Press release Communiqué de presse

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Press release Communiqué de presse


February 5, 2004 5 February, 2004

Pheromone Sciences Corp Announces Private Placement of Convertible Debentures.


Toronto, Ontario -- February 5, 2004 -- Pheromone Sciences Corp. (TSX: PHS) today announced that it has received commitments for the purchase, on a private placement basis, of a principal amount of $400,000 of secured, non-interest bearing convertible debentures. Each $1.00 of this principal amount of Convertible Debenture is convertible, at the option of the holder, into 14.28 Common Shares and 10 Common Share Purchase Warrants. Each Warrant will entitle the holder to acquire one Common Share for $0.10 at any time prior to January 30, 2005. The debentures are convertible at any time until January 30, 2005.

Additionally, at the closing of this financing, the company will issue to Doug Marett, the inventor of the Fertility Monitor product, 12,500 units of the convertible debenture as compensation for the subordination of his patent rights in favor of the investors purchasing this convertible debenture.

Closing of this private placement is anticipated by February 16, 2004 and is subject to receipt of regulatory approval and definitive agreements.

Proceeds of the offering will be used to support the Company's commercialization and business development activities.

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