RECITALS

                                                                 Exhibit 10.11

                     AMENDMENT NO. 2 TO CONSULTING AGREEMENT

      This Amendment No. 2 to the Consulting Agreement (the "Consulting
Agreement") dated as of November 1, 2001 between Xxxxx Xxxxx, M.D. (the
"Consultant") and Eyetech Pharmaceuticals, Inc., a Delaware corporation (the
"Company"), with offices at 0 Xxxx Xxxxxx, Xxx Xxxx, XX 00000 is effective as of
October 1, 2004.

                                    RECITALS

      WHEREAS, the Consultant and the Company have entered into the Consulting
Agreement;

      WHEREAS, the Consulting Agreement, as amended on May 3, 2004, expired on
September 30, 2004;

      WHEREAS, the Company and the Consultant wish to extend the Consulting
Agreement and provide for Consultant's continued service to the Company through
December 31, 2004;

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

      1.    The first sentence of Section 3 is hereby deleted in its entirety
      and amended to read as follows: "The Consultant agrees to devote at least
      five (5) eight (8) hour days per week, for a total of forty (40) hours per
      week, to the provision of the Services (the "Minimum Time Commitment")."

      2.    Section 4(a) is hereby deleted in its entirety and amended to read
      as follows: "This Agreement shall be deemed to be effective as of October
      1, 2004 and shall terminate on December 31, 2004 (the "Termination Date").
      The term of this Agreement shall be referred to herein as the "Term."

      3.    The provisions regarding consultancy fee and bonus of Section 5(a)
      is hereby deleted in its entirety and amended to read as follows: "In
      consideration of the Consultant's performance hereunder, the Consultant
      shall be paid a monthly consultancy fee of $18,750, $22,650 of which has
      been paid to date. The Consultant will not be eligible for a bonus."

      4.    Except as set forth above, all other provisions of the Consulting
      Agreement shall remain in full force and effect and are unmodified by this
      Amendment No. 2.

      5.    This Amendment 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 and rules thereof.

      This Agreement may be executed in counterparts, each of which shall be
deemed an original and both of which shall together constitute one and the same
instrument.

      IN WITNESS WHEREOF, the parties have executed this amendment as of January
3, 2005.

                                      EYETECH PHARMACEUTICALS, INC.



                                      By:      /s/ Xxxxx Xxxxx
                                               ---------------
                                               Name:  Xxxxx Xxxxx, M.D.
                                               Title: Chief Executive Officer



                                      CONSULTANT


                                      /s/ Xxxxx Xxxxx
                                      ---------------
                                      Xxxxx Xxxxx, M.D.