MASTER SECURITY AGREEMENT

                   Dated as of SEPTEMBER 6, 2002 ("AGREEMENT")





        THIS AGREEMENT is between GENERAL ELECTRIC CAPITAL CORPORATION (together

with its successors and assigns, if any, "SECURED PARTY") and LA JOLLA

PHARMACEUTICAL COMPANY ("DEBTOR"). Secured Party has an office at 401 Merritt 7

Suite 23, Norwalk, CT 06851-1177. Debtor is a corporation organized and existing

under the laws of the state of Delaware. Debtor's mailing address and chief

place of business is 6455 Nancy Ridge Drive, San Diego, CA 92121.





1.      CREATION OF SECURITY INTEREST.



        Debtor grants to Secured Party, its successors and assigns, a security

interest in and against all property listed on any collateral schedule now or in

the future annexed to or made a part of this Agreement ("COLLATERAL SCHEDULE"),

and in and against all additions, attachments, accessories and accessions to

such property, all substitutions, replacements or exchanges therefore, and all

insurance and/or other proceeds thereof (all such property is individually and

collectively called the "COLLATERAL"). This security interest is given to secure

the payment and performance of all debts, obligations and liabilities of any

kind whatsoever of Debtor to Secured Party, now existing or arising in the

future, including but not limited to the payment and performance of certain

Promissory Notes from time to time identified on any Collateral Schedule

(collectively "NOTES" and each a "NOTE"), and any renewals, extensions and

modifications of such debts, obligations and liabilities (such Notes, debts,

obligations and liabilities are called the "INDEBTEDNESS").





2.      REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR.



        Debtor represents, warrants and covenants as of the date of this

Agreement and as of the date of each Collateral Schedule that:



        (a) Debtor's exact legal name is as set forth in the preamble of this

Agreement and Debtor is, and will remain, duly organized, existing and in good

standing under the laws of the State set forth in the preamble of this

Agreement, has its chief executive offices at the location specified in the

preamble, and is, and will remain, duly qualified and licensed in every

jurisdiction wherever necessary to carry on its business and operations;



        (b) Debtor has adequate power and capacity to enter into, and to perform

its obligations under this Agreement, each Note and any other documents

evidencing, or given in connection with, any of the Indebtedness (all of the

foregoing are called the "DEBT DOCUMENTS");



        (c) This Agreement and the other Debt Documents have been duly

authorized, executed and delivered by Debtor and constitute legal valid and

binding agreements enforceable in accordance with their terms, except to the

extent that the enforcement of remedies may be limited under applicable

bankruptcy and insolvency laws;



        (d) No approval, consent or withholding of objections is required from

any governmental authority or instrumentality with respect to the entry into, or

performance by Debtor of any of the Debt Documents, except any already obtained;



        (e) The entry into, and performance by, Debtor of the Debt Documents

will not (i) violate any of the organizational documents of Debtor or any

judgment, order, law or regulation applicable to Debtor, or (ii) result in any

breach of or constitute a default under any contract to which Debtor is a party,

or result in the creation of any lien, claim or encumbrance on any of Debtor's

property (except for liens in favor of Secured Party) pursuant to any indenture,

mortgage, deed of trust, bank loan, credit agreement, or other agreement or

instrument to which Debtor is a party;



        (f) There are no suits or proceedings pending in court or before any

commission, board or other administrative agency against or affecting Debtor

which could, in the aggregate, have a material adverse effect on Debtor, its

business or operations, or its ability to perform its obligations under the Debt

Documents, nor does Debtor have reason to believe that any such suits or

proceedings are threatened;



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        (g) All financial statements delivered to Secured Party in connection

with the Indebtedness have been prepared in accordance with generally accepted

accounting principles, and since the date of the most recent financial

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