<PAGE>



                                                                   Exhibit 10.11

                    SECOND AMENDED CREDIT FACILITY AGREEMENT


         This second Amended Credit Agreement is dated for reference February
27, 2002 and made among MFC MERCHANT BANK S.A., a bank organized under the laws
of Switzerland ("Merchant Bank" or the "Lender") and MYMETICS CORPORATION (f/k/a
Ichor Corporation, a corporation organized under the laws of the State of
Delaware, as a successor in interest hereunder by assignment and assumption to
Hippocampe) (the "Borrower").

         WHEREAS Merchant Bank and the Borrower entered into that certain Credit
Facility Agreement dated July 27, 2000 (the "Credit Agreement");

         WHEREAS on December 29, 2000, all the rights and obligations under the
Credit Agreement were assigned to and assumed by Ichor Corporation;

         WHEREAS Ichor Corporation changed its name to Mymetics Corporation on
July 23, 2001;

         WHEREAS Merchant Bank and the Borrower entered into an Amended Credit
Facility Agreement dated August 13, 2001 (the "First Amended Credit Agreement")
in order to extend the Maturity Date of the Credit Agreement to February 28,
2002;

         WHEREAS on December 27, 2001 the Borrower prepaid Euro 747,300 of the
outstanding aggregate principal amount of the Advances made to the Borrower
under the Credit Agreement; and

         WHEREAS Merchant Bank and the Borrower have agreed to further extend
the Maturity Date of the Credit Agreement to August 31 2002 and the Borrower has
agreed to provide additional security to Merchant Bank in consideration
therefor.

         NOW THEREFORE, in consideration of the premises and the covenants
contained herein the parties hereto agree as follows:

         1.       DEFINITIONS. Capitalized terms not otherwise defined herein
                  shall have the meanings ascribed to such terms in the Credit
                  Agreement.

         2.       EXTENSION OF MATURITY DATE. Section 2.1 of the Credit
                  Agreement shall be amendment in its entirety by deleting such
                  section and replacing the same with the following:

         SECTION 2.1. CREDIT FACILITY. The Lender shall make available to the
Borrower in accordance with, and subject to the terms and the conditions of this
Agreement, until August 31, 2002 (the "Maturity Date"), a revolving term
facility in the principal amount of up to Euro 1,300,000 (the "Credit Facility")
and made available to the Borrower by way of Advances in accordance with Section
2.2 hereof. The Maturity Date may be extended for an additional term of up to
six months at the option of the Lender, which option is exercisable in the
Lender's sole discretion.




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         3.       REPLACEMENT OF SCHEDULE A. Schedule A to the Credit Agreement
                  shall be amended in its entirety by deleting such schedule and
                  replacing the same with Schedule A attached hereto.

         4.       CONTINUED PERFECTION AND AGREED RELEASE OF SECURITY. The
                  Borrower shall take such action and execute and deliver to the
                  Lender such agreements, conveyances, deeds and other documents
                  and instruments as the Lender shall reasonably request for the
                  purpose of establishing, perfecting, preserving and protecting
                  the Security and any additional security given to the Lender
                  to secure the Obligations, in each case forthwith upon request
                  therefor by the Lender and in form and substance reasonably
                  satisfactory to the Lender.

         5.       FULL FORCE AND EFFECT. All the other provisions of the Credit
                  Agreement shall continue in full force and effect and shall
                  not be modified hereby.

         6.       GOVERNING LAW. This Second Amended Credit Agreement shall be
                  construed, performed and enforced in accordance with, and
                  governed by, the internal laws of Switzerland, without giving
                  effect to the principles of conflict of law thereof.

         7.       CONSENT TO JURISDICTION.

                  (1)      Each of the parties hereby irrevocably affords to the
                           non-exclusive jurisdiction of the Courts of Geneva
                           (Switzerland) in any action or proceeding arising out
                           of ore relating to this Second Amended Credit
                           Agreement. The Borrower agrees that a final judgment
                           in any such action or proceeding shall be conclusive
                           and may be enforced in other jurisdictions by suit on
                           the judgment or in any other manner provided by Law.

                  (2)      Nothing in this Section 7 shall affect the right of
                           the Lender to serve legal process in any other manner
                           permitted by Law or affect the right of the Lender to
                           bring any action or proceeding against the Borrower
                           or its property in the courts or other jurisdictions.

         8.       ENGLISH VERSION. The parties hereby represent, warrant,
                  acknowledge and agree that: (i) they have agreed that this
                  Second Amended Credit Agreement be drawn upon in the English
                  language; and (ii) the English version of this Second Amended
                  Credit Agreement shall govern for all purposes.

         9.       SEVERABILITY. If one or more provisions of this Second Amended
                  Credit Agreement be or become invalid, or unenforceable in
                  whole or in part in any jurisdiction, the validity of the
                  remaining provisions of this Second Amended Credit Agreement
                  shall not be affected. The parties hereto undertake to replace
                  any such invalid provision without delay with a valid
                  provision which as nearly as possible duplicates the corporate
                  intent of the invalid provision.

                                      -2-
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         10.      SUCCESSORS AND ASSIGNS. This Second Amended Credit Agreement
                  shall be binding upon and shall inure to the benefit of the
                  parties hereto and their respective successors, heirs,
                  executors, administrators, legal representatives and assigns.

         11.      COUNTERPARTS. This Second Amended Credit Agreement may be
                  executed in counterparts, each of which will be an original
                  and all of which will continue the same document.

         12.      FACSIMILE. The parties hereto agree that this Second Amended
                  Credit Agreement may be transmitted by facsimile or such
                  similar device and that the reproduction of signatures by
                  facsimile or such similar device will be treated as binding as
                  if originals and each party hereto undertakes to provide each
                  and every other party hereto with a copy of the Second Amended
                  Credit Agreement bearing original signatures forthwith upon
                  demand.

THE BORROWER:

MYMETICS CORPORATION



Per: /s/ [illegible]
     -----------------------------
         Authorized Signatory



Per: /s/ [illegible]
     -----------------------------
         Authorized Signatory



THE LENDER:

MFC MERCHANT BANK S.A.



Per: /s/ [illegible]
     -----------------------------
         Authorized Signatory



Per: /s/ [illegible]
     -----------------------------
         Authorized Signatory



                                      -3-
<PAGE>

                                       A-1
                                   SCHEDULE A

                           LIST OF PATENTS OF BORROWER



APPLICATION NO.         APPLICATION DATE                 PUBLICATION NO.
---------------         ----------------                 ---------------

97/74587                November 17, 1997                2711011

PCT/FR9X02447           November 17, 1998                WO99/25377

99/06528                May 21, 1999                     N/A

PCT/FR00/01399          May 22, 2000                     N/A

01/10910                August 17, 2001                  N/A

01/15423                November 23, 2001                N/A

01/15424                November 29, 2001                N/A

01/36290                December 17, 2001                N/A

US 60/340492            December 18, 2001                N/A



                                      A-1