Chromos announces private placement

    /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
    NEWSWIRE SERVICES/

    BURNABY, BC, Feb. 2 /CNW/ - Chromos Molecular Systems Inc. ("Chromos";
TSX: CHR) announced today that it intends to raise approximately $8 million
(CDN) through a private placement of Units at a price of $0.15 per Unit. The
private placement is being co-led by Dundee Securities Corporation, Canaccord
Capital Corporation and Clarus Securities Inc. as agents.
    Each Unit will comprise one common share of Chromos and one half of one
share purchase warrant. Each whole share purchase warrant will entitle the
holder to purchase one common share of Chromos within 5 years of the date of
closing at a price of $0.20 per share.
    The closing of this private placement is subject to all necessary
regulatory, stock exchange and shareholders approvals. Chromos intends to use
the net proceeds principally to fund the commercialization and expansion of
Chromos' cell line engineering business, using its ACE System, and the
development of its lead product, CHR-1103. The balance will be allocated to
working capital and other general corporate purposes.

    About Chromos

    Chromos is a biopharmaceutical company with two drug development programs
focused on inflammatory diseases and thrombotic disorders. The Company's lead
product, CHR-1103, is a humanized monoclonal antibody being developed as an
acute treatment for relapses associated with multiple sclerosis (MS). Chromos
generates revenue from its proprietary ACE System technology to engineer
production quality cell lines to manufacture biopharmaceutical products
including monoclonal antibodies. For more information visit our website at
www.chromos.com.

    Risks and Uncertainties

    Certain of the statements contained in this press release are
forward-looking statements which involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Chromos (the "Company"), or industry results,
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
    To the extent possible, management implements strategies to reduce or
mitigate the risks and uncertainties associated with the Company's operations.
Operating risks include (i) the continued availability of capital to finance
the Company's activities; (ii) the Company's limited cash position, (iii) the
ability to successfully obtain proof of the effectiveness of the Company's
technology (iv) the ability to complete and maintain corporate alliances
relating to the development and commercialization of the Company's technology;
(v) the ability to obtain and enforce patent and other intellectual property
protection for the Company's technology; (vi) market acceptance of the
Company's technology; (vii) the competitive environment and impact of
technological change; (viii) the Company's ability to attract and retain
employees to carry out its business plans; (ix) the timely development and
commercialization of any technology or products that are contingent on the
completion and maintenance of corporate alliances with third parties and (*)
regulatory approval for the conversion of the outstanding Notes. Further
details on Chromos' operating risks can be found in the Company's Quarterly
and Annual Reports to Shareholders.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
securities offered have not and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and many not be offered or sold in the United States except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable state securities laws.

For further information: Jeff Charpentier, Vice President, Finance and
CFO, Tel: [phone], Email: [e-mail], Website:
www.chromos.com