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    Press Release - January 07, 2003

    Pheromone Sciences Corp. Completes Private Placement Offering


    Toronto, Ontario - January 7, 2003 - Pheromone Sciences Corp. (TSX-V:PHS) today announced that it has completed a private placement; of 2,140,000 units of the Company at an issue price of $0.25 per unit for gross proceeds of $535,000. Each unit will be exercisable, at no additional consideration, into one common share of the Company and one common share purchase warrant. Each common share purchase warrant has a term of 12 months and will be exercisable into one common share at an exercise price of $0.30 per share.

    Subscribers included a senior Ontario based biotech institution, company insiders and 2 private investors.

    Proceeds of the offering will be used to support the Company's research and development program, ongoing operations, and business development.

    Pheromone Sciences Corp. is a biotechnology and medical diagnostics device research and development company that focuses on commercializing technologies in the field of human reproduction and sexuality.

    Pheromone Sciences Corp is a member of MEDEC, which is the national industry association representing over 120 medical device and diagnostic companies. Member companies are dedicated to serving the health care community through the provision of high quality medical products and services that benefit Canadians.

    Statements contained in this press release, including those pertaining to scientific and clinical research, commercialization plans, strategic alliances, and intellectual property protection, other than statements of historical fact, are forward-looking statements subject to a number of uncertainties that could cause actual results to differ materially from statements made. The TSX Ventures Exchange has not reviewed and does not accept responsibility for the adequacy or the contents of this news release.

    INVESTOR CONTACT

    Lorne Woods (800) 937-3095 investor@pheromonesciences.com www.pheromonesciences.com

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