Document:

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                                  EXHIBIT 10.10
                                  -------------

                               Security Agreement

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                               SECURITY AGREEMENT

        This SECURITY AGREEMENT (this "Agreement"), dated as of September 28,
2004 is made by and between Vyteris, Inc., a Delaware corporation ("Vyteris" or
the "Grantor") and the holders (the "Noteholders") of certain 11.5% senior
secured grid notes (each, a "Note" and collectively, the "Notes") to be issued
by Vyteris from time to time on and after the date hereof, all upon terms set
forth in that certain Securities Purchase Agreement, dated September 28, 2004
(the "SPA").

                              W I T N E S S E T H:

        WHEREAS, pursuant to its execution of a Signature Financing Page in the
form attached to the SPA as EXHIBIT B, each such subscriber has become a
Noteholder, and has agreed to be subject to the terms of this Agreement;

        WHEREAS, it is a condition precedent to the obligation of each of the
subscribers of Notes to purchase a Note that the Grantor shall have agreed to
grant such Noteholders a future security interest in the Collateral (as
hereinafter defined) as contemplated by this Agreement; and

        WHEREAS, the Grantor expects to realize direct and indirect benefits as
a result of the sale of the Notes to the subscribers;

        NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which hereby is acknowledged, the Grantor hereby represents,
warrants, covenants, agrees, assigns and grants as follows:

                             ARTICLE I - DEFINITIONS

        1.1     This Agreement is the Security Agreement referred to in the
Notes. As used in this Agreement, the following terms shall have the meanings
respectively set forth below:

        "Agreement" means this Security Agreement, and any extensions,
modifications, renewals, restatements, supplements or amendments hereof.

        "Bankruptcy Code" means Chapter 11 of Title 11 of the United States
Code, as amended from time to time, and any successor statute and all rules and
regulations promulgated thereunder.

        "Collateral" means all of the Grantor's now owned or hereafter acquired
right, title and interest in and to the General Assets, the Trademarks, the
Patents and the Licenses.

        "General Assets" shall have the meaning set forth in Section 2.1 hereof.

        "Licenses" shall have the meaning set forth in Section 2.4 hereof.

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        "Patents" shall have the meanings set forth in Section 2.3 hereof.

        "Secured Obligations" means any and all present and future obligations
of the Grantor arising under or relating to the Notes or this Agreement, whether
due or to become due, matured or unmatured, or liquidated or unliquidated,
including interest that accrues after the commencement of any bankruptcy or
insolvency proceeding by or against the Grantor.

        "Trademarks" shall have the meanings set forth in Section 2.2 hereof.

                         ARTICLE II -SECURITY INTERESTS

                2.1     GRANT OF SECURITY INTEREST IN GENERAL ASSETS. To secure
the complete and timely payment, performance and satisfaction of all of the
Secured Obligations, the Grantor hereby grants to the Noteholders, a security
interest over all other security interests (except as expressly set forth in
this Agreement), with power of sale to the fullest extent permitted by
applicable law, in all of the Grantor's right, title and interest in and to the
Grantor's now owned or otherwise existing and hereafter acquired or arising:

                (a)     accounts, contract rights and all other forms of
        obligations owing to the Grantor arising out of the sale or lease of
        goods or the rendition of services by the Grantor, irrespective of
        whether earned by performance, and any and all credit insurance,
        guarantees or security therefor;

                (b)     books and records, including ledgers; records
        indicating, summarizing or evidencing the Grantor's properties or assets
        or liabilities; all information relating to the Grantor's business
        operations or financial condition; and all other computer programs, disk
        or tape files, printouts, runs or other computer prepared information;

                (c)     deposit accounts (as that term is defined from time to
        time in the Uniform Commercial Code as in effect in the State of
        Delaware);

                (d)     all of the Grantor's general intangibles and other
        personal property (including contract rights, rights arising under
        common law, statutes or regulations, choses or things in action,
        commercial tort claims, blueprints, drawings, purchase orders, customer
        lists, monies due or recoverable from pension funds, route lists,
        computer programs, information contained in computer disks or tapes,
        literature, reports, catalogs, insurance premium rebates, tax refunds
        and tax refund claims);

                (e)     goods (as that term is defined from time to time in the
        Uniform Commercial Code as in effect in the State of Delaware),
        including, without limitation, (i) all inventory, including, without
        limitation, equipment held for lease, whether raw materials, in process
        or finished, all material or equipment usable in processing the same and
        all documents of title covering any inventory, (ii) all equipment
        employed in connection with the Grantor's business, together with all
        present and future additions,

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        attachments and accessions thereto and all substitutions therefor and
        replacements thereof, and (iii) all vehicles;

                (f)     instruments and other investment property (as such terms
        are defined from time to time in the Uniform Commercial Code as in
        effect in the State of Delaware);

                (g)     negotiable collateral, including all of the Grantor's
        right, title and interest with respect to any letters of credit, letter
        of credit rights, instruments, drafts, documents and chattel paper (as
        each term is defined from time to time in the Uniform Commercial Code as
        in effect in the State of Delaware), and any and all supporting
        obligations in respect thereof;

                (h)     all parcels of real property and the related
        improvements thereto (whether as owner, lessee or otherwise);

                (i)     money or other assets of the Grantor that now or
        hereafter come into the possession, custody or control of the Grantor;

                (j)     the proceeds and products, whether tangible or
        intangible, of any of the foregoing, including proceeds of insurance
        covering any or all of the foregoing, and any and all of the foregoing,
        or other tangible or intangible property resulting from the sale,
        exchange, collection or other disposition of any of the foregoing, or
        any portion thereof or interest therein, and the proceeds thereof; and

                (k)     all of the Grantor's right, title and market in and to
        any shares of capital stock of any of its subsidiaries and the
        certificates representing any such shares all of the items described in
        clauses (a)-(k) in this Section 2.1, are hereinafter individually and/or
        collectively referred to as the "General Assets".

                2.2     GRANT OF SECURITY INTEREST IN TRADEMARKS. To secure the
complete and timely payment, performance and satisfaction of all of the Secured
Obligations, the Grantor hereby grants to the Noteholders, a security interest
as and by way of a first mortgage and security interest having priority over all
other security interests, including, without limitation, with power of sale to
the fullest extent permitted by applicable law, in all of the Grantor's right,
title and interest in and to the Grantor's now owned or otherwise existing and
hereafter acquired or arising: trademarks, trade names, registered trademarks,
trademark applications, service marks, registered service marks and service mark
applications; (i) all renewals thereof, (ii) all income, royalties, damages and
payments now and hereafter due and/or payable under and with respect to thereto,
including, without limitation, payments under all licenses entered into in
connection therewith and damages and payments for past or future infringements
or dilutions thereof, (iii) the right to sue for past, present and future
infringements and dilutions thereof, (iv) the goodwill of the Grantor's business
symbolized by the foregoing and connected therewith and (v) all of the Grantor's
rights corresponding thereto throughout the world (all of the foregoing
trademarks, trade names, registered trademarks and trademark applications,
service marks,

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registered service marks and service mark applications, together with the items
described in clauses (i)-(v) in this Section 2.2, are hereinafter individually
and/or collectively referred to as the "Trademarks"); and (b) all proceeds of
any and all of the foregoing, including, without limitation, license royalties
and proceeds of the infringement suits.

                2.3     GRANT OF SECURITY INTEREST IN PATENTS. To secure the
complete and timely payment, performance and satisfaction of all of the Secured
Obligations, the Grantor hereby grants to the Noteholders, a security interest
as and by way of a first mortgage and security interest having priority over all
of other security interests, including, without limitation, with power of sale
to the fullest extent permitted by applicable law, in all of the Grantor's
right, title and interest in and to the Grantor's now owned or otherwise
existing and hereafter acquired or arising: patents and patent applications and
(i) all renewals thereof, (ii) all income, royalties, damages and payments now
and hereafter due and/or payable under and with respect to thereto, including,
without limitation, payments under all licenses entered into in connection
therewith and damages and payments for past or future infringements or dilutions
thereof, (iii) the right to sue for past, present and future infringements and
dilutions thereof, (iv) the goodwill of the Grantor's business symbolized by the
foregoing and connected therewith and (v) all of the Grantor's rights
corresponding thereto throughout the world (all of the foregoing patents and
patent applications, together wit the items described in clauses (i)-(v) in this
Section 2.3, are hereinafter individually and/or collectively referred to as the
"Patents"); and (b) all proceeds of any and all of the foregoing, including,
without limitation, license royalties and proceeds of the infringement suits.

                2.4     GRANT OF SECURITY INTEREST IN TRADEMARK AND PATENT
LICENSES. To secure the complete and timely payment, performance and
satisfaction of all of the Secured Obligations, the Grantor hereby grants to the
Noteholders, a security interest, as and by way of a first mortgage and security
interest having priority over all of other security interests, including,
without limitation, with power of sale to the fullest extent permitted by
applicable law, in all of the Grantor's right, title and interest in and to the
Grantor's now owned or otherwise existing and hereafter acquired or arising:
rights under or interests in any license agreements with any other party,
whether the Grantor is a licensee or licensor under any such license agreement,
and the right to use the foregoing in connection with the enforcement of the
Noteholders' rights under the Notes, including, without limitation, the right to
prepare for sale and sell any and all inventory now or hereafter owned by the
Grantor and now or hereafter covered by such licenses (all of the foregoing are
hereinafter referred to collectively as the "Licenses"). Notwithstanding the
foregoing provisions of this Section 2.4, the Licenses shall not include any
license agreement in effect as of the date hereof that by its terms expressly
prohibits the grant of the security contemplated by this Agreement: PROVIDED,
HOWEVER, that upon the termination of such prohibitions for any reason
whatsoever, the provisions of this Section 2.4 shall be deemed to apply thereto
automatically.

                2.5     TITLE; OTHER LIENS. Except for (i) the rights of Becton,
Dickinson and Company ("Becton") to receive certain royalties in respect of
certain products developed using certain intellectual property rights
transferred by Becton pursuant to Section 8.05 of that certain Transaction
Agreement, by and between Becton, Spencer Trask Specialty Group, LLC, Spencer

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Trask Ventures, Inc. and the Grantor, dated November 10, 2000, and (ii) the
rights of B. Braun Medical Inc. to certain distribution and license rights to
use the Trademarks, Patents and related intellectual property rights pertaining
to the Grantor's transdermal lidocaine delivery system pursuant to Section 2 of
that certain License, Development and Distribution Agreement, dated September
20, 2002, the Grantor owns each of the General Assets, Trademarks, Patents and
Licenses free and clear of any and all liens, claims or security or adverse
interests to all or any of the Trademarks, Patents and Licenses free and clear
of any and all liens, claims or security or adverse interests to all or any of
the Trademarks, Patents and Licenses on file or of record in any public office,
except as such as have been filed in favor of the Noteholders pursuant to this
Agreement. The parties acknowledge that Grantor may grant future first priority
purchase money security interest in equipment to secure purchase money financing
of such equipment.

                        ARTICLE III - FURTHER ASSURANCES

                3.1     At any time and from time to time at the request of the
Noteholders, the Grantor shall execute and deliver to the Noteholders all such
financing statements and other instruments and documents in form and substance
satisfactory to the Noteholders as shall be necessary or desirable to fully
perfect, when filed and/or recorded, the security interest granted to the
Noteholders pursuant to ARTICLE II of this Agreement. The Grantor hereby
authorizes the Noteholders, without notice to the Grantor, to file any financing
statement and amendments thereof or continuations thereof, naming the Grantor as
debtor and the Noteholders as the creditors. At any time and from time to time,
the Noteholders shall be entitled to file and/or record any or all such
financing statements, instruments and documents held by them, and any or all
such further financing statements, documents and instruments, and to take all
such other actions, as the Noteholders may deem appropriate to perfect and to
maintain perfected the security interest granted to the Noteholders in ARTICLE
II of this Agreement. Before and after the occurrence of any default under the
Notes, at the Noteholders' request, the Grantor shall execute all such further
financing statements, instruments and documents, and shall do all such further
acts and things, as may be deemed necessary or desirable by the Noteholders to
create and perfect, and to continue and preserve, an indefeasible security
interest in the Collateral in favor of the Noteholders or the priority thereof,
including causing any such financing statements to be filed and/or recorded in
the applicable jurisdiction.

                         ARTICLE IV - SECURITY AGREEMENT

                4.1     This Agreement secures the payment of all of the Secured
Obligations of the Grantor now or hereafter existing under the Notes, whether
for principal, interest, fees, expenses or otherwise, and all of the Secured
Obligations of the Grantor now or hereafter existing under this Agreement and
provides for the application of proceeds from the Collateral, upon the
occurrence of an Event of Default, to satisfy the Secured Obligations.

                          ARTICLE V - EVENTS OF DEFAULT

                5.1     There shall be an Event of Default (as defined in the
Notes) hereunder upon the occurrence and during the continuance of an Event of
Default under any of the Notes. The

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Grantor shall promptly notify the Noteholders in writing of any occurrence of an
Event of Default.

                    ARTICLE VI - RIGHTS UPON EVENT OF DEFAULT

                6.1     Upon the occurrence and during the continuance of an
Event of Default, the Noteholders shall have, in any jurisdiction where
enforcement hereof is sought, in addition to all other rights and remedies that
the Noteholders may have under applicable law or in equity or under this
Agreement, all rights and remedies of a secured party under the Uniform
Commercial Code as enacted in any jurisdiction.

                  ARTICLE VII - VOTING RIGHTS; DIVIDENDS; ETC.

                7.1     With respect to Grantor's right, title and interest to
any Collateral consisting of securities, partnership interests, joint venture
interests, investments or the like (referred to collectively and individually in
this Article VII and in Article VIII as the "Investment Collateral"), so long as
no Event of Default occurs and remains continuing:

                (a)     the Grantor shall be entitled to exercise any and all
        voting and other consensual rights pertaining to the Investment
        Collateral, or any part thereof, for any purpose not inconsistent with
        the terms of this Agreement or the Notes; and

                (b)     the Grantor shall be entitled to receive and to retain
        and use any and all dividends or distributions paid in respect of the
        Investment Collateral.

                  ARTICLE VIII - RIGHTS DURING EVENT OF DEFAULT

                8.1     With respect to any Investment Collateral in the
possession of the Grantor, so long as an Event of Default has occurred and is
continuing:

                (a)     at the option of the Noteholders, all rights of the
        Grantor to exercise the voting and other consensual rights which it
        would otherwise be entitled to exercise pursuant to Section (a) of
        Article VII above, and to receive the dividends and distributions which
        it would otherwise be authorized to receive and retain pursuant to
        Section (b) of Article VIII above, shall cease, and all such rights
        thereupon shall become vested in the Noteholders which thereupon shall
        have the sole right to exercise such voting and other consensual rights
        and to receive and to hold as pledged Investment Collateral such
        dividends and distributions.

                (b)     all dividends and other distributions which are received
        by a Grantor contrary to the provisions of this Agreement shall be held
        in trust for the benefit of the Noteholders, shall be segregated from
        other funds of the Grantor and forthwith shall be paid over to the
        Noteholders as pledged Collateral in the same form as so received (with
        any necessary endorsements).

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         ARTICLE IX - GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS

                9.1     The Grantor represents, warrants and covenants, which
representations, warranties and covenants shall survive execution and delivery
of this Agreement, as follows:

                (a)     except for the interest granted to the Noteholders
        herein, rights disclosed in Section 2.5 and as disclosed on SCHEDULE
        9.1, the Grantor is, and as to Collateral acquired from time to time
        after the date hereof, the Grantor will be, the owner of all the
        Collateral free from any lien, security interest, encumbrance or other
        right, title or interest of any person, and the Grantor shall defend the
        Collateral against all claims and demands of all persons at any time
        claiming the same or any interest therein adverse to the Noteholders.

                (b)     except as disclosed on SCHEDULE 9.1, there is no
        financing statement (or similar statement or instrument of registration
        under the law of any jurisdiction) now on file or registered in any
        public office covering any interest of any kind in the Collateral, or
        intended to cover any such interest, which has not been terminated or
        released by the secured party named therein, and so long as any Notes
        remain outstanding or any of the Secured Obligations of the Grantor
        remain unpaid, the Grantor will not execute and there will not be on
        file in any public office any financing statement (or similar statement
        or instrument of registration under the law of any jurisdiction) or
        statements relating to the Collateral, except financing statements filed
        or to be filed in respect of and covering the security interest hereby
        granted to the Noteholders.

                (c)     at the Grantor's own expense, the Grantor will keep the
        Collateral (i) in good condition at all times (normal wear and tear
        excepted) and maintain same in accordance with all manufacturer's
        specifications and requirements, and (ii) free and clear of all liens
        and encumbrances, except for the liens granted or permitted hereby; and
        without the consent of the Noteholders, the Grantor will not sell,
        transfer, change the registration, if any, dispose of, attempt to
        dispose of, substantially modify or abandon the Collateral or any part
        thereof other than sales of inventory in the ordinary course of business
        and the disposition of obsolete or worn-out equipment in the ordinary
        course of business.

                (d)     the chief executive office and chief place of business
        of Vyteris is located at 13-01 Pollitt Drive, Fairlawn, New Jersey
        07410. The Grantor will not move its chief executive office and chief
        place of business until (i) it shall have given to the Noteholders not
        less than 30 days' prior written notice of its intention to do so,
        clearly describing such new location and providing such other
        information in connection therewith as the Noteholders may reasonably
        request, and (ii) with respect to such new location, it shall have taken
        such action, satisfactory to the Noteholders, to maintain the security
        interest of the Noteholders, in the Collateral.

                         ARTICLE X - COSTS AND EXPENSES

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                10.1    The Grantor agrees to pay to the Noteholders all costs
and expenses (including, without limitation, reasonable attorneys' fees and
disbursements) incurred by the Noteholders in the enforcement or attempted
enforcement of this Agreement, whether or not an action is filed in connection
therewith, and in connection with any waiver or amendment of any term or
provision hereof. All advances, charges, costs and expenses, including
reasonable attorneys' fees and disbursements, incurred or paid by the
Noteholders in exercising any right, privilege, power or remedy conferred by
this Agreement or in the enforcement or attempted enforcement thereof, shall be
secured hereby and shall become a part of the Secured Obligations and shall be
paid to the Noteholders by the Grantor, immediately upon demand, together with
interest thereon from the date of demand at a rate of 8% per annum.

                         ARTICLE XI - CONTINUING EFFECT

                11.1    This Agreement shall remain in full force and effect and
continue to be effective should any petition be filed by or against the Grantor
for liquidation or reorganization, should the Grantor become insolvent or make
an assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of the Grantor's assets, and shall
continue to be effective or be reinstated, as the case may be, if at any time
payment and performance of the Secured Obligations, or any part thereof, is,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by the Noteholders, whether as a "voidable preference,"
"fraudulent conveyance" or otherwise, all as though such payment or performance
had not been made. In the event that any payment or any part thereof is
rescinded, reduced, restored or returned, the Secured Obligations shall be
reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.

                ARTICLE XII - TERMINATION; RELEASE OF THE GRANTOR

                12.1    This Agreement shall be terminated and all Secured
Obligations of the Grantor hereunder shall be released when all Secured
Obligations of the Grantor have been paid in full or upon such release of the
Grantor's Secured Obligations hereunder or, with respect to any Note, when such
Note shall no longer be outstanding. Upon such termination, the Noteholders
shall return any pledged Collateral to the Grantor, or to the person or persons
legally entitled thereto, and shall endorse, execute, deliver, record and file
all instruments and documents, and do all other acts and things reasonably
required for the return of the Collateral to the Grantor, or to the person or
persons legally entitled thereto, and to evidence or document the release of the
Noteholders' interests arising under this Agreement, all as reasonably requested
by, and at the sole expense of, the Grantor.

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                          ARTICLE XIII - GOVERNING LAW

                13.1    THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE.

                            ARTICLE XIV - ASSIGNMENT

                14.1    This Agreement shall create a continuing security
interest in the Collateral and shall be binding upon the Grantor and the
Grantor's successors and assigns; inure, together with the rights and remedies
of the Noteholders and their successors, transferees and assigns; and be
severable in the event that one or more of the provisions herein is determined
to be illegal or unenforceable. Without limiting the generality of the
foregoing, the Noteholders may assign or otherwise transfer any portion of the
Secured Obligations to any other person or entity, and such other person or
entity shall thereupon become vested with all the benefits and obligations in
respect thereof granted to the Noteholders herein or otherwise.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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        IN WITNESS WHEREOF, the undersigned have executed this Agreement by its
duly authorized officer as of the date first written above.

                                     VYTERIS, INC.

                                     By: /s/ Vincent De Caprio
                                         ---------------------
                                         Name: Vincent De Caprio
                                         Title: President

                                     SPENCER TRASK SPECIALTY GROUP, LLC

                                     By: /s/ Donald F. Farley
                                         --------------------
                                         Name: Donald F. Farley
                                         Title: Chief Executive Officer

                                     NOTEHOLDERS:

                                     SEE OMNIBUS SIGNATURE PAGE TO THE SPA

                                       10<PAGE>

                                  EXHIBIT 10.11
                                  -------------

                               Finder's Agreement

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                               FINDER'S AGREEMENT

This agreement (the "Agreement") is entered into as of March 31, 2004 between
Vyteris, Inc., a Delaware corporation (the "Company") and Spencer Trask
Ventures, Inc., a Delaware corporation ("Finder").

                                    RECITALS

        WHEREAS, Finder may have occasion to introduce the Company to one or
more Targets (as defined in Section 2 below) who may be interested in engaging
in a business combination or financing arrangement with the Company which may
include a merger or purchase of some or all of the stock or assets of the
Company by a Target, or an investment in the securities of or loan to the
Company by a Target (singularly and in combination, a "Transaction"); and

        WHEREAS, the Company desires to engage the services of Finder to provide
an introduction to such Targets in accordance with the terms and conditions set
forth in this Agreement.

AGREEMENT

        NOW, THEREFORE, in consideration of the premises and mutual covenants
hereinafter contained, and for other good and valuable consideration the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

        1. The Company engages Finder as one of the Company's non-exclusive
finders, to locate proposed Targets interested in effecting a Transaction.

        2. For the purposes of this Agreement, "Targets" shall mean companies or
entities introduced to the Company by Finder, exclusive of Spencer Trask
Specialty Group LLC and any entities affiliated with Spencer Trask Specialty
Group LLC.

        3. In the event of a consummated Transaction, the Company shall pay to
Finder a cash fee as follows:

        (a) 7% of the first $1,000,000 or portion thereof of the consideration
        paid in such transaction; plus
        (b) 6% of the next $1,000,000 or portion thereof of the consideration
        paid in such transaction; plus
        (c) 5% of the next $5,000,000 or portion thereof of the consideration
        paid in such transaction; plus
        (d) 4% of the next $1,000,000 or portion thereof of the consideration
        paid in such transaction; plus
        (e) 3% of the next $1,000,000 or portion thereof of the consideration
        paid in such transaction; plus
        (f) 2.5% of any consideration paid in such transaction in excess of
        $9,000,000.

        "Consideration paid in such transaction" for purposes of this Agreement
shall mean the value of all consideration, including proceeds of investments and
loans, paid to the Company

<PAGE>

        and/or the stockholders of the Company in connection with a Transaction,
        including cash, securities or other consideration exchanged or paid at
        closing; assumption of debt; and any deferred payments including without
        limitation notes and contingent payments. Payment of the applicable fee
        set forth above will be made at the closing of the related Transaction.
        The fee shall be payable in cash.

        In the event that any fees due Finder are not paid when due, the Company
shall also be liable to Finder for interest on the amount due at the annual rate
of three percent (3%) over the prime rate, accruing on a daily basis from the
date of closing, plus all of Finder's reasonable legal fees and expenses in
connection with collection of said fees.

        4. This Agreement shall remain in full force and effect for a period of
five (5) years after the date hereof; provided, however, that Finder shall be
entitled to receive the full fee set forth in paragraph 3 hereof in the event
discussions are held with a Target during the term of this agreement and a
Transaction or other business arrangement is consummated with such Target within
two years from the expiration of this Agreement.

        5. The Company shall not be liable for any retainers, costs, expenses or
other charges incurred by Finder or third parties at the request of Finder
unless the Company has authorized such costs or expenses in writing.

        6. (a) Finder is an independent contractor and financial advisor and is
not an employee or agent of the Company and it shall have no authority to bind
the Company in any manner whatsoever.

           (b) The Company acknowledges that Finder has not done any due
diligence with respect to any Target and that Finder makes no representations
whatsoever with respect to any Target (including without limitation its
financial condition or its ability to perform any obligations to which it is or
may become bound), and the Company expressly agrees that Finder shall have no
liability whatsoever in connection with any Transaction it may enter into with a
Target.

        7. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York, without giving effect to its conflict of law
principles.

        8. This Agreement constitutes the entire agreement between the parties
and supersedes any prior agreements, whether written or oral, between the
parties. No modification, extension or change in this Agreement shall be
effective unless it is in writing and signed by both Finder and the Company.

        9. The provisions of this Agreement shall be binding upon and shall
inure to the benefit of the parties hereto, their heirs, legal representatives,
successors and assigns. This Agreement may not be assigned except upon the prior
written consent of the other party to this Agreement.

        10. Any notice hereunder shall be in writing and delivery thereof shall
be complete if delivered in person, by facsimile or mailed by overnight mail, or
registered or certified mail, postage prepaid to the following addresses (unless
changed by written notice):

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        Finder:         Spencer Trask Ventures, Inc.
                        535 Madison Avenue, 18th Floor
                        New York, NY 10022
                        Attention: William P. Dioguardi, President

        Company:        Vyteris, Inc.
                        13-01 Pollitt Drive,
                        Fair Lawn, New Jersey 07410
                        Attention: Vincent L. DeCaprio, President

        IN WITNESS WHEREOF, this Agreement has been executed by the parties
hereto as of the date first above written.

VYTERIS, INC.                               SPENCER TRASK VENTURES, INC

By: /s/ Michael McGuinness                  By: /s/ William P. Dioguardi
    ----------------------                      ------------------------
Title: Chief Financial Officer              Title:  President

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