Release issued 8th August 2002

MONTREAL, PQ, August 8, 2002 - ConjuChem Inc. (TSX:CJC), a Montreal-based biotechnology company, today announced the termination of development activities for its DAC(tm):TI (Thrombin Inhibitor) compound.

DAC(tm):TI is a locally acting thrombin inhibitor with a long duration of activity for the prevention of localized clotting. ConjuChem had recently completed a blinded, ascending dose Phase I clinical trial in hemodialysis patients with arterial-venous shunts (AV shunts) who were undergoing a procedure to mechanically remove a clot that had formed in their shunts, thereby restoring blood flow. In each dosing cohort, three patients received DAC(tm):TI and one received placebo. The trial was designed to show safety in patients and the Company previously reported the product to be safe and well tolerated up to the 200 mg dose level. Recently completed analyses of the unblinded results of this trial showed, as expected, that the number of patients in the trial was insufficient to draw any conclusions about the efficacy of DAC(tm):TI treatment at any dose level.

"In today's challenging biotech environment, we feel it makes sense to focus our resources on the development of compounds with the highest commercialization potential and the lowest risk," said Duffy DuFresne, President and CEO.

About ConjuChem Inc. ConjuChem Inc. is developing long-acting therapeutic compounds based on a novel product enabling platform technology for in vivo bioconjugation. When applied to existing drugs, the Company's DAC(tm) technology platform enable the rapid creation of new drugs with significantly enhanced therapeutic properties as compared to the original drug compounds. Since the new drugs have biological activities that are patterned after existing drugs, these compounds can usually be developed more quickly, less expensively and at lower risk than most new chemical entities. The Company's platform technology is focused on various therapeutic areas including oncology, pain, anti-virals, diabetes and thrombosis. ConjuChem has several early-stage research collaborations with biopharmaceutical companies.

Detailed descriptions of the Company, DAC(tm) technology and ConjuChem's product pipeline can be viewed on the Company's web page www.conjuchem.com.

(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 Announces Results of DAC:Opioid Repeat Dose Immunogenicity Trial

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

(15th March 2002) ConjuChem Enters Collaboration Agreement with Suntory Pharmaceutical Research Laboratories