be deemed to have occurred in the case
                           of a Management Buy Out. A "Management Buy Out" is
                           any event which would otherwise be deemed a "Change
                           in Control Event", in which the Executive, directly
                           or indirectly (as a beneficial owner) acquires equity
                           securities, including any securities convertible into
                           or exchangeable for equity securities, of the Company
                           or the Acquiring Corporation in connection with an
                           Change in Control Event.

2.3      Treatment of Equity Upon Change in Control Event. Upon a Change in
         Control Event, as defined in Section 2.2(d):

         (a)      50% of all of the Executive's unvested equity rights shall
                  become vested and immediately exercisable; and

         (b)      If Executive's employment terminates as a result of the
                  circumstances outlined in Section 2.2(c), and provided that
                  Executive executes an effective general release as required by
                  Section 2.2(c), 100% of the Executive's unvested equity rights
                  shall then become vested and immediately exercisable.

2.4      Golden Parachute Taxes. Notwithstanding anything contained in this
         Agreement to the contrary, to the extent that payments and benefits
         provided under this Agreement to Executive and benefits provided to, or
         for the benefit of, Executive under any other Company plan or agreement
         (such payments or benefits of, Executive under any other Company plan
         or agreement (such payments or benefits are collectively referred to as
         the "Payments") would be subject to the excise tax (the "Excise Tax")
         imposed under Section 4999 of the Internal Revenue Code of 1986, as
         amended (the "Code"), the Payments shall be reduced (but not below
         zero) to the extent necessary so that no Payment to be made or benefit
         to be provided to the Executive shall be subject to the Excise Tax, but
         only if, by reason of such reduction, the net after-tax benefit
         received by Executive shall exceed the net after-tax benefit received
         by him if no such reduction was made. For purposes of this Section 2.4,
         "net after-tax benefit" shall mean (a) the Payments which Executive
         receives or is then entitled to receive from the Company that would
         constitute "parachute payments" within the meaning of Section 280G of
         the Code, less (b) the amount of all federal, state and local income
         taxes payable with respect to the foregoing calculated at the maximum

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         marginal income tax rate for each year in which the foregoing shall be
         paid Executive (based on the rate in effect for such year as set forth
         in the Code as in effect at the time of the first payment of the
         foregoing), less (c) the amount of excise taxes imposed with respect to
         the payments and benefits described in (a) above by Section 4999 of the
         Code. The foregoing determination will be made by a nationally
         recognized accounting firm (the "Accounting Firm") selected by the
         Company (which may be, but will not be required to be, the Company's
         independent auditors). The Company will direct the Accounting Firm to
         submit its determination and detailed supporting calculations to both
         the Executive and the Company within fifteen (15) days after the date
         of termination of his employment. If the Accounting Firm determines
         that such reduction is required by this Section 2.4, the Executive, in
         his sole and absolute discretion, may determine which Payments shall be
         reduced to the extent necessary so that no portion thereof shall be
         subject to the excise tax imposed by Section 4999 of the Code, and the
         Company shall pay such reduced amount to him. The fees and expenses of
         the Accounting Firm for its services in connection with the
         determinations and calculation contemplated by this Section 2.4 will be
         borne by the Company.

2.5      Discretionary Incentive Compensation. Executive will be eligible to
         participate in any discretionary incentive compensation programs that
         the Company establishes and makes available to executives, in its sole
         discretion, from time to time. Executive's discretionary compensation
         will range from 0 to 35% of his then current annual base salary. As
         this is discretionary, any failure by the Board to provide compensation
         under this section shall not give rise to any claim by the Executive
         for unpaid compensation.

2.6      Medical and Dental Coverage. The Company shall provided Executive with
         medical and dental coverage which is no less favorable than that
         provided to any other executive of the Company.

2.7      Standard Company Benefits. Executive shall be entitled to participate
         in any benefit programs which may be in effect from time to time and
         provided by the Company to its employees generally and/or to its
         management and executive employees in particular, provided that
         Executive is eligible to participate under the terms and conditions of
         any such benefits plans.

2.8      Expenses. Executive shall be entitled to receive prompt reimbursement
         of all reasonable and necessary business expenses incurred by Executive
         in performing Company services, provided that Executive furnishes the
         Company with adequate records and other documentary evidence of such
         expenses for which Executive seeks reimbursement. Such expenses shall
         be accounted for under the policies and procedures established by the
         Company.

2.9      Vacation and Sick Leave. Executive shall be eligible for vacation and
         sick leave in accordance with policies as periodically established by
         the Company for Company officers.

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3.       Confidential Information Obligations and Conflicts.

         3.1      Executive agrees that all information and know-how, whether or
                  not in writing, of a private, secret or confidential nature
                  concerning the Company's business or financial affairs
                  (collectively, "Proprietary Information") is and shall be the
                  exclusive property of the Company. By way of illustration, but
                  no limitation, Proprietary Information may include inventions,
                  products, processes, methods, techniques, formulas,
                  compositions, compounds, projects developments, plans,
                  research data, clinical data, financial data, personnel data,
                  computer programs, and customer and supplier lists. Executive
                  will not disclose any Proprietary Information to others
                  outside the Company or use the same for any unauthorized
                  purposes without written approval by an officer of the
                  Company, either during or after his employment, unless and
                  until such Proprietary Information has become public knowledge
                  without fault by the Executive.

         3.2      Executive agrees that all files, letters, memoranda, reports,
                  records, data, sketches, drawings, laboratory notebooks,
                  program listings, or other written, photographic, or other
                  tangible material containing Proprietary Information, whether
                  created by the Executive or others, which shall come into his
                  custody or possession, shall be and are the exclusive property
                  of the Company to be used by the Executive only in the
                  performance of his duties for the Company.

         3.3      Executive agrees that his obligation not to disclose or use
                  information, know-how and records of the types set forth in
                  paragraphs 3.1 and 3.2 above, also extends to such types of
                  information, know-how, records and tangible property of
                  customers of the Company or suppliers to the Company or other
                  third parties who may have disclosed or entrusted the same to
                  the Company or to the Executive in the course of the Company's
                  business.

         3.4      During Executive's employment, Executive agrees not to
                  acquire, assume, or participate in (directly or indirectly)
                  any position, investment or interest known by him to be
                  adverse or antagonistic to the Company, its business, or its
                  prospects, financial or otherwise or which may otherwise
                  create a conflict in Executive's interests. Nothing in this
                  paragraph shall bar Executive from owning securities of nay
                  competitor corporation as a passive investor after the
                  termination of his employment, so long as his aggregate direct
                  holdings in any such corporation shall not constitute more
                  than one percent (1%) of the voting stock of that corporation.

4.       Developments.

         4.1      Executive will make full and prompt disclosure to the Company
                  of all inventions, improvements, discoveries, methods,
                  developments, software, and works of authorship, whether
                  patentable or not, which are created, made, conceived or
                  reduced to practice by the Executive or under his direction or
                  jointly with others during his employment by the Company,
                  whether or not during normal working

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                  hours or on the premises of the Company (all of which are
                  collectively referred to in this Agreement as "Developments").

         4.2      Executive agrees to assign and does hereby assign to the
                  Company (or any person or entity designated by the Company)
                  all his right, title and interest in and to all Developments
                  and all related patents, patent applications, copyrights and
                  copyright applications. However, this Section 4.2 shall not
                  apply to Developments which do not relate to the present or
                  planned business or research and development of the Company
                  and which are made and conceived by the Executive not during
                  normal working hours, not on the Company's premises and not
                  using the Company's tools, devices, equipment or Proprietary
                  Information.

         4.3      Executive agrees to cooperate fully with the Company, both
                  during and after his employment with the Company, with respect
                  to the procurement, maintenance and enforcement of copyrights,
                  patents and all other legal rights (both in the United States
                  and foreign countries) relating to Developments. Executive
                  shall sign all papers, including, without limitation,
                  copyright applications, patent applications, declarations,
                  oaths, formal assignments, assignment of priority rights, and
                  powers of attorney, which the Company may deem necessary or
                  desirable in order to protect its rights and interest in any
                  Development.

5.       General Provisions.

         5.1      Other Agreements. Executive hereby represents that he is not
                  bound by the terms of any agreement with any previous employer
                  or other party to refrain from using or disclosing any trade
                  secret or confidential or proprietary information in the
                  course of his employment with the Company or to refrain from
                  competing, directly or indirectly, with the business of such
                  previous employer or any other party. Executive further
                  represents that his performance of all terms of this Agreement
                  and as an employee of the Company does not and will not breach
                  any agreement to keep in confidence proprietary information,
                  knowledge or data acquired by him in confidence or in trust
                  prior to his employment with the Company.

         5.2      Notices. Any notices provided hereunder must be in writing and
                  shall be deemed effective upon the earlier of (i) personal
                  delivery (including delivery by overnight courier) or (ii) the
                  third day after mailing by first-class mail, to the Company at
                  its primary office location and the Executive at his address
                  as then listed in the Company's payroll records.

         5.3      Severability. Whenever possible, each provision of this
                  Agreement will be interpreted in such manner as to be
                  effective and valid under applicable law, but if any provision
                  of this Agreement is held to be invalid, illegal, or
                  unenforceable in any respect under any applicable law or rule
                  in any jurisdiction, such invalidity, illegality, or
                  unenforceability will not affect any other provision or any
                  other jurisdiction, but this Agreement will be reformed and
                  construed in such

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                  jurisdiction so as to render it enforceable under applicable
                  law insofar as possible consistent with the intent of the
                  parties.

         5.4      Waiver. If either party should waive any breach of any
                  provisions of this Agreement, that party shall not thereby be
                  deemed to have waived any preceding or succeeding breach of
                  the same or any other provision of this Agreement.

         5.5      Complete Agreement. This Agreement constitutes the entire
                  agreement between Executive and the Company and it is the
                  complete, final, and exclusive embodiment of their agreement
                  with regard this subject matter and supersedes all prior
                  agreements and understandings between the parties. It is
                  entered into without reliance on any promise or representation
                  other than those expressly contained herein, and it cannot be
                  modified or amended except in a writing signed by both the
                  Executive and a duly authorized signatory of the Company.

         5.6      Counterparts. This Agreement may be executed in separate
                  counterparts, any one of which need not contain signatures of
                  more than one party, but all of which taken together will
                  constitute one and the same Agreement.

         5.7      Headings. The headings of the sections hereof are inserted for
                  convenience only and shall not be deemed to constitute a party
                  hereof nor to affect the meaning thereof.

         5.8      Successors and Assigns. This Agreement is intended to bind and
                  inure to the benefit of and be enforceable by Executive and
                  the Company, and their respective successors, assigns, heirs,
                  executors and administrators, except that Executive may not
                  assign any duties hereunder and may not assign any rights
                  hereunder without the written consent of the Company, which
                  shall not be withheld unreasonably.

         5.9      Choice of Law. All questions concerning the construction,
                  validity and interpretation of this Agreement will be governed
                  by the law of the State of New York, without regard to such
                  state's conflict-of-laws rules.

         5.10     Non-Publication. To the extent permitted by law, the parties
                  mutually agree not to disclose publicly the terms of this
                  Agreement except to the extent that disclosure is mandated by
                  applicable law or such disclosure is to be parties' respective
                  attorneys, accountants other advisors, and immediate family.

         5.11     Agreement Controls. In the event of a conflict between the
                  text of this Agreement and any summary, description or other
                  information regarding this Agreement, the text of this
                  Agreement shall control.

         5.12     Tax Withholding. All payments made pursuant to this agreement
                  shall be subject to all applicable federal, state and local
                  income and employment tax withholding.

         5.13     No Duty to Seek Employment. Executive and the Company
                  acknowledge and agree that nothing contained in this Agreement
                  shall be construed as requiring

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                     Executive to seek or accept alternative or replacement
                     employment in the event of his termination of employment by
                     the Company for any reason, and no payment or benefit
                     payable hereunder shall be conditioned on Executive's
                     seeking or accepting such alternative or replacement
                     employment.

         IN WITNESS WHEREOF, the parties have executed this Agreement on the day
and year first above written.

                                     EYETECH PHARMACEUTICALS, INC.


                                     By: /s/ DAVID GUYER
                                     -------------------------------
                                     Name:  David Guyer
                                     Title: CEO

                                     /s/ DOUGLAS ALTSCHULER
                                     -------------------------------
                                     DOUGLAS ALTSCHULER

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