Exhibit 10.31

                              EMPLOYMENT AGREEMENT

This employment agreement (the "Agreement") is effective as of October 15, 2001
(the "Effective  Date"), by and between Keryx Biomedical  Technologies  Ltd., an
Israeli  company with it principal place of business at Kiryat Mada 5, Jerusalem
(the    "Company")    and   Rony    Seger,    I.D.    No.    ____________,    of
__________________________________ (the "Employee").

Whereas the Company  desires to to employ the  Employee in the position of Chief
Scientific Officer (the "Position");

Whereas the Employee desires to accept  employment by the Company and to fulfill
the responsibilities of the Position; and

Whereas the parties desire to set forth the conditions of employment pursuant to
which the Company will employ the Employee;

It is hereby agreed by and between the parties as follows:

1.      Preamble

The preamble to this Agreement and any attachments  thereto are an integral part
of this Agreement.

2.      Job Description

The Employee shall be responsible for the scientific direction and activities of
the  Company.  He shall  report  directly to the Chief  Executive  Officer.  The
description  of  responsibilities  set  forth  herein  shall  serve as a general
statement  of the  duties,  responsibilities  and  authority  of  the  Employee.
Additional  duties,  responsibilities  and  authority  may  be  assigned  to the
Employee by the Chief Executive Officer from time to time in his discretion.

3.      Working Hours

The Employee shall be employed by the Company on a full-time  basis,  namely for
not less than  forty-four  (44)  hours per week  (inclusive  of  mealtime).  The
Employee  agrees that his position is considered to be a management  position as
defined  in the  Hours of Work and Rest Law - 1951,  which  requires  a  special
measure of personal trust. Accordingly,  the provisions of the Hours of Work and
Rest Law - 1951  shall not  apply and the  Employee  shall  not be  entitled  to
receive any additional  payment for his work other than those that are set forth
in this Agreement.


                                     - 1 -
<PAGE>


4.      Term of Agreement

This  Agreement  shall take effect from the  Effective  Date and shall remain in
effect unless it is earlier terminated as hereinafter provided.

5.      Annual Salary

        5.1.    The Employee's annual salary shall be as follows:

                5.1.1.  The Employee shall receive an annual gross salary of one
                        hundred and fifty thousand dollars  ($150,000),  payable
                        in New Israeli Shekels according the representative rate
                        of  exchange  in effect  each month at the time  Company
                        salaries are calculated.  The Employees  salary shall be
                        paid in twelve equal installments, monthly in arrears.

                5.1.2.  The salary set forth in paragraph 5.1.1, above, shall be
                        referred to as the "Global  Salary".  The linkage of the
                        Global  Salary to the United States dollar is in lieu of
                        any   generally-applicable    increases,   whether   the
                        statutory cost of living increase  ("Tosefet  Yoker") or
                        any  other  industry-wide  increase  applicable  as  the
                        result  of  collective  bargaining  agreements  or other
                        order of the  Ministry  of Labor  and  Welfare  (such as
                        Tzavei Harhava). By signing this Agreement and accepting
                        employment   pursuant   to  its  terms,   the   Employee
                        represents that s/he will not claim any such increase.

                5.1.3.  The  Employee  shall not be entitled to receive from the
                        Company any salary or payment of any kind other than the
                        Global Salary and other payments  specifically set forth
                        in this Agreement or properly authorized by the Board of
                        Directors and,  should the Employee be a director of the
                        Company at the time such other payments not specifically
                        included in this Agreement are made, by the shareholders
                        of the Company.

        5.2.    Other Terms of Employment

                5.2.1.  Bonuses:  The Employee  shall be eligible to receive one
                        or  more  bonuses   during  any  calendar  year  in  the
                        discretion  of the Chief  Executive  Officer,  acting in
                        consultation with the Board of Directors.

                5.2.2.  Expenses:  The Employee shall be entitled, in accordance
                        with the Company's  standard  policy in effect from time
                        to time,  to be  reimbursed  for  expenses  incurred  in
                        Israel and abroad in  connection  with Company  business
                        against receipt by the Company of appropriate  vouchers,
                        receipts or other proof of the Employee's expenditures.

                5.2.3.  Continuing   Education   Fund:  The  Employee  shall  be
                        entitled  to  participate  in the  Company's  continuing
                        education  fund (Keren  Hishtalmut).  The Company  shall
                        contribute  an amount  equal to five percent (5%) of the
                        Employee's Global Salary and shall deduct two and a half
                        percent  (2.5%)  of the  Employee's  Global  Salary  and
                        transfer


                                     - 2 -
<PAGE>


                        it as the Employee's contribution. The Employee consents
                        to the deduction of this amount as his  contribution  to
                        the continuing  education fund. These contributions will
                        be calculated up to the  permissible  tax-exempt  salary
                        ceiling  according  to the  income  tax  regulations  in
                        effect from time to time. If the amount of the Company's
                        contribution   is  greater   than   permitted  by  those
                        regulations,  the  Employee  shall not have the right to
                        receive the excess amount.

                5.2.4.  Reserve Duty:  The Employee shall be entitled to receive
                        his  full  Global  Salary  and  other   payments   while
                        performing  reserve  duty,   provided  that  any  amount
                        received by the  Employee  from the I.D.F.  or any other
                        source  (excluding  Damei Calcala) is transferred to the
                        Company or, in the alternative,  an amount equal to that
                        received from the I.D.F. or any other source is deducted
                        from the Global Salary payable to the Employee.

                5.2.5.  Annual Leave and  Recreation  Pay (Damei  Havra'a):  The
                        Employee  shall be entitled to twenty (20)  working days
                        of paid annual leave each year.  The Employee  shall not
                        be allowed to accrue more than thirty (30)  working days
                        of annual leave except in unusual circumstances and with
                        the  permission  of the Company.  Should the  Employee's
                        annual leave balance  exceed thirty (30) days at the end
                        of any calendar year, the excess number of days shall be
                        paid out in accordance with the provisions of the Annual
                        Leave  Law -  1951.  The  Company  shall  also  pay  the
                        Employee for five (5) days of recreation (damei havra'a)
                        each  year in  accordance  with  the law and the  normal
                        practice of the Company in effect from time to time.

                5.2.6.  Sickness and Disability Insurance: The Employee shall be
                        entitled to the number of days for sick leave  permitted
                        by law.  Compensation  for sick days  utilized  shall be
                        paid  according  to his  Global  Salary  only  upon  the
                        presentation of medical documentation as required by the
                        Company.  The  Employee  shall be covered by  disability
                        insurance that provides monthly  compensation.  The cost
                        of  such  insurance  shall  be  borne  by  the  Company.
                        Notwithstanding the foregoing, the Employee shall not be
                        entitled to receive  compensation for sick leave if such
                        compensation  is  covered by the  Employee's  disability
                        insurance referred to above. However, should the amounts
                        received by the  Employee  pursuant  to such  disability
                        insurance  be less  than  the  amount  that is  properly
                        payable as  compensation  for the  Employee's  available
                        sick leave,  according to the Global Salary, the Company
                        shall pay the  difference.  It is understood  and agreed
                        that  unused  sick  leave  cannot  be  redeemed  by  the
                        Employee.  For the avoidance of doubt,  it is understood
                        and  agreed  that the  payments  made by the  Company in
                        consideration  of sick leave covers all  obligations  of
                        the Company pursuant to the Sick Leave Law - 1976.

                5.2.7.  Automobile  Maintenance:  The Employee shall be entitled
                        to receive a monthly  amount of the New  Israeli  Shekel
                        equivalent of fourteen  thousand four hundred  ($14,400)
                        to reimburse him for the upkeep and


                                     - 3 -
<PAGE>


                        maintenance   entailed  in  the  use  of  his   personal
                        automobile for business purposes.

        5.3.    Pension Benefits and Severance Payments

                5.3.1.  The Company will pay into a Provident Fund (Kupat Gemel)
                        (in  the  meaning  of  paragraph  47 of the  Income  Tax
                        Ordinance) in the form of Manager's Insurance or another
                        form  according  to  the   Employee's   choice  and  the
                        Company's agreement, an amount equal to thirteen and one
                        third percent (13 1/3 %) from the monthly  Global Salary
                        paid to the Employee,  and the Employee will pay, on his
                        own  account,  an amount equal to five percent (5%) from
                        that Global Salary. The Employee agrees that the Company
                        shall be entitled to deduct the Employee's  contribution
                        (5%) from the  Employee's  salary.  For the avoidance of
                        doubt, it is clarified that under no circumstance  shall
                        the Company's contribution exceed thirteen and one third
                        percent  (13  1/3 %) of the  Global  Salary  in any  one
                        month.

                5.3.2.  Five percent (5%) of the thirteen and one third  percent
                        (13 1/3 %) that the  Company  contributes  as set  forth
                        above   and  the  five   percent   (5%)   the   Employee
                        contributes,  together  with linkage and interest on the
                        contributions,  will be treated as pension  benefits for
                        the Employee or his survivors.  The remaining  eight and
                        one   third   percent   (8  1/3  %)  of  the   Company's
                        contribution, together with linkage and interest on that
                        portion,  will be utilized to pay severance  benefits to
                        the  Employee  or his  descendants  in the  event of the
                        termination of his employment  with the Company,  except
                        in those circumstances discussed below.

                5.3.3.  In  the  event  that  the  Employee  chooses   Manager's
                        Insurance,  the policy  shall  belong to the  Company as
                        long  as it  employs  the  Employee  and  it  makes  the
                        required payments on the policy.  The payments made into
                        the Kupat Gemel  pursuant  to  paragraph  5.3.1,  above,
                        shall  fulfill the  Company's  obligation  for severance
                        payment  pursuant to the  Severance  Compensation  Law -
                        1963. Upon the termination of the Employee's employment,
                        for whatever  reason,  and upon his final departure from
                        the Company,  the Employee or his  descendants  shall be
                        entitled to receive the  ownership  of all rights  which
                        have  accrued  on his  behalf in the Kupat  Gemel or the
                        ownership  of  the  Manager's   Insurance   policy,   as
                        appropriate  and subject to the provisions of section 6,
                        below.

                5.3.4.  In  the  event  that  there  is  a  difference   in  the
                        Employee's  favor  between  the  amount  to  which he is
                        entitled   to   receive   pursuant   to  the   Severance
                        Compensation Law - 1963 and the severance payment amount
                        (including  linkage and  interest)  that is in the Kupat
                        Gemel or Manager's  Insurance policy,  the Company shall
                        pay that  difference.  The Company shall be obligated to
                        pay  such  difference  whether  the  termination  of the
                        Employee's employment is at the Employee's initiative or
                        the  Company's,   except  in  the  case  of  termination
                        pursuant  to  paragraphs  6.3 and  6.4,  below.  For the
                        avoidance of doubt, it is


                                     - 4 -
<PAGE>


                        understood that in the event that the severance  payment
                        amount  (including  linkage and interest) that is in the
                        Employee's  Kupat Gemel or  Manager's  Insurance  policy
                        exceeds the amount to which he is entitled to receive as
                        severance   compensation   pursuant  to  the   Severance
                        Compensation  Law - 1963,  the  difference  shall not be
                        transferred  to the  Employee,  including to his pension
                        account, but shall be the property of the Company.

6.      Termination of Employment

        6.1.    Either party may terminate the  Employee's  employment  with the
                Company without cause at any time upon three (3) month's notice.
                The Company  shall have the right,  in its sole  discretion,  to
                require the Employee to continue  working for the Company during
                the notice period.

        6.2.    The  Employee's  employment  shall be terminated by his death or
                disability. (For purposes of this section, "disability" shall be
                deemed to have  occurred if the  Employee is unable,  due to any
                physical or mental  disease or condition,  to perform his normal
                duties of employment for 90 consecutive  days or 120 days in any
                twelve month period.) In such an event,  he shall be entitled to
                continue  to  receive  his  annual  salary  for three (3) months
                following his last day of actual employment by the Company. Such
                amount  shall be in  addition  to any  severance  payment  he is
                entitled to receive  according  the  provisions of the Severance
                Compensation  Law - 1963.  In  addition,  the Board of Directors
                shall take the necessary steps so that (a) any outstanding,  but
                unvested,  options  granted to the Employee  shall vest upon the
                effective  date of his  termination;  and (b) the period  during
                which the Employee  shall be permitted to exercise  such options
                shall be  extended to two (2) years from the  effective  date of
                his  termination  as defined in the Share Option Plan  governing
                the options in question.  Should the  Employee's  employment  be
                terminated  as a  result  of his  death,  the  benefits  granted
                herein, shall be granted instead to his lawful heir or heirs.

        6.3.    Notwithstanding  the  foregoing,  the Company may  terminate the
                Employee  immediately  and without prior notice in the following
                circumstances:   (a)  a  material   breach  of  the   Employee's
                obligations   pursuant   to   paragraphs   8.8,   8.9  and  8.10
                (confidentiality and non-competition);  (b) a material breach by
                the Employee of any other provision of this Agreement,  which is
                not  cured  by the  Employee  within  fifteen  (15)  days  after
                receiving   notice   thereof  from  the  Company   containing  a
                description of the breach or breaches  alleged to have occurred;
                (c) the  habitual  neglect or gross  failure by the  Employee to
                adequately  perform the duties of his  position;  (d) any act of
                moral turpitude or criminal  action  connected to his employment
                with  the  Company  or his  place  of  employment;  or  (e)  the
                Employee's  refusal to comply  with or his  violation  of lawful
                instructions  of the  Chief  Executive  Officer  or the Board of
                Directors.

        6.4.    In the event that  Employee's  employment has been terminated in
                accordance with paragraph 6.3, above,  the Employee shall not be
                entitled to receive any of the  severance  payments set forth in
                paragraphs 5.3.4 and 6.2, above.


                                     - 5 -
<PAGE>


7.      Taxes and Other Payments

        7.1.    Unless  otherwise  specifically  provided for in this Agreement,
                the  Company  shall not be liable  for the  payment  of taxes or
                other  payments for which the Employee is  responsible as result
                of this Agreement or any other legal provision, and the Employee
                shall be personally liable for such taxes and other payments.

        7.2.    The Employee  hereby  agrees that the Company  shall deduct from
                his Global Salary the Employee's national insurance fees, income
                tax and  other  amounts  required  by law or the  terms  of this
                Agreement.   The  Company   shall   provide  the  Employee  with
                documentation of such deductions.

8.      The Obligations of the Employee

        8.1.    The Employee agrees to devote his entire business time,  energy,
                abilities  and  experience  to the  performance  of his  duties,
                effectively and in good faith.

        8.2.    Keryx shall not require the Employee to act on its behalf in any
                manner that would represent a conflict  between the interests of
                Keryx,  on one hand,  and the Weizmann  Institute,  on the other
                hand.  Such acts  shall  include,  but not be  limited  to,  the
                carrying  out of research  for Keryx that  overlaps or continues
                research he has carried out at the Weizmann  Institute as of the
                date of this Agreement;  the evaluation of technology  belonging
                to the Weizmann Institute that Keryx is interested in licensing;
                and conducting  negotiations on Keryx's behalf with the Weizmann
                Institute  in  connection  with  technology   belonging  to  the
                Weizmann Institute that Keryx is interested in licensing.

        8.3     During the period of his  employment,  the Employee shall not be
                employed,  whether or not during regular business hours, for pay
                by any other party other than the  Company.  The  Employee  must
                receive the prior written consent of the Company before assuming
                an unpaid  position  outside the  Company.  Notwithstanding  the
                foregoing,  the Employee may, with the written permission of the
                Chairman of the Board of Directors, become a member of the Board
                of Directors of another company and may accept any  compensation
                in connection with such position.

        8.4.    The  Employee  agrees to  immediately  inform the Company of any
                Company issue or  transaction in which the Employee has a direct
                or  indirect  personal  interest  and/or  where  such  issue  or
                transaction  could cause a conflict of interest for the Employee
                in the fulfillment of his responsibilities as an employee of the
                Company.

        8.5.    The  Employee   hereby  gives   irrevocable   instructions   and
                permission to the Company to deduct from any amounts owed to the
                Employee by the Company,  including amounts payable as severance
                compensation,  (a) any debt he has or will have to the  Company;
                and/or (b) any amount that was wrongfully or mistakenly  paid to
                him by the Company. Any such amounts to


                                     - 6 -
<PAGE>


                be deducted  shall be calculated in real terms as of the date of
                the deduction, including linkage to cost of living index.

        8.6.    The Company may at its  discretion and at any time apply for and
                procure as owner and for its own benefit and at its own expense,
                insurance on the life of the Employee ("Key Man Life Insurance")
                in such  amounts  and in such form or forms as the  Company  may
                choose.  The  Employee  shall  cooperate  with  the  Company  in
                procuring  such insurance and shall,  at the Company's  request,
                submit to such medical examinations, supply such information and
                execute  such  documents  as may be  required  by the  insurance
                company or  companies  to whom the  Company has applied for such
                insurance.  Neither the Employee nor any of his dependents shall
                have any interest whatsoever in any such policy or policies,  or
                in the proceeds thereof.

        8.7.    The  Employee  declares  that the  terms and  conditions  of his
                employment  are  personal  and  confidential  and  will  not  be
                disclosed by him.

        8.8.    The  Employee  declares  that  he is  free to  enter  into  this
                Agreement  and  that he has no  obligations  of any  kind to any
                third  party  that would  impair  this  Agreement,  either as an
                employee or an  independent  contractor.  The  Employee  further
                declares  that as long as he remains an employee of the Company,
                he will not incur any such obligations.

        8.9.    The Employee agrees to keep  confidential (a) all  professional,
                scientific,  commercial,  and business information;  and (b) any
                other  information  or  document  that  comes to the  Employee's
                knowledge  in  connection   with  the  affairs  of  the  Company
                (collectively,  the "Confidential Information"),  and agrees not
                to use or exploit the Confidential Information or to disclose it
                to any third party where such use, exploitation or disclosure in
                not directly  related to the affairs of the Company,  unless the
                Company gives prior written  authorization  of such  disclosure.
                Nothing in the  foregoing  shall be  construed  to  prevent  the
                Employee  from  disclosing  or using any  information  which the
                Employee  can show by  written  documentation  was in the public
                domain or enters into the public domain  through no improper act
                on the  Employee's  part or on the part of any of the  Company's
                employees  or was in his  possession  prior to his  joining  the
                Company  or  disclosed  to the  Employee  after  he has left the
                Company on a non-confidential basis by a person authorized to do
                so. The Employee agrees  immediately to return all such material
                and  reproductions in his possession to the Company upon request
                and in any event upon termination of employment.

        8.10.   The Employees  agrees that during his  employment by the Company
                and thereafter he (a) will not disseminate or otherwise make use
                of  the   Confidential   Information  or  of  other   non-public
                information  of which he learned  while working for the Company,
                except where such  dissemination  or use is directly  related to
                the   affairs   of  the   Company;   (b)   will   maintain   the
                confidentiality  of the Confidential  Information;  and (c) will
                not in any way act to injure the  reputation  of the  Company or
                any of its affiliated companies.


                                     - 7 -
<PAGE>


        8.11.   The Employee understands and recognizes that his services to the
                Company are special and unique and agrees that,  during the term
                of this  Agreement,  and for a period of 12 months from the date
                of termination of his employment hereunder,  he shall not in any
                manner,  directly  or  indirectly,  on behalf of  himself or any
                person, firm, partnership,  joint venture,  corporation or other
                business entity ("Person"), enter into or engage in any business
                directly  competitive with the Company's business,  either as an
                individual for his own account, or as a partner, joint venturer,
                employee, agent, consultant,  salesperson,  officer, director or
                shareholder of a Person operating or intending to operate within
                the  area  that the  Company  is,  at the  date of  termination,
                conducting its business (the "Restricted Businesses"); provided,
                however,  that nothing  herein will  preclude the Employee  from
                holding  one percent  (1%) or less of the stock of any  publicly
                traded company or from holding a position with a Person who does
                not  engage  in  a  business   directly   competitive  with  the
                Restrictive  Businesses  so  long  as the  Employee  works  in a
                division of such Person  which  carries on a bona fide  business
                which  is  not   directly   competitive   with  the   Restricted
                Businesses.

        8.12.   For  a  period  of 12  months  after  the  termination  of  this
                Agreement,  the Employee  shall not interfere with or disrupt or
                attempt to disrupt the Company's business  relationship with any
                of its partners, customers or suppliers.

        8.13.   During the term of this Agreement, and for 12 months thereafter,
                the  Employee  shall not,  directly or  indirectly,  without the
                prior written consent of the Company:

                        (a) solicit or induce any employee of the Company or any
                affiliated  company  to leave the  employ of the  Company or any
                affiliated  company or hire for any purpose any  employee of the
                Company or any  affiliated  company or any employee who has left
                the employment of the Company or any  affiliated  company within
                six months of the termination of said employee's employment with
                the Company or any affiliated company; or

                        (b) solicit or accept  employment  or be retained by any
                party who, at any time during the term of this Agreement,  was a
                customer or supplier  of the Company or any  affiliated  company
                where  his  position  will be  related  to the  business  of the
                Company or any affiliated company; or

                        (c) solicit or accept the  business  of any  customer or
                supplier  of Keryx or any  Affiliate  with  respect to  products
                similar to those supplied by Keryx.


        8.14    In the  event  that the  Employee  breaches  any  provisions  of
                paragraphs  8.11,  8.12 and/or  8.13,  or there is a  threatened
                breach,  then, in addition to any other rights which the Company
                may have, the Company shall be entitled,  without the posting of
                a bond or other  security,  to injunctive  relief to enforce the
                restrictions  contained  herein.  In the  event  that an  actual
                proceeding is brought in equity to enforce these provisions, the
                Employee shall not argue


                                     - 8 -
<PAGE>


                as a defense  that there is an adequate  remedy at law nor shall
                the Company be prevented  from seeking any other  remedies  that
                may be available.

        8.15.   Upon  termination  of his  employment,  the  Employee  agrees to
                assist  the   Company   with  an  orderly   transition   of  his
                responsibilities  and to return to the  Company  any  documents,
                information  and/or  materials  that were  given to him or which
                were created by him in connection with his employment.

9.      Intellectual Property Rights

The  provisions  of Section 7 of the  agreement  executed  on August  __,  2001,
between the Employee and Keryx Biopharmaceuticals,  Inc. are hereby incorporated
by reference and shall govern the  intellectual  property rights and obligations
the Employee and the Company.

10.     Indemnification

The Company, or its parent company,  and the Employee shall execute an agreement
that provides for the  indemnification  of the Company's officers and directors.
In addition,  the Company, or its parent company,  shall maintain an appropriate
level of Directors and Officers Liability coverage, which coverage shall include
the Employee.

11.     General

        11.1.   It is agreed that the provisions of this Agreement represent the
                full scope of the agreement between the parties and that neither
                side  shall be bound by any  promises,  declarations,  exhibits,
                agreements  or  obligations,  oral  or  written,  that  are  not
                included in this Agreement  prior to its execution.  Any changes
                or amendments to this Agreement must be in writing and signed by
                both parties.

        11.2.   This   Agreement   shall  be  governed  by,  and  construed  and
                interpreted  under, the laws of the State of Israel. The parties
                agree that any legal claim lodged by one party against the other
                arising from the terms of this  Agreement  shall be  adjudicated
                only by the appropriate court in Jerusalem, Israel.

        11.3.   If any provision of this Agreement  shall be declared by a court
                of competent jurisdiction to be invalid, illegal or incapable of
                being enforced in whole or in part, the remaining conditions and
                provisions or portions thereof shall nevertheless remain in full
                force and  effect and  enforceable,  and no  provision  shall be
                deemed  dependent upon any other covenant or provision unless so
                expressed herein.

        11.4.   The  rights,   benefits,   duties  and  obligations  under  this
                Agreement shall inure to, and be binding upon, the Company,  its
                successors  and  assigns,  and upon the  Employee  and his legal
                representatives.  This Agreement  constitutes a personal service
                agreement,  and the  performance of the  Employee's  obligations
                hereunder may not be transferred or assigned by the Employee.


                                     - 9 -
<PAGE>


        11.5    The   failure  of  either   party  to  insist  upon  the  strict
                performance  of any of the terms,  conditions  and provisions of
                this   Agreement   shall  not  be   construed  as  a  waiver  or
                relinquishment of future compliance  therewith or with any other
                term, condition or provision hereof, and said terms,  conditions
                and provisions shall remain in full force and effect.  No waiver
                of any term or condition of this Agreement on the part of either
                party shall be effective or any purpose  whatsoever  unless such
                waiver is in writing and signed by such party.

        11.6    The headings of Sections are inserted for  convenience and shall
                not affect any interpretation of this Agreement.

12.     Notices

        12.1.   A  notice  that  is sent by  registered  mail to a party  at its
                address as set forth in paragraph 12.2,  below,  shall be deemed
                received  three (3) days  after  its  posting,  and the  receipt
                stamped by the post office shall represent  definitive  evidence
                of the date of mailing.

        12.2.   The addresses of the parties for the purposes of this  Agreement
                are:

                Keryx Biomedical Technologies Ltd.:

                Kiryat Mada 5
                Jerusalem 91236

                Employee:




IN WITNESS WHEREOF the parties have hereunto set their hands at the place and on
the date first above written.


Keryx Biomedical Technologies Ltd.
By

/s/ Ira Weinstein                         /s/ Rony Seger
------------------------------            ------------------------
    Chief Operating Officer                   Employee


                                     - 10 -