Document:

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                                                                Exhibit 4(r)

                      NINTH AMENDMENT TO LOAN AGREEMENT
                      ---------------------------------

         THIS NINTH AMENDMENT TO LOAN AGREEMENT (this "Amendment") is
entered into as of the 19th day of December, 2003 by and among LaSalle Bank
National Association, a national banking association ("Bank"), and each of
K-V Pharmaceutical Company, a Delaware corporation ("K-V"), Particle
Dynamics, Inc., a New York corporation ("PDI"), ETHEX Corporation, a
Missouri corporation ("ETHEX"), and THER-RX Corporation, a Missouri
corporation ("THER-RX"), jointly and severally (K-V, PDI, ETHEX and THER-RX
are collectively referred to as the "Borrowers").

                            W I T N E S S E T H:
                            - - - - - - - - - -

         WHEREAS, Bank and the Borrowers are party to that certain Loan
Agreement dated as of June 18, 1997, as amended by that certain First
Amendment to Loan Agreement dated as of October 28, 1998, that certain
Second Amendment to Loan Agreement dated as of March 11, 1999, that certain
Third Amendment to Loan Agreement dated as of June 22, 1999, that certain
Fourth Amendment to Loan Agreement dated as of December 17, 1999, that
certain Fifth Amendment to Loan Agreement dated as of December 21, 2001,
that certain Sixth Amendment to Loan Agreement dated as of December 20,
2002, that certain Seventh Amendment to Loan Agreement dated as of April 28,
2003 and that certain Eight Amendment to Loan Agreement dated as of June 30,
2003 (collectively, the "Agreement"); and

         WHEREAS, Bank and the Borrowers desire to further amend the
Agreement in accordance with this Amendment, to among other things, (i)
extend the applicable maturity date of the Revolving Credit Commitment and
the Supplemental Credit Commitment and (ii) increase the amount of the
Supplemental Credit Commitment from $20,000,000 to $25,000,000.

         NOW, THEREFORE, for and in consideration of the premises and mutual
agreements herein contained and for the purposes of setting forth the terms
and conditions of this Amendment, the parties, intending to be bound, hereby
agree as follows:

         1. Incorporation of the Agreement. All capitalized terms which are
            ------------------------------
not defined hereunder shall have the same meanings as set forth in the
Agreement, and the Agreement, to the extent not inconsistent with this
Amendment, is incorporated herein by this reference as though the same were
set forth in its entirety. To the extent any terms and provisions of the
Agreement are inconsistent with the amendments set forth in Paragraph 2
                                                            -----------
below, such terms and provisions shall be deemed superseded hereby. Except
as specifically set forth herein, the Agreement shall remain in full force
and effect and its provisions shall be binding on the parties hereto.

         2. Amendment of the Agreement. Borrowers and Bank hereby agree to
            --------------------------
amend the Agreement as follows:

                  (a) The definitions of the terms "Revolving Credit
                                                    ----------------
Maturity Date", "Revolving Note", "Supplemental Credit Maturity Date" and
-------------    --------------    ---------------------------------
"Supplemental Note" appearing in Paragraph 1.1 are hereby amended and
 -----------------               -------------
restated as follows:

                  "Revolving Credit Maturity Date" means October 15, 2006.
                   ------------------------------

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                  "Revolving Note" means that certain Substitute Revolving
                   --------------
Note dated as of December 19, 2003 made payable by Borrowers in favor of
Bank in the maximum principal amount of Forty Million Dollars ($40,000,000),
as the same may be amended, modified or supplemented from time to time, and
together with any renewals thereof or exchanges or substitutes therefor.

                  "Supplemental Credit Maturity Date" means December 20, 2004.
                   ---------------------------------

                  "Supplemental Note" means that certain Substitute
                   -----------------
Supplemental Note dated as of December 19, 2003 made by Borrowers in favor
of Bank in the maximum aggregate principal amount of Twenty-Five Million
Dollars ($25,000,000), as the same may be amended, modified or supplemented
from time to time, and together with any renewals thereof or exchanges or
substitutes therefor.

                  (b) Paragraph 2.5 is hereby amended by replacing the
                      -------------
reference to "Twenty Million Dollars ($20,000,000)" appearing in the middle
of such paragraph with "Twenty-Five Million Dollars ($25,000,000)".

                  (c) Exhibit 3.4 is hereby replaced with Exhibit 3.4
                      -----------                         -----------
attached hereto.

         3. Representations, Covenants and Warranties; No Default. The
            -----------------------------------------------------
representations, covenants and warranties set forth in Paragraph 8 of the
                                                       -----------
Agreement shall be deemed remade as of the date hereof by each Borrower,
except that any and all references to the Agreement in such representations
and warranties shall be deemed to include this Amendment. No Event of
Default has occurred and is continuing and no event has occurred and is
continuing which, with the lapse of time, the giving of notice, or both,
would constitute such an Event of Default under the Agreement.

         4. Fees and Expenses. The Borrowers agree to pay on demand all
            -----------------
costs and expenses of or incurred by Bank in connection with the evaluation,
negotiation, preparation, execution and delivery of this Amendment and the
other instruments and documents executed and delivered in connection with
the transactions described herein (including the filing or recording
thereof), including, but not limited to, the fees and expenses of counsel
for the Bank and any future amendments to the Agreement. In addition to the
foregoing, the Borrowers hereby agree to pay to Bank a closing fee of Six
Thousand Two Hundred Fifty Dollars ($6,250) upon the execution and delivery
of this Amendment which shall be fully earned and non-refundable on the date
hereof.

         5. Delivery of Documents. Notwithstanding any of the foregoing,
            ---------------------
prior to entering into this Amendment, Bank shall have received from
Borrowers the following fully executed documents, in form and substance
satisfactory to Bank, and all of the transactions contemplated by each such
document shall have been consummated or each condition contemplated by each
such document shall have been satisfied:

                  (a) Ninth Amendment to Loan Agreement;

                  (b) Substitute Revolving Note;

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                  (c) Substitute Supplemental Note;

                  (d) Legal Opinion of Counsel to Borrowers;

                  (e) Secretary's Certificate of each Borrower;

                  (f) Officer's Certificate of each Borrower; and

                  (g) Such other documents, opinions or certificates as Bank
                      may reasonably request.

         6. Effectuation. The amendments to the Agreement contemplated by
            ------------
this Amendment shall be deemed effective immediately upon the full execution
of this Amendment and without any further action required by the parties
hereto. There are no conditions precedent or subsequent to the effectiveness
of this Amendment.

         7. Counterparts. This Amendment may be executed in two or more
            ------------
counterparts, each of which shall be deemed an original, and all of which
together shall constitute one and the same instrument.

                          [SIGNATURE PAGE FOLLOWS]

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                     (SIGNATURE PAGE TO NINTH AMENDMENT)

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Ninth Amendment to Loan Agreement as of the date first above written.

                                        K-V PHARMACEUTICAL COMPANY

                                        By: /s/ Gerald R. Mitchell
                                        Its:________________________________

                                        ETHEX CORPORATION

                                        By:_________________________________
                                        Its:________________________________

                                        PARTICLE DYNAMICS, INC.

                                        By:_________________________________
                                        Its:________________________________

                                        THER-RX CORPORATION

                                        By:_________________________________
                                        Its:________________________________

                                        LASALLE BANK NATIONAL ASSOCIATION

                                        By: /s/ Michael Barnett
                                        Its:________________________________

                                     4

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                                 EXHIBIT 3.4
                                 -----------
                                     TO
                                     --
                               LOAN AGREEMENT
                               --------------
                        SUBSTITUTE SUPPLEMENTAL NOTE
                        ----------------------------

                                                           Chicago, Illinois
$25,000,000                                                December 19, 2003

         FOR VALUE RECEIVED, on or before December 20, 2004 (or, if such day
is not a Business Day, on the next following Business Day), the undersigned,
K-V PHARMACEUTICAL COMPANY, a Delaware corporation; PARTICLE DYNAMICS, INC.,
a New York corporation; ETHEX CORPORATION, a Missouri corporation; and
THER-RX CORPORATION, a Missouri corporation, jointly and severally (herein,
collectively and together with their successors and assigns, called the
"Borrowers"), promise to pay to the order of LASALLE BANK NATIONAL
ASSOCIATION, a national banking association (herein, together with its
successors and assigns, called the "Bank"), the maximum principal sum of
TWENTY-FIVE MILLION and 00/100 DOLLARS ($25,000,000), or, if less, the
aggregate unpaid principal amount of all Supplemental Loans made by Bank to
the undersigned, in accordance with that certain Loan Agreement dated as of
June 18, 1997 among Borrowers and Bank, as amended by that certain First
Amendment to Loan Agreement dated as of October 28, 1998, that certain
Second Amendment to Loan Agreement dated as of March 11, 1999, that certain
Third Amendment to Loan Agreement dated as of June 22, 1999, that certain
Fourth Amendment to Loan Agreement dated as of December 17, 1999, that
certain Fifth Amendment to Loan Agreement dated as of December 21, 2001,
that certain Sixth Amendment to Loan Agreement dated as of December 20,
2002, that certain Seventh Amendment to Loan Agreement dated as of April 28,
2003, that certain Eight Amendment to Loan Agreement dated as of June 30,
2003 and that certain Ninth Amendment to Loan Agreement of even date
herewith (herein, as the same may be further amended, modified or
supplemented from time to time, collectively called the "Loan Agreement"),
as shown in Bank's records.

         The Borrowers further promise to pay to the order of Bank interest
on the aggregate unpaid principal amount hereof from time to time
outstanding from the date hereof until paid in full at such rates and at
such times as shall be determined in accordance with the provisions of the
Loan Agreement. Accrued interest shall be payable on the dates specified in
the Loan Agreement.

         Payments of both principal and interest are to be made in the
lawful money of the United States of America in immediately available funds
at Bank's principal office at 135 South LaSalle Street, Chicago, Illinois
60603 or at such other place as may be designated by Bank to the Borrowers
in writing.

         This Note is the Supplemental Note referred to in, evidences
indebtedness incurred under, and is subject to the terms and provisions of,
the Loan Agreement. The Loan Agreement, to which reference is hereby made,
sets forth said terms and provisions, including those under which this Note
may or must be paid prior to its due date or may have its due date
accelerated. Terms used but not otherwise defined herein are used herein as
defined in the Loan Agreement.

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         In addition to, and not in limitation of, the foregoing and the
provisions of the Loan Agreement hereinabove referred to, the Borrowers
further agree, subject only to any limitation imposed by applicable law, to
pay all expenses, including attorneys' fees and expenses, incurred by the
holder of this Note in seeking to collect any amounts payable hereunder
which are not paid when due, whether by acceleration or otherwise.

         All parties hereto, whether as makers, endorsers or otherwise,
severally waive presentment, demand, protest and notice of dishonor in
connection with this Note.

         The liability of each Borrower under this Note in general shall be
joint and several, and each reference herein to the Borrowers shall be
deemed to refer to each such Borrower. In furtherance and not in limitation
of Bank's rights and remedies hereunder or at law, Bank may proceed under
this Note against any one or more of the Borrowers in its absolute and sole
discretion for any of Borrowers' Liabilities or any other liability or
obligation of the Borrowers arising hereunder.

         This Note is issued in substitution for, but not in payment of,
that certain Substitute Supplemental Note dated as of December 20, 2002 (the
"Prior Note") made by Borrowers in favor of Bank in the maximum principal
amount available of $20,000,000, and does not and shall not be deemed to
constitute a novation thereof. Such Prior Note shall be of no further force
and effect upon the execution of this Note; provided, however, that the
outstanding amount of principal and interest under the Prior Note as of the
date of this Note is hereby deemed indebtedness evidenced by this Note and
incorporated herein by this reference.

         This Note is binding upon the undersigned and its successors and
assigns, and shall inure to the benefit of Bank and its successors and
assigns. This Note is made under and governed by the laws of the State of
Illinois without regard to conflict of laws principles.

                          [SIGNATURES ON NEXT PAGE]

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         IN WITNESS WHEREOF, each of the undersigned has executed this
Substitute Supplemental Note as of the day first written above.

ATTEST:                                K-V PHARMACEUTICAL COMPANY, a
                                       Delaware Corporation

By:                                    By:
   ------------------------------         ----------------------------------
                        Secretary      Title:
   ---------------------                     -------------------------------

ATTEST:                                PARTICLE DYNAMICS, INC., a New York
                                       corporation

By:                                    By:
   ------------------------------         ----------------------------------
                        Secretary      Title:
   ---------------------                     -------------------------------

ATTEST:                                ETHEX CORPORATION, a Missouri
                                       corporation

By:                                    By:
   ------------------------------         ----------------------------------
                        Secretary      Title:
   ---------------------                     -------------------------------

ATTEST:                                THER-RX CORPORATION, a Missouri
                                       corporation

By:                                    By:
   ------------------------------         ----------------------------------
                        Secretary      Title:
   ---------------------                     -------------------------------

Borrowers' Address:

2503 South Hanley
St. Louis, Missouri 63144-2555

                                     3<PAGE>

                                                              Exhibit 10(yy)

                           STOCK OPTION AGREEMENT

Date:                                                Option Number:  01-2417

May 30, 2003                                    Number of Shares Purchasable
                                                                     100,000

                            To Purchase Shares of

                            Class A Common Stock

                                    -of-

                         K-V PHARMACEUTICAL COMPANY

                           Issued Pursuant to the

                2001 Incentive Stock Option Plan (the "Plan")
                ---------------------------------------------

THIS CERTIFIES THAT Marc S. Hermelin is hereby granted the option to
purchase, at the option price of $28.600 per share, all or any part of that
number of fully paid and non-assessable shares of the Class A Common Stock,
par value $0.01 per share ("Class A Common Stock"), of K-V Pharmaceutical
Company, a Delaware corporation (hereinafter called the "Company") above set
forth, upon and subject to the following terms and conditions:

         This Option and all rights to purchase shares hereunder shall
expire four (4) years from the date hereof (hereinafter called the
"expiration date.")

         This Option and all rights hereunder shall be assignable and
transferable

         As of May 30, 2003, and prior to its expiration or earlier
termination, this Option shall be exercisable from time to time as to all or
any of the shares then purchasable hereunder as follows: During the
four-year period commencing May 30, 2003 and ending May 29, 2007 it may be
exercised as to all or any shares at anytime during which this Option shall
be exercisable as to the shares subject hereto.

         This Option may be exercised from time to time only by delivery to
the Company at its main office (attention of the Secretary) of a duly signed
notice in writing stating the number of shares with respect to which this
Option is being exercised and the time and date of delivery thereof, which
time and date of delivery shall be during the normal business hours of the
Company on a regular business day not less than fifteen (15) days after the
giving of such notice unless an earlier date has been mutually agreed upon;
provided, however, that not less than ten (10) shares may be purchased at
any one time unless the number purchased is the total number then
purchasable hereunder; and provided further that this Option may not be
exercised at any time when this Option or the granting or exercise hereof
violates any law or governmental order or

                                     1

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regulation. At the time of delivery specified in such notice, the Company
shall, without transfer or issue tax to the Holder (or other person entitled
to exercise this Option) transfer and set aside for the benefit of the
Holder (or other person entitled to exercise this Option) a certificate or
certificates out of the Company's theretofore authorized but unissued or
reacquired shares of Class A Common Stock as the Company may elect (with
appropriate legend thereon, if deemed necessary by the Company, containing
the representation by the person exercising the Option that the shares
purchased shall be for investment purposes and not with a view to resale or
distribution) against payment of the option price in full for the number of
shares purchased by either (i) cash (including a certified or bank cashier's
check or the equivalent thereof), or (ii) at the discretion of the
Committee, as defined in the Plan, by delivering at fair market value, as
determined by the Committee (as provided under the Plan), Company Common
Stock already owned by the Participant, or (iii) any combination of cash and
Company Common Stock, to be held by the Company and subsequently delivered
to the Holder (or such other person) as hereinafter provided. If the Holder
fails to pay for any part of the number of shares specified in such notice
as required, the right to purchase such shares may be terminated by the
Committee.

         To the extent that this Option has not been exercised in full prior
to its termination or expiration date, whichever occurs sooner, it shall
terminate and become void and of no effect.

         All Class A Common Stock purchased pursuant to the exercise of an
Option shall be held by the Company for a period of two years from the date
of exercise (the "Holding Period").

         Upon completion of the Holding Period (under normal Company
policies), the Company shall deliver to the holder or the holder's personal
representative, as soon as practicable thereafter, certificates representing
the Class A Common Stock purchased hereunder (the "Certificates"), free and
clear of restrictions except for the restrictions which are necessary to
assure compliance by the Company and the Holder with applicable federal and
state securities laws and/or the listing requirements of any national
securities exchange.

         This Option shall not confer upon the Holder any right to remain in
the employ of the Company or any subsidiary thereof and shall not confer
upon the holder any rights in the stock of the Company prior to the issuance
of a stock certificate pursuant to the exercise of this Option. No
adjustment shall be made for dividends or other rights for which the record
date is prior to the date such stock certificate is issued.

         In the event that the outstanding shares of Class A Common Stock of
the Company are hereafter increased or decreased or changed into or
exchanged for a different number or kind of shares or other securities of
the Company or of another corporation, or in the event that there is a
"corporate transaction" as that term is defined in the Regulations under
Section 425 of the Internal Revenue Code of 1986, by reason of
reorganization, merger, consolidation, recapitalization, reclassification,
stock split-up,

                                     2

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spin-off, combination of shares or dividend payable in capital stock, this
Option shall, to the extent that it has not been exercised, entitle the
Holder upon the subsequent exercise of this Option to such number and kind
of securities or other property, subject to the terms of the Option, to
which the Holder would be entitled had the Holder actually owned the shares
subject to the unexercised portion of this Option at the time of the
occurrence of such event, and the aggregate purchase price upon the
subsequent exercise of this Option shall be the same as if the Class A
Common Stock of the Company originally optioned were being purchased as
provided herein; provided, however, that each such adjustment in the number
and kind of shares subject to this Option, including any adjustment in the
Option price, shall be made in such manner as not to constitute a
"modification" as defined in Section 425 of the Internal Revenue Code of
1986. Any such adjustment made by the Committee shall be conclusive.

         The Company may postpone the issuance and delivery of shares upon
any exercise of this Option, if necessary, until admission of such shares to
listing on any stock exchange and completion of registration and
qualification of such shares under any applicable state or federal law, rule
or regulation.

         The Holder hereof shall make such representations and furnish such
information to the Company as may be appropriate to permit the Company to
issue such shares in compliance with the provisions of the Security Act of
1933, as amended (the "Securities Act"), or any other applicable law,
including state securities laws. Without limiting the generality of the
foregoing, if requested by the Company, the Holder will represent, in form
acceptable to the Company, that the Holder is purchasing any shares issued
pursuant hereto for investment purposes and not with a view to resale or
distribution.

         This Option is issued pursuant to the resolutions duly adopted by
the Committee, the receipt of a copy of which the Holder acknowledges by
virtue of the acceptance hereof, and is subject to all the terms and
conditions of said resolutions.

         A determination by the Committee of any questions which may arise
with respect to the interpretation and construction of the provisions of
this Option shall be final.

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         WITNESS the seal of the Company and the signatures of its duly
authorized officers.

Dated:  May 30, 2003

                                              K-V PHARMACEUTICAL COMPANY

                                              By
                                                ----------------------------
                                                  Vice President, Finance

ACCEPTED:

---------------------------------
Marc S. Hermelin

                                     4

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                              POWER OF ATTORNEY

         FOR VALUE RECEIVED I, Marc S. Hermelin, do hereby sell, assign and
transfer unto K-V PHARMACEUTICAL COMPANY all shares of the Capital Stock of
K-V PHARMACEUTICAL COMPANY standing in my name on the books of said K-V
PHARMACEUTICAL COMPANY represented by Certificate Number(s)
____________________ herewith and do hereby irrevocably constitute and
appoint K-V PHARMACEUTICAL COMPANY'S Controller as attorney to transfer the
said stock on the books of the within named K-V PHARMACEUTICAL COMPANY with
full power of substitution in the premises.

         DATED:____________________________________

IN PRESENCE OF:                             SIGNED:

------------------------------              ---------------------------
                                                 Marc S. Hermelin

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