Exhibit 10.3

LOAN MODIFICATION AGREEMENT

This Loan Modification Agreement is entered into as of July 29, 2002 by and between Maxim Pharmaceuticals, Inc. (the "Borrower") and Silicon Valley
Bank ("Bank").

1.DESCRIPTION OF EXISTING INDEBTEDNESS:Among other indebtedness which may be owing by Borrower to Bank, Borrower is indebted
to Bank pursuant to, among other documents, a Loan and Security Agreement, dated on or about October 9, 2000, as may be amended from time to time (the "Loan Agreement"). The Loan Agreement
provided for, among other things, a Committed Term Line in the original principal amount of Four Million Dollars ($4,000,000). The Loan Agreement has been modified pursuant to a Loan Modification
Agreement dated March 21, 2001, pursuant to which, among other things, the original principal amount of the Committed Term Line decreased to Three Million Two Hundred Thousand Dollars
($3,200,000). Defined terms used but not otherwise defined herein shall have the same meanings as in the Loan Agreement.

Hereinafter,
all indebtedness owing by Borrower to Bank shall be referred to as the "Indebtedness."

2.DESCRIPTION OF COLLATERAL AND GUARANTIES.Repayment of the Indebtedness is secured by the Collateral as described in the
Loan Agreement.

Hereinafter,
the above-described security documents and guaranties, together with all other documents securing repayment of the Indebtedness shall be referred to as the "Security Documents".
Hereinafter, the Security Documents, together with all other documents evidencing or securing the Indebtedness shall be referred to as the "Existing Loan Documents".

3.DESCRIPTION OF CHANGE IN TERMS.





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4.CONSISTENT CHANGES.The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described
above.

5.NO DEFENSES OF BORROWER.Borrower (and each guarantor and pledgor signing below) agrees that, as of the date hereof, it has
no defenses against the obligations to pay any amounts under the Indebtedness.

6.CONTINUING VALIDITY.Borrower (and each guarantor and pledgor signing below) understands and agrees that in modifying the
existing Indebtedness, Bank is relying upon Borrower's representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan
Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect. Bank's agreement to modifications to the existing Indebtedness pursuant to this Loan
Modification Agreement in no way shall obligate Bank to make any future modifications to the Indebtedness. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the
Indebtedness. It is the intention of Bank and Borrower to retain as liable parties all makers and endorsers of Existing Loan Documents, unless the party is expressly released by Bank in writing. No
maker, endorser, or guarantor will be released by virtue of this Loan Modification Agreement. The terms of this paragraph apply not only to this Loan Modification Agreement, but also to all subsequent
loan modification agreements.

This
Loan Modification Agreement is executed as of the date first written above.

|BORROWER:                   |  | BANK:                
|--------------------------- |  | ---------------------
|MAXIM PHARMACEUTICALS, INC. |  | SILICON VALLEY BANK  
|By:                         |  | /s/LARRY G. STAMBAUGH
|Name:                       |  | Larry G. Stambaugh   
|Title:                      |  | President and CEO    

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