<PAGE>

                                                                   EXHIBIT 10.15

                                                                      *LOAN1000*

                            MASTER SECURITY AGREEMENT
                    dated as of August 20, 2003 (" Agreement")

         THIS AGREEMENT is between General Electric Capital Corporation
(together with its successors and assigns, if any, "Secured Party") and Barrier
Therapeutics, Inc. ("Debtor"). Secured Party has an office at 401 Meritt 7 Suite
23,Norwalk,CT 06851-1177. Debtor is a corporation organized and existing under
the laws of the state of Delaware ("the State"). Debtor's mailing address and
chief place of business is 600 College Road East, Plainsboro, NI 08540.

1.       CREATION OF SECURITY INTEREST.

         Debtor grants to Secured Party, its successors and assigns, a security
interest in and against all property listed on any collateral schedule now or in
the future annexed to or made a part of this Agreement ("Collateral Schedule"),
and in and against all additions, attachments, accessories and accessions to
such property, all substitutions, replacements or exchanges therefor, and all
insurrance and/or other proceeds thereof (all such property is individually and
collectively called the "Collateral"). This security interest is given to secure
the payment and performance of all debts, obligations and liabilities of any
kind whatsoever of Debtor to Secured Party, now existing or arising in the
future, including but not limited to the payment and performance of certain
Promissory Notes from time to time identified on any Collateral Schedule
(collectively "Notes" and each a "Note"), and any renewals, extensions and
modifications of such debts, obligations and liabilities (such Notes, debts,
obligations and liabilities are called the "Indebtedness").

2.       REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR.

         Debtor represents, warrants and covenants as of the date of this
Agreement and as of the date of each Collateral Schedule that:

         (a)      Debtor's exact legal name is as set forth in the preamble of
this Agreement and Debtor is, and will remain, duly organized, existing and in
good standing under the laws of the State set forth in the preamble of this
Agreement, has its chief executive offices at the location specified in the
preamble, and is, and will remain, duly qualified and licensed in every
jurisdiction wherever necessary to carry on its business and operations;

         (b)      Debtor has adequate power and capacity to enter into, and to
perform its obligations under this Agreement, each Note and any other documents
evidencing, or given in connection with, any of the Indebtedness (all of the
foregoing are called, the "Debt Documents");

         (c)      This Agreement and the other Debt Documents have been duly
authorized, executed and delivered by Debtor and constitute legal, valid and
binding agreements enforceable in accordance with their terms, except to the
extent that the enforcement of remedies may be limited under applicable
bankruptcy and insolvency laws;

         (d)      No approval, consent or withholding of objections is required
from any governmental authority or instrumentality with respect to the entry
into, or performance by Debtor of any of the Debt Documents, except any already
obtained;

         (e)      The entry into, and performance by, Debtor of the Debt
Documents will not (i) violate any of the organizational documents of Debtor or
any judgment, order, law or regulation applicable to Debtor, or (ii) result in
any breach of or constitute a default under any contract to which Debtor is a
party, or result in the creation of any lien, claim or encumbrance on any of
Debtor's property (except for liens in favor of Secured Party) pursuant to any
indenture, mortgage, deed of trust, bank loan, credit agreement, or other
agreement or instrument to which Debtor is a party;

         (f)      There are no suits or proceedings pending in court or before
any commission, board or other administrative agency against or affecting Debtor
which could, in the aggregate, have a material adverse effect on Debtor, its
business or operations, or its ability to perform its obligations under the Debt
Documents, nor does Debtor have reason to believe that any such suits or
proceedings are threatened;

         (g)      All financial statement delivered to Secured Party in
connection with the Indebtedness have been prepared in Accordance with generally
accepted accounting principles, and since the date of the most recent financial
statement, there  has been no material adverse change in Debtors financial
condition;

         (h)      The Collateral is not, and will not be, used by Debtor for
personal, family or household purposes;

         (i)      The Collateral is, and will remain, in good condition and
repair and Debtor will not be negligent in its care and use;

         (j)      Debtor is, and will remain, the sole and lawful owner, and in
possession of, the Collateral, and has the sole right and lawful authority to
grant the security interest described in this Agreement;

         (k)      The Collateral is, and will remain, free and clear of all
liens, claims and encumbrances of any kind whatsoever, except for (i) liens in
favor of Secured Party, (ii) liens for taxes not yet due or for taxes being
contested in good faith and which do not involve, in the judgment of Secured
Party, any risk of the sale, forfaiture or loss of any of the Collateral, and
(iii) inchoate materialmen's, mechanic's, repairmen's and similar liens arising
by operation of law in the normal course of business for amounts which are
not delinquent (all of such liens are called "Permitted Liens"); and

         (l)      Debtor is and will remain in full compliance with all laws and
regulations applicable to it including, without limitation, (i) ensuring that no
person who owns a controlling interest in or otherwise controls Debtor is or
shall be (Y) listed on the Specially Designated Nationals and Blocked Person
List maintained by the Office of Foreign Assets Control ("OFAC"), Department of
the Treasury, and/or any other similar lists maintained by OFAC pursuant to any
authorizing statute, Executive Order or regulation or (Z) a person designated
under Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23,
2001), any related enabling legislation or any other similar Executive Orders,
and (ii) compliance with all applicable Bank Secrecy Act ("BSA") laws,
regulations and government guidance on BSA compliance and on the prevention and
detection of money laundering violations.

3.     COLLATERAL.

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         (a) Until the declaration of any default, Debtor shall remain in
possession of the Collateral; except that Secured Party shall have the right to
possess (i) any chattel paper or instrument that constitutes a part of the
Collateral, and (ii) any other Collateral in which Secured Party's security
interest may be perfected only by possession. Secured Party may inspect any of
the Collateral during normal business hours after giving Debtor reasonable prior
notice. If Secured Party asks, Debtor will promptly notify Secured Party in
writing of the location of any Collateral.

         (b) Debtor shall (i) use the Collateral only in its trade or business,
(ii) maintain all of the Collateral in good operating order and repair, normal
wear and tear excepted, (iii) use and maintain the Collateral only in compliance
with manufacturers recommendations and all applicable laws, and (iv) keep all of
the Collateral free and clear of all liens, claims and encumbrances (except for
Permitted Liens).

         (c) Secured Party does not authorize and Debtor agrees it shall not (i)
part with possession of any of the Collateral (except to Secured Party or for
maintenance and repair), (ii) remove any of the Collateral from the continental
United States, or (iii) sell, rent, lease, mortgage, license, grant a security
interest in or otherwise transfer or encumber (except for Permitted Liens) any
of the Collateral.

         (d) Debtor shall pay promptly when due all taxes, license fees,
assessments and public and private charges levied or assessed on any of the
Collateral, on its use, or on this Agreement or any of the other Debt Documents.
At its option, Secured Party may discharge taxes, liens, security interests or
other encumbrances at any time levied or placed on the Collateral and may pay
for the maintenance, insurance and preservation of the Collateral and effect
compliance with the terms of this Agreement or any of the other Debt Documents.
Debtor agrees to reimburse Secured Party, on demand, all coats and expenses
incurred by Secured Party in connection with such payment or performance and
agrees that such reimbursement obligation shall constitute Indebtedness.

         (e) Debtor shall, at all times, keep accurate and complete records of
the Collateral, and Secured Party shall have the right to inspect and make
copies of all of Debtor's books and records relating to the Collateral during
normal business hours, after giving Debtor reasonable prior notice.

         (f) Debtor agrees and acknowledges that any third person who may at any
time possess all or any portion of the Collateral shall be deemed to hold, and
shall hold, the Collateral as the agent of, and as pledge holder for, Secured
Party. Secured Party may at any time give notice to any third person described
in the proceeding sentence that such third person is holding the Collateral as
the agent of, and as pledge holder for, the Secured Party.

4.       INSURANCE.

         (a) Debtor shall at all times bear the entire risk of any loss, theft,
damage to, or destruction of, any of the Collateral from any cause whatsoever.

         (b) Debtor agrees to keep the Collateral insured against loss or damage
by fire and extended coverage perils, theft, burglary, and for any or all
Collateral which are vehicles, for risk of loss by collision, and if requested
by Secured Party, against such other risks as Secured Party may reasonably
require. The insurance coverage shall be in an amount no less than the full
replacement value of the Collateral, and deductible amounts, insurers and
policies shall be acceptable to Secured Party. Debtor shall deliver to Secured
Party policies or certificates of insurance evidencing such coverage. Each
policy shall name Secured Party as a loss payee, shall provide for coverage to
Secured Party regardless of the breach by Debtor of any warranty or
representation made therein, shall not be subject to co-insurance, and shall
provide that coverage may not be canceled or altered by the insurer except upon
thirty (30) days prior written notice to Secured Party. Debtor appoints Secured
Party as its attorney-in-fact to make proof of loss, claim for insurance and
adjustments with insurers, and to receive payment of and execute or endorse all
documents, checks or drafts in connection with insurance payments. Secured Party
shall not act as Debtor's attorney-in-fact unless Debtor is in default. Proceeds
of insurance shall be applied, at the option of Secured Party, to repair or
replace the Collateral or to reduce any of the Indebtedness.

5.       REPORTS.

         (a) Debtor shall promptly notify Secured Party of (i) any change in the
name of Debtor, (ii) any change in the state of its incorporation or
registration, (iii) any relocation of its chief executive offices, (iv) any
relocation of any of the Collateral, (v) any of the Collateral being lost,
stolen, missing, destroyed, materially damaged or worn out, or (vi) any lien,
claim or encumbrance other than Permitted Liens attaching to or being made
against any of the Collateral.

         (b) Debtor will deliver to Secured Party Debtor's complete financial
statements, certified by a recognised firm of certified public accountants,
within ninety (90) days of the close of each fiscal year of Debtor. If Secured
Party requests, Debtor will deliver to Secured Party copies of Debtor's
quarterly financial reports certified by Debtor's chief financial officer,
within ninety (90) days after the close of each of Debtor's fiscal quarter.
Debtor will deliver to Secured Party copies of all Forms 10-K and 10-Q, if any,
within 30 days after the dates on which they are filed with the Securities and
Exchange Commission.

6.       FURTHER ASSURANCES.

         (a) Debtor shall, upon request of Secured Party, furnish to Secured
Party such further information, execute and deliver to Secured Party such
documents and instruments (including, without limitation, Uniform Commercial
Code financing statements) and shall do such other acts and things as Secured
Party may at any time reasonably request relating to the perfection or
protection of the security interest created by this Agreement or for the purpose
of carrying out the intent of this Agreement. Without limiting the foregoing,
Debtor shall co-operate and do all acts deemed necessary or advisable by Secured
Party to continue in Secured Party a perfected first security interest in the
Collateral, and shall obtain and furnish to Secured Party any subordinations,
releases, landlord waivers, lessor waivers, mortgagee waivers, or control
agreements, and similar documents as may be from time to time requested by, and
in form and substance satisfactory to, Secured Party.

         (b) Debtor authorizes Secured Party to file a financing statement and
amendments thereto describing the Collateral and containing any other
information required by the applicable Uniform Commercial Code. Debtor
irrevocably grants to Secured Party the power to sign Debtor's name and
generally to act on behalf of Debtor to execute and file applications for title,
transfers of title, financing statements, notices of lien and other documents
pertaining to any or all of the Collateral; this power is coupled with Secured
Party's interest in the Collateral. Debtor shall, if any certificate of title be
required or permitted by law for any of the Collateral, obtain and promptly
deliver to Secured Party such certificate showing the lien of this Agreement
with respect to the Collateral. Debtor notifies its prior authorization for
Secured Party to file financing statements and amendments thereto describing the
Collateral and containing any other information required by the Uniform
Commercial Code if filed prior the date hereof.

         (c) Debtor shall indemnify and defend the Secured Party, its successors
and assigns, and their respective directors, officers and employees, from and
against all claims, actions and suits (including, without limitation, related
attorneys' fees) of any kind whatsoever arising, directly or indirectly, in
connection with any of the Collateral.
<PAGE>

7.       DEFAULT AND REMEDIES.

         (a)      Debtor shall be to default under this Agreement and each of
the other Debt Documents if:

                  (i)      Debtor breaches its obligation to pay when due any
installment or other amount due or coming due under any of the Debt Documents;

                  (ii)     Debtor, without the prior written consent of Secured
Party, attempts to or does sell, rent, lease, license, mortgage, grant a
security interest in, or otherwise transfer or encumber (except for Permitted
Liens) any of the Collateral;

                  (iii)    Debtor breaches any of its insurance obligations
under Section 4;

                  (iv)     Debtor breaches any of its other obligations under
any of the Debt Documents and fails to cure that breach within thirty (30) days
after written notice from Secured Party,

                  (v)      Any warranty, representation or statement made by
Debtor in any of the Debt Documents or otherwise in connection with any of the
Indebtedness shall be false or misleading in any material respect.

                  (vi)     Any of the Collateral a subjected to attachment,
execution, levy, seizure or confiscation in any legal proceeding or otherwise,
or if any legal or administrative proceeding is commenced against Debtor or any
of the Collateral, which in the good faith judgment of Secured Party subjects
any of the Collateral to a material risk of attachment, execution, levy, seizure
or confiscation and no bond a posted or protective order obtained to negate such
risk.

                  (vii)    Debtor breaches or is in default under any other
agreement between Debtor and Secured Party;

                  (viii)   Debtor or my guarantor or other obligor far any of
the Indebtedness (collectively "GUARANTOR") dissolves, terminates its existence,
becomes insolvent or ceases to do business as a going concern;

                  (ix)     If Debtor or any Guarantor is a natural person,
Debtor or any such Guarantor dies or becomes incompetent;

                  (x)      A receiver is appointed for all or of any put of the
property of Debtor or any Guarantor, or Debtor or any Guarantor makes any
assignment for the benefit of creditors;

                  (xi)     Debtor or any Guarantor files a petition under any
bankruptcy, insolvency or similar law, or any such petition is filed against
Debtor or any Guarantor and is not dismissed within forty-five (45) days;

                  (xii)    Debtor's improper filing of an amendment or
termination statement relating to a filed financing statement describing the
Collateral: or

                  (xiii)   Debtor defaults under any other material Obligation
for (A) borrowed money, (B) the deferred purchase price of property or (C)
payments due under any lease agreement.

         (b)      If Debtor it in default, the Secured Party, at its option, may
declare any or all of the Indebtedness to be immediately due and payable,
without demand or notice to Debtor or any Guarantor. The accelerated obligations
and liabilities shall bear interest (both before and after any judgment) until
paid in full at the lower eighteen percent(18%) per annum or the maximum rate
not prohibited by applicable law.

         (c)      After default, Secured Party shall have all of the rights and
remedies of a Secured Party under the Uniform Commercial Code, and under any
other applicable law. Without limiting the foregoing. Secured Party Shall have
the right to (i) notify any account debtor of Debtor or any obligor on any
instrument which constitutes part of the Collateral to make payment to the
Secured Party, (ii) with or without legal process, enter any premises where the
Collateral may be and take possession of and remove the Collateral from the
premises or store it on the premises, (iii) sell the Collateral at public or
private sale, in whole or in part, and have the right to bid and purchase at
said sale, or (iv) lease or otherwise dispose of all or part of the Collateral,
applying proceeds from such disposition to the obligations then in default. If
requested by Secured Party, Debtor shall promptly assemble the Collateral and
make it available to Secured Party at a place to be designated by Secured Party
which is reasonably convenient to both parties. Secured Party may also render
any or all of the Collateral unusable at the Debtor's premises and may dispose
of such Collateral on such premises without liability for rent or costs. Any
notice that Secured Party is required to give to Debtor under the Uniform
Commercial Code of the time and place of any public sale or the time after which
any private sale or other intended disposition of the Collateral is to be made
shall be deemed to constitute reasonable notice if such notice is given to the
last known address of Debtor at least five (5) days prior to such action.

         (d)      Proceeds from any sale or lease or other disposition shall be
applied; first, to all costs of repossession, storage, and disposition including
without limitation attorneys', appraisers', and auctioneers fees; second, to
discharge the obligations then in default; third, to discharge any other
Indebtedness of Debtor to Secured Party, whether as obligor, endorser,
guarantor, surety or indemnitor, fourth, to expenses incurred in paying or
settling Hens and claims against the Collateral; and lastly, to Debtor, if there
exists any surplus. Debtor shall remain fully liable for any deficiency.

         (e)      Debtor agrees to pay all reasonable attorneys' fees and other
costs incurred by Secured Party in connection with the enforcement, assertion,
defense or preservation of Secured Party's rights and remedies under this
Agreement, or if prohibited by law, such lesser sum as may be permitted. Debtor
further agrees that such fees and costs shall constitute Indebtedness.

         (f)      Secured Party's rights and remedies under this Agreement or
otherwise arising are cumulative and may be exercised singularly or
concurrently. Neither the failure nor any delay on the part of the Secured Party
to exercise any right, power or privilege under this Agreement shall operate as
a waiver, nor shall any single or partial excercise of any right, power or
privilege preclude any other or further exercise of that or any other right,
power or privilege. SECURED PARTY SHALL NOT BE DEEMED TO HAVE WAIVED ANY OF ITS
RIGHTS UNDER THIS AGREEMENT OR UNDER ANY OTHER AGREEMENT. INSTRUMENT OR PAPER
SIGNED BY DEBTOR UNLESS SUCH WAIVER IS EXPRESSED IN WRITING AND SIGNED BY
SECURED PARTY. A waiver on any one occasion shall not be construed as a bar to
or waiver of any right or remedy on any future occasion.

         (g)      DEBTOR AND SECURED PARTY UNCONDITIONALLY WAIVE THEIR RIGHTS TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT, ANY OF THE OTHER DEBT DOCUMENTS, ANY OF THE INDEBTEDNESS SECURED
HEREBY. ANY DEALINGS BETWEEN DEBTOR AND SECURED PARTY RELATING TO THE SUBJECT
MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP
THAT IS BEING ESTABLISHED BETWEEN DEBTOR AND SECURED PARTY. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
<PAGE>

FILED IN ANY COURT. THIS WAIVER IS IRREVOCABLE. THIS WAIVER MAY NOT BE MODIFIED
EITHER ORALLY OR IN WRITING. THE WAIVER ALSO SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, ANY OTHER
DEBT DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS
TRANSACTION OR ANY RELATED TRANSACTION. THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

8.       MISCELLANEOUS.

         (a)      This Agreement, any Note and/or any of the other Debt
Documents may be assigned, in whole or in part, by Secured Party without notice
to Debtor, and Debtor agrees not to assert against any such assignee, or
assignee's assigns, any defense, set-off, recoupment claim or counterclaim which
Debtor has or may at any time have against Secured Party for any reason
whatsoever. Debtor agrees that if Debtor receives written notice of [ILLEGIBLE]
assignment from Secured Party. Debtor will pay all amounts payable under any
assigned Debt Documents to such assignee or as instructed by Secured Party.
Debtor also agrees to confirm in writing receipt of the notice of assignment as
may be reasonably requested by Secured Party or assignee.

         (b)      All notices to be given in connection with this Agreement
shall be in writing, shall be addressed to the parties at their respective
addresses set forth in this Agreement (unless and until a different address may
be specified in a written notice to the other party), and shall be deemed given
(i) on the date of receipt if delivered in hand or by facsimile transmission,
(ii) on the next business day after being sent by express mail, and (iii) on the
fourth business day after being sent by regular, registered or certified mail.
As used herein, the term "business day" shall mean and include any day other
than Saturdays, Sundays, or other days on which commercial banks in New York,
New York are required or authorized to be closed.

         (c)      Secured Party may correct patent errors and fill in all blanks
in this Agreement or in any Collateral Schedule consistent with the agreement of
the parties.

         (d)      Time is of the essence of this Agreement. This Agreement shall
be binding, jointly and severally, upon all parties described as the "Debtor"
and their respective heirs, executors, representatives, successors and assigns,
and shall inure to the benefit of Secured Party, its successors and assigns.

         (e)      This Agreement and its Collateral Schedules constitute the
entire agreement between the parties with respect to the subject matter of this
Agreement and supersede all prior understandings (whether written, verbal or
implied) with respect to such subject matter. THIS AGREEMENT AND ITS COLLATERAL
SCHEDULES SHALL NOT BE CHANGED OR TERMINATED ORALLY OR BY COURSE OF CONDUCT. BUT
ONLY BY A WRITING SIGNED BY BOTH PARTIES. Section headings contained in this
Agreement have been included for convenience only, and shall not affect the
construction or interpretation of this Agreement.

         (f)      This Agreement shall continue in full force and effect until
all of the Indebtedness has been indefeasibly paid in full to Secured Party or
its assignee. The surrender, upon payment or otherwise, of any Note or any of
the other documents evidencing any of the Indebtedness shall not affect the
right of Secured Party to retain the Collateral for such other Indebtedness as
may then exist or as it may be reasonably contemplated will exist in the future.
This Agreement shall automatically be reinstated if Secured Party is ever
required to return or restore the payment of all or any portion of the
Indebtedness (all as though such payment had never been made).

         (g)      THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH,
THE INTERNAL LAWS OF THE STATE OF CONNECTICUT (WITHOUT REGARD TO THE CONFLICT OF
LAWS PRINCIPLES OF SUCH STATE), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE COLLATERAL.

         IN WITNESS WHEREOF, Debtor and Secured Party, intending to be legally
bound hereby, have duly executed this Agreement in one or more counterparts,
each of which shall be deemed to be an original, as of the day and year first
aforesaid.

SECURED PARTY:                                  DEBTOR:

GENERAL ELECTRIC CAPITAL CORPORATION            BARRIER THERAPEUTICS, INC.

By:     /s/ Diane Hernandez                     By:   /s/ ANNE VANLENT
        ----------------------------                  --------------------------
Name:   DIANE HERNANDEZ                         Name: ANNE VANLENT
Title:  Vice President                          Title: EVP CFO

<PAGE>

                                    AMENDMENT

         THIS AMENDMENT is made as of the 3 day of September, 2003, between
General Electric Capital Corporation ("Secured Party") and Barrier Therapeutics,
Inc. ("Debtor") in connection with that certain Master Security Agreement, dated
as of August 20, 2003 ("Agreement"). The terms of this Amendment are hereby
incorporated into the Agreement as though fully set forth therein. Section
references below refer to the section numbers of the Agreement. The Agreement is
hereby amended as follows:

         5.       REPORTS.

         Subsection (b) is hereby amended with the following:

         "(b) Debtor will deliver to Secured Party financial statements as
         follows. If Debtor is a privately held company, then Debtor agrees to
         provide monthly financial statements, certified by Debtor's president
         or chief financial officer including a balance sheet, statement of
         operations and cash flow statement within 30 days of each month end and
         its complete audited annual financial statements, certified by a
         recognized firm of certified public accountants, within 120 days of
         fiscal year end or at such time as Debtor's Board of Directors receives
         the audit. If Debtor is a publicly held company, then Debtor agrees to
         provide quarterly unaudited statements and annual audited statements,
         certified by a recognized firm of certified public accountants, within
         10 days after the statements are provided to the Securities and
         Exchange Commission ("SEC"). All such statements are to be prepared
         using generally accepted accounting principles ("GAAP") and, if Debtor
         is a publicly held company, are to be in compliance with SEC
         requirements."

         7.       DEFAULT AND REMEDIES.

         Subsection (a) is hereby amended with the following:

         "(a) Debtor shall be in default under this Agreement and each of the
         other Debt Documents if:

         (i) Debtor breaches its obligation to pay when due any installment or
         other amount due or coming due under any of the Debt Documents;

         (ii) Debtor, without the prior written consent of Secured Party,
         attempts to or does sell, rent, lease, license, mortgage, grant a
         security interest in, or otherwise transfer or encumber (except for
         Permitted Liens) any of the Collateral;

         (iii) Debtor breaches any of its insurance obligations under Section 4;

         (iv) Debtor breaches any of its other obligations under any of the Debt
         Documents and fails to cure that breach within thirty (30) days after
         written notice from Secured Party;

         (v) Any warranty, representation or statement made by Debtor in any of
         the Debt Documents or otherwise in connection with any of the
         Indebtedness shall be false or misleading in any material respect;

         (vi) Any of the Collateral is subjected to attachment, execution, levy,
         seizure or confiscation in any legal proceeding or otherwise, or if any
         legal or administrative proceeding is

<PAGE>

         commenced against Debtor or any of the Collateral, which in the good
         faith judgment of Secured Party subjects any of the Collateral to a
         material risk of attachment, execution, levy, seizure or confiscation
         and no bond is posted or protective order obtained to negate such risk;

         (vii) Debtor breaches or is in default under any other agreement
         between Debtor and Secured Party;

         (viii) Debtor or any guarantor or other obligor for any of the
         Indebtedness (collectively "GUARANTOR") dissolves, terminates its
         existence, becomes insolvent or ceases to do business as a going
         concern;

         (ix) If Debtor or any Guarantor is a natural person, Debtor or any such
         Guarantor dies or becomes incompetent;

         (x) A receiver is appointed for all or of any part of the property of
         Debtor or any Guarantor, or Debtor or any Guarantor makes any
         assignment for the benefit of creditors;

         (xi) Debtor or any Guarantor files a petition under any bankruptcy,
         insolvency or similar law, or any such petition is filed against Debtor
         or any Guarantor and is not dismissed within forty-five (45) days;

         (xii) Debtor's improper filing of an amendment or termination statement
         relating to a filed financing statement describing the Collateral; or

         (xiii) Debtor defaults under any other material obligation for (A)
         borrowed money, (B) the deferred purchase price of property or (C)
         payments due under any lease agreement.

         (xiv) At any time during the term of this Agreement Debtor sells more
         than 50% of its interest in the company to another corporation or
         business or all or substantially all of its assets without Secured
         Party's prior written consent, such consent not to be unreasonably
         withheld by Secured Party.

         (xv) There is a material adverse change in the Debtor's financial
         condition as determined solely by Secured Party."

         TERMS USED, BUT NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS
GIVEN TO THEM IN THE AGREEMENT. EXCEPT AS EXPRESSLY AMENDED HEREBY, THE
AGREEMENT SHALL REMAIN IN FULL FORCE AND EFFECT. IF THERE IS ANY CONFLICT
BETWEEN THE PROVISIONS OF THE AGREEMENT AND THIS AMENDMENT, THEN THIS AMENDMENT
SHALL CONTROL.

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment
simultaneously with the Agreement by signature of their respective authorized
representative set forth below.

GENERAL ELECTRIC CAPITAL CORPORATION          BARRIER THERAPEUTICS, INC.

By: /s/ Diane Hernandez                       By: /s/ Anne M. Vanlent
   ------------------------                      -----------------------
Name: Diane Hernandez                         Name: ANNE M. VANLENT
Title: Vice President                         Title: EVP & CFO

<PAGE>

                          EQUIPMENT CONCENTRATION RIDER

         BARRIER THERAPEUTICS, INC. ("Customer"), on or before July 31, 2004,
         shall cause the composition and mix of Equipment financed after August
         20, 2003 under the Master Security Agreement dated as of August 20,
         2003 between Customer and General Electric Capital Corporation to
         conform to and meet the following concentration requirements
         (hereinafter "Concentration Requirements") for each class of Equipment
         (hereinafter "Equipment Class") as identified and set forth below.
         Customer herein represents and warrants that it shall maintain each
         such Equipment Class and its respective Concentration Requirement from
         and after such above referenced date and continuing thereafter to the
         end of the term:

         EQUIPMENT CLASS                               CONCENTRATION REQUIREMENT

         Computers, networking equipment,
         Lab and office furniture, hoods, Safes,
         & similar:                                    Maximum of 80%

         Soft costs (leaseholds, software,             Maximum of 20%
         & similar):

Accepted and Agreed:

BARRIER THERAPEUTICS, INC.

By: /s/ Anne M. Vanlent
   -------------------------
Title: EVP & CFO
Date: September 3, 2003