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ADHEREX ANNOUNCES $9 MILLION PRIVATE PLACEMENT

June 23, 2005

Adherex Technologies, a biopharmaceutical company with a portfolio of oncology products under development, today announced that it intends to complete a private placement offering of units for up to US$9 million in gross proceeds, each unit consisting of one common share and 0.30 of a common share purchase warrant. The offering is expected to close on or about July 15, 2005 subject to the completion of a pending licensing agreement and required board and regulatory approvals. The offering is expected to include investors from the U.S., Canada and Europe.

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