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                                                                   Exhibit 10.19


                             STOCK PLEDGE AGREEMENT

      In order to secure payment of all obligations of Anthony P. Adamis (the
"BORROWER") to Eyetech Pharmaceuticals, Inc., a Delaware corporation (the
"COMPANY"), under the promissory note dated July 1, 2002 in the original
principal amount of $102,000 made by Borrower in favor of the Company in
connection with the purchase of certain shares of the Company's Common Stock
("the "NOTE"), the Borrower hereby grants to the Company a security interest in,
and assigns, transfers and pledges to the Company, the following securities and
other property:

            (a) The 75,000 shares of the Company's Common Stock delivered to and
      deposited with the Company as collateral for the Note (the "SHARES"); and

            (b) Any and all new, additional or different securities or other
      property subsequently distributed with respect to the Shares that are to
      be delivered to and deposited with the Company pursuant to the
      requirements of Section 3 of this Agreement; and

            (c) Any and all other property and money that is delivered to or
      comes into the possession of the Company pursuant to the terms and
      provisions of this Agreement; and

            (d) The proceeds of any sale, exchange or disposition of the
      property and securities described in Subsection (a), (b) or (c) above; and

      All of the foregoing securities, property and money are referred to herein
as the "COLLATERAL" and shall be accompanied by one or more stock power
assignments properly endorsed to the Company by the Borrower. The Company shall
hold the Collateral in accordance with the following terms and provisions:

      1. WARRANTIES. The Borrower hereby warrants to the Company that the
Borrower is the owner of the Collateral and has the right to pledge the
Collateral and that the Collateral is free from all liens, advance claims and
other security interests (other than those created hereby).

      2. RIGHTS AND POWERS. The Company may, without obligation to do so,
exercise one or more of the following rights and powers with respect to the
Collateral:

            (a) Accept in its discretion, but subject to the applicable
      limitations of Section 7, other property of the Borrower in exchange for
      all or part of the Collateral and release Collateral to the Borrower to
      the extent necessary to effect such exchange, and in such event the money,
      property or securities received in the exchange shall be held by the
      Company as substitute security for the Note and all other indebtedness
      secured hereunder;

            (b) Perform such acts as are necessary to preserve and protect the
      Collateral and the rights, powers and remedies granted with respect to
      such Collateral by this Agreement; and

            (c) Transfer record ownership of the Collateral to the Company or
      its nominee and receive, endorse and give receipt for, or collect by legal
      proceedings or otherwise, dividends or other distributions made or paid
      with respect to the Collateral, but
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      only if there exists at the time an outstanding event of default under
      Section 8 of this Agreement.

Any action by the Company pursuant to the provisions of this Section 2 may be
taken without notice to the Borrower. Any costs or expenses (including
attorneys' fees) reasonably incurred in connection with any such action shall be
payable by the Borrower and form part of the indebtedness secured hereunder, as
provided in Section 11.

      As long as there exists no event of default under Section 8 of this
Agreement, the Borrower may exercise all stockholder voting rights and be
entitled to receive any and all regular cash dividends paid on the Collateral.
Accordingly, until such time as an event of default occurs under this Agreement,
all proxy statements and other stockholder materials pertaining to the
Collateral shall be delivered to the Borrower at the address indicated below;
provided, however, that if an event of default has occurred hereunder and is
continuing, any or all Collateral may be registered, without notice, in the name
of the Company or its nominee, and thereafter the Company or its nominee may
exercise, without notice, all voting and corporate rights at any meeting of the
stockholders of the Company, any and all rights of conversion, exchange or
subscription, or any other rights, privileges or options pertaining to the
Collateral, all as if the Company were the absolute owner thereof.

      Any cash sums that the Company may receive in the exercise of its rights
and powers under this Section 2 shall be applied to the payment of the Note and
any other indebtedness secured hereunder, in such order of application as the
Company deems appropriate. Any remaining cash shall be paid over to the
Borrower.

      3. DUTY TO DELIVER. Any new, additional or different securities that may
now or hereafter become distributable with respect to the Collateral by reason
of (i) any stock dividend, stock split or reclassification of the capital stock
of the Company or (ii) any merger, consolidation or other reorganization
affecting the capital structure of the Company shall, upon receipt by the
Borrower, be promptly delivered to and deposited with the Company as part of the
Collateral hereunder. Such securities shall be accompanied by one or more
properly endorsed stock power assignments.

      4. CARE OF COLLATERAL. The Company shall exercise reasonable care in the
custody and preservation of the Collateral but shall have no obligation to
initiate any action with respect to, or otherwise inform the Borrower of, any
conversion, call, exchange right, preemptive right, subscription right, purchase
offer or other right or privilege relating to or affecting the Collateral;
provided, however, that the Company will notify the Borrower of any such rights
of the Borrower to protect against adverse claims or to protect the Collateral
against the possibility of a decline in market value. The Company shall not be
obligated to take any action with respect to the Collateral requested by the
Borrower unless the request is made in writing and the Company determines that
the requested action will not unreasonably jeopardize the value of the
Collateral as security for the Note and other indebtedness secured hereunder.

      The Company may at any time release and deliver all or part of the
Collateral to the Borrower, and the receipt thereof by the Borrower shall
constitute a complete and full acquittance for the Collateral so released and
delivered. The Company shall accordingly be discharged from any further
liability or responsibility for the Collateral, and the released Collateral
shall no longer be subject to the provisions of this Agreement. However, any and
all releases of the Collateral shall be effected in compliance with the
applicable limitations of Section 7(a) and (c).

      5. PAYMENT OF TAXES AND OTHER CHARGES. The Borrower shall pay, prior to
the delinquency date, all taxes, liens, assessments and other charges against
the Collateral, and in the event of the Borrower's failure to do so, the Company
may at its election pay any or all of such taxes and charges


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without contesting the validity or legality thereof. The payments so made shall
become part of the indebtedness secured hereunder and, until paid, shall bear
interest at the minimum per annum rate, compounded annually, required to avoid
the imputation of interest income to the Company and compensation income to the
Borrower under the federal tax laws.

      6. TRANSFER OF COLLATERAL. In connection with the transfer or assignment
of all or part of the indebtedness evidenced by the Note (whether by
negotiation, discount or otherwise), the Company may transfer all or any part of
the Collateral, and the transferee shall thereupon succeed to all the rights,
powers and remedies granted the Company hereunder with respect to the Collateral
so transferred. Upon such transfer, the Company shall be fully discharged from
all liability and responsibility for the transferred Collateral. With respect to
any Collateral not transferred, the Company shall retain all rights, powers,
privileges and remedies provided herein.

      7. RELEASE OF COLLATERAL. Provided that (i) all indebtedness secured
hereunder (other than payments not yet due and payable under the Note) has at
the time been paid in full or cancelled and (ii) there does not otherwise exist
any event of default under Section 8, the Shares, together with any additional
Collateral that may hereafter be pledged and deposited hereunder, shall be
released from pledge and returned to the Borrower in accordance with the
following provisions:

            (a) Upon payment or prepayment of principal under the Note, together
      with payment of all accrued interest to date, one or more of the Shares
      shall (subject to the applicable limitations of Subsections (d) and (e)
      below) be released to the Borrower within three days after such payment or
      prepayment. The number of Shares to be so released shall be equal to the
      number obtained by multiplying (i) the total number of Shares held under
      this Agreement at the time of the payment or prepayment by (ii) a
      fraction, the numerator of which shall be the amount of the principal paid
      or prepaid and the denominator of which shall be the unpaid principal
      balance of the Note immediately prior to such payment or prepayment. In no
      event, however, shall any fractional Shares be released.

            (b) One or more of the Shares shall (subject to the applicable
      limitations of Subsections (d) and (e) below) be released to a stockbroker
      designated in writing by the Borrower and acceptable to the Company for
      the sole purpose of effecting an immediate sale of the released Shares,
      provided that such stockbroker agrees to forward any proceeds (up to the
      balance of principal and interest due under the Note) directly to the
      Company to be used to satisfy the Note.

            (c) Any additional Collateral that may hereafter be pledged and
      deposited with the Company (pursuant to the requirements of Section 3)
      with respect to the Shares shall be released at the same time as the
      particular Shares to which the additional Collateral relates are to be
      released in accordance with the applicable provisions of Subsection (a) or
      (b) above. Under no circumstances, however, shall any Shares or any other
      Collateral be released if previously applied to the payment of any
      indebtedness secured hereunder.

            (d) In no event shall any Shares be released pursuant to Subsections
      (a), (b) and (c) above if, and to the extent, the fair market value of the
      Shares and all other Collateral that would otherwise remain in pledge
      hereunder after such release is effected would be less than the unpaid
      balance of the Note (principal and accrued interest).


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            (e) To the extent required by regulations of the Federal Reserve
      Board pertaining to margin securities, the number of Shares to be released
      pursuant to Subsections (a), (b) and (c) above shall be reduced.

      8. EVENTS OF DEFAULT. The occurrence of one or more of the following
events shall constitute an event of default under this Agreement:

            (a) Any default in the payment or performance of any obligation or
      any defined event of default under the Note;

            (b) The Borrower's failure to perform any obligation or agreement
      contained herein;

            (c) The discovery that any warranty made by the Borrower herein is
      incorrect, false or misleading in any material respect; or

            (d) Any attachment or like levy on any property of the Borrower.

Upon the occurrence of any such event of default, the Company may, at its
election, declare the Note and all other indebtedness secured hereunder to be
immediately due and payable and may exercise any or all of the rights and
remedies granted to a secured party under the provisions of the Uniform
Commercial Code (as now or hereafter in effect), including (without limitation)
the power to dispose of the Collateral by public or private sale or to accept
the Collateral in full payment of the Note and all other indebtedness secured
hereunder.

      Any proceeds realized from the disposition of the Collateral pursuant to
the foregoing power of sale shall be applied first to the payment of reasonable
expenses incurred by the Company in connection with the disposition, then to the
payment of the Note and finally to any other indebtedness secured hereunder. Any
surplus proceeds shall be paid over to the Borrower. However, in the event such
proceeds prove insufficient to satisfy all obligations of the Borrower under the
Note, then the Borrower shall remain personally liable for the resulting
deficiency.

      9. CERTAIN WAIVERS. The Borrower waives, to the fullest extent permitted
by law:

            (a) Any right of redemption with respect to the Collateral, whether
      before or after sale hereunder, and all rights, if any, of marshalling the
      Collateral or other collateral or security for the Borrower's obligations
      under the Note;

            (b) Any right to require the Company (i) to proceed against any
      other person or entity, (ii) to exhaust any other collateral or security
      for any of the Borrower's obligations under the Note, (iii) to pursue any
      remedy in the Company's power, (iv) to make or give any presentments,
      demands for performance, notices of nonperformance, protests, notices of
      protests or notices of dishonor in connection with any of the Collateral
      or (v) to direct the application of payments or security for any
      obligations of the Borrower under the Note; and

            (c) All claims, damages and demands against the Company arising out
      of the repossession, retention, sale or application of the proceeds of any
      sale of the Collateral.


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      10. OTHER REMEDIES. The rights, powers and remedies granted to the Company
and the Borrower pursuant to the provisions of this Agreement shall be in
addition to all rights, powers and remedies granted to the Company and the
Borrower under any statute or rule of law. Any forbearance, failure or delay by
the Company or the Borrower in exercising any right, power or remedy under this
Agreement shall not be deemed to be a waiver of such right, power or remedy. Any
single or partial exercise of any right, power or remedy under this Agreement
shall not preclude the further exercise thereof, and every right, power and
remedy of the Company and the Borrower under this Agreement shall continue in
full force and effect, unless such right, power or remedy is specifically waived
by an instrument executed by the Company or the Borrower, as the case may be.

      11. COSTS AND EXPENSES. All reasonable costs and expenses (including
reasonable attorneys' fees) incurred by the Company in the exercise or
enforcement of any right, power or remedy granted it under this Agreement shall
become part of the indebtedness secured hereunder and shall constitute a
personal liability of the Borrower payable immediately upon demand and bearing
interest until paid at the Company's bank interest rate then being earned by the
Company on its deposits.

      12. APPLICABLE LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York (except their choice-of-law
provisions) and shall be binding upon the executors, administrators, heirs and
assigns of the Borrower.

      13. ARBITRATION. Any controversy between the parties hereto involving the
construction or application of any terms, covenants or conditions of this
Agreement or the Note, or any claims arising out of or relating to this
Agreement or the Note, or the breach hereof or thereof, will be submitted to and
settled by final and binding arbitration in New York, New York, in accordance
with the rules of the American Arbitration Association then in effect, and
judgment upon the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof. In the event of any arbitration under this
Agreement or the Note, the prevailing party shall be entitled to recover from
the losing party reasonable expenses, attorneys' fees and costs incurred therein
or in the enforcement or collection of any judgment or award rendered therein.
The "PREVAILING PARTY" means the party determined by the arbitrator to have most
nearly prevailed, even if such party did not prevail in all matters, not
necessarily the one in whose favor a judgment is rendered.

      14. SEVERABILITY. If any provision of this Agreement is held to be invalid
under applicable law, then such provision shall be ineffective only to the
extent of such invalidity, and neither the remainder of such provision nor any
other provisions of this Agreement shall be affected thereby.

                  [Remainder of Page Intentionally Left Blank.]


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      IN WITNESS WHEREOF, this Agreement has been executed by the Borrower on
July 1, 2002.

                                           /s/ ANTHONY P. ADAMIS
                                           -------------------------------------
                                           Signature of Borrower
                                           Address:
                                                         -----------------------

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



Agreed to and Accepted by:

Eyetech Pharmaceuticals, Inc.

By: /s/ DAVID GUYER
    ------------------------------------

Title: CEO
       ---------------------------------

Dated: July 1, 2002


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