Document:

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                                                                   Exhibit 10.34

                                    AMENDMENT

       THIS AMENDMENT is made as of the 19th day of December, 2002, between
General Electric Capital Corporation ("Secured Party") and Neose Technologies,
Inc. ("Debtor") in connection with that certain Master Security Agreement, dated
as of December 19, 2002 ("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:

        2. REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR.

        New Subsection (l) is hereby added to Section 2 and hereby reads as
        follows:

        "(l) Secured Party will acquire by the terms of this Agreement good
        title to the Collateral under any and all Collateral Schedules free from
        all liens and encumbrances whatsoever and the Collateral has been
        delivered to Debtor in good order and condition, and conforms to the
        specifications, requirements and standards applicable thereto; and "

        New Subsection (m) is hereby added to Section 2 and hereby reads as
        follows:

        "The amount financed as set forth in the Collateral Schedules is the
        correct original equipment cost that Debtor paid to the vendors listed
        in the Collateral Schedules."

        5. REPORTS.

        Subsection (b) is hereby amended and restated as follows:

        "(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,
        such annual statements being 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 and restated as follows:

        "(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 under any of the Debt Documents;

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        (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 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 other material equipment 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."

        TERMS USED, BUT NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS
GIVEN TO THEM IN THE AGREEMENT. EXCEPT AS EXPRESSLY AMENDED

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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        Neose Technologies, Inc.

By:  /s/ John Edel                          By:  /s/ A. Brian Davis
   ---------------------------------           ---------------------------------

Name:  John Edel                            Name:  A. Brian Davis
     -------------------------------             -------------------------------

Title:  Senior Vice President               Title:  Vice President, Finance
      ------------------------------              ------------------------------<PAGE>

                                                                   Exhibit 10.35

                                 PROMISSORY NOTE

                                    12/27/02
                           ---------------------------
                                     (Date)

FOR VALUE RECEIVED, Neose Technologies, Inc. an other located at the address
stated below ("Maker") promises, jointly and severally if more than one, to pay
to the order of General Electric Capital Corporation or any subsequent holder
hereof (each, a "Payee") at its office located at 401 Merritt 7 Suite 23,
Norwalk, CT 06851-1177 or at such other place as Payee or the holder hereof may
designate, the principal sum of Two Million Two Hundred Sixty Thousand Nine
Hundred Sixty One Dollars ($2,260,961.00), with interest on the unpaid principal
balance, from the date hereof through and including the dates of payment, at a
fixed interest rate of Eight percent (8.00%) per annum, to be paid in lawful
money of the United States, in Thirty Six (36) consecutive monthly installments
of principal and interest as follows:

       Periodic
      Installment               Amount
      --------------------------------

      Thirty Five (35)          $70,849.26

each ("Periodic Installment") and a final installment which shall be in the
amount of the total outstanding principal and interest. The first Periodic
Installment shall be due and payable on 2/1/03 and the following Periodic
Installments and the final installment shall be due and payable on the same day
of each succeeding month (each, a "Payment Date"). Such installments have been
calculated on the basis of a 360 day year of twelve 30-day months. Each payment
may, at the option of the Payee, be calculated and applied on an assumption that
such payment would be made on its due date.

The acceptance by Payee of any payment which is less than payment in full of all
amounts due and owing at such time shall not constitute a waiver of Payee's
right to receive payment in full at such time or at any prior or subsequent
time.

The Maker hereby expressly authorizes the Payee to insert the date value is
actually given in the blank space on the face hereof and on all related
documents pertaining hereto.

This Note may be secured by a security agreement, chattel mortgage, pledge
agreement or like instrument (each of which is hereinafter called a "Security
Agreement").

Time is of the essence hereof. If any installment or any other sum due under
this Note or any Security Agreement is not received within ten (10) days after
its due date, the Maker agrees to pay, in addition to the amount of each such
installment or other sum, a late payment charge of five percent (5%) of the
amount of said installment or other sum, but not exceeding any lawful maximum.
If (i) Maker fails to make payment of any amount due hereunder within ten (10)
days after the same becomes due and payable; or (ii) Maker is in default under,
or fails to perform under any term or condition contained in any Security
Agreement, then the entire principal sum remaining unpaid, together with all
accrued interest thereon and any other sum payable under this Note or any
Security Agreement, at the election of Payee, shall immediately become due and
payable, with interest thereon at the lesser of eighteen percent (18%) per annum
or the highest rate not prohibited by applicable law from the date of such
accelerated maturity until paid (both before and after any judgment).

Notwithstanding anything to the contrary contained herein or in the Security
Agreement, Maker may not prepay in full or in part any indebtedness hereunder
without the express written consent of Payee in its sole discretion.

It is the intention of the parties hereto to comply with the applicable usury
laws; accordingly, it is agreed that, notwithstanding any provision to the
contrary in this Note or any Security Agreement, in no event shall this Note or
any Security Agreement require the payment or permit the collection of interest
in excess of the maximum amount permitted by applicable law. If any

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such excess interest is contracted for, charged or received under this Note or
any Security Agreement, or if all of the principal balance shall be prepaid, so
that under any of such circumstances the amount of interest contracted for,
charged or received under this Note or any Security Agreement on the principal
balance shall exceed the maximum amount of interest permitted by applicable law,
then in such event (a) the provisions of this paragraph shall govern and
control, (b) neither Maker nor any other person or entity now or hereafter
liable for the payment hereof shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum amount of interest
permitted by applicable law, (c) any such excess which may have been collected
shall be either applied as a credit against the then unpaid principal balance or
refunded to Maker, at the option of the Payee, and (d) the effective rate of
interest shall be automatically reduced to the maximum lawful contract rate
allowed under applicable law as now or hereafter construed by the courts having
jurisdiction thereof. It is further agreed that without limitation of the
foregoing, all calculations of the rate of interest contracted for, charged or
received under this Note or any Security Agreement which are made for the
purpose of determining whether such rate exceeds the maximum lawful contract
rate, shall be made, to the extent permitted by applicable law, by amortizing,
prorating, allocating and spreading in equal parts during the period of the full
stated term of the indebtedness evidenced hereby, all interest at any time
contracted for, charged or received from Maker or otherwise by Payee in
connection with such indebtedness; provided, however, that if any applicable
state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a
greater interest per annum rate than is presently allowed, the Maker agrees
that, on the effective date of such amendment or preemption, as the case may be,
the lawful maximum hereunder shall be increased to the maximum interest per
annum rate allowed by the amended state law or the law of the United States of
America.

The Maker and all sureties, endorsers, guarantors or any others (each such
person, other than the Maker, an "Obligor") who may at any time become liable
for the payment hereof jointly and severally consent hereby to any and all
extensions of time, renewals, waivers or modifications of, and all substitutions
or releases of, security or of any party primarily or secondarily liable on this
Note or any Security Agreement or any term and provision of either, which may be
made, granted or consented to by Payee, and agree that suit may be brought and
maintained against any one or more of them, at the election of Payee without
joinder of any other as a party thereto, and that Payee shall not be required
first to foreclose, proceed against, or exhaust any security hereof in order to
enforce payment of this Note. The Maker and each Obligor hereby waives
presentment, demand for payment, notice of nonpayment, protest, notice of
protest, notice of dishonor, and all other notices in connection herewith, as
well as filing of suit (if permitted by law) and diligence in collecting this
Note or enforcing any of the security hereof, and agrees to pay (if permitted by
law) all expenses incurred in collection, including Payee's actual attorneys'
fees. Maker and each Obligor agrees that fees not in excess of twenty percent
(20%) of the amount then due shall be deemed reasonable.

Maker hereby irrevocably authorizes and empowers the Prothonotary or Clerk, or
any attorney for any Court of record to appear for Maker in such Courts, at any
time, and confess a judgement against Maker, without process, in favor of any
holder hereof, without the filing of a declaration of default, with release of
errors, without stay of execution, for such amount as may appear from the face
hereof to be due hereunder (or, if such attorney so elects, for the amount which
may be due hereon as evidenced by an affidavit signed by a representative of
holder setting forth the amount then due) together with charges, attorney's fees
and costs as herein provided, and Maker hereby waives and releases all benefits
and relief from any and all appraisement, stay or exemption laws of any state,
now in force or hereafter to be passed. If a copy hereof, verified by an
affidavit, shall have been filed in said proceeding, it shall not be necessary
to file the original as a warrant of attorney. No single exercise of the
foregoing warrant and power to confess judgement shall be deemed to exhaust the
power, whether or not such exercise shall be held by any Court to be invalid,
voidable, or void, but the power shall continue undiminished and may be
exercised from time to time as often as the holder hereof shall elect, until all
sums payable or that may become payable hereunder by Maker have been paid in
full.

THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS
NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE
RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS,
AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS,
TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER
ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR

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MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR
AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT
OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

This Note and any Security Agreement constitute the entire agreement of the
Maker and Payee with respect to the subject matter hereof and supercedes all
prior understandings, agreements and representations, express or implied.

No variation or modification of this Note, or any waiver of any of its
provisions or conditions, shall be valid unless in writing and signed by an
authorized representative of Maker and Payee. Any such waiver, consent,
modification or change shall be effective only in the specific instance and for
the specific purpose given.

Any provision in this Note or any Security Agreement which is in conflict with
any statute, law or applicable rule shall be deemed omitted, modified or altered
to conform thereto.

                                            Neose Technologies, Inc.

 __________________________________         By:     /s/ A. Brian Davis
 (Witness)                                      -----------------------------

 __________________________________         Name:    A. Brian Davis
 (Print name)                                    ----------------------------

 __________________________________         Title:   Vice President, Finance
 (Address)                                        ---------------------------

                                            Federal Tax ID #:       121345678
                                                             ----------------

                                            Address: 102 Witmer Rd, Horsham,
                                                     Montgomery County, PA 19044

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