RESEARCH TRIANGLE PARK, NORTH CAROLINA -- (MARKET WIRE) -- January 19, 2007 -- Adherex Technologies Inc. (TSX: AHX) (AMEX: ADH), a biopharmaceutical company with a broad portfolio of oncology products under development, today announced it has filed a preliminary short form prospectus with the securities regulatory authorities in the provinces of British Columbia, Alberta, Manitoba and Ontario and signed an underwriting and agency agreement pursuant to which Versant Partners Inc. has agreed to: (i) purchase 30,304,000 units of the Company at a purchase price of US$0.33 per unit for gross proceeds of approximately US$10 million; and (ii) offer on a best efforts agency basis, an additional 45,455,000 units at the same price per unit representing potential additional gross proceeds to Adherex of up to approximately US$15 million. Each unit will consist of one common share of the Company and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share of the Company at a price of US$0.40 at any time for a period of three years from the closing of the offering.
