<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-11-07</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001115285</issuerCik>
        <issuerName>EYETECH PHARMACEUTICALS INC</issuerName>
        <issuerTradingSymbol>EYET</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001106607</rptOwnerCik>
            <rptOwnerName>JP MORGAN PARTNERS BHCA LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>1221 AVENUE OF THE AMERICAS 40TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001243235</rptOwnerCik>
            <rptOwnerName>JPMP MASTER FUND MANAGER L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O JPMORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>1221 AVENUE OF THE AMERICAS 40TH FL.</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001330534</rptOwnerCik>
            <rptOwnerName>JPMP CAPITAL CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1221 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2>39TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-11-07</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2005-11-07</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>43750</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.44</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2319646</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Director Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.44</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-11-07</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2005-11-07</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>43750</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2002-12-03</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-12-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>16250</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>16250</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">In contemplation of the closing of OSI Pharmaceuticals, Inc.'s acquisition of Eyetech Pharmaceuticals, Inc., the reporting
person exercised all vested in-the-money Eyetech stock options held by it. These stock options were exercised
prior to the closing of OSI's acquisition of Eyetech because, under the merger agreement relating to the acquisition, the
options would lose significant value if they were not exercised prior to the closing of the merger.</footnote>
        <footnote id="F2">The amount shown includes 35,000 shares of common stock that was granted to Srinivas Akkaraju and Damion Wicker, directors of
the Issuer, pursuant to (1) a Restricted Stock Agreement between Damion E. Wicker and Eyetech Pharmaceuticals, Inc. and (2)
a Restricted Stock Agreement between Srinivas Akkaraju and Eyetech Pharmaceuticals, Inc. The stock award shall vest on June
28, 2006. Mr. Wicker and Mr. Akkaraju are obligated to transfer these shares to the Reporting Person, at the request of
the Reporting Person.</footnote>
        <footnote id="F3">These options were granted to Damion Wicker and Srinivas Akkaraju. Mr. Wicker and Mr. Akkaraju are Managing Directors of
JPMP Capital Corp., the general partner of JPMP Master Fund Manager, L.P. (&quot;MF Manager&quot;), the general partner of J.P. Morgan
Partners (BHCA), L.P. (&quot;JPM BHCA&quot;). Mr. Wicker and Mr. Akkaraju are obligated to transfer any shares issued under the
stock option to JPM BHCA.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>J.P. Morgan Partners (BHCA), L.P. By: JPMP Master Fund Manager, L.P., Its general partner By: JPMP Capital Corp., Its general partner By: /s/ Damion E. Wicker, Managing Director</signatureName>
        <signatureDate>2005-11-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
