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ADHEREX AND SCYNEXIS SIGN AGREEMENT TO ACCELERATE DESIGN OF SMALL MOLECULE CADHERIN ANTAGONISTS

Research Triangle Park, NC, March 23, 2005 - Adherex Technologies Inc. (AMEX: ADH, TSX: AHX), a biopharmaceutical company with a broad portfolio of oncology products under development, and SCYNEXIS, Inc., a medicinal chemistry-focused drug discovery and development company, today announced that they have signed an agreement under which SCYNEXIS will provide comprehensive medicinal and analytical chemistry services to Adherex with the goal of accelerating and expanding Adherex’s small molecule cadherin antagonist development programs.

Dr. Brian Huber, Adherex’s Chief Scientific Officer, explained the goals behind this agreement. “Adherex’s lead biotechnology compound, ADH-1, is progressing well through its development and is entering Phase II clinical trials. ADH-1 is a cyclic peptide that has been well tolerated and has shown encouraging anti-tumor activity in our Phase I program. It is administered by intravenous injection, which is appropriate for an anti-tumor and vascular targeting agent used in cancer patients. However, there are other potential uses for cadherin antagonist drugs that would be better served by an orally active drug. To enhance our capabilities for oral drug delivery, we are working with SCYNEXIS to expand our small molecule discovery efforts.”

Huber continued, “We have already identified small molecules that appear to block N-cadherin binding and are more potent than ADH-1. These small molecule antagonists are a solid starting point for further lead optimization efforts, thereby advancing orally active therapeutics in our pipeline.”

The agreement provides Adherex with dedicated chemistry resources at SCYNEXIS, including a highly experienced medicinal chemistry team backed by innovative technologies. All proprietary information and data developed pursuant to the agreement will be owned solely by Adherex.

“SCYNEXIS is pleased to work with Adherex’s outstanding team in its novel drug discovery and development efforts,” said Yves Ribeill, President and Chief Executive Officer of SCYNEXIS. “Our scientists look forward to working with their Adherex counterparts to accelerate the optimization of proprietary molecules for their oncology and non-oncology programs.”

Small molecules are low molecular weight, non-peptide molecules that can be optimized to be orally active, more potent and stable with a longer half-life than related peptides.

About Adherex Technologies
Adherex Technologies Inc. is a biopharmaceutical company dedicated to the discovery and development of novel cancer therapeutics. We aim to be a leader in developing innovative treatments that address important unmet medical needs in cancer. We currently have four products in the clinical stage of development including ADH-1 (Exherin™) and sodium thiosulfate (STS). ADH-1, our lead biotechnology compound, is an angiolytic that selectively targets established blood vessels that feed solid tumors. STS, a drug from our specialty pharmaceuticals pipeline, protects against the disabling hearing loss that can often result from treatment with platinum-based chemotherapy drugs. With a diversified portfolio of unique preclinical and clinical-stage cancer compounds and a management team with expertise in identifying, developing and commercializing novel cancer therapeutics, Adherex is emerging as a pioneering oncology company. For more information, please visit our website at www.adherex.com.

About SCYNEXIS
SCYNEXIS is a medicinal chemistry-focused drug discovery and development company headquartered in Research Triangle Park, North Carolina, with European operations, SCYNEXIS Europe Ltd., located near Cambridge, England. By combining its chemists’ extensive expertise with its proprietary, cutting-edge technologies MEDCHEM-FACTORY®, HEOS® Software Suite and Kinase Inhibitor Technology (KIT™), SCYNEXIS provides improved speed and productivity in the chemical validation of drug targets. Besides SCYNEXIS’ validated expertise in lead optimization and candidate selection, SCYNEXIS also offers a comprehensive suite of drug discovery and development services that include novel directed hit generation compounds, hit explosion and lead optimization services, process optimization, purification and analysis of compound libraries, in vitro ADMET bioanalytical services, the production of GMP clinical samples and radiosynthesis services. SCYNEXIS’ website is located at www.scynexis.com.

Media Contacts:

ADHEREX:
Melissa Matson
Director, Corporate Communications
(919) 484-8484

SCYNEXIS:
Rick Rountree
Rick Rountree Communications
(919) 878-1144
rick@rickrountree.com

Business Development Contacts:

ADHEREX:
Dr. Robin Norris
President and Chief Operating Officer
(919) 484-8484

SCYNEXIS:
In the U.S.:
Terry Marquardt
(919) 544-8600
terry.marquardt@scynexis.com
In Europe:
Dave Roberts
+44 (0) 1277-367003
dave.roberts@scynexis.com

This press release contains forward-looking statements that involve significant risks and uncertainties. The actual results, performance or achievements of Adherex might differ materially from the results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements include, without limitation, those regarding the drug development plans of Adherex, both alone and through the agreement with SCYNEXIS, as well as the expected benefits, timing and results. Adherex can provide no assurance that the development plans will proceed as currently anticipated or that expected benefits, timing or results will be realized. Adherex is subject to risks inherent in the biopharmaceutical industry, including the early stage of its product candidates, its reliance on collaborations and its history of losses. For a more detailed discussion of related risk factors, please refer to Adherex’s public filings available at www.sedar.com and www.sec.gov.