ConjuChem Completes Financing

On November 3, 2003, ConjuChem Inc. completed an offering of six million common shares at $4.15 per share, for gross proceeds of approximately $25 million on a bought-deal basis. The syndicate of underwriters was led by Orion Securities Inc., and included Sprott Securites Inc. and BMO Nesbitt Burns Inc. ConjuChem is developing long-acting therapeutic compounds based on bioconjugation platform technologies. The net proceeds from the offering will be used to fund clinical trials, support the development of ConjuChem’s products, as well as for working capital and general corporate purposes.

ConjuChem was represented by Ogilvy Renault, with a team that included Clemens Mayr, Steve Malas and Thierry Dorval (securities), Andrew Bleau (U.S. securities) and John Leopardi (tax) in Montreal. The underwriters were represented by Fraser Milner Casgrain LLP, with a team that included Charles Spector, Vitale Santoro and François Brais in Montreal.