ConjuChem Completes Private Placement

On June 27, 2003, ConjuChem Inc. closed a private placement financing of 7.5 million common shares for gross proceeds of $12 million. The shares were purchased on a bought deal basis by a syndicate of underwriters composed of Orion Securities Inc. and Sprott Securities Inc. The net proceeds from the private placement will be used to fund clinical trials and for general corporate purposes.

ConjuChem was represented by Ogilvy Renault, with a team that included Clemens Mayr, Steve Malas, Thierry Dorval and Natalie Brown in Montreal. The underwriters were represented by Heenan Blaikie LLP, with a team that included Neil Wiener, Melanie de Souza and Stavroula Makris.