Document:

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                                                                  Exhibit 10.47
                          NON-NEGOTIABLE PROMSSORY NOTE

Maximum Principal Balance                                    St. Louis, Missouri
of $9,500,000                                                    October 8, 1999

            EPIX MEDICAL, INC., a Delaware corporation (hereinafter called
"EPIX"), for value received, hereby promises to pay to MALLINCKRODT INC., a
Delaware corporation (hereinafter called "MALLINCKRODT") the principal sum
outstanding hereunder from time to time, plus accrued interest thereon, in
accordance with the terms and conditions and at the times specified herein
below.

            All payments of principal and interest made pursuant to this
Non-Negotiable Promissory Note ("Note") shall be in such coin or currency of the
United States of America as at the time of payment shall be legal tender for
payment of public and private debts, and shall be made by EPIX to MALLINCKRODT
at its offices at 675 McDonnell Boulevard, P. 0. Box 5840, St. Louis, Missouri
63134, or by wire transfer to MALLINCKRODT in immediately available funds to
such account as MALLINCKRODT may designate in writing to EPIX in advance of any
such payment.

            All capitalized terms used herein, unless otherwise specifically
defined, shall have the meaning ascribed to such terms in the Strategic
Collaboration Agreement among Epix Medical, Inc. (formerly known as Metasyn,
Inc.), Mallinckrodt Inc. (a Delaware corporation and formerly known as
Mallinckrodt Medical, Inc.) and Mallinckrodt Inc. (a New York corporation and
formerly known as Mallinckrodt Group Inc.), dated August 30, 1996, as thereafter
amended from time to time, hereinafter referred as the "Strategic Collaboration
Agreement".

            1. Disbursement of Funds. MALLINCKRODT hereby agrees to loan to
EPIX, on a quarterly basis and in accordance with and subject to the limitations
and procedures set forth herein, such portion of EPIX share of Development Costs
under the Strategic Collaboration Agreement as EPIX shall request from
MALLINCKRODT.

            2. Procedures for Disbursement of Funds. On or about the twentieth
(20th) day of the month following the end of any calendar quarter, beginning
with the calendar quarter commencing on July 1, 1999 and ending on September 30,
1999, EPIX will submit to MALLINCKRODT a written request for a loan of funds for
an amount not to exceed expenditures by EPIX and its subcontractors comprising
EPIX, one-half share of Development Costs for the immediately preceding calendar
quarter, which request shall be accompanied by supporting documentation clearly
demonstrating the amount of Development Costs incurred by EPIX and its
subcontractors in such prior calendar quarter. Supporting documentation in the
form and format of the attached forecast shall be deemed adequate for purposes
hereof. Not later than the fifteenth (15th) day of the month following each
quarter MALLINCKRODT shall submit to EPIX data and supporting documentation
indicating the amount of Development Costs incurred by MALLINCKRODT and its
subcontractors in such prior calendar quarter, such data and

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documentation to be in sufficient detail so as to enable EPIX to make the loan
request referred to herein. Supporting documentation in the form and format of
the attached MS325 budget/forecast shall be deemed adequate for purposes hereof.
MALLINCKRODT shall, subject to any applicable limitations set forth herein,
disburse the funds requested by EPIX on the later of (i) the last day of the
month following the end of any calendar quarter for which a loan of funds is
requested and (ii) ten (10) days after the receipt by MALLINCKRODT of a request
for funds meeting the requirements of this Section. Upon disbursement to EPIX by
MALLINCKRODT of any funds, MALLINCKRODT, at its option, may require EPIX to
execute and deliver (at the expense of EPIX), a new Note adjusting the principal
amount then outstanding, or may present this Note to EPIX for notation hereon of
any additional principal amount outstanding as a consequence of the disbursement
of funds by MALLINCKRODT.

            3. Interest. Any principal amount outstanding hereunder shall bear
interest during any calendar quarter at the prime rate of interest as published
in the Wall Street Journal on the first business day of each calendar quarter,
beginning with the calendar quarter commencing on October 1, 1999, and shall be
calculated with respect to any portion of the principal balance hereunder only
to the extent such portion was outstanding during any quarter, which will be
determined by dividing the number of days during the quarter in which any such
portion of the principal is outstanding by the total number of days in such
quarter. The interest applicable to the outstanding principal amount hereunder
shall be adjusted quarterly in the preceding fashion for so long as any amounts
remain outstanding hereunder.

            4. Limitations on Loan of Funds. Notwithstanding any other provision
hereof, in no event will MALLINCKRODT be required to loan funds to EPIX in
response to any specific request for a loan in an amount that, when added to the
principal amount already outstanding hereunder, would exceed the principal
amount of Nine Million Five Hundred Thousand Dollars ($9,500,000) in the
aggregate. Further, in no event will MALLINCKRODT be required to loan EPIX any
amounts with respect to any given calendar quarter that are in excess of the
lesser of (i) the amount of Development Costs actually incurred by EPIX during
that calendar quarter and (ii) one-half of the aggregate Development Costs
incurred by MALLINCKRODT and EPIX during any such calendar quarter, regardless
of whether or not the amount of Development Costs incurred by MALLINCKRODT
during any such calendar quarter are more or less than the Development Costs
incurred by EPIX during that same calendar quarter. However if, with respect to
any calendar quarter, EPIX has incurred more Development Costs than MALLINCKRODT
then, in accordance with the requirements and intent of the Strategic
Collaboration Agreement and not as a loan or advance of funds hereunder, it is
understood that MALLINCKRODT will reimburse EPIX for one-half (1/2) of the
difference in this amount on the same date on which any loan of funds is made by
MALLINCKRODT to EPIX hereunder to cover the Development Costs incurred by EPIX
for such calendar quarter.

             5. Repayment of Loaned Amounts.

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            (a) The principal hereunder and all unpaid interest accrued thereon
shall be due and payable in full on the earliest to occur of (i) October 1,
2002, (ii) thirty (30) days after the date of the First Commercial Sale of the
Licensed Product in the Territory and (iii) thirty (30) days after the first
date upon which EPIX could reasonably repay all outstanding principal and
interest hereunder without creating any reasonably foreseeable risk that EPIX
will be entitled to receive a loan from MALLINCKRODT pursuant to Section 8.5 of
the Strategic Collaboration Agreement within six (6) months after the date of
any such repayment. If the outstanding principal and accrued interest under this
Note are not repaid in full by EPIX, without demand, presentment or notice by
MALLINCKRODT of any kind (all of which are expressly waived by EPIX to the
extent permitted by applicable law), as and when due in accordance with the
immediately preceding sentence, then, in addition to any other rights or
remedies MALLINCKRODT may have in accordance with the terms hereof, MALLINCKRODT
shall have the right, effective upon written notice to EPIX, to withhold and
retain up to fifty percent (50%) of the Operating Margin for any given calendar
quarter otherwise payable to EPIX in accordance with Section 8.6 of the
Strategic Collaboration Agreement until such time as all outstanding amounts of
principal and interest hereunder are completely paid.

            (b) Notwithstanding the immediately preceding subsection (a), for so
long as there is any principal amount outstanding hereunder, EPIX will repay to
MALLINCKRODT twice per year, on or before July 15 and January 15, all interest
accrued during the previous six month period.

            6. Security for Repayment. Repayment of this Note shall be secured
by an interest in all of the intellectual property assets of EPIX ("Secured
Assets"), including (without limitation) all patents, applications for patents,
trademarks, trademark applications, trade secrets and confidential or
proprietary scientific and technical information and data, whether owned by EPIX
or which EPIX has the right to employ by way of license or other grant (and, in
such case, as permitted by and subject to the terms and conditions of, such
license or grant), and as more fully described in and in accordance with the
terms of that certain Security Agreement between MALLINCKRODT and EPIX attached
hereto as Exhibit I and expressly made a part hereof (the "Security Agreement").
EPIX affirms that (i) the security interest granted in this Note and in the
Security Agreement is and shall remain a right of first priority senior to the
interests of all other creditors of EPIX with respect to the Secured Assets
until such time as it is released by MALLINCKRODT or as a consequence of payment
of all amounts secured hereunder, (ii) that such security interest is not
secondary or subordinate in any respect to the rights of any creditor or any
other party and (iii) that no other party has any security interest, collateral
interest or lien in, on or with respect to the Secured Assets.

            7. Loss, Theft, Destruction or Mutilation of Note. Upon receipt of
evidence reasonably satisfactory to EPIX of the loss, theft, destruction or
mutilation of this Note, and, in the case of any such loss, theft or
destruction, upon receipt of an affidavit of loss and indemnity from
MALLINCKRODT reasonably satisfactory to EPIX, or, in the case of any such
mutilation, upon surrender and cancellation of this Note, EPIX will make and
deliver, in lieu of this Note, a new Note of like tenor and unpaid principal
amount and

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dated as of the original date hereof.

            8. Prepayment. Upon notice given to MALLINCKRODT, EPIX may, at its
option and without penalty of any kind, prepay the Note, in whole or in part,
together with interest accrued thereon to the date of such prepayment. Upon any
prepayment of a portion of the principal amount of this Note, MALLINCKRODT, at
its option, may require EPIX to execute and deliver (at the expense of EPIX), a
new Note for the principal amount of this Note then remaining unpaid, or may
present this Note to EPIX for notation hereon of the payment of the portion of
the principal amount and any interest so prepaid.

            9. Covenants. EPIX covenants and agrees that, so long as the Note or
any replacement therefor shall be outstanding;

            (a) EPIX will promptly pay and discharge or cause to be paid and
discharged, before the same shall become in default, all lawful taxes and
assessments imposed by any state, local or federal governmental authority upon
EPIX or any subsidiary or upon the income and profits of EPIX or any subsidiary,
or upon any property, real, personal or mixed, belonging to EPIX or any
subsidiary, or upon any part thereof, as well as all lawful claims for labor,
materials and supplies which, if unpaid, might become a lien or charge upon the
Secured Assets; provided, however, that neither EPIX nor any subsidiary shall be
required to pay and discharge or to cause to be paid and discharged any such
tax, assessment, charge, levy or claim so long as EPIX or its subsidiary (as
appropriate) shall be contesting the validity thereof in good faith by
appropriate proceedings or EPIX shall, in its good faith judgment, deem the
validity thereof to be substantially in question.

            (b) EPIX will at all times maintain and keep, or cause to be
maintained and kept, in good status and condition all significant properties and
rights of EPIX and its subsidiaries which are included in the Secured Assets
(including maintenance of fees for filing or registration due and payable with
respect to all registrable intellectual property rights included in the Secured
Assets); provided, however, that nothing in this paragraph (b) shall prevent the
abandonment or termination of any rights (including, but not limited to, the
abandonment of any claims under any existing or future patent applications
included in the Secured Assets) if such abandonment or termination is, in the
good faith business judgment of EPIX, in the best interest of EPIX and does not
prejudice MALLINCKRODT in any material respect.

            (c) EPIX will deliver to MALLINCKRODT on a regular basis, but no
less often than quarterly, an accurate copy of its financial statements. EPIX's
EDGAR filing of its reports on Form 10-K and Form 10-Q with the Securities and
Exchange Commission shall be deemed to constitute compliance by EPIX with its
obligations under this Section 9(c).

            (d) EPIX will at all times keep, and cause each of its subsidiaries
to keep, proper books of record and account in which proper entries will be made
of its transactions in accordance with generally accepted accounting principles
consistently

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applied.

            (e) EPIX will do or cause to be done all things necessary and lawful
to preserve and keep in full force and effect its corporate existence, rights
and franchises and the corporate existence, rights and franchises of each of its
subsidiaries; provided, however, that nothing in this paragraph (e) shall
prevent (i) a consolidation or merger of, or a sale, transfer or disposition of
all or any substantial part of the property and assets of EPIX not prohibited by
the provisions of paragraph (f) set forth immediately below, or (ii) the
abandonment or termination of any rights or franchises of EPIX, or the
liquidation or dissolution of, or a sale, transfer or disposition (whether
through merger, consolidation, sale or otherwise) of all or any substantial part
of the property and assets of any subsidiary or the abandonment or termination
of the corporate existence, rights and franchises of any subsidiary if such
abandonment, termination, liquidation, dissolution, sale, transfer or
disposition is, in the good faith business judgment of EPIX, in the best
interests of EPIX and does not prejudice MALLINCKRODT in any material respect.

            (f) EPIX will not consolidate or merge with or into, or sell or
otherwise dispose of all or substantially all of its property to, any other
corporation or other entity, unless:

            (i) the surviving corporation or other entity (if other than EPIX)
      shall expressly and effectively assume in writing the due and punctual
      payment of the principal of and interest on the Note, and the due and
      punctual performance and observance of all the terms, covenants,
      agreements and conditions of this Note and the Security Agreement to be
      performed or observed by EPIX to the same extent as if such surviving
      corporation had been the original maker of the Note,

            (ii) EPIX or such other corporation or other entity shall not
      otherwise be in default in the performance or observance of any material
      covenant, agreement or condition of the Note or of the Security Agreement,
      and

            (iii) MALLINCKRODT shall have received, in connection therewith and
      immediately prior to the closing of such transaction, an opinion of
      counsel for EPIX (or other counsel satisfactory to MALLINCKRODT), in form
      and substance satisfactory to MALLINCKRODT, to the effect that any such
      consolidation, merger, sale or conveyance and any such assumption complies
      with the provisions of clause (i) of this paragraph (f).

            10. Events of Default. If any one or more of the following events,
herein called "Events of Default," shall occur, for any reason whatsoever, and
whether such occurrence shall, on the part of EPIX or any subsidiary, be
voluntary or involuntary or come about or be effected by operation of law or
pursuant to or in compliance with any judgment, decree or order of a court of
competent jurisdiction or any order, rule or regulation of any administrative or
other governmental authority:

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            (a) default shall be made in the payment of the principal or
interest of this Note when and as the same shall become due and payable in
accordance with the terms provided herein, or

            (b) default shall be made in the due observance or performance of
any other covenant, representation, warranty, condition or agreement on the part
of EPIX to be observed or performed pursuant to the terms hereof or pursuant to
the Security Agreement and such default shall continue for thirty (30) days
after receipt of written notice thereof from MALLINCKRODT, specifying such
default and requesting that the same be remedied, or

            (c) the entry of a decree or order for relief by a court having
jurisdiction in respect of EPIX or any subsidiary in any involuntary case under
the federal bankruptcy laws, as now constituted or hereafter amended, or any
other applicable federal or state bankruptcy, insolvency or other similar laws,
or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of EPIX or any subsidiary or for any substantial part of
any of their property, or for all or any portion of the Secured Assets, or
ordering the winding-up or liquidation of any of their affairs and the
continuance of any such decree or order unstayed and in effect for a period of
sixty (60) days, or

            (d) the commencement by EPIX or any subsidiary of a voluntary case
under the federal bankruptcy laws, as now constituted or hereafter amended, or
any other applicable federal or state bankruptcy, insolvency or other similar
laws, or the consent by any of them to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of EPIX or any subsidiary or for any substantial part of their
property, or for all or any portion of the Secured Assets, or the making by any
of them of any assignment for the benefit of creditors, or

            (e) any default, as defined in any instrument evidencing or under
which EPIX or any subsidiary has outstanding at the time any indebtedness for
money borrowed in excess of $75,000 in aggregate principal amount, shall occur,

then, MALLINCKRODT may, at its option, by notice to EPIX, declare this Note to
be, and all principal outstanding under this Note shall thereupon be and become,
forthwith due and payable in full, together with interest accrued thereon,
without presentment, demand, protest or further notice of any kind, all of which
are expressly waived by EPIX to the extent permitted by law.

            11. Suits for Enforcement. In case any one or more of the Events of
Default specified in Section 10 of this Note shall occur and be continuing,
MALLINCKRODT may proceed to protect and enforce its rights by suit in equity,
action at law and/or by other appropriate proceeding, whether for the specific
performance of any covenant or agreement contained in this Note or in aid of the
exercise of any power granted in this Note, or may proceed to enforce the
payment of this Note or to enforce

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any other legal or equitable right hereunder. In case of any default under this
Note, EPIX will pay to MALLINCKRODT such amounts as shall be sufficient to cover
the costs and expenses of MALLINCKRODT directly attributable to said default,
including, without limitation, collection costs and reasonable attorneys' fees,
to the extent actually incurred.

            12. Remedies Cumulative. No remedy herein conferred upon
MALLINCKRODT is intended to be exclusive of any other remedy and each and every
such remedy shall be cumulative and shall be in addition to every other remedy
provided hereunder or now or hereafter existing at law or in equity.

            13. No Waiver. No course of dealing between EPIX and MALLINCKRODT or
any delay on the part of MALLINCKRODT in exercising any rights hereunder on any
occasion shall operate as a waiver of its rights hereunder to insist on strict
compliance with the terms hereof or to exercise any available remedy on any
future occasion.

            14. Governing Law. This Note shall be construed to be a contract
made under and pursuant to the laws of New York and all of the terms, covenants
and conditions contained herein shall be governed by and construed in accordance
with such laws without giving effect to the conflict of laws principles
contained in such laws.

            15. Miscellaneous.

            (a) The headings of the sections and paragraphs of this Note are
inserted for convenience only and do not constitute a part of this Note.

            (b) This Note, and all supplements, amendments or notations with
respect thereto, shall inure to the benefit of and be binding upon EPIX and its
successors and assigns, but this Note may not be assigned, transferred, pledged
or hypothecated by EPIX without the advance written consent of MALLINCKRODT, and
this Note may not be assigned, transferred, pledged or hypothecated by
MALLINCKRODT (other than to an affiliate) without the advance written consent of
EPIX.

            (c) The invalidity or unenforceability of any term or condition
hereof shall not affect the validity or enforceability of any other term or
condition hereof or of this Note as a whole.

            (d) In the event of any conflict or inconsistency between the terms
of this Note and those of the Security Agreement, the former shall prevail.

            16. Validity. The execution and delivery of this Note and the
Security Agreement and the performance by EPIX of its obligations hereunder and
thereunder have been duly authorized by all requisite corporate action by EPIX
and will not violate any provisions of law, any of the corporate governing
documents of EPIX or any provisions of any indenture, agreement or other
instrument to which COMPANY or any of its assets is bound. This Note has been
duly executed and delivered by EPIX and constitutes the legal, valid and binding
obligation of EPIX, enforceable against EPIX in

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accordance with its terms. The execution and delivery of this Note and the
performance by EPIX of its obligations hereunder and under the Security
Agreement does not and will not violate any judicial decree or order applicable
to EPIX.

            IN WITNESS WHEREOF, EPIX MEDICAL, INC. has caused this Note to be
signed in its corporate name by one of its officers thereunto duly authorized
and to be dated as of the date and year first above written.

                                          EPIX MEDICAL, INC.

      By: /s/ Michael D. Webb
          ---------------------
                                          Michael D. Webb, President

                                        8<PAGE>
                                                                 Exhibit 10.48

                               SECURITY AGREEMENT

            THIS SECURITY AGREEMENT (the "Security Agreement") is entered into
as of October 8, 1999, between Epix Medical, Inc., a Delaware corporation, with
its principal executive offices in Cambridge, Massachusetts (the "Debtor"), and
Mallinckrodt Inc., a Delaware corporation, with its principal offices in St.
Louis, Missouri (the "Secured Party ").

            WHEREAS, on and as of the date hereof, the Debtor has executed and
delivered to Secured Party a certain Non-Negotiable Promissory Note ("Note")
with a maximum principal amount of Nine Million Five Hundred Thousand Dollars
($9,500,000) (such promissory note, and any and all amendments, modifications,
extensions, restatements, renewals, refinancings and/or replacements thereof
from time to time being herein referred to as the "Note");

            WHEREAS, the indebtedness evidenced by the Note will be secured as
provided in Section 6 thereof and as consistently hereinafter provided; and

            WHEREAS, Debtor, in consideration of and in order to induce Secured
Party, from time to time and in accordance with the procedures and limitations
set forth in the Note, to make advances aggregating to a maximum of Nine Million
Dollars ($9,500,000), has determined that it is in the best interest of Debtor
to execute, deliver and perform this Security Agreement;

            NOW, THEREFORE, for valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the Debtor and the Secured Party
hereby agree as follows:

            1. Definitions. As used in this Security Agreement, and in addition
to terms defined elsewhere in this Security Agreement, the term "Secured Assets"
shall mean and include all of Debtor's intellectual property, and Debtor's
interests therein of every kind and description, wherever located, now owned or
hereafter acquired by the Debtor, and whether now existing or hereafter arising,
including, without limitation, all patents and applications for patents (among
them being those patents and applications for patents set forth on Schedule 1
attached hereto), trademarks, trademark applications, trade secrets and
confidential and proprietary scientific and technical data and information.

            2. Definitions Incorporated. Ail capitalized terms used herein,
unless otherwise specifically defined, shall have the meaning ascribed to such
terms in the Note or in the Strategic Collaboration Agreement, as appropriate.
In the event that the Note is from time to time amended or modified or any
instrument is substituted in replacement thereof, such amendment, modification
or substitution shall, from and after the date thereof, be included within the
definition of the "Note" as used herein.

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            3. Security Interest. The Debtor hereby gives and grants to the
Secured Party a security interest in all the Secured Assets and all of their
right, title and interest therein, whether now owned or existing or hereafter
acquired or arising, together with all proceeds therefrom to secure (i) the
payment of all principal of and interest heretofore or hereafter owing or
outstanding on the Note (including any notes substituted therefor), (ii) the
payment by the Debtor of all costs and expenses (including reasonable attorney's
fees) incurred by the Secured Party in the collection of amounts due under the
Note or in enforcing its rights under the Note or this Security Agreement and
(iii) the performance by the Debtor of all its obligations under the Note or
this Security Agreement.

            4. Debtor Remains Liable. Anything herein to the contrary
notwithstanding, (i) Debtor shall remain liable under all contracts and
agreements included in the Secured Assets to the extent set forth therein to
perform all of its duties and obligations thereunder to the same extent as if
this Security Agreement had not been executed, (ii) the exercise by the Secured
Party of any of its rights hereunder shall not release Debtor from any of its
duties or obligations under the contracts and agreements included in the Secured
Assets, and (iii) the Secured Party shall not have any obligation or liability
under the contracts and agreements included in the Secured Assets or be
obligated to perform any of the obligations or duties of Debtor thereunder or to
take any action to collect or enforce any claim for payment assigned hereunder.

            5. Records. Debtor will at all times keep accurate and complete
records of all items included in the Secured Assets, and the Secured Party shall
have the right at all reasonable times, without disruption to the business of
the Debtor, to examine and inspect the same and to make copies thereof.

            6. Representations, Warranties and Covenants of the Debtor. With
respect to the Secured Assets, Debtor hereby represents, warrants and covenants
to the Secured Party as follows:

            (i) During the term of this Security Agreement, Debtor will have
      such rights of ownership or other rights to each item of the Secured
      Assets as Debtor has on and as of the date hereof; the same will be used
      solely in connection with the Debtor's business; all of the Secured Assets
      are free and clear of all liens and encumbrances whatsoever, including any
      security interests or collateral interests of any other party.

            (ii) Debtor will execute all financing statements and amendments and
      supplements thereto, if any, and will attend to the filing of any and all
      continuation statements, as may be reasonably requested by the Secured
      Party in order to continue the validity of the security interests of the
      Secured Party hereunder.

            (iii) Debtor shall, from time to time as requested by the Secured
      Party, take

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      such action and execute and deliver to the Secured Party all such
      instruments, supplements, further assurances and security or other
      agreements as may be reasonably required or reasonably requested by the
      Secured Party in order to perfect and continue the Secured Party's
      security interest in the Secured Assets hereunder.

            (iv) Debtor agrees to pay, and to save the Secured Party harmless
      from, any and all liabilities, costs and expenses (including, without
      limitation, reasonable legal fees and expenses) except those caused by
      wilful misconduct or gross negligence of the Secured Party (1) with
      respect to, or resulting from, any delay in paying, any and all excise,
      sales or other taxes which may be payable or determined to be payable with
      respect to any of the Secured Assets, and (2) in connection with any of
      the transactions contemplated by this Security Agreement.

            (v) Debtor will not create, incur or permit to exist, and it will
      defend the Secured Assets against, and it will take such other action as
      is necessary to remove, any lien or claim on or to the Secured Assets,
      other than the liens created hereby, and, subject to the terms of any
      agreements relating to licensed Secured Assets, it will defend the right,
      title and interest of the Secured Party in and to any of the Secured
      Assets against the claims and demands of all persons whomsoever.

            (vi) Debtor will not sell, transfer, lease, license or otherwise
      dispose of any of the Secured Assets, except upon the advance written
      consent of the Secured Party.

            (vii) Debtor has the power to execute and deliver this Security
      Agreement and to perform its obligations hereunder and has taken all
      necessary action and has received all required consents (private and
      governmental) to authorize such execution, delivery and performance, and
      therefore this Security Agreement constitutes the legal, valid and binding
      obligation of the Debtor, enforceable against it and the Secured Assets in
      accordance with its terms. Furthermore, this Security Agreement does not
      and will not violate any judicial decree or order, or any rules or
      regulations of any federal, state or local government, or any branch,
      agency or instrumentality of same.

            (viii) The execution, performance and delivery of this Security
      Agreement does not violate or conflict with the terms or provisions of, or
      the Debtor's performance under, any agreement, document or instrument by
      which the Debtor is bound.

                  Notwithstanding anything to the contrary contained herein,
including, without limitation, the provisions of clauses (i), (v) and (vi) of
this Section 6, Debtor may, prior to the occurrence of an Event of Default,
without the consent of the

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Secured Party, grant licenses to or under such of the Secured Assets as do not
relate to EPIX s AngioMARK product, and any payments received by EPIX in
connection with the grant of any such license (whether in the form of license
fees, upfront payments, milestone payments, royalties or otherwise) shall not be
considered proceeds covered by the security interest granted to the Secured
Party hereunder; provided that, all proceeds from the grant of any such license
that are received by the Debtor or which the Debtor is entitled to receive
subsequent to the occurrence of an Event of Default shall be considered proceeds
covered by the security interest granted to the Secured Party hereunder.

            7. Secured Party's Duties. The powers conferred on the Secured
Party hereunder are solely to protect its interest in the Secured Assets and
shall not impose any duty upon it to exercise any such powers. Secured Party
shall have no obligation to preserve rights against prior parties.

            8. Default Remedies.

                  (a) Except as expressly and unambiguously set forth herein,
this Security Agreement shall be deemed absolute and without conditions, and
upon an Event of Default the Secured Party may enforce its rights with respect
to the Secured Assets without first being required to attempt collection of any
sums due from the Debtor. If an Event of Default shall occur and remain uncured
(if it is curable by the express terms of the Note) for sixty (60) days after
receipt of notice thereof by Debtor from the Secured Party, the Secured Party
shall have the following rights:

            (i) to perform any defaulted covenant or agreement of this Security
      Agreement to such extent as the Secured Party shall reasonably determine
      and advance such moneys as it shall deem reasonably advisable for the
      aforesaid purpose and all moneys so advanced, together with interest
      thereon from the date advanced until paid at a rate per annum equal to the
      rate then in effect on the Note, shall be secured hereby and shall be
      repaid promptly after notice of the amount due without demand, provided,
      however, that nothing herein contained shall be construed to require the
      Secured Party to advance money for any of the aforesaid purposes;

            (ii) to notify all account debtors, to the extent permitted by
      applicable law or regulations, to pay directly to the Secured Party or
      otherwise as the Secured Party may specify all amounts they owe then or
      thereafter to Debtor until such time as the Secured Party has received all
      amounts to which it is entitled under the Note and this Security
      Agreement;

            (iii) to take control of any and all proceeds to which the Secured
      Party may be entitled under this Security Agreement, the Note, or under
      any applicable laws;

                                        4
<PAGE>

            (iv) to take immediate possession of the Secured Assets and, with or
      without taking possession of the Secured Assets, to sell, lease or
      otherwise dispose of any or all of the Secured Assets, either at public or
      private sale, upon commercially reasonable terms, and the Secured Party
      may become the purchaser thereof at public sale; provided that, any sale
      may be adjourned at any time and from time to time to a reasonably
      specified time and place by announcement at the time and place of sale or
      by publication or otherwise of the time and place of such adjourned sale;
      provided further that, the proceeds of any sale shall be applied (1) first
      to the expenses of taking, holding and preparing for sale or disposition,
      and sale or disposition and the like (including reasonable attorneys'
      fees), (2) next to the principal and interest due under the Note and the
      other amounts secured under clauses (i) and (ii) of Section 3 hereof, (3)
      next to amounts secured under clause (iii) of Section 3 hereof, (4) next
      to the holder of any subordinate security interest therein if written
      notification of demand therefor is received and verified by the Debtor
      before distribution of the proceeds and (5) lastly, any surplus to Debtor
      and Debtor shall remain liable for any deficiency; and provided finally
      that, any such sale, public or private, may be made on credit at the
      option of the Secured Party;

            (v) to take immediate possession of the Secured Assets and to use or
      operate the Secured Assets in order to preserve the same or their value,
      and collect, receive and use all of the net profits from such use or
      operation to pay indebtedness secured by such Secured Assets; provided
      that, any continuing royalties or other similar amounts derived from the
      commercial sale of any products developed from the Secured Assets (as
      opposed to the sale of any products deriving from intellectual property
      that may be developed by the Secured Party after the termination hereof or
      after such time as there shall be the occurrence of an Event of Default
      hereunder, whichever occurs first) shall be deemed to be Operating Margin
      for purposes of Section 8.6 of the Strategic Collaboration Agreement;
      provided further that, any sale or license by the Secured Party of any
      intellectual property included in the Secured Assets to any third party
      shall be deemed to be solely for the account of the Secured Party and not
      in any manner or portion for the account of Debtor or distributable to
      Debtor under and pursuant to the terms of the Strategic Collaboration
      Agreement;

            (vi) to require Debtor, to the extent practicable, to assemble the
      Secured Assets and make them available to the Secured Party at such
      locations as the Secured Party shall reasonably designate;

            (vii) to enter all of the Debtor's facilities to remove the Secured
      Assets therefrom and take possession of the appropriate portions of the
      Debtor's books and records and computer hardware and software, and to use
      all of the same in a manner the Secured Party deems appropriate in order
      to preserve and sell or otherwise dispose of the Secured Assets;

                                            5

<PAGE>

            (viii) to (without assuming any obligations or liability
      thereunder), at any time and from time to time, enforce against any
      licensee or sublicensee all rights and remedies of the Debtor in, to and
      under any patent licenses or trademark licenses included in the Secured
      Assets and, in the exercise of commercial reasonableness, take or refrain
      from taking any action under any such licenses, and the Debtor hereby
      releases the Secured Party free and harmless from and against any claims
      arising out of, any lawful action so taken or omitted to be taken under
      applicable law with respect thereto;

            (ix) to proceed to protect and enforce its rights under the Note and
      this Security Agreement by a suit or suits in equity or at law, whether
      for specific performance or observance of any terms, provisions, covenants
      or conditions herein or therein contained in aid of the execution of any
      power therein or herein granted, for any foreclosure hereunder or
      thereunder, or for the enforcement of any other proper legal or equitable
      remedy;

            (x) to exercise any such additional and/or different rights or
      remedies as are provided for in the Note; and

            (xi) to act as true and lawful attorney-in-fact of the Debtor, with
      full power of substitution, with full irrevocable power and authority in
      the place and stead of the Debtor, in the name of the Debtor, or in its
      own name, for the purpose of carrying out the terms of this Security
      Agreement, to take any and all appropriate action and to execute any and
      all documents and instruments which may be reasonably necessary or
      desirable to accomplish the purposes of this Security Agreement.

                  (b) The Secured Party shall have any and all other rights and
remedies provided by law or equity, including, without limitation, the rights
and remedies of a secured party. All of the Secured Party's rights and remedies
will be cumulative, and no waiver of any default will affect any other
subsequent default. The rights and remedies provided in this Security Agreement
are cumulative, may be exercised concurrently or separately, may be exercised
from time to time and in such order, without any marshalling, as the Secured
Party shall determine. Nothing herein contained shall be construed as preventing
the Secured Party from taking all reasonable and lawful actions to protect its
interest in the event that liquidation, insolvency, bankruptcy, reorganization
or foreclosure proceedings of any nature whatsoever affecting the property or
assets of Debtor should be instituted. The Secured Party's sole duty with
respect to the custody, safekeeping and physical preservation of the Secured
Assets in its possession, shall be to deal with it in the same manner as the
Secured Party deals with similar property for its own account. Neither the
Secured Party, nor any of its respective directors, officers, employees or
agents shall be liable for failure to demand, collect or realize upon all or any
part of the Secured Assets or for any delay in doing so or shall be under any
obligation to sell or otherwise dispose of any Secured Assets upon

                                        6
<PAGE>

the request of the Debtor or otherwise.

            9. General Provisions. (a) This Security Agreement and the security
interests of the Secured Party in the Secured Assets created hereby shall cease
and terminate only upon repayment in full of the principal and any accrued
interest under and pursuant to the Note.

            (b) Debtor hereby waives all demands, notices, presentments, claims,
defenses and protests of any kind, except as expressly and unambiguously
provided herein and unless not permitted by applicable law, which might in any
manner adversely affect the rights of Secured Party herein.

            (c) This Security Agreement shall be construed to be a contract made
under and pursuant to the laws of New York, and all of the terms, covenants and
conditions contained herein shall be governed by and construed in accordance
with such laws, without giving effect to the conflict of laws principles
contained in such laws.

            (d) This Security Agreement, all supplements hereto and all
amendments hereof, shall inure to the benefit of and be binding upon the Debtor,
the Secured Party, and their respective successors and assigns, but this
Security Agreement may not be assigned by Debtor or the Secured Party without
the advance written consent of the other party.

            (e) No course of dealing between the Debtor and the Secured Party or
any delay on the part of the Secured Party in exercising any rights hereunder
shall affect the rights of the Secured Party, on any future occasion, to insist
on strict compliance with the terms hereof or to exercise any available remedy.
No waiver by either party of any term, provision, covenant or condition
contained in this Security Agreement, or of any breach of any such term,
provision, covenant or condition, shall constitute a waiver by that party of any
subsequent breach or justify or authorize the non-observance by the other party
on any other occasion of such term, provision, covenant or condition contained
in this Security Agreement.

            (f) The invalidity or unenforceability of any term or condition
hereof shall not affect the validity or enforceability of any other term or
condition hereof or of this Security Agreement as a whole.

            (g) In the event of any conflict or inconsistency between the terms
of the Note and those of this Security Agreement, the former shall prevail.

            (h) No remedy herein conferred upon the Secured Party is intended to
be exclusive of any other remedy and each and every such remedy shall be
cumulative and shall be in addition to every other remedy provided hereunder or
now or hereafter existing at law or in equity.

                                        7
<PAGE>

            IN WITNESS WHEREOF, the parties have caused this Security Agreement
to be executed in St. Louis, Missouri at the time first above written by their
officers thereunto duly authorized.

                                           MALLINCKRODT INC.
                                           ("SECURED PARTY")

                                           By : /s/ Richard T. Haggons
                                               --------------------------

                                           EPIX MEDICAL, INC.
                                           ("DEBTOR")

                                           By : /s/ Michael D. Webb
                                               --------------------------
                                               Michael D. Webb, President

                                        8

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