Document:

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                                                                   Exhibit 10.10

                                 PROMISSORY NOTE

TO: MASTER LOAN AND SECURITY AGREEMENT NO. 7700

                            Dated: DECEMBER 17, 1999

                            EQUIPMENT SCHEDULE NO. 5

U.S. $282,823.67                                            Alexandria, Virginia

Dated: September 30, 2002

     FOR VALUE RECEIVED, ALTUS BIOLOGICS INC., a DELAWARE corporation (the
"Borrower"), hereby promises to pay to the order of OXFORD FINANCE CORPORATION,
or its successors or assigns (the "Payee") at its offices located at 133 North
Fairfax Street, Alexandria, Virginia 22314, or at such other place as the Payee
or any holder hereof may from time to time designate, the principal amount of
U.S. TWO HUNDRED EIGHTY TWO THOUSAND EIGHT HUNDRED TWENTY THREE and 67/100
DOLLARS ($282,823.67), with interest (based on a year of 360 days and 30 day
months) on the principal amount hereof remaining from time to time unpaid, such
principal and interest to be paid in consecutive monthly installments until
fully paid, in the manner and at a rate of interest per annum, as determined and
provided in the Loan Agreement. Anything in this Note to the contrary
notwithstanding, in the event that any payment of interest hereunder shall
exceed the legal limit, such amount in excess of such limit shall be deemed a
payment of principal hereunder.

This Note evidences a loan by the Payee to the undersigned pursuant to the Loan
Agreement indicated above between the undersigned and the Payee as from time to
time may be amended, restated, replaced, supplemented, substituted for or
renewed, and the holder of this Note is entitled to the benefits thereof,
including without limitation, the security interest in the Equipment, granted
therein. Each term defined in the Loan Agreement and not otherwise defined
herein shall have the same definition when used herein.

The principal hereof and accrued interest hereon shall become forthwith due and
payable as provided in the Loan Agreement. Payments hereunder not made when due
shall accrue late charges as provided in the Loan Agreement. This Note may not
be prepaid in whole or in part except as otherwise specifically provided in the
Loan Agreement.

The Borrower hereby waives diligence, demand, presentment, protest and notice of
any kind, and assents to extensions of the time of payment, release, surrender
or substitution of security, or forbearance or other indulgence, without notice.
No act or omission of the Payee, including without limitation any failure to
exercise any right, remedy or recourse, shall be deemed to be a waiver or
release of such right, remedy of recourse. Any waiver or release may be effected
only by a written document executed by Payee and then only to the extent
specified therein. The undersigned hereby promises to pay all Attorneys Fees and
Expenses that may be incurred in connection with the enforcement and/or
collection of this Note.

The undersigned authorizes the Payee to insert above as the date of the Note,
the date on which Payee disburses funds pursuant to the Loan Agreement.
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This Note is freely assignable by the Payee, in whole or in part, and from time
to time. All of the terms and provisions of this Note inure to and are binding
upon the heirs, executors, administrators, successors, representatives,
receivers, trustees and assigns of the parties. None of the rights or
obligations of the Borrower hereunder may be assigned or otherwise transferred
without the prior written consent of the Payee.

THIS NOTE AND THE LEGAL RELATIONS OF THE PARTIES HERETO SHALL IN ALL RESPECTS BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
CONNECTICUT, WITHOUT REGARD TO PRINCIPLES REGARDING THE CHOICE OF LAW. BORROWER
HEREBY CONSENTS AND SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF
THE STATE OF CONNECTICUT AND THE FEDERAL DISTRICT COURT FOR THE DISTRICT OF
CONNECTICUT FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT
OF ITS OBLIGATIONS HEREUNDER, AND EXPRESSLY WAIVES ANY OBJECTIONS THAT IT MAY
HAVE TO THE VENUE OF SUCH COURTS. BORROWER HEREBY EXPRESSLY WAIVES ANY RIGHT TO
TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS NOTE. Any action
by Borrower against Payee for any cause of action under this Note shall be
brought within one year after any such cause of action first arises. If
requested by Payee, Borrower agrees that prior to the commencement of any
litigation regarding the terms and conditions of this Note, the parties hereto
shall subject themselves to non-binding mediation with a qualified mediator
mutually satisfactory to both parties.

     IN WITNESS WHEREOF, the Borrower by its duly authorized officer has
executed and delivered this Note as of the date first above written.

                                        ALTUS BIOLOGICS INC.

                                        By: /s/ Peter Lanciano
                                            ------------------------------------
                                        Name: Peter Lanciano
                                        Title: President & CEO<PAGE>
                                                                   Exhibit 10.11

Master Security Agreement                                            No. 4081067

                            MASTER SECURITY AGREEMENT
                                   NO. 4081067
                    Dated as of AUGUST 19, 2004 ("AGREEMENT")

     THIS AGREEMENT is between Oxford Finance Corporation (together with its
successors and assigns, if any, "SECURED PARTY") and Altus Pharmaceuticals Inc.
("DEBTOR"). Secured Party has an office at 133 N. Fairfax Street, Alexandria, VA
22314. Debtor is a corporation organized and existing under the laws of the
state of Delaware. Debtor's mailing address and chief place of business is 125
Sidney Street, Cambridge, MA 02139.

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 therefore, and all
insurance 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"). Unless otherwise
provided by applicable law, notwithstanding anything to the contrary contained
in this Agreement, to the extent that Secured Party asserts a purchase money
security interest in any items of Collateral ("PMSI COLLATERAL"): (i) the PMSI
Collateral shall secure only that portion of the Indebtedness which has been
advanced by Secured Party to enable Debtor to purchase, or acquire rights in or
the use of such PMSI Collateral (the "PMSI INDEBTEDNESS"), and (ii) no other
Collateral shall secure the PMSI 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, except where the failure to be so qualified
          or licensed would not have a material adverse effect on the Debtor's
          business or operations, or its ability to perform its obligations
          under the Debt Documents;

     (b)  Debtor has adequate power and capacity to enter into, and to perform
          its obligations under this Agreement, each Note and any other
          documents

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Master Security Agreement                                            No. 4081067

          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 to Debtor's knowledge are
          any such suits or proceedings are threatened;

     (g)  All financial statements 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)  All of the tangible Collateral is located at the locations set forth
          on each Collateral Schedule. Debtor shall give the Secured Party 30
          days prior written notice of any relocation of any Collateral;

     (k)  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;

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Master Security Agreement                                            No. 4081067

     (l)  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
          reasonable judgment of Secured Party, any risk of the sale, forfeiture
          or loss of any of the Collateral, and (iii) inchoate material men'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")

     (m)  All federal, state and local tax returns required to be filed by
          Debtor have been filed with the appropriate governmental agencies and
          all taxes due and payable by Debtor have been timely paid except as
          contested in good faith and by appropriate proceedings and/or for
          which adequate reserves have been established. Debtor will pay when
          due all taxes, assessments and other liabilities excerpt as contested
          in good faith and by appropriate proceedings and for which adequate
          reserves have been established;

     (n)  No event or condition exists under any material agreement, instrument
          or document to which Debtor is a party or maybe subject, or by which
          Debtor or any of its properties are bound, which constitutes a default
          or an event of default thereunder, or will, with the giving of notice,
          passage of time, or both, would constitute a default or event of
          default thereunder, in each case where such default or event of
          default would have a material adverse effect on the Debtor's business
          or operations, or its ability to perform its obligations under the
          Debt Documents;

     (o)  All reports, certificates, schedules, notices and financial
          information submitted by Debtor to the Secured Party pursuant to this
          Agreement shall be certified as true and correct by the president or
          chief financial officer of Debtor;

     (p)  Debtor shall give the Secured Party prompt written notice of any
          event, occurrence or other matter which has resulted or may result in
          a material adverse change in its financial condition, business
          operations, prospects, product development, technology, or business or
          contractual relations with third parties of Debtor which would impair
          the ability of Debtor to perform its obligations hereunder or under
          any of the Debt Documents or of Secured Party to enforce the
          Indebtedness or realize upon the Collateral.

3.   COLLATERAL.

     (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.

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Master Security Agreement                                            No. 4081067

     (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, with the exception of those items of
          lab equipment which will be located in Japan as outlined in Exhibit A
          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 costs 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 preceding 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

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Master Security Agreement                                            No. 4081067

          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. If Debtor is then 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 of the Collateral being, lost, stolen, missing, destroyed,
          materially damaged or worn out, or (v) 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 within one hundred twenty (120)
          days of the close of each fiscal year of Debtor, Debtor's complete
          financial statements including a balance sheet, income statement,
          statement of shareholders' equity and statement of cash flows, each
          prepared in accordance with generally accepted accounting principles
          consistently applied, certified by a recognized firm of certified
          public accountants satisfactory to Secured Party. Debtor will deliver
          to Secured Party copies of Debtor's quarterly financial statements
          including a balance sheet, income statement and statement of cash
          flows, each prepared by Debtor in accordance with generally accepted
          accounting principles consistently applied by Debtor and 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. Debtor will deliver to Secured Party promptly
          upon request of Secured Party, in form satisfactory to Secured Party,
          such other and additional information as Secured Party may reasonably
          request from time to time.

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

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Master Security Agreement                                            No. 4081067

          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 cooperate 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 shall perform any and all acts requested by the Secured Party
          to establish, maintain and continue the Secured Party's security
          interest and liens in the Collateral, including but not limited to,
          executing or authenticating financing statements and such other
          instruments and documents when and as reasonably requested by the
          Secured Party. Debtor hereby authorizes Secured Party through any of
          Secured Party's employees, agents or attorneys to file any and all
          financing statements, including, without limitation, any original
          filings, continuations, transfers or amendments thereof required to
          perfect Secured Party's security interest and liens in the Collateral
          under the UCC without authentication or execution by Debtor. Debtor
          hereby irrevocably authorizes the Secured Party at any time and from
          time to time to file in any filing office in any Uniform Commercial
          Code jurisdiction any initial financing statement(s) and amendments
          thereto that (a) indicate the Collateral (i) is subject to the Secured
          Party's security interest, regardless of whether any particular asset
          comprised in the Collateral falls within the scope of Article 9 of the
          Uniform Commercial Code of the State or such jurisdiction, or (ii) as
          being of an equal or lesser scope or with greater detail, and (b)
          provide any other information required by part 5 of Article 9 of the
          Uniform Commercial Code of the State or such other jurisdiction for
          the sufficiency or filing office acceptance of any financing statement
          or amendment, including (i) whether the Debtor is an organization, the
          type of organization and any organization identification number issued
          to the Debtor, and (ii) in the case of a financing statement filed as
          a fixture filing, a sufficient description of real property to which
          the Collateral relates. The Debtor agrees to furnish any such
          information to the Secured Party promptly upon the Secured Party's
          request.

     (c)  Except to the extent arising out of the Secured Party's negligence or
          willful misconduct, 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; provided, however, so long as, the Secured Party acts
          in a commercially reasonable manner under the circumstances, the
          Secured Party's conduct will rebuttably be presumed not to be
          negligent.

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Master Security Agreement                                            No. 4081067

7.   DEFAULT AND REMEDIES.

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

          (i)  Debtor breaches its obligation to pay within 5 days of 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 non-payment 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 material 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
               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) 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;

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Master Security Agreement                                            No. 4081067

          (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;

          (xiii) Without the prior written consent of Secured Party, which
               consent shall not be unreasonably withheld, conditioned or
               delayed, Debtor shall merge with or consolidate into any other
               entity or sell all or substantially all of its assets or in any
               manner terminate its existence except where (i) Debtor is the
               surviving entity and no default has occurred and is continuing or
               would exist after giving effect to the transaction or (ii) Debtor
               is not the surviving entity, no default has occurred and is
               continuing or would exist after giving effect to the transaction,
               and the acquiring entity either assumes the Indebtedness or
               prepays the Indebtedness in full without penalty or premium
               within 10 days after the closing of the transaction;

          (xiv) Without the prior written consent of Secured Party, which
               consent shall not be unreasonably withheld, conditioned or
               delayed, if Debtor is a privately held corporation, less than 25%
               of Debtor's voting capital stock, or effective control of
               Debtor's voting capital stock, issued and outstanding from time
               to time, is retained by the holders of such stock on the date the
               Agreement is executed (other than due to the sale of Debtor's
               equity securities in a public offering nor to venture capital
               investors);

          (xv) Debtor is a publicly held corporation, there shall be a change
               in the ownership of Debtor's stock such that Debtor is no longer
               subject to the reporting requirements of the Securities Exchange
               Act of 1934 or no longer has a class of equity securities
               registered under Section 12 of the Securities Act of 1933;

          (xvi) Debtor defaults under any other material financing arrangement
               between Debtor and a third party; and

          (xvii) Secured Party shall have reasonably determined that there has
               been a material adverse change in the financial condition or
               business operations of Debtor from the date hereof, or a change
               or event shall have occurred which would impair the ability of
               Debtor to perform its obligations hereunder.

     (b)  If Debtor is 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 of eighteen percent
          (18%) per annum or the maximum rate not prohibited by applicable law.

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Master Security Agreement                                            No. 4081067

     (c)  If Debtor is in 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, if
          Debtor is in default, 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 tight 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 Debtor is in
          default and 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. If Debtor is in default 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 Debt of at least ten (10) days prior to such
          action. Upon the occurrence and during the continuation of an Event of
          Default, Debtor hereby appoints Secured Party as Debtor's
          attorney-in-fact, with full authority in Debtor's place and stead and
          in Debtor's name or otherwise, from time to time in Secured Party's
          sole and arbitrary discretion, to take any action and to execute any
          instrument which Secured Party may deem necessary or advisable to
          accomplish, the purpose of this Agreement.

     (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 liens 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

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Master Security Agreement                                            No. 4081067

          partial exercise 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
          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 (other than the defense of payment),
          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 an 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

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Master Security Agreement                                            No. 4081067

          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)  DEBTOR AGREES THAT SECURED PARTY AND/OR ITS SUCCESSORS AND ASSIGNS
          SHALL HAVE THE OPTION BY WHICH STATE LAWS THIS AGREEMENT SHALL BE
          GOVERNED AND CONSTRUED: (A) THE LAWS OF THE COMMONWEALTH OF VIRGINIA;
          OR (B) IF COLLATERAL HAS BEEN PLEDGED TO SECURE THE LIABILITIES, THEN
          BY THE LAWS OF THE STATE OR STATES WHERE THE COLLATERAL IS LOCATED, AT
          SECURED PARTY'S OPTION. THIS CHOICE OF STATE LAWS IS EXCLUSIVE TO THE
          SECURED PARTY. DEBTOR SHALL NOT HAVE ANY OPTION TO CHOOSE THE LAWS BY
          WHICH THIS AGREEMENT SHALL BE GOVERNED. DEBTOR ACKNOWLEDGES THAT THIS
          AGREEMENT IS BEING SIGNED BY THE SECURED PARTY IN PARTIAL
          CONSIDERATION OF SECURED PARTY'S RIGHT TO ENFORCE IN THE JURISDICTION
          STATED ABOVE. DEBTOR CONSENTS TO JURISDICTION IN THE COMMONWEALTH OF
          VIRGINIA

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Master Security Agreement                                            No. 4081067

          OR THE STATE IN WHICH ANY COLLATERAL IS LOCATED AND VENUE IN ANY
          FEDERAL OR STATE COURT IN THE COMMONWEALTH OF VIRGINIA OR THE STATE IN
          WHICH COLLATERAL IS LOCATED FOR SUCH PURPOSES AND WAIVES ANY AND ALL
          RIGHTS TO CONTEST SAID JURISDICTION AND VENUE AND ANY OBJECTION THAT
          SAID COUNTY IS NOT CONVENIENT. DEBTOR WAIVES ANY RIGHTS TO COMMENCE
          ANY ACTION AGAINST SECURED PARTY IN ANY JURISDICTION EXCEPT VIRGINIA,
          OR IF SECURED PARTY CHOOSES TO LITIGATE IN A STATE WHERE COLLATERAL IS
          LOCATED THEN IN SUCH COUNTY AND STATE. SECURED PARTY AND DEBTOR HEREBY
          EACH EXPRESSLY WAIVE ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY
          ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THE PARTIES
          AGAINST ANY OTHER PARTY WITH RESPECT TO ANY MATTER WHATSOEVER RELATING
          TO, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE LOAN, THE
          DOCUMENTS AND/OR THE TRANSACTIONS WHICH ARE THE SUBJECT OF THE
          DOCUMENTS.

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Master Security Agreement                                            No. 4081067

     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:

OXFORD FINANCE CORPORATION              ALTUS PHARMACEUTICALS, INC.

By: /s/ Michael J. Altenburger          By: /s/ Jonathan Lieber
    ---------------------------------       ------------------------------------
Name: Michael J. Altenburger            Name: Jonathan Lieber
Title: Chief Financial Officer          Title: VP Finance

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Master Security Agreement                                            No. 4081067

                                    Exhibit A

Japanese Equipment

Not more than $3 million of laboratory equipment located at Amano Enzyme Inc.,
Yoro Plant, 3600-1, Makita, Kamiishizu-cho, Yoro-gun, Gifu 503-1602 Japan

Page 14 of 14

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