SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CHANEY PAUL G

(Last)

(First)

(Middle)

3 TIMES SQUARE, 12TH FLOOR

(Street)

NEW YORK

10036

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
EYETECH PHARMACEUTICALS INC [ EYET ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/04/2005

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/04/2005	11/04/2005	M		79,082	A	$3.5	109,677	D
Common Stock	11/04/2005	11/04/2005	S		79,082⁽¹⁾	D	$17.89	30,595	D
Common Stock	11/04/2005	11/04/2005	M		112,947	A	$3.5	143,542	D
Common Stock	11/04/2005	11/04/2005	M		15,476	A	$3.5	159,018	D
Common Stock	11/04/2005	11/04/2005	S		15,476⁽¹⁾	D	$17.89	143,542	D
Common Stock	11/04/2005	11/04/2005	M		13,095	A	$3.5	156,637	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Incentive Stock Option (right to buy)	$3.5	11/04/2005	11/04/2005	M			15,476	07/30/2003	07/30/2013	Common Stock	15,476	$0	13,095	D
Incentive Stock Option (right to buy)	$3.5	11/04/2005	11/04/2005	M			13,095	07/30/2003	07/30/2013	Common Stock	13,095	$0	0	D
Non-Qualified Stock Option (right to buy)	$3.5	11/04/2005	11/04/2005	M			79,082	07/30/2003	07/30/2013	Common Stock	79,082	$0	112,947	D
Non-Qualified Stock Option (right to buy)	$3.5	11/04/2005	11/04/2005	M			112,947	07/30/2003	07/30/2013	Common Stock	112,947	$0	0	D

Explanation of Responses:

1. In contemplation of the closing of OSI Pharmacuesticals, Inc.'s acquisition of Eyetech Pharmaceuticals, Inc. the reporting person has sold 94,558 shares of Eyetech common stock to satisfy the reporting person's exercise price and tax witholding obligations relating to the exercise of Eyetech stock options held by him. These stock options are being exercised prior to the closing of OSI's acquisition of Eyetech because, under the merger agreement relating to the acquisition, the options will lose significant value if they are not exercised prior to the closing of the merger.

	/s/ Paul G. Chaney	11/07/2005
	** Signature of Reporting Person	Date
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