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                                                                    Exhibit 10.4

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into
effective as of November 16, 2001, by and between Maxim Pharmaceuticals, Inc.,
(the "Company"), and Geoffrey B. Altman ("Executive"). The Company and Executive
are hereinafter collectively referred to as the "Parties," and individually
referred to as a "Party."

                                    RECITALS

         A.       The Company desires assurance of the association and services
of Executive in order to retain Executive's experience, skills, abilities,
background and knowledge, and is willing to engage Executive's services on the
terms and conditions set forth in this Agreement.

         B.       Executive desires to be in the employ of the Company, and is
willing to accept such employment on the terms and conditions set forth in this
Agreement.

                                    AGREEMENT

         In consideration of the foregoing recitals and the mutual promises and
covenants herein contained, and for other good and valuable consideration, the
Parties, intending to be legally bound, agree as follows:

1.       EMPLOYMENT.

         1.1      The Company hereby employs Executive, and Executive hereby
accepts continued employment by the Company, upon the terms and conditions set
forth in this Agreement, effective as of the date first set forth above
("Commencement Date"). This Agreement shall continue in effect until terminated
pursuant to Section 5 below.

         1.2      Executive shall be the Vice-President, Marketing & Sales of
the Company (or a position of at least comparable status) and shall serve in
such other capacity or capacities as the Chief Executive Officer and/or the
Company's Board of Directors ("Board") may from time to time prescribe.

         1.3      Executive shall do and perform all services, acts or things
necessary or advisable to manage and conduct the business of the Company and
which are normally associated with the position Vice-President, Marketing &
Sales of the Company, consistent with the Bylaws of the Company, as well as its
general employment policies and practices. However, at all times during his
employment Executive shall be subject to the direction and policies from time to
time established by the Board and/or the Chief Executive Officer.

         1.4      Unless the Parties otherwise agree in writing, during the term
of this Agreement, Executive shall perform the services he is required to
perform pursuant to this Agreement at the Company's offices, located at 8899
University Center Lane, Suite 400 or at any other place at which the Company
maintains an office; provided, however, that the Company may from time to time
require Executive to travel temporarily to other locations in connection with
the Company's business.

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2.       LOYAL AND CONSCIENTIOUS PERFORMANCE; NONCOMPETITION.

         2.1      During his employment by the Company, Executive shall devote
his full business energies, interest, abilities and productive time to the
proper and efficient performance of his duties under this Agreement.

         2.2      During the term of this Agreement, Executive shall not engage
in competition with the Company, either directly or indirectly, in any manner or
capacity, as adviser, principal, agent, partner, officer, director, employee,
member of any association or otherwise, in any phase of the business of
developing, manufacturing and marketing of products which are in the same field
of use or which otherwise compete with the products or proposed products of the
Company.

         2.3      Ownership by Executive, as a passive investment, of less than
one percent (1%) of the outstanding shares of capital stock of any corporation
with one or more classes of its capital stock listed on a national securities
exchange or publicly traded in the over-the-counter market shall not constitute
a breach of this paragraph.

3.       COMPENSATION OF EXECUTIVE.

         3.1      While employed by the Company, as compensation for proper and
satisfactory performance of all duties to be performed hereunder, the Company
shall pay Executive an annual base salary of One Hundred Eighty-Two Thousand
Dollars, $182,000 per year (the "Base Salary"), payable in regular periodic
payments in accordance with Company policy. Such salary shall be prorated for
any partial year of employment on the basis of a 365-day fiscal year. In
addition, Executive will be eligible for an incentive bonus of up to 20% of the
Executive's annualized base salary hereunder, based upon defined milestones
during the agreement period.

         3.2      Executive's compensation may be changed from time to time by
mutual agreement of Executive and the Board.

         3.3      All of Executive's compensation shall be subject to customary
withholding taxes and any other employment taxes as are commonly required to be
collected or withheld by the Company.

         3.4      Executive shall be entitled to vacation and illness days
consistent with the Company's standard practice for its employees generally.

         3.5      Executive shall, at the discretion of the Board, be entitled
to participate in the benefits for which he is eligible under the terms and
conditions of the standard Company benefits which may be in effect from time to
time and provided by the Company.

4.       EXPENSE REIMBURSEMENT.

         4.1      Executive shall be entitled to receive prompt reimbursement of
all reasonable business and travel expenses incurred by Executive in connection
with the business of the Company. Such expenses must be properly accounted for
under the policies and procedures established by the Company.

5.       TERMINATION.

         5.1      The Company may terminate Executive's employment under this
Agreement "for cause" by delivery of written notice to Executive specifying the
cause or causes relied upon for such termination. If Executive's employment
under this Agreement is terminated by the Company for cause under this section,
Executive shall be entitled to receive only accrued Base Salary and other
accrued benefits required by law, prorated to the date of termination. Executive
will not be entitled to severance pay, pay in lieu of notice or any other such
compensation. Grounds for the Company to terminate this Agreement "for cause"
shall be limited to the occurrence of any of the following events:

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                  5.1.1    If Executive is in material breach of any provision
of this Agreement;

                  5.1.2    Executive's engaging or in any manner participating
in any activity which is competitive with or intentionally injurious to the
Company or which violates any provision of Section 7 of this Agreement;

                  5.1.3    Executive's commission of any fraud against the
Company or use or appropriation for his personal use or benefit of any funds or
properties of the Company not authorized by the Board to be so used or
appropriated;

                  5.1.4    Executive's conviction of any crime involving
dishonesty or moral turpitude;

                  5.1.5    Conduct by Executive which in good faith and
reasonable determination of the Board demonstrates gross unfitness to serve.

         Any notice of termination given pursuant to this Section 5.1 shall
effect termination as of the date specified in such notice or, in the event no
such date is specified, on the last day of the month in which such notice is
delivered or deemed delivered as provided in Section 9 below.

         5.2      The Company may terminate the Executive's employment at any
time without cause upon delivery of written notice to the Executive. Any notice
of termination given pursuant to this Section 5.2 shall effect termination as of
the date specified in such notice or, in the event no such date is specified, on
the last day of the month in which such notice is delivered or deemed delivered
as provided in Section 9 below. If such termination shall occur under this
Section 5.2, then, in lieu of all other remedies and as liquidated damages,
Executive shall be entitled to continuation of Base Salary and health benefits
for a period of six (6) months from said date of termination with such Base
Salary continuation to be at the rate set forth in Section 3.1 or, if greater,
at the rate of Executive's then current compensation in effect as of the date of
termination.

         5.3      The parties may mutually agree at any time to terminate this
Agreement upon such terms and conditions as may be agreed upon in writing.

         5.4      This Agreement shall terminate without notice upon the date of
Executive's death or the date when Executive becomes "completely disabled" as
that term is defined in Section 6.2

         5.5      Notwithstanding any provision to the contrary herein, unless
otherwise provided herein or unless otherwise provided by law, Executive may at
any time terminate his employment with the Company hereunder. In such event, the
Company shall not be liable to Executive for the payment of any amount other
than accrued Base Salary and other accrued benefits required by law, prorated to
the date of termination. Executive will not be entitled to severance pay, pay in
lieu of notice or any other such compensation.

6.       DEATH OR DISABILITY DURING TERM OF EMPLOYMENT.

         6.1      Upon termination of Executive's employment pursuant to Section
5.4, Executive or his estate or personal representative, as the case may be,
shall be entitled to receive Executive's Base Salary and benefits for a period
of one month following the date of death or the date when Executive becomes
completely disabled.

         6.2      The term "completely disabled" as used in this Agreement shall
mean the inability of Executive to perform the essential functions of his
position under this Agreement by reason of any incapacity, physical or mental,
which the Board of the Company, based upon medical advice or an opinion provided
by a licensed physician acceptable to the Board of the Company and approved by
the Executive, which approval shall not be unreasonably withheld, determines to
have incapacitated Executive from satisfactorily performing any or all essential
functions of his position for the Company during the foreseeable future. Based
upon such medical advice or opinion, the determination of the Board of the
Company shall be final and binding and the date such determination is made shall
be the date of such complete disability for purposes of this Agreement.

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7.       CONFIDENTIAL INFORMATION; NONSOLICITATION.

         7.1      Executive recognizes that his employment with the Company will
involve contact with information of substantial value to the Company, which is
not generally known in the trade, and which gives the Company an advantage over
its competitors who do not know or use it, including but not limited to,
techniques, designs, drawings, processes, inventions, developments, equipment,
prototypes, sales and customer information, and business and financial
information relating to the business, products, practices and techniques of the
Company (hereinafter referred to as "Confidential Information"). Executive will
at all times regard and preserve as confidential such Confidential Information
obtained by Executive from whatever source and will not, either during his
employment with the Company or thereafter, publish or disclose any part of such
Confidential Information in any manner at any time, or use the same except on
behalf of the Company, without the prior written consent of the Company. As a
condition of this Agreement, Executive will sign and return a copy of the
Company's "Proprietary Information and Inventions Agreement," attached as
Exhibit A.

         7.2      While employed by the Company and for one (1) year thereafter,
the Executive agrees that in order to protect the Company's confidential and
proprietary information from unauthorized use, that Executive will not, either
directly or through others, solicit or attempt to solicit any employee,
consultant or independent contractor of the Company to terminate his or her
relationship with the Company in order to become an employee, consultant or
independent contractor to or for any other person or business entity; or the
business of any customer, vendor or distributor of the Company which, at the
time of termination or one (1) year immediately prior thereto, was listed on
Company's customer, vendor or distributor list.

8.       ASSIGNMENT AND BINDING EFFECT.

         8.1      This Agreement shall be binding upon and inure to the benefit
of Executive and Executive's heirs, executors, personal representatives,
assigns, administrators and legal representatives. Because of the unique and
personal nature of Executive's duties under this Agreement, neither this
Agreement nor any rights or obligations under this Agreement shall be assignable
by Executive. This Agreement shall be binding upon and inure to the benefit of
the Company and its successors, assigns and legal representatives.

9.       NOTICES.

         9.1      All notices or demands of any kind required or permitted to be
given by the Company or Executive under this Agreement shall be given in writing
and shall be personally delivered (and receipted for) or mailed by certified
mail, return receipt requested, postage prepaid, addressed as follows:

                  9.1.1             If to the Company:

                                    LARRY STAMBAUGH
                                    MAXIM PHARMACEUTICALS, INC.
                                    8899 UNIVERSITY CENTER LANE
                                    SUITE 400
                                    SAN DIEGO, CA  92122

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                  9.1.2             If to Executive:

                                    GEOFFREY B. ALTMAN
                                    MAXIM PHARMACEUTICALS, INC.
                                    8899 UNIVERSITY CENTER LANE
                                    SUITE 400
                                    SAN DIEGO, CA  92122

Any such written notice shall be deemed received when personally delivered or
three (3) days after its deposit in the United States mail as specified above.
Either Party may change its address for notices by giving notice to the other
Party in the manner specified in this section.

10.      CHOICE OF LAW.

         10.1     This Agreement is made in San Diego, California. This
Agreement shall be construed and interpreted in accordance with the laws of the
State of California.

11.      INTEGRATION.

         11.1     This Agreement contains the complete, final and exclusive
agreement of the Parties relating to the subject matter of this Agreement, and
supersedes all prior oral and written employment agreements or arrangements
between the Parties.

12.      AMENDMENT.

         12.1     This Agreement cannot be amended or modified except by a
written agreement signed by Executive and the Company.

13.      WAIVER.

         13.1     No term, covenant or condition of this Agreement or any breach
thereof shall be deemed waived, except with the written consent of the Party
against whom the wavier in claimed, and any waiver or any such term, covenant,
condition or breach shall not be deemed to be a waiver of any preceding or
succeeding breach of the same or any other term, covenant, condition or breach.

14.      SEVERABILITY.

         14.1     The finding by a court of competent jurisdiction of the
unenforceability, invalidity or illegality of any provision of this Agreement
shall not render any other provision of this Agreement unenforceable, invalid or
illegal. Such court shall have the authority to modify or replace the invalid or
unenforceable term or provision with a valid and enforceable term or provision
which most accurately represents the parties' intention with respect to the
invalid or unenforceable term or provision.

15.      INTERPRETATION; CONSTRUCTION.

         15.1     The headings set forth in this Agreement are for convenience
of reference only and shall not be used in interpreting this Agreement. This
Agreement has been drafted by legal counsel representing the Company, but
Executive has been encouraged, and has consulted with, his own independent
counsel and tax advisors with respect to the terms of this Agreement. The
Parties acknowledge that each Party and its counsel has reviewed and revised, or
had an opportunity to review and revise, this Agreement, and the normal rule of
construction to the effect that any ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of this Agreement.

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16.      REPRESENTATIONS AND WARRANTIES.

         16.1     Executive represents and warrants that he is not restricted or
prohibited, contractually or otherwise, from entering into and performing each
of the terms and covenants contained in this Agreement, and that his execution
and performance of this Agreement will not violate or breach any other
agreements between Executive and any other person or entity.

17.      COUNTERPARTS.

         17.1     This Agreement may be executed in two counterparts, each of
which shall be deemed an original, all of which together shall contribute one
and the same instrument.

         IN WITNESS WHEREOF, the Parties have executed this Agreement as of the
date first above written.

                                      The Company:

                                      MAXIM PHARMACEUTICALS, INC.

                                      By: /s/ LARRY G. STAMBAUGH
                                      ------------------------------------------
                                      Larry G. Stambaugh
                                      Chairman of the Board, President and Chief
                                      Executive Officer

                                      EXECUTIVE:

                                      /s/ GEOFFREY B. ALTMAN
                                      ------------------------------------------
                                      Geoffrey B. Altman

                                       6<Page>

                                                                    Exhibit 10.5

               AMENDMENT TO THE SECURED REVOLVING PROMISSORY NOTE

         This AMENDMENT TO THE SECURED REVOLVING PROMISSORY NOTE (the
"Amendment") is entered into as of December 8, 2001 ("Amendment Date"), by and
between MAXIM PHARMACEUTICALS, INC. ("Company"), a Delaware Corporation, at 8899
University Center Lane, Suite 400, San Diego, California 92122 and LARRY G.
STAMBAUGH ("Executive") at [***]. DEFINED TERMS USED BUT NOT OTHERWISE DEFINED
HEREIN SHALL HAVE THE SAME MEANINGS AS IN THE SECURED REVOLVING PROMISSORY NOTE
DATED ON OR ABOUT DECEMBER 8, 2000 ("PROMISSORY NOTE").

                    RECITALS AND DESCRIPTION OF EXISTING NOTE

         WHEREAS, Executive has an Outstanding Balance of $2,850,000 for
Advances made plus accrued interest of $195,382 ("Accrued Interest") owed to the
Company pursuant to the Promissory Note; and

         WHEREAS, Executive and the Company desire to amend certain provisions
of the Promissory Note.

         NOW THEREFORE, in consideration of the foregoing promises and the
mutual covenants set forth herein, the parties agree as follows:

                             AMENDMENTS TO AGREEMENT

1.       DEFINITIONS - Section 1.1 Definitions. - "Maturity Date" is hereby
         amended and restated in its entirety as follows: "Maturity Date" means
         December 8, 2002.

2.       LOAN AND TERMS OF PAYMENT - Section 2.3 Interest. Is hereby amended in
         part to provide that interest shall accrue after the Amendment Date at
         the per annum rate equal to four percent (4.00%). Accrued Interest at
         the Amendment Date will remain outstanding and along with additional
         interest incurred after the Amendment Date, if any, will be due and
         payable on the Maturity Date, as amended herein.

3.       SECURITY. - Section 3.1 Grant of Security Interest. Exhibit A to the
         Promissory Note is replaced in its entirety with the amended Exhibit A
         attached hereto.

4.       CONTINUING VALIDITY - Section 4.1 Executive understands and agrees that
         in entering into this Amendment, the Company is relying upon
         Executive's agreements as set forth in the Promissory Note. Except as
         expressly modified pursuant to this Amendment, the terms of the
         Promissory Note and any related loan documents remain unchanged and in
         full force and effect. In the event of a conflict between this
         Amendment and the Promissory Note, this Amendment shall govern. This
         Amendment in no way shall obligate the Company to make any future
         modifications to the Promissory Note.

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         IN WITNESS WHEREOF, the undersigned has caused this Amendment to be
duly executed as of the day and year first above written.

                                             EXECUTIVE

                                              /s/ Larry G. Stambaugh
                                             -----------------------------------
                                             Larry G. Stambaugh

                                             MAXIM PHARMACEUTICALS, INC.

                                              /s/ Dale A. Sander
                                             -----------------------------------
                                             Dale A. Sander
                                             Chief Financial Officer

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