Document:

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                                                                    EXHIBIT 10.8

          CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE
        SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE OMISSIONS.

                                LICENSE AGREEMENT

         This License Agreement (the "Agreement") is effective as of December
31, 2001 (the "Effective Date") between ISIS PHARMACEUTICALS, INC., a Delaware
corporation having an address at 2292 Faraday Avenue, Carlsbad, CA ("Isis") and
EYETECH PHARMACEUTICALS, INC., a corporation having an address at 666 Fifth
Avenue, 35th Floor, New York, NY 10103 ("EyeTech").

                                    ARTICLE 1
                                   DEFINITIONS

         Capitalized terms used herein have the meaning set forth in Exhibit A.

                                    ARTICLE 2
                                SCOPE OF LICENSE

2.1      Grant. Subject to the terms of this Agreement and during the Term, Isis
grants to EyeTech a non-exclusive license under the Licensed Patent Rights to
make, have made, use and sell EYE001 worldwide. The license is sublicensable.

                                    ARTICLE 3
                           LICENSE FEES AND ROYALTIES

         3.1      Fees and Royalties. EyeTech will pay to Isis the fees,
milestones and royalties set forth in this Article 3.

                  3.1.1    License Fees. EyeTech will pay an initial,
irrevocable and non-refundable license fee of $2,000,000 (the "License Fee") to
Isis, $1,000,000 of which will be paid upon execution of this Agreement and
$1,000,000 of which will be paid upon the earlier of (i) the date of the AMD
Completed Patient Enrollment, or (ii) July 31, 2002.

                  3.1.2    Milestones. EyeTech will pay the following milestones
to Isis:

                           a.       For the initial indication of age-related
                                    macular degeneration for EYE001:
                                    [**]

                           b.       For each additional therapeutic indication
                                    for EYE001:
                                    [**]

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                                       2                        [EXECUTION COPY]

                  3.1.3    Royalties on EYE001. EyeTech will pay Isis a royalty
of [**] on Net Sales of EYE001 when the manufacture, use or sale of EYE001 would
infringe the Licensed Patent Rights.

                                    ARTICLE 4
                              PAYMENTS AND REPORTS

         4.1      Payment. Royalty payments will be due every three (3) months
beginning with the first commercial sale of EYE001 (each such 3-month period a
"Reporting Period") and will be paid within sixty (60) days of the close of each
Reporting Period. Each royalty payment will be accompanied by a statement of the
amount of Net Sales and all adjustments thereto during such Reporting Period.

         4.2      Mode of Payment. EyeTech will make all payments required under
this Agreement in U.S. Dollars. The payments due on the sale of EYE001 received
outside the United States will be translated using exchange rates published in
the Wall Street Journal on the last day of the Reporting Period in question.

         4.3      Records Retention. EyeTech and its sublicensees will keep
complete and accurate records pertaining to the sale of EYE001 and covering all
transactions from which the Net Sales are derived for a period of thirty-six
(36) months after the year in which such Net Sales were received, and in
sufficient detail to permit Isis to confirm the accuracy of royalty calculations
hereunder.

         4.4      Audit Request. No more than once each calendar year and at the
request of Isis, EyeTech will permit an independent, certified public accountant
appointed by Isis and acceptable to EyeTech, at reasonable times and upon
reasonable notice, to examine those records and all other material documents
relating to or relevant to Net Sales in the possession or control of EyeTech,
for a period of two (2) years after such royalties have accrued, as may be
necessary to: (a) determine the correctness of any report or payment made under
this Agreement; or (b) obtain information as to the royalties payable for any
Reporting Period in the case of EyeTech's failure to report or pay pursuant to
this Agreement. Said accountant will not disclose to Isis any information other
than information relating to said reports, royalties, and payments and will
disclose such information in a format agreed upon by the parties that will
ensure that no confidential information of EyeTech is disclosed. Results of any
such examination will be made available to both parties. The fees charged by the
public accountant conducting the audit will be paid for by Isis, provided that,
if the audit determines that the additional royalties payable by EyeTech for an
audited period exceed [**] of the royalties actually paid for such period, then
EyeTech will pay the fees and expenses charged by such accounting firm.

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                                       3                        [EXECUTION COPY]

                                    ARTICLE 5
                      PATENTS, INFRINGEMENT AND ENFORCEMENT

         5.1      Patent Prosecution and Maintenance. Isis will have the right
and responsibility to prosecute and/or maintain the Licensed Patent Rights in
any country at its own expense. If ISIS decides to discontinue the prosecution
or maintenance of any Licensed Patent Right entirely or in a particular
country, it will inform EyeTech thereof with sufficient time for EyeTech to
assume the prosecution or maintenance of such Licensed Patent Right, and EyeTech
may assume such prosecution or maintenance if such Licensed Patent Right
provides a substantial competitive advantage to EyeTech with respect to EYE001
in the applicable country. If Isis has granted similar rights to third parties,
EyeTech's rights under this section 5.1 will be shared equally with such third
parties.

                                    ARTICLE 6
                         REPRESENTATIONS AND WARRANTIES

         6.1      Isis Representation and Warranty. Isis warrants that it has
the lawful right to grant the license made the subject of this Agreement. Except
as expressly stated in this section, Isis makes no other representations of any
kind or nature whatsoever. ISIS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESS
OR IMPLIED, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF FITNESS FOR A PARTICULAR
PURPOSE OR MERCHANTABILITY OR NONINFRINGEMENT REGARDING OR WITH RESPECT TO THE
LICENSED PATENTS. Without limiting the generality of the foregoing, nothing in
this Agreement will be construed as (a) a warranty or representation by Isis as
to validity or scope of the Licensed Patent Rights or (b) a warranty or
representation that anything made, used, sold or otherwise disposed of under the
license is or will be free from infringement of third party rights.

         6.2      EyeTech Representations and Warranties. EyeTech represents and
warrants to Isis that EyeTech has the power and authority to execute, deliver
and perform this Agreement, and this Agreement is a valid and binding obligation
of EyeTech, enforceable in accordance with its terms.

                                    ARTICLE 7
                                    INDEMNITY

         7.1      EyeTech agrees to indemnify, hold harmless and defend Isis,
its officers, directors, employees and agents, from and against any and all
claims, suits, losses, damages, costs, fees and expenses (collectively,
"Claims") resulting from or arising out of (a) the development, manufacture,
storage, sale or other distribution or any other use of EYE001 by EyeTech, its
affiliates, sublicensees, agents and representatives or use by end users and
other third parties of EYE001; and (b) EyeTech's breach of any representation or
warranty herein.

         7.2      In all cases where Isis seeks indemnification from EyeTech
under this Article 7, Isis will promptly notify EyeTech of receipt of any claim
or lawsuit covered by

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                                       4                        [EXECUTION COPY]

such indemnification obligation and will cooperate fully with EyeTech in
connection with the investigation and defense of such claim or lawsuit. EyeTech
will have the right to control the defense, with counsel of its choice, provided
that Isis will have the right to be represented by advisory counsel at its own
expense. Neither party will settle or dispose of the matter in any matter that
could negatively and materially affect the rights or liability of the other
party without the prior written consent of such party, which will not be
unreasonably withheld or delayed.

                                    ARTICLE 8
                              TERM AND TERMINATION

         8.1      Term. This Agreement will commence as of the Effective Date
and continue until the last Licensed Patent Rights expire (the "Term").

         8.2      Termination for Breach. Notwithstanding anything to the
contrary herein, a party may terminate this Agreement in the event that the
other party (the "Defaulting Party") materially breaches its obligations
hereunder and fails to cure such breach within [**] days of receipt of written
notice thereof (which notice will specify the breach in reasonable detail and
demand it be cured) (or, if such breach cannot be cured in such [**] day period,
if the Defaulting Party does not commence and diligently continue (until
completed) actions to cure such default). Such termination will be without
prejudice to the non-Defaulting Party's other rights under this Agreement, or
any of its other rights or remedies available to it by law or in equity.

         8.3      Termination by EyeTech. Notwithstanding anything contained
herein to the contrary, EyeTech has the right to terminate this Agreement at any
time in its sole discretion by giving [**] days advance written notice to ISIS;
provided, that at the time of such termination EyeTech is not conducting (and
does not intend to conduct) itself in a manner that would, but for the license
granted in Article 2 of this Agreement, infringe the Licensed Patent Rights. In
the event of such termination by EyeTech, EyeTech will still be obligated to pay
any amounts due to Isis hereunder which, but for the lapse of time, will be owed
to Isis, including the unpaid portion of the License Fee. Notwithstanding
Section 3.1.1 above, any unpaid portion of the License Fee will be immediately
due and payable upon such termination.

         8.3      Effect of Termination. Upon the termination of this Agreement
for any reason, all rights licensed to EyeTech will revert to Isis.

         8.4      Accrued Rights, Surviving Rights and Obligations. Termination
or expiration of this Agreement for any reason will be without prejudice to any
rights that will have accrued to the benefit of either party prior to such
termination or expiration. Such termination or expiration will not relieve
either party from obligations that are expressly indicated to survive
termination or expiration of this Agreement including, without limitation,
EyeTech's obligation to pay all royalties that will have accrued hereunder.
Without limiting the foregoing, the parties' rights and obligations under
Articles 4, 6 and 7, and section 8.3 will likewise survive termination or
expiration of this Agreement.

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                                       5                        [EXECUTION COPY]

                                    ARTICLE 9
                                  MISCELLANEOUS

         9.1      Relationship of the Parties. Nothing in this Agreement is
intended to create, or creates, a partnership or joint venture relationship
between the parties. The relationship between the parties hereunder is that of
independent contractors.

         9.2      Successors and Assigns. Except as otherwise provided herein,
this Agreement may not be assigned by a party without the prior written consent
of the other, provided, however, that either party may assign this Agreement to
any successor by merger or to the purchaser of all or substantially all of its
assets provided that the party will remain liable and responsible for the
performance and observance of all of its duties and obligations hereunder.
Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective permitted successors and
assigns any rights, remedies, obligations or liabilities under this Agreement.

         9.3      Governing Law. This Agreement will be governed by and
construed under the laws of the State of Delaware without giving effect to its
conflict of laws rules.

         9.4      Counterparts. This Agreement may be executed in two or more
counterparts, each of which will be decreed an original, but all of which
together will constitute one and the same instrument.

         9.5      Compliance With Laws. Both parties will comply with all
applicable laws, rules and regulations pertaining to the development, testing,
manufacture, marketing and import or export of EYE001 and will, as appropriate,
include similar provisions in any sublicense agreements requiring sublicensees
to do the same.

         9.6      Notices. Unless otherwise provided, any notice required or
permitted under this Agreement will be given in writing and will be deemed
effectively given upon personal delivery to the party to be notified or five (5)
days after upon deposit with the United States Post Office by registered or
certified mail, postage prepaid or through a major courier (such as Federal
Express, DHL or UPS), or sent by facsimile, and addressed to the party to be
notified at the address set forth below.

To Isis:                            Isis Pharmaceuticals, Inc.
                                    2292 Faraday Avenue
                                    Carlsbad, CA 92008
                                    Attn: Executive Vice President
                                    Fax: 760-931-3861
                                    Phone: 760-603-2707

with copies to:                     General Counsel
                                    Fax: 760-603-3820

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                                       6                        [EXECUTION COPY]

To EyeTech:                         Eyetech Pharmaceuticals, Inc.
                                    666 Fifth Avenue
                                    35th Floor
                                    New York, NY 10103
                                    Attn: Chief Executive Officer

with copies to:                     General Counsel

         9.7      Amendments and Waivers. Any term of this Agreement may be
amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of Isis and EyeTech. The waiver by
either of the parties of any breach of any provision hereof by the other party
shall not be construed to be a waiver of any succeeding breach of such provision
or a waiver of the provision itself.

         9.8      Severability. If one or more provisions of this Agreement are
held to be unenforceable under applicable law, such provision will be excluded
from this Agreement and the balance of the Agreement will be interpreted as if
such provision were so excluded and will be enforceable in accordance with its
terms.

         9.9      Force Majeure. No party will be deemed to be in default of
this Agreement to the extent the performance of its obligations or attempts to
cure any breach are delayed or prevented by reason of any act of God, war, fire,
natural disaster, accident, act of government, or any other cause beyond the
reasonable control of such party, if the party affected will give prompt notice
of any such event to the other party. In the event of such a force majeure
event, the time for performance or cure will be extended for the period equal to
the duration of such force majeure event but not in excess of six (6) months.

         9.10     Entire Agreement. This Agreement is the entire agreement of
the parties with respect to the subject matter hereof, and any previous
agreements, discussions or understandings, whether written or oral, are hereby
merged herein.

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                                       7                        [EXECUTION COPY]

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
Effective Date.

ISIS PHARMACEUTICALS, INC.                   EYETECH PHARMACEUTICALS, INC.

By: /s/ B. Lynne Parshall                    By: /s/David Guyer
    ---------------------------------            -------------------------------

Name: B. Lynne Parshall                      Name: David Guyer

Title: Executive Vice President              Title: CEO

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                                       8                        [EXECUTION COPY]

                                    EXHIBIT A
                                   DEFINITIONS

1.   "AMD Completed Patient Enrollment" means the completion of enrollment of
     that number of patients in Eyetech's Pivotal Phase II/III clinical trial
     program that is necessary to gain Food and Drug Administration regulatory
     approval of EYE001 for the treatment of the wet form of age-related macular
     degeneration.

2.   "Major Market" means Canada, any European Community member country, Japan
     or the United States.

3.   "Manufacturing Process" means the process steps [**] set forth in master
     batch records for EYE001 in the version existing as of the Effective Date,
     including reasonable minor variants and extensions of process steps
     thereof.

4.   "Net Sales" will mean the gross invoice price of EYE001 sold by EyeTech,
     its affiliates and sublicensees to a third party less the following items:
     (i) trade discounts, credits or allowances, (ii) credits or allowances
     additionally granted upon returns, rejections or recalls (except where any
     such recall arises out of EyeTech's or sublicensee's gross negligence,
     willful misconduct or fraud), (iii) freight, shipping and insurance
     charges, (iv) taxes, duties or other governmental tariffs (other than
     income taxes) and (v) government-mandated rebates. EyeTech, its affiliates
     or sublicensees will be treated as having sold EYE001 for an amount equal
     to the fair market value of EYE001 if: (a) EYE001 is used by EyeTech, its
     affiliates or sublicensees without charge or provision of invoice, or (b)
     EYE001 is provided to a third party by EyeTech, its affiliates or
     sublicensees without charge or provision of invoice and used by such third
     party.

5.   "EYE001" means EyeTech's EYE001 NX1838 non-antisense therapeutic product
     (or any product containing EyeTech's EYE001 NX1838 non-antisense
     therapeutic product for the treatment of ophthalmic conditions. EYE001 will
     also include any minor chemical modification to EYE001 NX1838.

6.   "Patent" or "Patents" means (a) patent applications (including provisional
     applications and applications for certificates of invention); (b) any
     patents issuing from such patent applications (including certificates of
     invention); (c) all patents and patent applications based on, corresponding
     to, or claiming the priority date(s) of any of the foregoing; and (d) any
     substitutions, extensions (including supplemental protection certificates),
     registrations, confirmations, reissues, divisionals, continuations,
     re-examinations, renewals and foreign counterparts thereof.

7.   "Licensed Patent Rights" means all Patents owned by Isis or controlled by
     Isis through the Term which Isis has the right to sublicense with no
     obligation to any third party, which claim or cover [**].

8.   "Reporting Period" has the meaning set forth in Section 4.1.

9.   "Term" has the meaning set forth in Section 8.1.<PAGE>

                                                                    Exhibit 10.9

                                                                  EXECUTION COPY

                              CONSULTING AGREEMENT

         THIS CONSULTING AGREEMENT, dated as of November 1, 2001 (the
"Agreement"), by and between EYETECH PHARMACEUTICALS, INC., a Delaware
corporation (the "Company), and SAMIR PATEL (the "Consultant").

                                    RECITALS

         WHEREAS, Consultant is a founder of the Company, a member of the
Company's Board of Directors, and a significant shareholder in the Company.

         WHEREAS, prior to the execution of this Agreement, Consultant served as
an employee of the company in the role of Chief Medical Officer pursuant to an
Employment Agreement between the Company and Consultant, dated May 24, 2001 (the
"Prior Employment Agreement").

         WHEREAS, the Consultant and the Company (the "Parties") wish to modify
their relationship, terminate the Prior Employment Agreement as of the
Commencement Date (as defined below) and arrange for the Consultant to serve the
Company in the role of "Senior Consultant - Medical Affairs" in accordance with
the terms and provision of this Agreement.

         WHEREAS, the Parties wish to set forth their understanding and
agreement with respect to the terms and conditions of such consultancy;

         NOW, THEREFORE, in consideration of the premises and the agreements and
provisions hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Parties hereto
agree as follows:

         SECTION 1. Engagement of Consultant; Independent Contractor and Not
Employee; Termination of Prior Employment Agreement. The Company hereby engages
the Consultant to provide the consulting services set forth below (the
"Services") for the benefit of the Company and the Consultant hereby agrees to
provide such Services. Consultant acknowledges and agrees that at all times
during the Term (as defined in Section 4 below) of this consultancy, Consultant
will be an independent contractor and not an employee of the Company for any
purposes whatsoever and under any applicable law. As an independent contractor,
Consultant acknowledges and agrees that Consultant will be solely responsible
for the payment of all federal, state and other taxes applicable to Consultants
role as an independent contractor performing consulting services.

         (b) Consultant hereby represents and warrants to the Company that no
other party has exclusive rights to Consultant's services in the areas described
in Section
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                                       2

2 below and that Consultant's performance of all the terms of this Agreement
does not and will not (i) breach or conflict with any prior Agreement to which
Consultant is bound, (ii) compromise any right or trust relationship between
Consultant and a third party or (iii) create a conflict of interest for the
Consultant or the Company. Consultant shall promptly disclose to the Company any
circumstance or relationship with any third party that constitutes a conflict of
interest or breach of this Agreement. Notwithstanding to the foregoing, the
Consultant shall retain rights to any services outside the "Field" (as such term
is defined below). "Field" shall mean any activity, occupation, employment or
pursuit which provides, either directly or indirectly (including, without
limitation, in the role of a consultant, employee, officer, director, partner or
joint venturer or majority shareholder of any entity that provides) advice on
the manufacturing, marketing, fill-and-finish or clinical production of
pharmaceuticals with ophthalmic applications. In addition, the Company
acknowledges and agrees that Consultant has a private medical practice and
faculty and teaching assignments (the "Outside Activities"). Consultant
represents and warrants that the Outside Activities will not conflict or
interfere with the discharge the Services.

         (c) Consultant and Company hereby agree that each of the Prior
Employment Agreement and the Non-Disclosure and Proprietary Information
Agreement entered into in connection with the execution of the Prior Employment
Agreement, are terminated as of the Commencement Date.

         SECTION 2. Nature of Services. Effective November 1, 2001, Consultant's
title shall change from "Chief Medical Officer" to "Senior Consultant - Medical
Affairs," which latter title he shall retain during the Term. Consultant shall
provide advice and consultations to the Company's employees, management and
Board of Directors relating to the implementation of the Company's development,
clinical investigation and commercialization of EYE001 (the anti-VEGF aptamer)
and its application for indications of macular degeneration and diabetic
retinopathy, including, without limitation, the development and
commercialization of EYE001 in accordance with the Company's goals and
objectives (collectively, the "Services"). The Consultant will report to the
Company's Chief Executive Officer, David R. Guyer, or such other person or
persons as the Chief Executive may designate. The Consultant shall be available
to attend meetings and consultations with the company in the discharge of the
Services at mutually agreed times and places upon the request of the President
and Chief Operating Officer, provided however Consultant shall not be required
to travel more than 5 days per month unless Consultant and Company otherwise
agree.

         SECTION 3. Hours; Attention to Services. Travel Requirement. The
Consultant agrees to devote at least five (5) eight (8) hour days per month, for
a total of forty (40) hours per month, to the provision of the Services (the
"Minimum Time Commitment"). Consultant acknowledges that he may need to spend
more than the Minimum Time Commitment in any given month to perform the Services
to Company's satisfaction. In connection with his provision of the Services,
Consultant shall not be required to travel more than 5 days per month unless
Consultant and Company otherwise
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                                       3

agree. Any travel conducted in connection with consultant's performance of the
Services shall be subject to the expense reimbursement procedures as set forth
below.

         (b) Delegation; Supervision. Consultant may not delegate or subcontract
all or any part of Consultant's obligations to perform the Services hereunder
without the prior written consent of the Company. However, Consultant may, at
Consultant's own expense, hire and use assistants and employees under
Consultants direct supervision to perform the Services; provided, however, at
all times Consultant shall be responsible to the Company for the satisfactory
performance of the Services.

         SECTION 4. Term and Termination. (a) This Agreement will be deemed to
be effective on and as of January 1, 2002 (the "Commencement Date") and, unless
earlier terminated pursuant to the termination provisions hereunder, will
terminate on December 31, 2003 (the "Two-Year Anniversary"). The Parties
acknowledge that it is Eyetech's intent to retain Consultant for the diabetic
eye disease clinical program after the Two-Year Anniversary. Accordingly, the
Parties agree that, unless this Agreement shall have been terminated earlier
pursuant to the termination provisions hereunder, they will enter into
good-faith negotiations to determine the extent to which Consultant will be
available to assist the Company in connection with the Company's diabetic eye
disease clinical program in the period following the Two-Year Anniversary (the
"Extension Period") and the terms for compensation, time commitment, etc. for
Consultant's Services during that Extension Period. These negotiations shall
begin on a date that is at least two months prior to the Two Year Anniversary.
This Agreement will terminate on the earlier of (i) the Two-Year Anniversary;
(ii) upon mutual agreement of the Parties; (iii) a Termination Event (as defined
below) and (iv) the end of the Extension Period. The actual date upon which this
Agreement terminates is referred to as the "Termination Date." The "Term" is the
period beginning on the Commencement Date and ending on the Termination Date.

         (b) Termination Events. The following shall constitute Termination
Events:

         (i) Death or Disability. This Agreement, and Consultant's obligations
under this Agreement, shall terminate immediately upon Consultant's death or
long-term disability. In the event of Consultant's death or long-term
disability, Consultant or Consultant's estate shall be entitled to receive the
amount of any daily fees earned as of as of the death or disability date as well
as reimbursement of all reasonable Expenses incurred on or prior to such date.

         (ii) Cause. The Company's obligations under this Agreement shall
terminate if Consultant engages in gross negligence, willful misconduct or
malfeasance. Consultant shall forfeit all unvested options and any unearned fees
as of the date of Termination.

         (iii) Material Breach. A material breach of either Party's obligations,
upon 30 days' notice by the non-breaching Party, which has not been cured by the
end of the 30 day after receipt by the breaching Party of such notice.
<PAGE>
                                       4

         SECTION 5. Compensation. (a) In consideration of the Consultant's
performance of the Services, the Company will pay Consultant $85,000 per year
(the "Compensation"), effective as of the Commencement Date. The Compensation
will be paid bi-weekly (i.e., in two installments per month) in accordance with
the Company's payroll procedures. From the date hereof through December 31,
2001, Consultant shall continue to receive the compensation he was receiving
under the Prior Employment Agreement, pro rated for the actual number of days
from the date hereof through December 31, 2001.

         (b) Nothing herein shall affect any of Consultant's ownership, vesting,
or other rights in common stock or options of the Company or otherwise affect
any rights that Consultant may have as a result of his role as a founder of the
Company and a member of its Board of Directors, which equity and other rights
are set forth in other agreements or documents between and among the Company,
the Consultant and other investors.

         SECTION 6. Expense Reimbursement. Consultant shall be entitled to
reimbursement for reasonable and necessary traveling expenses as well as
reasonable disbursements incurred by Consultant in connection with such travel
as is required for Consultant's performance of the services; provided that such
expenses (i) are incurred for or on behalf of the Company in the performance of
the Consultant's duties under this Agreement; and (ii) are documented in
compliance with the Company's expense reimbursement procedures so as to verify
the amount, nature and date of such expenses. The Company will promptly
reimburse Consultant for such expenses upon receipt of the supporting
documentation referred to above and in accordance with the Company's
reimbursement policies and procedures.

         SECTION 7. Continuing Obligations after Termination. Notwithstanding
any termination of this Agreement and the consultancy created hereunder,
Consultant, in consideration of the terms and conditions of this Agreement,
shall remain bound by the provisions of the non-disclosure and confidentiality
obligations hereunder.

         SECTION 8. Non-Disclosure and Confidentiality. Inventions, Patents and
Technology. Consultant agrees that any and all discoveries, inventions,
improvements, trade secrets, know-how, works of authorship or other intellectual
property conceived, created, written, developed or first reduced to practice by
the Consultant, alone or jointly with others, in the Field and in the
performance of the Services under this Agreement ("Consultant Inventions") shall
be the sole and exclusive property of the Company. Consultant acknowledges that
all original works of authorship protectable by copyright which are produced by
Consultant in the performance of services under this Agreement are "works made
for hire," as defined in the United States Copyright Act (17 U.S.C. Section
101). Consultant shall promptly and fully disclose to the Company all Consultant
Inventions, shall treat all Consultant Inventions as Confidential Information of
the Company subject to the confidentiality provisions of this Agreement, and
hereby assigns to the Company without further consideration all of Consultant's
right,
<PAGE>
                                       5

title and interest in and to any and all Consultant Inventions, whether or not
patentable or copyrightable. Consultant shall execute all papers, including
patent applications, invention assignments and copyright assignments, and
otherwise shall assist the Company as reasonably required to perfect in the
Company the rights, title and other interests granted to the Company under this
Agreement. The Company shall pay for costs related to such assistance if it is
required.

         (b) Confidentiality. In the course of Consultant's performance under
this Agreement, Consultant may be exposed to confidential proprietary
information relating to the Company's technologies, strategies and business
practices; information which has commercial value to the Company and which the
Company treats as confidential ("Confidential Information"). By way of
illustration, but not limitation, Confidential Information includes (i) all
ideas, discoveries, inventions, improvements, trade secrets, formulas, know-how,
works of authorship or other intellectual property, (ii) all Consultant
Inventions and other material produced or compiled by Consultant in performing
services under this Agreement, (iii) information labeled "Confidential" or
"Proprietary" or similarly identified by the Company as confidential, (iv)
information regarding plans for research, development, new products, marketing
and selling, business plans, budgets and unpublished financial statements,
licenses, prices and costs, (v) information concerning suppliers and customers
and (vi) information regarding the skills and compensation of employees of the
Company. Confidential Information shall not include any information that (a) is
or becomes generally known or available to the public through no fault of
Consultant, (b) is known to Consultant as evidenced by the reduction in writing
to tangible form of such information by Consultant prior to the time it is
disclosed to Consultant in connection with Consultant's services under this
Agreement, (c) is independently developed by Consultant without reference to
information disclosed to Consultant in connection with Consultant's services
under this Agreement or (d) is legally acquired from a third party who has the
right to disclose the information.

         Consultant acknowledges the confidential and proprietary character of
the Confidential Information and agrees, during the term of this Agreement and
for a period of five (5) years after its termination, not to use, reproduce or
disclose in any form all or any part of the Confidential Information without the
written consent of the Company, except as may be required in the ordinary course
of performing services under this Agreement. Upon termination of this Agreement
for any reason, including expiration of the term, Consultant agrees to cease
using and to return to the Company all whole or partial copies and derivatives
of the Confidential Information (including material compiled by Consultant
pursuant to this Agreement), whether in Consultant's possession or under
Consultant's direct or indirect control. Consultant may keep one copy of
Confidential Information for legal purposes for the sole purpose of ensuring
compliance with this Section. Consultant shall not disclose or otherwise make
available to the Company in any manner any confidential information known to
Consultant or received by Consultant from third parties.

         (c) Cooperation. Consultant agrees, from time to time during the Term,
to cooperate with the Company to execute and deliver such other reasonable
documentation
<PAGE>
                                       6

as the Company may require in order to comply with requests of inventors,
Suppliers, third parties and others to evidence Consultant's confidentiality and
non-disclosure obligations; provided, however, Consultant shall not be required
to enter into non-disclosure and confidentiality provisions more onerous than
those to which the Company's directors and senior executives are bound.

         SECTION 9. Remedies. Consultant acknowledges that a violation on
Consultant's part of any of the covenants set forth in the non-disclosure and
confidentiality provisions of this Agreement could cause immeasurable and
irreparable damage to the Company. Consultant accordingly agrees that in
addition to any other remedies available to the Company at law or in equity, the
Company shall be entitled to specific performance of the non-disclosure and
confidentiality provisions of this Agreement as well as any and all other
remedies available to the Company.

         SECTION 10. Notices. All notices and other communications made in
connection with this Agreement shall be in writing and shall be deemed to have
been duly given if (a) mailed by first-class, registered or certified mail,
return receipt requested, postage prepaid, (b) transmitted by hand delivery, (c)
sent by next-day or overnight mail or delivery, or (d) sent by fax, telecopy or
telegram, addressed as follows:

                           if to the Company,

                           Eyetech Pharmaceuticals, Inc.
                           666 Fifth Avenue, 35th Floor
                           New York, New York 10103
                           Fax:  (212) 582-2645
                           Phone:  (212) 582-8376
                           Attn:  David R. Guyer, Chief Executive Officer

                           if to Consultant:

                           Samir Patel, M.D.
                           1426 W. Lill Avenue
                           Chicago, Illinois 60614
                           Fax:  773-442-0202
                           Phone:  773-702-1985

or, in each case, at such other address as may be specified in writing to the
other parties hereto.

         SECTION 11. Miscellaneous. No provision of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing, and is signed by Consultant and the Company. No agreements
or representations, oral or otherwise, express or implied, with respect to the
subject matter hereof has been made by any party hereto which is not set forth
expressly in this
<PAGE>
                                       7

Agreement. This Agreement supersedes all prior agreements between the parties
hereto with respect to the subject matter hereof.

         SECTION 12. Governing Law. This Agreement shall be governed in all
respects, including as to validity, interpretation and effect, by the internal
laws of the State of New York without giving effect to the conflict of laws
rules thereof.

         SECTION 13. JURISDICTION; WAIVER OF JURY. (A) EACH PARTY TO THIS
AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE
STATE OF NEW YORK LOCATED IN THE SECOND FEDERAL CIRCUIT AND THE SOUTHERN
DISTRICT OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF
THE PROVISIONS OF THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES AND AGREES NOT TO
ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR THE INTERPRETATION
AND ENFORCEMENT OF THIS AGREEMENT, OR IN RESPECT OF ANY TRANSACTION CONTEMPLATED
BY THIS AGREEMENT, THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS
NOT MAINTAINABLE IN SUCH COURTS OR THAT THE VENUE THEREOF MAY NOT BE APPROPRIATE
OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH
COURTS. EACH PARTY TO THIS AGREEMENT HEREBY CONSENTS TO AND GRANTS ANY SUCH
COURT JURISDICTION OVER SUCH PARTY AND OVER THE SUBJECT MATTER OF ANY SUCH
DISPUTE AND AGREES THAT THE MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION
WITH ANY SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN THE NOTICES SECTION
OF THIS AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW, SHALL BE
VALID AND SUFFICIENT SERVICE THEREOF

         (B) EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES AND, THEREFORE, EACH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OR ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT
CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH
SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III)
EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS
<PAGE>
                                       8

BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND REPRESENTATIONS IN THIS SECTION.

         SECTION 14. Successors and Assigns; Assignment. This Agreement shall
bind and inure to the benefit of and be enforceable by the Company and
Consultant and their respective successors and assigns. However, neither Party
may assign this Agreement without the prior written consent of the other.

         SECTION 15. Amendments; Waivers. This Agreement may be amended from
time to time only by written agreement of the Company and the Consultant. No
terms or provisions of this Agreement may be waived or modified unless such
waiver or modification is in writing and signed by the party against whom such
waiver or modification is sought to be enforced. No failure or delay on the part
of either party hereunder in exercising, any right, power or remedy under this
Agreement shall operate as a waiver thereof; nor shall any single or partial
exercise of any right under this Agreement preclude any other or further
exercise thereof or the exercise of any other right. The remedies provided in
this agreement are cumulative and not exclusive of any remedies provided by law.

         SECTION 16. No Agency; No Partnership; No Joint Venture. Neither the
Company nor Consultant is the agent or representative of the other and nothing
in this Agreement shall be construed to make either the Company or Consultant
liable to any third party for services performed by such third party or for
debts or claims accruing to such third party against either the Company or
Consultant. Nothing contained in this Agreement or the acts of the parties
hereto shall be construed to create a partnership, agency or joint venture.

         SECTION 17. Limited Liability. No recourse under this Agreement shall
be had against, and no personal liability shall attach to, any officer,
director, affiliate or shareholder of the Company, as such, by the enforcement
of any assessment of by any legal or equitable proceeding, by virtue of any
statute or otherwise in respect of this Agreement, it being expressly agreed and
understood that this Agreement is solely a corporate obligation of the Company,
and that any and all personal liability, either at common law or in equity or by
statute or constitution, of every such officer, director, employee, affiliate or
shareholder of the Company for breaches by any party to this Agreement of any
obligations under this Agreement is hereby expressly waived by Consultant as a
condition of and in consideration for the execution and delivery of this
Agreement by the Company.

         SECTION 18. Severability. The invalidity or unenforceability of any
provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement which shall remain in
full force and effect.

         SECTION 19. Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed to be an original but both of which
shall together constitute one and the same instrument.
<PAGE>
                                       9

         SECTION 20. Headings. The headings contained in this Agreement are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.
<PAGE>
                                       10

         IN WITNESS WHEREOF, the parties have executed this agreement as of the
year and date first above written.

                                                 EYETECH PHARMACEUTICALS, INC.

                                                 By:  /s/ DAVID R. GUYER
                                                      ---------------------
                                                      Name:  David R. Guyer
                                                      Title:  CEO EYETECH

                                                 By:  /s/ SAMIR PATEL
                                                      ---------------------
                                                      Samir Patel

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