Document:

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                                                                   Exhibit 10.33

                                                                       FINOVA(R)
                                                            FINANCIAL INNOVATORS

                                                 FINOVA Technology Finance, Inc.
                                                              10 Waterside Drive
                                                       Farmington, CT 06032-3065
                                                                   (860)676-1818

                         MASTER LOAN AND SECURITY AGREEMENT

   Master Loan and Security Agreement No. S 7030, dated December 23, 1998

FINOVA Technology Finance, Inc. ("we," "us" or "FINOVA") is willing to
make a loan (the "Loan") to ENDOREX CORPORATION ("you" or "Borrower")
under the terms and conditions contained in this Master Loan and Security
Agreement (this "Master Agreement"). The Loan will be secured by the
Collateral described in any schedule to this Agreement (a "Schedule"). The
Collateral also includes any replacement parts, additions and accessories
that you may add to the Collateral, as well as any proceeds of sale, lease or
rental of the Collateral. We may treat any Schedule as a separate loan and
security agreement containing all of the provisions of this Loan and Security
Agreement.

1. THE CREDIT

We may make the Loan in more than one advance (an "Advance", each of which
shall be evidenced by a "Schedule"). All of the Schedules, taken together,
will make up the Loan. We will only make the Loan to you if all the
conditions in this Master Agreement have been met to our satisfaction. We
will rely on your representations and warranties, contained in this Master
Agreement, in making the Loan. The terms of this Agreement will each apply to
the Loan.

- USE OF PROCEEDS. You will use the proceeds of the Loan to pay for the
  Collateral. We may pay the Supplier (whom you have chosen) of the Collateral
  directly from the Loan proceeds. The Supplier will deliver the Collateral to
  you at your expense. You will properly install the Collateral at your expense
  at the location(s) indicated in the Schedule. If you have already paid for
  the Collateral, we will pay the Loan proceeds to you or to another person
  that you may designate in writing.

- NOTES. Your obligation to repay the Loan and to pay interest on the Loan
  will be evidenced by Notes. Each Note will be dated the date of the Schedule
  to which the Advance evidenced by the Note is related.

- TERM. The Term of each Schedule (and the related Advance) begins upon the
  date that we make payment for the Collateral covered under each Schedule (the
  "Closing Date"). The Term continues until you fully perform all of your
  obligations under this Agreement and each Schedule and the related Note(s).
  If the Collateral is not delivered, installed and accepted by you by the date
  indicated in the Schedule, we may terminate this Agreement and the Schedule
  as to the Collateral that was not delivered, installed and accepted by giving
  you 10 days written notice of termination.

- LOAN ACCOUNT. We will keep a loan account on our books and records (which
  are computerized) for the Loan. We will record all payments of principal and
  interest in the loan account. Unless the entries in the loan account are
  clearly in error, the loan account will definitively indicate the outstanding
  principal balance and accrued interest on the Loan. We may send you loan
  account

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  statements from time to time or upon your request.

- PAYMENTS. The scheduled loan payments (the "Payments") are indicated on the
  Schedule. The Payments are payable periodically as specified on the Schedule
  from time to time (for example, monthly). The Schedule also indicates whether
  the Payments are payable "in advance" or "in arrears." You agree that you owe
  us the total of all of these Payments over the Term of the Schedule.

- FIRST PAYMENT. The first Payment is due at the beginning of the Term or at a
  later date that we agree to in writing. Subsequent Payments are due on the
  thirtieth day of each successive period (except the next following period if
  Payments are payable in arrears) until you pay us in full all of the Payments
  and any other charges or expenses you owe us.

- INTEREST. Prior to maturity of a Schedule, you will pay us interest on each
  Schedule at the Interest Rate indicated in the Schedule. "Maturity" means the
  scheduled maturity or any earlier date on which we accelerate the Loan. The
  Payment amount indicated in the Schedule includes interest at this Interest
  Rate. Interest is calculated in advance using a year of 360 days with twelve
  months of 30 days.

- DEFAULT INTEREST RATE. After Maturity of the Loan you will pay us interest at
  a rate of four (4%) percent per year above the Interest Rate. This is
  referred to as the "Default Rate."

- INTERIM PAYMENT. If an Advance is made on a day other than the thirtieth or
  thirty-first day of a period, you will also pay us an interim Payment on the
  first Payment date. The interim Payment will be for the period from the
  beginning of the Term until the twenty-ninth day of the period in which the
  Advance is made, unless the Advance is made on the thirty-first day of a
  period. If the Advance is made on the thirty-first day of a period, the
  interim Payment will be for the period from the beginning of the Term through
  and including the twenty-ninth day of the next following period. The Interim
  Payment will be calculated the same way as the regular Payments but pro rata
  on a daily basis for the number of days for which the interim Payment is due.

- USURY. You and we intend to obey the law. If the Interest Rate charged would
  exceed the maximum legal rate, you will only have to pay the maximum legal
  rate. You do not have to pay any excess interest over and above the maximum
  legal rate of interest. However, if it later becomes legal for you to pay all
  or part of any excess interest, you will then pay it to us upon our request.

- PAYMENT DETAILS. You will make all payments due under this Master Agreement
  by 12:00 P.M., Central Standard time, on the day they are due. You will make
  all payments in US Dollars (US$) in immediately available funds. We do not
  have to make or give "presentment, demand, protest or notice" to get paid.
  You waive "presentment, demand, protest and notice."

- APPLICATION OF PAYMENTS. Each payment under this Master Agreement is to be
  applied in the following order: first, to any fees, costs, expenses and
  charges you may owe us; second, to any interest due; and third to the
  principal balance.

- PREPAYMENT. You may not prepay the Loan, in whole or in part, unless this is
  specifically permitted by Exhibit A to this Agreement. If prepayment is
  permitted by Exhibit A to this Master Agreement, you will give us at least 30
  days advance written notice of prepayment. You will pay us the prepayment
  premium indicated in the Schedule(s). You also will pay us all accrued and
  unpaid interest through the date of prepayment, as well as all outstanding
  fees, costs, expenses and charges then due.

                                      -2-

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Of course, you will also pay the entire outstanding principal balance of the
Loan. Once you give us a notice of prepayment, that notice is final and
irrevocable. If we accelerate the Loan following an Event of Default, you
will also owe us a prepayment premium calculated as if the Loan were prepaid
on the date of acceleration. If no prepayment is permitted, the premium due
upon acceleration will be five (5%) percent of the outstanding principal
balance.

- YOUR OBLIGATION TO PAY US ALL PAYMENTS IS ABSOLUTE AND UNCONDITIONAL. YOU ARE
  NOT EXCUSED FROM MAKING THE PAYMENTS, IN FULL, FOR ANY REASON. YOU AGREE THAT
  YOU HAVE NO DEFENSE FOR FAILURE TO MAKE THE PAYMENTS AND YOU WILL NOT MAKE
  ANY COUNTERCLAIMS OR SETOFFS TO AVOID MAKING THE PAYMENTS.

2. SECURITY INTEREST

- You grant us a security interest in the Collateral. The Collateral secures
  the full and timely payment and performance of all of your obligations to us
  and to FINOVA Capital Corporation under this Master Agreement and any other
  agreement, loan or lease that you may have with us or FINOVA Capital
  Corporation (the "Obligations"). You also grant us a security interest in
  any additional collateral identified in any Schedule. Any additional
  collateral is considered to be "Collateral" and it secures all of the
  Obligations.

- If we request, you will put labels supplied by us stating "PROPERTY SUBJECT
  TO A SECURITY INTEREST HELD BY FINOVA" on the Collateral where they are
  clearly visible.

- You give us permission to add to this Master Agreement or any Schedule the
  serial numbers and other information about the Collateral.

- You give us permission to file this Master Agreement or a Uniform Commercial
  Code financing statement, at your expense, in order to perfect our security
  interest in the Collateral. You also give us permission to sign your name on
  the Uniform Commercial Code financing statements where this is permitted by
  law.

- You will pay our cost to do searches for other filings or judgments against
  you or your affiliates. You will also pay any filing, recording or stamp fees
  or taxes resulting from filing this Agreement or a Uniform Commercial Code
  financing statement. You will also pay our fees in effect from time to time
  for documentation, administration and Termination of this Master Agreement.

- At your expense, you will defend our first priority security interest in the
  Collateral against, and keep the Collateral free of, any legal process,
  liens, other security interests, attachments, levies and executions. You will
  give us immediate written notice of any legal process, liens, attachments,
  levies and executions, and you will indemnify us against any loss that
  results to us from these causes.

- You will notify us at least 15 days before you change the address of your
  principal executive office.

- You will promptly sign and return additional documents that we may reasonably
  request in order to protect our first priority security interest in the
  Collateral.

- We and you intend that, to the extent permitted by law, the Collateral is and
  will remain personal property. You will not incorporate it into real estate
  and will not do anything that will cause the Collateral to become part of
  real estate or a fixture unless the Collateral is of the type, such as ducts
  and wiring, that is normally treated as part of the building.

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3. CONDITIONS OF LENDING

- See our Commitment Letter to you dated December 14, 1998, which you and we
  consider to be a part of this Master Agreement. The terms and conditions of
  the Commitment Letter continue following the making of the first Advance.
  However, if there is a conflict between the terms and conditions of this
  Master Agreement, any Schedule or any Note and the terms and conditions of
  the Commitment Letter, then you and we agree that the terms and conditions of
  this Agreement, the Schedules and the Notes control over the Commitment
  Letter terms and conditions.

- Before we disburse any proceeds of any Advance, we also require the following:

- That no payment is past due to us under any other agreement, loan or lease
  that you or any guarantor have with us or with FINOVA Capital Corporation.

- That you are complying with all material terms of this Agreement.

- That we have received all the documents we requested; including the signed
  Schedule, Note and Delivery and Acceptance Certificate.

- That there has been no material adverse change in your financial condition,
  business, operations or prospects, or that of any guarantor, from the
  financial condition that you disclosed to us in your application for credit.

4. REPRESENTATIONS AND WARRANTIES

You represent and warrant to us as follows:

- All financial information and other information that you or any guarantor
  have given us is true and complete. You or any guarantor have not failed to
  tell us anything that would make the financial information misleading. There
  has been no material adverse change in your financial condition, business,
  operations or prospects, or the financial condition of any guarantor, from
  the financial condition that you disclosed to us in your application for
  credit.

- You have supplied us with information about the Collateral for the initial
  Schedules and will supply information to us about the Collateral for the
  future Schedules. You promise to us that the amount of our Advance as to each
  item of Collateral is no more than the fair and usual price for this kind of
  Collateral, taking into account any discounts, rebates and allowances that
  you or any affiliate of yours may have been given for the Collateral.

- You have complied with all applicable "environmental laws" and will
  continue to comply with all "environmental laws the noncompliance with
  which could reasonably be expected to materially adversely affect your
  operations or financial condition." No "hazardous substances" are used,
  generated, treated, stored or disposed of by you or at your properties except
  in compliance with all environmental laws, "Environmental laws" mean all
  federal, state or local environmental laws and regulations, including the
  following laws: CERCLA, RCRA, Hazardous Materials Transport Act and The
  Federal Water Pollution Control Act. "Hazardous substances" means all
  hazardous or toxic wastes, materials or substances, as defined in the
  environmental laws, as well as oil, flammable substances, asbestos that is or
  could become friable, urea formaldehyde insulation, polychlorinated biphenyls
  and radon gas.

- You have taken all action necessary including but not limited to due inquiry
  and due diligence to assure that there will be no material adverse change to
  your business by reason of the advent of the year 2000, including without
  limitation that all computer-based systems, embedded microchips and other
  processing capabilities

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  effectively recognize and process dates after April 1, 1999.

5. COVENANTS

You agree to do the following things (or not to do the following things if so
stated) until full payment of all amounts due to us under this Agreement, the
Schedules and the Notes:

CARE, USE, LOCATION AND ALTERATION OF THE COLLATERAL

- You will make sure that the Collateral is maintained in good operating
  condition, and that it is serviced, repaired and overhauled when this is
  necessary to keep the Collateral in good operating condition. All maintenance
  must be done according to the Supplier's or Manufacturer's requirements or
  recommendations. All maintenance must also comply with any legal or
  regulatory requirements.

- If applicable you will maintain service logs for the Collateral and permit
  us to inspect the Collateral, any service logs and service reports. You give
  us permission to make copies of any service logs and service reports.

- We will give you prior notice if we, or our agent, want to inspect the
  Collateral or any service logs or service reports. We may inspect it during
  regular business hours. You will pay our documented and reasonable under the
  circumstances, travel, meals and lodging costs to inspect the Collateral, but
  only for one inspection per year. If we find during an inspection that you
  are not complying with this Master Agreement, you will pay our documented and
  reasonable under the circumstances, travel, meals and lodging costs. You will
  also pay our salary costs and the costs and fees of our agents for
  reinspection. You will promptly cure any problems with the Collateral that
  are discovered during our inspection.

- FINOVA and its representatives will abide by Endorex's visitor rules when
  visiting Endorex's premises and FINOVA will cause its representatives
  visiting Endorex to execute a Confidentiality Agreement on reasonable terms.

- You will use the Collateral only for business purposes. You will obey all
  legal and regulatory requirements in your material use of the Collateral.

- You will make all additions, modifications and improvements to the
  Collateral that are required by law or government regulation. Otherwise, you
  will not alter the Collateral without our written permission. You will
  replace all worn, lost, stolen or destroyed parts of the Collateral with
  replacement parts that are as good or better than the original parts. The
  new parts will become subject to our security interest upon replacement.

You will not remove the Collateral from the location indicated in the
Schedule without our written permission.

YEAR 2000 COMPLIANT

- You shall take all action necessary including but not limited to due
  inquiry and due diligence with critical business partners to assure that
  there will be no material adverse change to your business by reason of the
  advent of the year 2000, including without limitation that all computer-based
  systems, embedded microchips and other processing capabilities effectively
  recognize and process dates after April 1, 1999. At our request, you shall
  provide to us assurance reasonably acceptable to us that your computer-based
  systems, embedded microchips and other processing capabilities are year 2000
  compatible. SEC disclosure format will be acceptable to this purpose.

                                     -5-
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RISK OF LOSS

- You have the complete risk of loss or damage to the Collateral. Loss or
  damage to the Collateral will not relieve you of your obligation to make the
  Payments.

- If any Collateral is lost or damaged, you have two choices (although if you
  are in material default under this Master Agreement and do not cure the
  default within any applicable cure period, we and not you will have the two
  choices). The choices are;

(1) Repair or replace the damaged or lost Collateral so that, once again, the
    Collateral is in good operating condition and we have a perfected first
    priority security interest in it.

(2) Pay us the present value (as of the date of payment) of the remaining
    Payments. We will calculate the present value using a discount rate of five
    (5%) percent per year. Once you have paid us this amount and any other
    amount that you may owe us, we will release our security interest in the
    damaged or lost Collateral and you (or your insurer) may keep the Collateral
    for salvage purposes, on an "AS IS, WHERE IS" basis.

INSURANCE

- Until you have made all Payments to us under this Master Agreement, the
  Schedules and the Notes, you will keep the Collateral insured. The amount of
  insurance, the coverage, and the insurance company must be acceptable to us
  as stated in the insurance letter dated December 22, 1998.

- If you do not provide us with written evidence of insurance that is
  acceptable to us, we may buy the insurance ourselves, at your expense. You
  will promptly pay us the cost of this insurance. We have no obligation to
  purchase any insurance. Any insurance that we purchase will be our insurance,
  and not yours.

- Insurance proceeds may be used to repair or replace damaged or lost
  Collateral or to pay us the present value of the Payments, as provided above.

- You appoint us as your "attorney-in-fact" to make claims under the insurance
  policies, to receive payments under the insurance policies, and to endorse
  your name on all documents, checks or drafts relating to insurance claims for
  Collateral.

TAXES

- You will pay all sales, use, excise, stamp, documentary and ad valorum
  taxes, license, recording and registration fees, assessments, fines,
  penalties and similar charges imposed on the ownership, possession, use,
  lease or rental of the equipment or on the Loan.

- You will pay all taxes (other than our net income taxes) imposed on you or
  on us regarding the Payments.

- You will reimburse us for any of these taxes that we pay or advance.

- You will file and pay for any personal property taxes on the Collateral.

FINANCIAL STATEMENTS

- During the Term you will promptly give copies of any filings you make with
the Securities and Exchange Commission (SEC). You and any guarantor will also
provide us with the following financial statements:

- Quarterly balance sheet and statements of earnings and cash flow within 45
days after the end of your first three fiscal quarters in each fiscal year.
These will be certified by the chief financial officer. You will also deliver
to us, together with your quarterly financial statements, a certificate
executed by your chief financial officer, to the effect

                                      -6-
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     that since the date of the previous certificate delivered to us, there
     has been no default under this Master Agreement or, if the same cannot
     be so certified, the reasons surrounding the same.

o    Annual balance sheet and statements of earnings and cash flow - within
     90 days after the end of each fiscal year. These will be audited by
     independent auditors acceptable to FINOVA. Their audit report must be
     unqualified. PriceWaterhouseCoopers or another "Big Five" nationally
     recognized firm is acceptable.

These financial statements will be prepared according to generally accepted
accounting principles, consistently applied.

All financial statements and SEC filings that you or any guarantor provide us
will be true and complete. They will not fail to tell us anything that would
make them misleading.

6.   DEFAULTS

You are in default if any of the following happens:

o    You do not pay us, when it is due and following notice from us, any
     Payment or other payment that you owe us under this Master Agreement,
     any Schedule, Note or that you owe under any other agreement, loan or
     lease that you have with us or with FINOVA Capital Corporation.

o    Any of the financial information that you give us is not true and
     complete, or you fail to tell us anything that would make the financial
     information misleading.

o    You do something you are not permitted to do, or you fail to do anything
     that is required of you, under this Master Agreement, any Schedule or any
     other lease, loan or other financial arrangement that you have with us
     and you do not cure this within 30 days of our notice to you.

o    An event of default occurs for any other lease, loan or obligation of
     yours (or any guarantor) that exceeds $50,000.

o    You or any guarantor file bankruptcy, or involuntary bankruptcy is filed
     against you or any guarantor and not dismissed within 90 days.

o    You or any guarantor are subject to any other insolvency proceeding
     other than bankruptcy (for example, a receivership action or an
     assignment for the benefit of creditors) and is not cured within 60 days.

o    Without our prior written consent, you enter into a merger,
     consolidation or division, effect a share exchange of your outstanding
     stock for the stock of another corporation, make a tender offer for
     equity securities of a publicly held entity, or sell or otherwise
     dispose of all or a major part of your assets or of assets that produce
     all or a major part of your revenues or profits; PROVIDED, HOWEVER, that
     without violating the provisions of this clause, you may consolidate
     with or merge with a corporation or other entity organized under the
     laws of one of the states of the United States (the surviving entity, a
     "successor"), or sell (except by means of a sale and leaseback
     arrangement) all or substantially all of your business and assets to such
     a successor, on the conditions that any successor expressly assume in
     writing all of your obligations pursuant to this Lease, and that the net
     tangible assets and the net worth (determined in accordance with
     generally accepted accounting principles) of the successor after the
     consolidation, merger or sale shall be at least equal to your net
     tangible assets and the net worth immediately prior to the
     consolidation, merger or sale.

o    There is a material adverse change in your financial condition, business,
     operations or prospects, or that of any guarantor, from the condition
     that you disclosed to us in your application for credit.

                                      -7-

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REMEDIES, DEFAULT INTEREST, LATE FEES

If you are in default we may exercise one or more of our "remedies." Each of
our remedies is independent. We may exercise any of our remedies, all of our
remedies or none of our remedies. We may exercise them in any order we
choose. Our exercise of any remedy will not prevent us from exercising any
other remedy or be an "election of remedies." If we do not exercise a remedy,
or if we delay in exercising a remedy, this does not mean that we are
forgiving your default or that we are giving up our right to exercise the
remedy. Our remedies allow us to do one or more of the following:

o    "Accelerate" the Loan balance under any or all Notes. This means that we
     may require you to immediately pay us all Payments for the entire Term
     for any or all Schedules.

o    Require you to immediately pay us all amounts that you are required to
     pay us for the entire Term of any other agreements, loans or leases
     that you have with us.

o    Sue you for all Payments and other amounts you owe us plus the
     Prepayment Premium (see Section 1 above).

o    Require you at your expense to assemble the Collateral at a location we
     request in the states of Wisconsin, Indiana or Illinois.

o    Remove and repossess the Collateral from where it is located, without
     demand or notice, or make the Collateral inoperable. We have your
     permission to remove any physical obstructions to removal of the
     Collateral. We may also disconnect and separate all Collateral from
     other property. No court order, court hearing or "legal process" will be
     required for us to repossess the Collateral. You will not be entitled to
     any damages resulting from removal or repossession of the Collateral. We
     may use, ship, store, repair or lease any Collateral that we repossess.
     We may sell any repossessed Collateral at private or public sale. You
     give us permission to show the Collateral to buyers at your location
     free of charge during normal business hours. If we do this, we do not
     have to remove the Collateral from your location. If we repossess the
     Collateral and sell it, we will give you credit for the net sale price,
     after subtracting our costs of repossessing and selling the Collateral.
     If we rent the Collateral to somebody else, we will give you credit for
     the net rent received, after subtracting our costs of repossessing and
     renting the Collateral, but the credit will be discounted to present
     value using a discount rate equal to the Default Rate. The credit will
     be applied against what you owe us under this Master Agreement, the
     Schedules, the Notes and any other agreements, loans or leases that you
     have with us. If the credit exceeds the amount you owe under this Master
     Agreement, the Schedule, the Notes and any other agreements, loans or
     leases that you have with us, we will refund the amount of the excess to
     you.

o    Return conditions: Following an Event of Default, at our request you
     will return the Collateral, freight and insurance prepaid by you, to us
     at a location we request in the Wisconsin, Indiana or Illinois. It will
     be returned in good operating condition, as required by Section 5 above.
     The Collateral will not be subject to any liens when it is returned.

o    You will pack or crate the Collateral for shipping in the original
     containers, or comparable ones. You will do this carefully and follow
     all recommendations of the Supplier and the Manufacturer as to packing
     or crating.

o    You will also return to us the plans, specifications, operating manuals,
     software documentation, discs, warranties and other documents furnished
     by the Manufacturer or Supplier. You will also return to us all service
     logs and service reports, as well as all written materials that you may
     have

                                      -8-

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concerning the maintenance and operation of the Collateral.

o  At our request, you will provide us with up to 60 days free storage of the
   Collateral at your location providing that you have the capability without
   incurring additional out-of-pocket costs, and will let us (or our agent) have
   access to the Collateral in order to inspect it and sell it.

o  You will pay us our reasonable and documented costs to repair the Collateral
   if you do not return it in the required condition.

You will also pay us for the following:

o  All our expenses of enforcing our remedies. This includes all our expenses
   to repossess, store, ship, repair and sell the Collateral.

o  Our reasonable attorney's fees and expenses.

o  Default interest on everything you owe us from the date of your default to
   the date on which we are paid in full at the Default Rate.

You realize that the damages we could suffer as a result of your default are
very uncertain. This is why we have agreed with you in advance on the Default
Rate to be used in calculating the payments you will owe us if you default.
You agree that, for these reasons, the payments you will owe us if you
default are "agreed" or "liquidated" damages. You understand that these
payments are not "penalties" or "forfeitures."

LATE FEES. You will pay us a late fee whenever you pay any amount that you
owe us more than ten (10) days after it is due. You will pay the late fee
within one month after the late Payment was originally due. The late fee will
be ten (10%) percent of the late Payment. If this exceeds the highest legal
amount we can charge you, you will only be required to pay the highest legal
amount. The late fee is intended to reimburse us for our collection costs
that are caused by late Payment. It is charged in addition to all other
amounts you are required to pay us, including Default Interest.

7. EXPENSES AND INDEMNITIES

PERFORMING YOUR OBLIGATIONS IF YOU DO NOT

If you do not perform one or more of your obligations under this Master
Agreement or a Schedule or Note, we may perform it for you. We will notify
you in writing at least ten (10) days before we do this. We do not have to
perform any of your obligations for you. If we do choose to perform them, you
will pay us all of our expenses to perform the obligations. You will also
reimburse us for any money that we advance to perform your obligations,
together with interest at the Default Rate on that amount. These will be
additional "Payments" that you will [ILLEGIBLE] and you will pay them
at the same time that your next Payment is due.

o  You will indemnify us, defend us and hold us harmless for any and all
   claims, expenses and attorney's fees concerning or arising from the
   Collateral, this Agreement, or any Schedule or Note, or your breach of any
   representation or warranty with the exception of negligence or malfeasance by
   us or our representatives or agents. It includes any claims concerning the
   manufacture, selection, delivery, possession, use, operation or return of the
   Collateral.

o  This obligation of yours to indemnify us continues even after the Term is
   over.

8. MISCELLANEOUS

WE MAY ASSIGN OR GRANT A SECURITY INTEREST IN THIS AGREEMENT, ANY SCHEDULE,
ANY NOTE OR ANY PAYMENTS WITHOUT YOUR PERMISSION. THE PERSON TO WHOM WE
ASSIGN IS CALLED THE "ASSIGNEE". THE ASSIGNEE WILL NOT HAVE ANY OF OUR
OBLIGATIONS UNDER THIS MASTER AGREEMENT. YOU WILL NOT BE ABLE TO RAISE ANY
DEFENSE,

                                     -9-
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COUNTERCLAIM OR OFFSET AGAINST THE ASSIGNEE.

AFTER ASSIGNMENT YOU MAY "QUIETLY ENJOY" THE USE OF THE COLLATERAL SO LONG
AS YOU ARE NOT IN MATERIAL DEFAULT.

UNLESS YOU RECEIVE OUR WRITTEN PERMISSION, YOU MAY NOT ASSIGN OR TRANSFER
YOUR RIGHTS UNDER THIS MASTER AGREEMENT OR ANY SCHEDULE. YOU ALSO ARE NOT
ALLOWED TO LEASE OR RENT THE COLLATERAL OR LET ANYBODY ELSE USE IT UNLESS WE
GIVE YOU OUR WRITTEN PERMISSION.

WE DID NOT MANUFACTURE OR SUPPLY THE COLLATERAL. WE ARE NOT A DEALER IN THE
COLLATERAL. INSTEAD, YOU CHOSE THE COLLATERAL.

WE DO NOT MAKE ANY WARRANTY AS TO THE COLLATERAL. WE DO NOT MAKE ANY WARRANTY
AS TO "MERCHANTABILITY" OR "SUITABILITY" OR "FITNESS FOR A PARTICULAR
PURPOSE" OR "NONINFRINGEMENT" OF ANY PATENT, COPYRIGHT OR OTHER INTELLECTUAL
PROPERTY RIGHT.

WE WILL NOT BE RESPONSIBLE FOR ANY LOSS, DAMAGE, OR INJURY TO YOU OR ANYBODY
ELSE AS A RESULT OF ANY DEFECTS, HIDDEN OR OTHERWISE, IN THE COLLATERAL UNDER
"STRICT LIABILITY" LAWS OR ANY OTHER LAWS.

WE WILL NOT BE RESPONSIBLE FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL
DAMAGES, LOSS OF PROFITS OR GOODWILL.

If the Collateral is unsatisfactory, you will continue to pay us all Payments
and other amounts you are required to pay us. You must seek repair or
replacement of the equipment from the Manufacturer or Supplier (or arrange
yourself with a competent independent maintenance service or supplier) and
not from us. Neither the Manufacturer nor the Supplier is our "agent," so
they cannot speak for us and they are not allowed to make any changes in this
Master Agreement or any Schedule or Note, or give up any of our rights.

ACCEPTANCE BY FINOVA, GOVERNING LAW, JURISDICTION, VENUE, SERVICE OF PROCESS,
WAIVER OF JURY TRIAL.

THIS MASTER AGREEMENT WILL ONLY BE BINDING WHEN WE HAVE ACCEPTED IT IN
WRITING.

THIS MASTER AGREEMENT IS GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW
YORK (NOT INCLUDING THE "CHOICE OF LAW" DOCTRINE), THE STATE IN WHICH OUR
OFFICE IS LOCATED IN WHICH FINAL APPROVAL OF THE TERMS OR CONDITIONS OF THIS
MASTER AGREEMENT OCCURRED AND FROM WHICH DISBURSEMENT OF THE LOAN PROCEEDS
WILL BE ORDERED. HOWEVER, IF THIS MASTER AGREEMENT IS UNENFORCEABLE UNDER
ARIZONA LAW, IT WILL INSTEAD BE GOVERNED BY THE LAWS OF THE STATE IN WHICH
THE COLLATERAL IS LOCATED.

EXCEPT TO ENFORCE A JUDGEMENT BY A NEW YORK OR FEDERAL COURT, YOU MAY ONLY
SUE US IN A FEDERAL OR STATE COURT THAT IS LOCATED IN NEW YORK COUNTY, NEW
YORK. THIS APPLIES TO ALL LAWSUITS UNDER ALL LEGAL THEORIES, INCLUDING
CONTRACT, TORT AND STRICT LIABILITY. YOU CONSENT TO THE PERSONAL JURISDICTION
OF THESE NEW YORK COURTS. YOU WILL NOT CLAIM THAT NEW YORK COUNTY, NEW YORK,
IS AN "INCONVENIENT FORUM" OR THAT IT IS NOT A PROPER "VENUE."

EXCEPT TO ENFORCE A JUDGEMENT BY A NEW YORK OR FEDERAL COURT. WE

                                    -10-

<Page>

MAY ONLY SUE YOU IN A FEDERAL OR STATE COURT THAT IS LOCATED IN NEW YORK
COUNTY, NEW YORK. WE MAY SERVE YOU WITH PROCESS IN A LAWSUIT BY CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, TO YOUR ADDRESS INDICATED AFTER YOUR
SIGNATURE BELOW.

YOU AND WE EACH WAIVE ANY RIGHT YOU OR WE MAY HAVE TO A JURY TRIAL IN ANY
LAWSUIT BETWEEN YOU AND US.

NOTICES.  We may give you written notice in person, by mail, by overnight
delivery service, or by fax.  Notice will be sent to your address below your
signature.  Mail notice will be effective three (3) days after we mail it
with prepaid postage to the address stated.  Overnight delivery notice
requires a receipt and tracking number.  Fax notice requires a reciept from
the sending machine showing that it has been sent to your fax number and
recieved.

You may give us notice the same way that we may give you notice.

This Master Agreement benefits our successors and assigns.  This Master
Agreement benefits only those successors and assigns of yours that we have
approved in writing.

This Master Agreement binds your successors and assigns.  This Master
Agreement binds only those successors and assigns of ours that clearly assume
our obligations in writing.

TIME IS OF THE ESSENCE OF THIS MASTER AGREEMENT

This Master Agreement, all of the Schedules and the Notes and the Commitment
Letter are together the entire agreement between you and us concerning the
Collateral.

Only an employee of FINOVA who is authorized by corporate resolution or
policy may modify or amend this Loan or any Schedule or Note on our behalf,
and this must be in writing.  Only he or she may give up any of our rights
and this must be in writing.  If more than one person is the Borrower under
this Agreement, then each of you is jointly and severally liable for your
obligations under this Master Agreement.

This Master Agreement is only for your benefit and for our benefit, as well
as our successors and assigns.  It is not intended to benefit any other
person.

If any provision in this Master Agreement is unenforceable, then that
provision must be deleted.  Only unenforceable provisions are to be deleted.
The rest of this Master Loan Agreement will remain as written.

(REMAINING SECTION OF PAGE LEFT INTENTIONALLY BLANK.)

PUBLICITY.  We may make press releases and publish a tombstone announcing
this transaction and its total amount.  You may not publicize this
transaction in any way without our prior written consent.

<Page>

LENDER:

FINOVA TECHNOLOGY FINANCE INC.
10 WATERSIDE DRIVE
FARMINGTON CT 06032-3065

BY: /s/ Linda A. Moschitto
        -------------------------

PRINTED NAME: Linda A. Moschitto

TITLE: Director - Contract Administration

FAX NUMBER: (860) 676-1814

DATE ACCEPTED: 12/31/98

BORROWER:

ENDOREX CORPORATION
28101 BALLARD DRIVE, SUITE F
LAKE FOREST, IL 60045

BY: /s/   [ILLEGIBLE]
        ------------------------

PRINTED NAME: David G. [ILLEGIBLE]

TITLE:                 [ILLEGIBLE]

TAXPAYER ID# 41-1505029

FAX NUMBER:            [ILLEGIBLE]

DATED: 12/29/98

STATE OF ILLINOIS
COUNTY OF Cook

I acknowledge that David [ILLEGIBLE] who stated that he/she is VP Finance
of the Borrower named above, signed this Master Loan and Security Agreement
in my presence today: 12/25/98.  He/She acknowledged to me that his/her
signature on this Master Loan and Security Agreement was authorized by a
valid resolution or other valid authorization from Borrower's board of
directors or other governing body.

                                    /s/  Adrienne M Jacklin
                                 ---------------------------
        ----------------         NOTARY PUBLIC

[SEAL]
        ----------------

<Page>
                                    Exhibit A

                               PREPAYMENT PREMIUM

The Prepayment Premium for the Collateral shall be determined by multiplying
the outstanding principal balance by the percentage amount shown below which
corresponds with the month during the term in which the prepayment occurs:

      MONTH OF THE TERM                              PERCENTAGE AMOUNT
      -----------------                              -----------------

      1 THROUGH 12                                  Prepayment not allowed

      13 THROUGH 24                                        3.50%

      25 THROUGH 36                                        2.50%

      37 THROUGH 48                                        1.75%

                                      -13-<Page>

                                                                   Exhibit 10.34

                                 FIRST AMENDMENT

         This First Amendment pertains to the License Agreement (hereinafter
the "License Agreement") effective December 16, 1996 by and between the
MASSACHUSETTS INSTITUTE OF TECHNOLOGY (hereinafter referred to M.I.T.) and
ORASOMAL TECHNOLOGIES, INC., a subsidiary of Endorex Corporation, (hereinafter
referred to as LICENSEE).

         WHEREAS, LICENSEE has improved liposomal vehicles for oral and
mucosal vaccine development, has demonstrated the feasibility of oral vaccines
in animal studies, and has established vigorous development programs for the
commercialization of this technology at both its Lake Forest laboratories and
at the labs of its joint venture partner, Elan, plc, but is not yet ready to
enter, per the terms of section 3.4, into clinical trials.

NOW, THEREFORE, the parties hereby agree:

         To modify the License Agreement by deleting Paragraph 3.4 in its
         entirety and substituting therefore the following:

              3.4     On or before January 1, 2002, Orasomal Technologies will
              enter Phase I clinical trials or equivalent on the U.S. or other
              Major Country for at least one application of the technology
              described in the Patent Right.

         In consideration of this modification of the License Agreement, the
         License Maintenance Fees due on January 1, 2000 and January 1, 2001,
         per the terms of sections 4.1b and 4.1d, will each be Fifteen Thousand
         Dollars ($15,000).

         Should LICENSEE enter in to Phase I clinical trials on or before
         January 1, 2001, the license maintenance fee due on January 1, 2001
         shall again be $10,000.

         All other terms and conditions of the above referenced License
Agreement remain unchanged and in full force and effect.

Agreed to for M.I.T. by:                      Agreed to for LICENSEE by:

MASSACHUSETTS INSTITUTE OF                    ORASOMAL TECHNOLOGIES, INC.
TECHNOLOGY

By    /s/ John H. Turner, Jr.                 By    /s/ Robert [illegible]
   ---------------------------------             -------------------------------
Name      John H. Turner, Jr.                 Name      Robert [illegible]
     -------------------------------               -----------------------------
Title   Technology Licensing Office           Title  V.P. Research & Development
      ------------------------------                ----------------------------
Date        29 Dec 1999                       Date         30 Dec 1999
     -------------------------------               -----------------------------

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