Exhibit 10.17

                                  SECURITY AGREEMENT
                                  ------------------


                  THIS SECURITY AGREEMENT (the "Agreement") dated as of
             this 12th day of November, 1996, by IMTC HOLDINGS, INC., a
             Delaware corporation, MUREX DIAGNOSTICS, INC., a Delaware
             corporation, and INTERNATIONAL MUREX TECHNOLOGIES
             CORPORATION, a corporation organized under the laws of the
             Province of British Columbia (collectively, the

             "Borrowers"), and Bank of America, F.S.B. (the "Agent"), as
             agent for itself and on behalf of the Lenders and the
             Issuing  Banks (all as defined in the Credit Agreement (as
             defined below));

                  PRELIMINARY STATEMENTS:

                  (1)  The Borrowers, Murex Diagnostics International,
             Inc., Murex Diagnostics Corporation, IMTC Holdings (UK)
             Limited, and Murex Biotech Limited, the Agent, the Issuing
             Banks, and the Lenders have entered into that certain Credit
             Agreement of even date herewith (said Credit Agreement, as
             it may hereafter be amended, supplemented or otherwise
             modified from time to time, being the "Credit Agreement").

                  (2)  It is a condition precedent to the making of Loans
             and the issuance of Letters of Credit (as defined in the
             Credit Agreement) under the Credit Agreement that the
             Borrowers shall have granted the security interest
             contemplated by this Agreement.

                  NOW, THEREFORE, in consideration of the premises and
             for other good and valuable consideration, the receipt and
             sufficiency of which are hereby acknowledged, the parties
             hereto hereby agree that capitalized terms used herein
             without definition shall have the meanings ascribed thereto
             in the Credit Agreement and further agree as follows:

                  SECTION 1.  Grant of Security.  Each Borrower hereby
                              -----------------
             grants, assigns and pledges to the Agent a security interest
             in and security title to (together with a right of setoff)
             all of such Borrower's right, title and interest in and to
             the following, whether now owned or hereafter acquired
             (collectively, the "Collateral"):

                  (a)  all Inventory in all of its forms, wherever
             located, now or hereafter existing (including, but not
             limited to, (i) all goods, merchandise and other personal
             property owned and held for sale, and (ii) all raw
             materials, work or goods in process, finished goods thereof,
             and materials and supplies which contribute to the finished
             products of any Borrower in the ordinary course of business
             and (iii) goods which are returned to or repossessed by any
             Borrower), whether any Borrower has an interest in mass or a
             joint or other interest or right of any other kind
             (including, without limitation, goods in which any Borrower
             has an interest or right as consignee), and all accessions
             thereto and products thereof and documents and warehouse
             receipts therefor (any and all such inventory, accessions,
             products and documents being the "Inventory"); 

                  (b)  all accounts, contract rights, chattel paper,
             instruments, warehouse receipts, drafts, acceptances,
             deposit accounts, and documents of each Borrower, whether
             secured or unsecured, and whether now existing or hereafter
             created or arising, and all rights now or hereafter existing
             in and to all security agreements, leases, and other
             contracts securing or otherwise relating to any such
             accounts, contract rights, chattel paper, instruments,
             deposit accounts, drafts, acceptances and documents (any and
             all such accounts, contract rights, chattel paper,
             instruments, deposit accounts, drafts, acceptances and
             documents being the "Accounts" and any and all such leases,
             security agreements and other contracts being the "Related
             Contracts"), and shall include, without limitation, the
             proceeds of all warranty agreements and service contracts
             sold by or on behalf of any Borrower;

                  (c)  all books and records (including, without
             limitation, computer tapes, programs, printouts, and all
             other computer materials, records and electronic data
             processing software) recording, evidencing or relating to
             any or all of the foregoing Collateral;

                  (d)  all deposit accounts (and the investments and
             earnings thereof and documents evidencing the same) into
             which the proceeds of any of the foregoing may from time to
             time be deposited;

                  (e)  all proceeds of any and all of the foregoing
             Collateral (including, without limitation, cash proceeds and
             other proceeds which constitute property of the types
             described in clauses (a) and (b) of this Section 1) and, to
             the extent not otherwise included, all payments under
             insurance (whether or not the Agent is the loss payee
             thereof), or any indemnity, warranty or guaranty, payable by
             reason of loss or damage to or otherwise with respect to any
             of the foregoing Collateral.  

                  SECTION 2.  Security for Obligations.  This
                              ------------------------
             Agreement secures the payment of the Obligations of the
             Borrowers now or hereafter existing.  Without limiting the
             generality of the foregoing, this Agreement secures the
             payment of all amounts which constitute part of the
             Obligations and would be owed by any Borrower to the Agent,
             the Issuing Banks, or the Lenders under the Credit Agreement
             and the Notes but for the fact that they are unenforceable  
             or not allowable due to the existence of a bankruptcy,
             reorganization or similar proceeding involving any Borrower.

                  SECTION 3.  Borrowers Remain Liable.  Anything
                              -----------------------
             herein to the contrary notwithstanding, (a) the Borrowers
             shall remain liable under the contracts and agreements
             included in the Collateral to the extent set forth therein
             to perform all of duties and obligations thereunder to the
             same extent as if this Agreement had not been executed, (b)
             the exercise by the Agent of any of the rights hereunder
             shall not release any Borrower from any of its duties or
             obligations under the contracts and agreements included in
             the Collateral, and (c) neither the Agent, any Issuing Bank,
             nor any Lender shall have any obligation or liability under
             the contracts and agreements included in the Collateral by
             reason of this Agreement, nor shall the Agent, any Issuing
             Bank, nor any Lender be obligated to perform any of the
             obligations or duties of any Borrower thereunder or to take
             any action to collect or enforce any claim for payment
             assigned hereunder.

                  SECTION 4.  Delivery of Chattel Paper.  Each Borrower
                              -------------------------
             will promptly upon request by the Agent deliver, assign, and
             endorse to the Agent all chattel paper and all other
             documents held by such Borrower in connection therewith.

                  SECTION 5.  Government Contracts.  If any Account or
                              --------------------
             chattel paper arises out of a contract or contracts with the
             United States of America or any department, agency, or
             instrumentality thereof, each Borrower shall immediately
             notify the Agent thereof in writing and execute any
             instruments or take any steps reasonably required by the
             Agent in order that all moneys due or to become due under
             such contract or contracts shall be assigned to the Agent
             and notice thereof given under the Federal Assignment of
             Claims Act or other applicable law.

                  SECTION 6.  Representations and Warranties.  Each
                              ------------------------------
             Borrower hereby represents and warrants that: 

                  (a)  It is the sole owner of each item of the
             Collateral in which it purports to grant a security interest
             hereunder, having good and marketable title thereto free and
             clear of any and all Liens except (i) the security interest
             granted to the Agent under this Security Agreement or the
             other Collateral Documents and (ii) Permitted Liens.  Each
             Borrower will warrant and defend the Collateral against all
             claims and demands of all Persons at any time claiming the
             same or any interest thereon.

                  (b)  No effective security agreement, financing
             statement, equivalent security or Lien instrument or
             continuation statement covering all or any part of the
             Collateral is on file or of record in any public office,
             except (i) such as have been filed in favor of the Agent
             pursuant to this Security Agreement or the other Collateral
             Documents, (ii) such as relate to Permitted Liens, or (iii)
             as to which duly executed mortgage releases, UCC-3 Financing
             Statement releases, or other forms of lien satisfaction have
             been delivered to the Agent on or prior to the Agreement
             Date.

                  (c)  Upon the filing of appropriate financing
             statements in the jurisdictions listed on Schedule I hereto,
                                                       ----------
             this Security Agreement will be effective to create a valid
             and continuing Lien on and perfected security interest in
             favor of the Agent in the Collateral with respect to which a
             security interest may be perfected by filing pursuant to the
             Uniform Commercial Code (the "Code"), which lien and
             security interest will be prior to all other Liens (except
             for any higher-ranking Permitted Liens), and is enforceable
             as such as against creditors of and purchasers from such
             Borrower (other than purchasers of Inventory in the ordinary
             course of business).  Upon filing of appropriate financing
             statements in the jurisdictions listed on Schedule I hereto
                                                       ----------
             and delivery of other collateral to the Agent at closing,
             all action (including, without limitation, all filings,
             registrations and recordings) necessary or desirable to
             create, protect and perfect the security interest granted to
             the Agent hereby in respect of each item of the Collateral
             has been duly accomplished.

                  (d)  Such Borrower's chief executive office,  principal
             place of business, corporate offices, all warehouses and
             premises within which Collateral is stored or located, and
             the locations of all of its records concerning the
             Collateral are set forth on Schedule II.  Schedule II
                                         -----------   -----------
             correctly identifies any of such facilities or locations
             (including proposed locations) that are not owned by such
             Borrower and sets forth the names of the owners and lessors
             or collateral of such facilities and locations.  Such
             Borrower shall not change its name, chief executive office,
             principal place of business, corporate offices, or
             warehouses or Collateral premises, or the location of its
             records concerning the Collateral without giving thirty (30)
             days prior written notice thereof to the Agent and taking
             all actions deemed by the Agent necessary or appropriate to
             protect and perfect the Agent's interest in the Collateral,
             including obtaining such landlord waivers, bailee waivers,
             mortgagee waivers and the like as Agent may reasonably
             require.

                  (e)  With respect to any Inventory, (i) such property
             (other than Inventory in transit and Inventory in the
             aggregate having a fair market value not exceeding $10,000
             at any time) is located at one of the locations set forth in
             Schedule II, (ii) such Borrower has good, indefeasible and
             -----------
             marketable title to such property and such property is not
             subject to any Lien whatsoever, except for Permitted Liens,
             Liens as to which duly executed UCC-3 Financing Statements
             and other forms of lien satisfaction have been delivered to
             the Agent on or prior to the Agreement Date, and the first
             priority perfected security interest granted to the Agent
             hereunder, (iii) except as noted in Schedule 4 to the Credit
                                                 ----------
             Agreement, such property is not subject to any licensing,
             patent, royalty, trademark, trade name or copyright
             agreements between such Borrower and any third parties, and
             (iv) the completion of manufacture, sale or other
             disposition of such property by the Agent or any Lender
             following an Event of Default shall not require the consent
             of any Person and shall not constitute a breach or default
             under any contract or agreement to which such Borrower is a
             party or to which such property is subject.

                  SECTION 7.  Further Assurances.  (a) Each Borrower
                              ------------------
             agrees that from time to time, at the expense of such
             Borrower, such Borrower will promptly execute and deliver
             all further instruments and documents, and take all further
             action, that may be necessary or that the Agent may
             reasonably request, in order to perfect and protect any
             security interest granted or purported to be granted hereby
             or to enable the Agent to exercise and enforce its rights
             and remedies hereunder with respect to any Collateral. 
             Without limiting the generality of the foregoing, each
             Borrower will: (i) mark conspicuously each chattel paper
             included in the Accounts and, at the request of the Agent,
             each document included in the Inventory, each Related
             Contract and each of its records pertaining to the
             Collateral with a legend, in form and substance satisfactory
             to the Agent, indicating that such document, chattel paper,
             Related Contract or Collateral is subject to the security
             interest granted hereby; (ii) if any Account shall be
             evidenced by a promissory note or other instrument or
             chattel paper with an original principal amount equal to or
             greater than $50,000, deliver and pledge to the Agent
             hereunder such note or instrument or chattel paper duly
             indorsed and accompanied by duly executed instruments of
             transfer or assignment, all in form and substance
             satisfactory to the Agent; and (iii) execute and file such
             financing or continuation statements, or amendments thereto,
             and such other instruments or notices, as may be necessary
             or as the Agent may reasonably request, in order to perfect
             and preserve the security interest granted or purported to
             be granted hereby.

                  (b)  Each Borrower hereby authorizes the Agent and
             appoints the Agent its attorney-in-fact to file one or more
             financing or continuation statements, and amendments
             thereto, relating to all or any part of the Collateral
             without the signature of such Borrower where permitted by
             law.  A photocopy or other reproduction of this Agreement or
             any financing statement covering the Collateral or any part
             thereof shall be sufficient as a financing statement where
             permitted by law.

                  (c)  Each Borrower shall keep and maintain, at its own
             cost and expense, satisfactory and complete records of the
             Collateral, including a record of any and all payments
             received and any and all credits granted with respect to the
             Collateral and all other dealings with the Collateral.  As
             further security, each Borrower agrees that the Agent shall
             have a special property right and security interest in all
             of such Borrower's books and records pertaining to the
             Collateral and, upon the occurrence of an Event of Default,
             such Borrower shall deliver and turn over any such books and
             records to the Agent or its representatives at any time on
             demand of the Agent. 

                  SECTION 8.  Insurance.  Each Borrower shall, at its own
                              ---------
             expense, maintain insurance with respect to the Collateral
             in such amounts, against such risks, in such form and with
             such insurers, as set forth in the Credit Agreement.

                  SECTION 9.  Transfers and Other Liens.  Borrowers shall
                              -------------------------
             not (i) sell, assign (by operation of law or otherwise) or
             otherwise dispose of, or grant any option with respect to,
             any of the Collateral, except Inventory in the ordinary
             course of business and as otherwise permitted by the Credit
             Agreement, or (ii) create or permit to exist any Lien,
             security interest, option or other charge or encumbrance
             upon or with respect to any of the Collateral, except for
             Permitted Liens.

                  SECTION 10.  Agent Appointed Attorney-in-Fact.  (a)
                               --------------------------------
             Each Borrower hereby irrevocably appoints the Agent such
             Borrower's attorney-in-fact, with full authority in the
             place and stead of such Borrower and in the name of such
             Borrower or otherwise, at such time as an Event of Default
             has occurred and until such time as such Event of Default is
             waived in writing by the Lenders in accordance with the
             Credit Agreement, to take any action and to execute any
             instrument which the Agent may deem necessary or advisable
             to accomplish the purposes of this Agreement, including,
             without limitation:

                       (i)  to ask, demand, collect, sue for, recover,
             compromise, receive and give acquittance and receipts for
             moneys due and to become due under or in connection with the
             Collateral,

                       (ii) to receive and open all mail addressed to any
             Borrower and to notify postal authorities to change the
             address for the delivery of mail to each Borrower to that of
             the Agent,

                       (iii)     to receive, endorse, and collect any
             drafts or other instruments, documents and chattel paper, in
             connection therewith,

                       (iv) to file any claims or take any action or
             institute any proceedings which the Agent may deem necessary
             or desirable for the collection of any of the Collateral or
             otherwise to enforce the rights of the Agent with respect to
             any of the Collateral,

                       (v)  to direct any party liable for any payment
             under or in respect of any of the Collateral to make payment
             of any and all monies due or to become due thereunder,
             directly to the Agent or as the Agent shall direct,

                       (vi) to sign and endorse any invoices, freight or
             express bills, bills of lading, storage or warehouse
             receipts, drafts against Account Debtors, assignments,
             verifications, and notices in connection with Accounts and
             other documents constituting or related to the Collateral,

                       (vii)     to settle, compromise or adjust any
             suit, action, or proceeding described above and, in
             connection therewith, give such discharges or releases as
             the Agent may deem appropriate,

                       (viii)    to repair, alter, or supply goods, if
             any, necessary to fulfill in whole or in part the purchase
             order of any Account Debtor, and

                       (ix) to use any trademarks, trade names,
             industrial designs or other intellectual property rights to
             the extent necessary to sell Inventory and to collect any
             amounts due under Accounts or Related Contracts.

                  (b)  Each Borrower hereby ratifies, to the extent
             permitted by law, all that said attorneys shall lawfully do
             or  cause to be done by virtue hereof.  The power of
             attorney granted pursuant to this Section 10 is a power
                                               ----------
             coupled with an interest and shall be irrevocable until the
             payment in full of the Obligations and the termination of
             the Commitment. 

                  (c)  Each Borrower also authorizes the Agent, at any
             time and from time to time, following the occurrence of an
             Event of Default and until such time as such Event of
             Default is waived in writing by the Lenders in accordance
             with the Credit Agreement, to (i) communicate in its own
             name with any Account Debtor with regard to the assignment
             of the right, title and interest of such Borrower in and
             under the Accounts and other matters relating thereto and
             (ii) execute, in connection with the sale provided for in
             Section 13 hereof, any endorsements, assignments or other
             ----------
             instruments of conveyance or transfer with respect to the
             Collateral.

                  SECTION 11.  Agent May Perform.  If the Borrowers fail
                               -----------------
             to perform any agreement contained herein, the Agent may
             itself perform, or cause performance of, such agreement, and
             the expenses, including attorneys' fees, of the Agent
             incurred in connection with such performance or compliance,
             together with interest thereon at the Default Rate shall be
             payable by such Borrower to the Agent on demand and  shall
             constitute part of the Obligations secured hereby.

                  SECTION 12.  The Agent's Duties.  The powers conferred
                               ------------------
             on the Agent hereunder are solely to protect its interest in
             the Collateral and shall not impose any duty upon it, any
             Lender or any Issuing Bank to exercise any such powers. 
             Except for the safe custody of any Collateral in its
             possession and the accounting for moneys actually received
             by it hereunder, the Agent shall have no duty as to any
             Collateral or as to the taking of any necessary steps to
             preserve rights against prior parties or any other rights
             pertaining to any Collateral.  The Agent shall be deemed to
             have exercised reasonable care in the custody and
             preservation of any Collateral in its possession if such
             Collateral is accorded treatment substantially equal to that
             which the Agent accords its own property.  Each reference
             herein to any right granted to, benefit conferred upon, or
             power exercisable by the "Agent" shall be a reference to the
             Agent (including any successors to the Agent pursuant to the
             Credit Agreement) for itself and for the ratable benefit of
             the Lenders and the Issuing Banks, and each action taken or
             right exercised hereunder shall be deemed to have been so
             taken or exercised by the Agent for itself and for the
             benefit of and on behalf of all of the Lenders and the
             Issuing Banks. 

                  SECTION 13.  Remedies.   (a) (i) If any Event of
                               --------
             Default shall occur (and until such time as such Event of
             Default is waived in writing by the Lenders in accordance
             with the Credit Agreement), the Agent may exercise in
             addition to all other rights and remedies granted to it
             under this Security Agreement, the Credit Agreement, the
             other Loan Documents and under any other instrument or
             agreement securing, evidencing or relating to the Obliga-
             tions, all rights and remedies of a secured party under the
             Code.  Without limiting the generality of the foregoing,
             each Borrower expressly agrees that in any such event Agent
             without demand of performance or other demand, advertisement
             or notice of any kind (except the notice specified below of
             time and place of public or private sale) to or upon such
             Borrower or any other Person (all and each of which demands,
             advertisements and notices are hereby expressly waived to
             the maximum extent permitted by the Code and other
             applicable law), may forthwith enter upon the premises of
             such Borrower where any Collateral is located through
             self-help, without judicial process, without first obtaining
             a final judgment or giving such Borrower notice and
             opportunity for a hearing on the Agent's claim or action,
             and without paying rent to such Borrower, and collect,
             receive, assemble, process, appropriate and realize upon the
             Collateral, or any part thereof, and may forthwith sell,
             lease, assign, give an option or options to purchase, or
             sell or otherwise dispose of and deliver said Collateral (or
             contract to do so), or any part thereof, in one or more  
             parcels at public or private sale or sales, at any exchange
             at such prices as it may deem best, for cash or on credit or
             for future delivery without assumption of any credit risk. 
             The Agent and any Lender shall have the right upon any such
             public sale or sales and, to the extent permitted by law,
             upon any such private sale or sales, to purchase for its
             benefit the whole or any part of said Collateral so sold,
             free of any right or equity of redemption, which equity of
             redemption each Borrower hereby releases.  Each Borrower
             agrees that, to the extent notice of sale shall be required
             by law, at least ten (10) days' notice to the Borrowers of
             the time and place of any public sale or the time after
             which any private sale is to be made shall constitute
             reasonable notification.  The Agent shall not be obligated
             to make any sale of Collateral regardless of notice of sale
             having been given.  The Agent may adjourn any public or
             private sale from time to time by announcement at the time
             and place fixed therefor, and such sale may, without further
             notice, be made at the time and place to which it was so
             adjourned.  The Agent is hereby granted a license or other
             right to use, without charge, each Borrower's labels,
             patents, copyrights, rights of use of any name, trade
             secrets, trade names, trademarks, service marks and
             advertising matter, or any property of a similar nature,
             whether owned by such Borrower or with respect to which any
             Borrower has rights under license, sublicense or other
             agreements, as it pertains to the Collateral, in preparing
             for sale, advertising for sale and selling any Collateral
             and each Borrower's rights under all licenses and all
             franchise agreements shall inure to the benefit of the
             Agent.  The Agent shall have the right to conduct such sales
             on such Borrower's premises or elsewhere and shall have the
             right to use such Borrower's premises without charge for
             such sales for such time or times as the Agent deems
             necessary or advisable except as otherwise provided in any
             applicable Landlord's Consent.

                  (b)  Each Borrower further agrees, at the Agent's
             request, to assemble the Collateral and make it available to
             the Agent at places which the Agent shall select, whether at
             such Borrower's premises or elsewhere.  Until the Agent is
             able to effect a sale, lease, or other disposition of the
             Collateral, the Agent shall have the right to hold or use
             the Collateral, or any part thereof, to the extent that it
             deems appropriate for the purpose of preserving the
             Collateral or its value or for any other purpose deemed
             appropriate by the Agent.  The Agent shall have no
             obligation to such Borrower to maintain or preserve the
             rights of such Borrower as against third parties with
             respect to the Collateral while the Collateral is in the
             possession of the Agent.  Agent may, if it so elects, seek
             the appointment of a receiver or keeper to take possession
             of the Collateral and to enforce any of the Agent's remedies
             with respect to such appointment without prior notice or
             hearing.  The Agent shall apply the net proceeds of any such
             collection, recovery, receipt, appropriation, realization or
             sale, as provided in Section 13(d) hereof, with Borrowers
                                  -------------
             remaining liable for any deficiency remaining unpaid after
             such application, and only after so paying over such net
             proceeds and after the payment by the Agent of any other
             amount required by any provision of law, including Section
             9-504(1)(c) of the Code (but only after the Agent has
             received what the Agent considers reasonable proof of a
             subordinate party's security interest), need the Agent
             account for the surplus, if any, to the Borrowers.  To the
             maximum extent permitted by applicable law, each Borrower
             waives all claims, damages, and demands against the Agent,
             the Issuing Banks and the Lenders arising out of the
             repossession, retention or sale of the Collateral except
             such as arise out of the gross negligence or willful
             misconduct of such party as determined by a final order of a
             court of competent jurisdiction.  

                  (c)  Except as otherwise specifically provided herein,
             each Borrower hereby waives presentment, demand, protest or
             any notice (to the maximum extent permitted by applicable
             law) of any kind in connection with this Security Agreement
             or any Collateral.

                  (d)  The Proceeds of any sale, disposition or other
             realization upon all or any part of the Collateral shall be
             distributed by the Agent upon receipt in accordance with the
             terms of the Credit Agreement.

                  (e)  Each Borrower hereby acknowledges that the
             Obligations arose out of a commercial transaction, and
             agrees that if an Event of Default shall occur the Agent
             shall have the right to an immediate writ of possession
             without notice of a hearing.  The Agent shall have the right
             to the appointment of a receiver for the Collateral, and
             each Borrower hereby consents to such rights and such
             appointment and hereby waives any objection such Borrower
             may have thereto or the right to have a bond or other
             security posted by the Agent, the Issuing Bank or any Lender
             in connection therewith.

                  SECTION 14.  Remedies Cumulative.  Each right, power,
                               -------------------
             and remedy of the Agent, any Issuing Bank and any Lender as
             provided for in this Agreement or in the other Loan
             Documents or now or hereafter existing at law or in equity
             or by statute or otherwise shall be cumulative and
             concurrent and shall be in addition to every other right,
             power, or remedy provided for in this Agreement or in the
             other Loan Documents or now or hereafter existing at law or
             in equity or by statute or otherwise, and the exercise or
             beginning of the exercise by any of the Agent, any Issuing
             Bank or the Lenders, of any one or more of such rights,
             powers, or remedies shall not preclude the simultaneous or
             later exercise by any of the Agent, any Issuing Bank and the
             Lenders of any or all such other rights, powers, or
             remedies.

                  SECTION 15.  Possession Until Default.  Until an Event
                               ------------------------
             of Default shall occur and be continuing and except as
             otherwise provided in this Security Agreement, the Credit
             Agreement or other Loan Documents, each Borrower will have
             the right to possession and enjoyment of the Collateral for
             the purpose of conducting the ordinary course of its
             business, subject to and upon the terms hereof and of the
             Credit Agreement and other Loan Documents.

                  SECTION 16.  Amendments; Etc.  No waiver of any
                               ---------------
             provision of this Agreement, and no consent to any departure
             by any Borrower herefrom, shall in any event be effective
             unless the same shall be in writing and signed by the Agent,
             and then such waiver or consent shall be effective only in
             the specific instance and for the specific purpose for which
             given.  No amendment of any provision of this Agreement
             shall be effective unless the same shall be in writing and
             signed by the Agent and the Borrowers.

                  SECTION 17.  Addresses for Notices.  All notices and
                               ---------------------
             other communications provided for hereunder shall be given
             in the form and manner and delivered to the Agent or any
             Borrower, as the case may be, at its respective address
             specified in the Credit Agreement, or, as to either party,
             at such other address as shall be designated by such party
             in a written notice to the other party.  

                  SECTION 18.  Continuing Security Interest: Assignments
                               -----------------------------------------
             under Credit Agreement.  This Agreement shall create a
             ----------------------
             continuing security interest in the Collateral and shall (i)
             remain in full force and effect until the later of (x) the
             payment in full of the Obligations and (y) the termination
             of the Commitment, (ii) be binding upon each Borrower, its
             successors and assigns, and (iii) inure to the benefit of,
             and be enforceable by, the Agent, for the benefit of the
             Lenders and the Issuing Banks and their respective
             successors, transferees and assigns.  Upon the later of the
             payment in full of the Obligations (including all amounts
             payable under this Agreement) and the termination of the
             Commitment, the security interest granted hereby shall
             terminate and all rights to the Collateral shall revert to
             the Borrowers.  No transfer or renewal, extension,
             assignment or termination of this Agreement or of the Credit
             Agreement, any other Loan Document, or any other instrument
             or document executed and delivered by any Borrower to the
             Agent, the Issuing Banks of the Lenders nor any additional
             Loans made by Lenders or the Issuing Bank to any Borrower,
             nor the taking of further security, nor the retaking or re-
             delivery of the Collateral to any Borrower by the Agent, nor
             any other act of the Agent, the Issuing Banks or the Lenders
             shall release the Borrowers from any obligation, except a
             release or discharge executed in writing by the Agent with
             respect to such obligation or payment of such obligation or
             upon full satisfaction of all the Obligations.  The Agent
             shall not by any act, delay, omission or otherwise, be
             deemed to have waived any of its rights or remedies
             hereunder, unless such waiver is in writing and signed by
             the Agent and then only to the extent therein set forth.  A
             waiver by the Agent of any right or remedy on any occasion
             shall not be construed as a bar to the exercise of any such
             right or remedy which the Agent would otherwise have had on
             any other occasion.

                  SECTION 19.  Governing Law: Terms.  This Agreement
                               --------------------
             shall be governed by and construed in accordance with the
             laws of the State of Georgia, except to the extent that the
             validity or perfection of the security interest hereunder,
             or remedies hereunder, in respect of any particular
             Collateral are governed by the laws of a jurisdiction other
             than the State of Georgia. 

                  SECTION 20.  Miscellaneous.
                               -------------

                  (a)  This Agreement may be executed in any number of
             counterparts, each of which shall be deemed to be an
             original, but all such separate counterparts shall together
             constitute but one and the same instrument.

                  (b)  Any provision of this Agreement which is
             prohibited or unenforceable shall be ineffective to the
             extent of such prohibition or unenforceability without
             invalidating the remaining provisions hereof in that
             jurisdiction or affecting the validity or enforceability of
             such provision in any other jurisdiction.


             <PAGE>

                  IN WITNESS WHEREOF, the Borrowers and the Agent have
             caused this Agreement to be duly executed and delivered
             under seal by its officer thereunto duly authorized as of
             the date first above written.


                                           IMTC HOLDINGS, INC. 

                                           By:  /s/ Steven C. Ramsey
                                              -------------------------
                                              Name: Steven C. Ramsey
                                                   --------------------
                                              Title: V.P. Finance
                                                    -------------------
                                              Date: 12 Nov., 1996
                                                   --------------------


                                           MUREX DIAGNOSTICS, INC. 

                                           By:  /s/ Steven C. Ramsey
                                              -------------------------
                                              Name: Steven C. Ramsey
                                                   --------------------
                                              Title: V.P. Finance
                                                    -------------------
                                              Date: 12 Nov., 1996
                                                   --------------------


                                           INTERNATIONAL MUREX TECHNOLOGIES
                                           CORPORATION

                                           By:  /s/ Steven C. Ramsey
                                              --------------------------
                                              Name: Steven C. Ramsey
                                                   ---------------------
                                              Title: V.P. Controller
                                                    --------------------
                                              Date: 12 Nov., 1996
                                                   ---------------------



             ACCEPTED BY:

             BANK OF AMERICA, F.S.B.
             as Agent 


             By:  /s/ John Yankauskas
                --------------------------
                Name: John Yankauskas
                     ---------------------
                Title: V.P.
                      --------------------
                Date: 11-12-96
                     ---------------------


             Schedule I   - UCC-1 Filing Jurisdictions
             Schedule II  - Collateral Locations

             <PAGE>


                                        SCHEDULE I
                                        ----------

                                UCC-1 FILING JURISDICTIONS


             Debtors:
             --------

                  International Murex Technologies Corporation
                  IMTC Holdings, Inc.
                  Murex Diagnostics, Inc.


             Secured Party:
             --------------

                  Bank of America, F.S.B.


             Filing Jurisdictions:
             ---------------------

                  Gwinnett County, Georgia



             <PAGE>

                                        SCHEDULE II
                                        -----------

                        BORROWERS' OFFICES, LOCATIONS OF COLLATERAL
                             AND RECORDS CONCERNING COLLATERAL



             I.   CHIEF EXECUTIVE OFFICE AND PRINCIPAL PLACE OF BUSINESS: 

                  (a)  International Murex Technologies Corporation
                       650 Woodlawn Road West
                       Guelph, Ontario
                       Canada N1K 1B8

                  (b)  IMTC Holdings, Inc. and Murex Diagnostics, Inc.
                       3075 Northwoods Circle
                       Norcross, Georgia 30071-1542

             II.  CORPORATE OFFICES:

                  same as above

             III. OWNED WAREHOUSES AND COLLATERAL LOCATIONS:

                  none

             IV.  LEASED WAREHOUSES AND COLLATERAL LOCATIONS:

                  (a)  650 Woodlawn Road West
                       Guelph, Ontario
                       Canada N1K 1B8
                       Owner: MD-Canada (Branch of IMTC)

                  (b)  3075 Northwoods Circle
                       Norcross, Georgia 30071-1542
                       Owner: MDI

                  (c)  Trinity Laboratories, Inc.
                       7517 Precision Drive
                       Suite 107
                       Raleigh, NC 27613
                       Owner: MDI (<$10,000/mo)

                  (d)  Carr Scarborough Microbiologicals
                       5342 Panola Drive Industrial Boulevard
                       Decatur, Georgia 30035
                       Owner: MDI (<$10,000/mo)    

                  (e)  Probiol S.A.
                       Resident Iman Center
                       Angle Rue Girardot et Rue la Plage, No. 7
                       3 Eme Etage
                       Casablanca, Morocco
                       Owner: MDII

                  (f)  Murex Columbia
                       Carrera 6 No. 1D-167
                       Zona Franca de Barranquilla
                       Columbia
                       Owner: MDII

                  (g)  Murex Diagnostics Benelux BV
                       Neutralstrasse 60
                       CH-8207 Schaffhausen
                       Switzerland
                       Owner: MD Benelux

                  (h)  Central Road
                       Temple Hill
                       Dartford, Kent DA1 5LR
                       England
                       Owner: MBL

             V.   OTHER LOCATIONS AT WHICH COLLATERAL IS STORED OR LOCATED:

                  (a)  Trinity Laboratories, Inc.
                       7517 Precision Drive
                       Suite 107
                       Raleigh, North Carolina 27613

                  (b)  Carr Scarborough Microbiologicals
                       5342 Panola Drive Industrial Boulevard
                       Decatur, Georgia 30035

             VI.  LOCATIONS OF RECORDS CONCERNING COLLATERAL:

                  (a)  International Murex Technologies Corporation:
                       650 Woodlawn Road West
                       Guelph, Ontario
                       Canada N1K 1B8

                  (b)  U.S. Subsidiaries:
                       3075 Northwoods Circle
                       Norcross, Georgia 30071-1542

                  (c)  Barbados Subsidiaries:
                       2nd Floor, Trident House
                       Bridgetown
                       St. Michael
                       Barbados

                  (d)  U.K. Subsidiaries:

                       (I)  Central Road, Temple Hill
                            Dartford, Kent DA1 5LR
                            England

                       (ii) Watergate House
                            13/15 York Buildings
                            London WC2N 6JU
                            England