Release issued 21st December 2001

MONTREAL, Quebec, December 21, 2001 - ConjuChem Inc. (TSE:CJC), developers of the drug-enabling DAC(tm) technology, today announced a sponsored research collaboration agreement with Almirall Prodesfarma, a leading pharmaceutical company based in Barcelona, Spain to research an expanded indication for DAC:TI' (CJC-1004). Currently, ConjuChem is investigating the use of DAC:TI' for the prevention of localized blood clotting in kidney dialysis patients with arterio-venous shunts.

The agreement allows Almirall Prodesfarma to conduct pre-clinical efficacy studies with DAC:TI' over a 6-month period. In addition, Almirall Prodesfarma has the option to enter into exclusive negotiations for a development and commercial license to DAC:TI' during the option period. ConjuChem has received an option payment as per the terms of this research collaboration.

About DAC:TI(tm)

DAC:TI(tm) is derived from argatroban, a thrombin inhibitor recently approved in the USA for certain anti-coagulant (anti-clotting) indications. Thrombin inhibitors are a class of anti-coagulant drugs that prevent thrombin formation, the final step in the coagulation cascade. Using ConjuChem's local DAC(tm) Technology, argatroban is engineered into a drug construct (CJC-1004) designed to be locally administered at a vascular site in the body that is at high risk of developing blood clots. Upon administration, DAC:TI(tm) covalently bonds (bioconjugates) to the proteins in the tissues at the local site of administration. The tissue bioconjugate thus formed has similar potency to argatroban and is expected to have a high level of localized anti-clotting activity with a biological activity duration of days to weeks, without the systemic side-effects encountered with most anti-coagulant medications. DAC:TI(tm) is scheduled to commence Phase II trials in the second quarter of 2002.

(8th August 2002) ConjuChem Discontinues DAC(tm):TI Development

(8th August 2002) ConjuChem Reports Mixed Preliminary Results from Three DAC(tm):Opioid Trials

(8th July 2002) ConjuChem Announces Start of Phase I Trial for DAC:GLP-1(TM), a Type 2

(13th May 2002) ConjuChem Completes Phase I DAC:TI Patient Enrolment

(13th May 2002) ConjuChem Announces Results of DAC:Opioid Repeat Dose Immunogenicity Trial