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    Press Release - March 05, 2004

    Pheromone Sciences Sells Worldwide Marketing Rights To Its Fertilité-OV(tm) Fertility Monitor Technology

    Toronto, Ontario (May 5, 2004) -- Pheromone Sciences Corp. (TSX Venture: PHS), a Toronto based biotech company specializing in the field of ovulation detection, announces the signing of a definitive agreement pursuant to which HEALTHWATCHSYSTEMS, INC., a privately held company based in Sarasota, Florida will take over the worldwide marketing of Pheromone's proprietary technology, the Fertilit�©-OV�� fertility monitor and accompanying technology . As part of the transaction, HEALTHWATCHSYSTEMS will acquire the patents related to this technology. Pheromone will receive $500,000, payable on closing, and a graduated royalty on world wide sales of the fertility monitor and any related products stemming from this technology until the earlier of the expiration of the patents or 2014.

    The transaction is subject to the approval of the TSX Venture Exchange and approval of Pheromone shareholders, which approval will be sought at Pheromone's annual and special meeting of shareholders to be held on August 25, 2004. Closing is anticipated to occur forthwith after the requisite approvals have been obtained.

    Additionally, Pheromone has granted to HEALTHWATCHSYSTEMS a license, until closing, to make and sell the fertility monitor in North America for a non-refundable fee of $100,000, which will be credited toward the purchase price on closing. Pheromone will also receive a graduated royalty on sales in North America during the term of the license.

    "The agreement represents a significant achievement for Pheromone Sciences while contributing to the health care needs of couples seeking help in conception", stated Dr. William Cochrane, Chairman of Pheromone. "We are confident that the management team of HEALTHWATCHSYSTEMS, INC. has the managerial resources to effectively market the product around the world."

    About the Fertilit�©-OV

    The Fertilit�©-OV monitor is a wristwatch styled fertility cycle monitoring device for the consumer and professional medical market and provides a reliable "predictive" approach to natural, cycle-based family planning. The Fertilit�©-OV monitor is a non-invasive method of predicting the fertility window and ovulation date through the measurements of perspiration ion changes on the surface of the skin through a unique combination of bio- sensing and computer technologies These changes in female perspiration allow for the prediction of ovulation up to 4 days before the ovulation day.

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

    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 Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the contents of this news release.


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