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                                                                  Exhibit 10.12

                              EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into as of this 4th day
of January, 2005 (the "Effective Date"), by and between Samir Patel
("Executive") and Eyetech Pharmaceuticals, Inc., a Delaware corporation (the
"Company").

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

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

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

1.    Employment By The Company.

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

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

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

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

2.    Compensation.

      2.1   Salary. Executive shall receive, for services to be rendered under
            this Agreement, a base salary ("Base Salary") at the annualized rate
            of $225,000.00, less
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            applicable federal and state withholdings. Such Base Salary shall
            commence as of the Effective Date, and shall be payable in
            installments consistent with the Company's regular payroll
            practices. Executive's Base Salary shall be reviewed at least
            annually by the Board, and in the Board's sole discretion, may be
            adjusted at any time upon thirty (30) days written notice to the
            Executive.

      2.2   Termination.

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

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


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                  to act in accordance with any lawful and proper direction or
                  order of the Board; (X) Executive willfully and habitually
                  neglects the duties of his employment; (Y) Executive violates
                  Sections 3, 4 or 5 of this Agreement; or (Z) Executive is
                  convicted of a felony crime involving moral turpitude;
                  provided, however, that in the event that any of the foregoing
                  events under clauses (V), (W), (X) or (Y) above is capable of
                  being cured, the Company shall provide written notice to
                  Executive describing the nature of such event and Executive
                  shall thereafter have ten (10) business days to cure such
                  event.

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

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

                  (i)   The acquisition by an individual, entity or group
                        (within the meaning of Section 13(d)(3) or 14(d)(2) of
                        the Exchange Act) (a "Person") of beneficial ownership
                        of any capital stock of the Company if, after such
                        acquisition, such Person beneficially owns (within the
                        meaning of Rule 13d-3 promulgated under the Exchange
                        Act) 50% or more of either (x) the then-outstanding
                        shares of common stock of the Company (the "Outstanding
                        Company Common Stock") or (y) the combined voting power
                        of the then-outstanding securities of the Company
                        entitled to vote generally in the election of directors
                        (the "Outstanding Company Voting Securities"); provided,
                        however, that for purposes of this


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                        subsection (i), the following acquisitions shall not
                        constitute a Change in Control Event: (A) any
                        acquisition directly from the Company (excluding an
                        acquisition pursuant to the exercise, conversion or
                        exchange of any security exercisable for, convertible
                        into or exchangeable for common stock or voting
                        securities of the Company, unless the Person exercising,
                        converting or exchanging such security acquired such
                        security directly from the Company or an underwriter or
                        agent of the Company), (B) any acquisition by any
                        employee benefit plan (or related trust) sponsored or
                        maintained by the Company or any corporation controlled
                        by the Company, or (C) any acquisition by any
                        corporation pursuant to a Business Combination (as
                        defined below) which complies with clauses (x) and (y)
                        of subsection (iii) of this definition; or

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

                  (iii) The consummation of a merger, consolidation,
                        reorganization, recapitalization or share exchange
                        involving the Company or a sale or other disposition of
                        all or substantially all of the assets of the Company (a
                        "Business Combination"), unless, immediately following
                        such Business Combination, each of the following two
                        conditions is satisfied: (x) all or substantially all of
                        the individuals and entities who were the beneficial
                        owners of the Outstanding Company Common Stock and
                        Outstanding Company Voting Securities immediately prior
                        to such Business Combination beneficially own, directly
                        or indirectly, more than 50% of the then-outstanding
                        shares of common stock and the combined voting power of
                        the then-outstanding securities entitled to vote
                        generally in the election of directors, respectively, of
                        the resulting or acquiring corporation or other form of
                        entity in such Business Combination (which shall
                        include, without limitation, a corporation which as a
                        result of such transaction owns the Company or
                        substantially all of the Company's assets either
                        directly or through one or more subsidiaries) (such
                        resulting or acquiring corporation or entity is referred
                        to herein as the "Acquiring Corporation") in
                        substantially the same proportions as


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                        their ownership of the Outstanding Company Common Stock
                        and Outstanding Company Voting Securities, respectively,
                        immediately prior to such Business Combination and (y)
                        no Person (excluding the Acquiring Corporation or any
                        employee benefit plan (or related trust) maintained or
                        sponsored by the Company or by the Acquiring
                        Corporation) beneficially owns, directly or indirectly,
                        30% or more of the then-outstanding shares of common
                        stock of the Acquiring Corporation, or of the combined
                        voting power of the then-outstanding securities of such
                        corporation entitled to vote generally in the election
                        of directors (except to the extent that such ownership
                        existed prior to the Business Combination).

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

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

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

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

            (c)   For purposes of this Agreement, the term "Equity Rights" shall
                  mean only those equity rights, including but not limited to,
                  stock options and restricted shares, which were granted to the
                  Executive on or after December 9, 2004. Accordingly, Equity
                  Rights which have been granted to the Executive before
                  December 9, 2004 are unaffected by this Amendment.

      2.4   Golden Parachute Taxes. Notwithstanding anything contained in this
            Agreement to the contrary, to the extent that payments and benefits
            provided under this Agreement to Executive and benefits provided to,
            or for the benefit of, Executive under any other Company plan or
            agreement (such payments or benefits are collectively referred to as
            the "Payments") would be subject to the excise tax (the


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            "Excise Tax") imposed under Section 4999 of the Internal Revenue
            Code of 1986, as amended (the "Code"), the Payments shall be reduced
            (but not below zero) to the extent necessary so that no Payment to
            be made or benefit to be provided to the Executive shall be subject
            to the Excise Tax, but only if, by reason of such reduction, the net
            after-tax benefit received by Executive shall exceed the net
            after-tax benefit received by him if no such reduction was made. For
            purposes of this Section 2.4, "net after-tax benefit" shall mean (a)
            the Payments which Executive receives or is then entitled to receive
            from the Company that would constitute "parachute payments" within
            the meaning of Section 280G of the Code, less (b) the amount of all
            federal, state and local income taxes payable with respect to the
            foregoing calculated at the maximum marginal income tax rate for
            each year in which the foregoing shall be paid Executive (based on
            the rate in effect for such year as set forth in the Code as in
            effect at the time of the first payment of the foregoing), less (c)
            the amount of excise taxes imposed with respect to the payments and
            benefits described in (a) above by Section 4999 of the Code. The
            foregoing determination will be made by a nationally recognized
            accounting firm (the "Accounting Firm") selected by the Company
            (which may be, but will not be required to be, the Company's
            independent auditors). The Company will direct the Accounting Firm
            to submit its determination and detailed supporting calculations to
            both the Executive and the Company within fifteen (15) days after
            the date of termination of his employment. If the Accounting Firm
            determines that such reduction is required by this Section 2.4, the
            Executive, in his sole and absolute discretion, may determine which
            Payments shall be reduced to the extent necessary so that no portion
            thereof shall be subject to the excise tax imposed by Section 4999
            of the Code, and the Company shall pay such reduced amount to him.
            The fees and expenses of the Accounting Firm for its services in
            connection with the determinations and calculations contemplated by
            this Section 2.4 will be borne by the Company.

      2.5   Discretionary Incentive Compensation. Executive will be eligible to
            participate in any discretionary incentive compensation programs
            that the Company establishes and makes available to executives, in
            its sole discretion, from time to time. Executive's discretionary
            compensation target bonus, which shall be granted at the discretion
            of the Board, will be 50% of his then current annual base salary. As
            this bonus is discretionary, any failure by the Board to provide
            compensation under this section shall not give rise to any claim by
            the Executive for unpaid compensation.

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

      2.7   Standard Company Benefits. Executive shall be entitled to
            participate in any benefit programs which may be in effect from time
            to time and provided by the Company to its employees generally
            and/or to its management and executive


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            employees in particular, provided that Executive is eligible to
            participate under the terms and conditions of any such benefits
            plans.

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

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

3.    Confidential Information Obligations and Conflicts.

      3.1   Executive agrees that all information and know-how, whether or not
            in writing, of a private, secret or confidential nature concerning
            the Company's business or financial affairs (collectively,
            "Proprietary Information") is and shall be the exclusive property of
            the Company. By way of illustration, but not limitation, Proprietary
            Information may include inventions, products, processes, methods,
            techniques, formulas, compositions, compounds, projects,
            developments, plans, research data, clinical data, financial data,
            personnel data, computer programs, and customer and supplier lists.
            Executive will not disclose any Proprietary Information to others
            outside the Company or use the same for any unauthorized purposes
            without written approval by an officer of the Company, either during
            or after his employment, unless and until such Proprietary
            Information has become public knowledge without fault by the
            Executive.

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

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

      3.4   During Executive's employment, Executive agrees not to acquire,
            assume, or participate in (directly or indirectly) any position,
            investment or interest known by him to be adverse or antagonistic to
            the Company, its business, or its prospects, financial or otherwise
            or which may otherwise create a conflict in Executive's


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            interests. Nothing in this paragraph shall bar Executive from owning
            securities of any competitor corporation as a passive investor after
            the termination of his employment, so long as his aggregate direct
            holdings in any one such corporation shall not constitute more than
            one percent (1%) of the voting stock of that corporation.

4.    Developments.

      4.1   Executive will make full and prompt disclosure to the Company of all
            inventions, improvements, discoveries, methods, developments,
            software, and works of authorship, whether patentable or not, which
            are created, made, conceived or reduced to practice by the Executive
            or under his direction or jointly with others during his employment
            by the Company, whether or not during normal working hours or on the
            premises of the Company (all of which are collectively referred to
            in this Agreement as "Developments").

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

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

5.    General Provisions.

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


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

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

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

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

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

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

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

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


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

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

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

      5.13  No Duty to Seek Employment. Executive and the Company acknowledge
            and agree that nothing contained in this Agreement shall be
            construed as requiring Executive to seek or accept alternative or
            replacement employment in the event of his termination of employment
            by the Company for any reason, and no payment or benefit payable
            hereunder shall be conditioned on Executive's seeking or accepting
            such alternative or replacement employment.

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

                                               EYETECH PHARMACEUTICALS, INC.



                                               By: /s/ David R. Guyer
                                                   ------------------
                                               Name: David R. Guyer
                                               Title: Chief Executive Officer


                                               /s/ Samir Patel
                                               ---------------
                                               SAMIR PATEL


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