Baker Brothers Investments acquires additional securities of ConjuChem Biotechnologies Inc.

    NEW YORK, Dec. 13 /CNW/ - Baker/Tisch Investments L.P., Baker Bros.
Investments II, L.P. Baker Biotech Fund I, L.P., Baker Brothers Life Sciences,
L.P. and 14159, L.P. (collectively, "Baker Brothers Investments") announced
today that they acquired 3,520 units (the "Units") of ConjuChem
Biotechnologies Inc. ("ConjuChem") pursuant to a public offering of units of
ConjuChem (the "Public Offering") at the offering price of $1000.00 per unit.
Each Unit will consist of $1,000 principal amount of convertible unsecured
subordinated debentures and 1,562.5 common share purchase warrants. Each
debenture is convertible by Baker Brothers Investments into common shares of
ConjuChem at a conversion price of $0.16 per common share. Each whole warrant
entitles Baker Brothers Investments to acquire one common share of ConjuChem
at an exercise price of $0.25 per share until December 31, 2011. In connection
with the Public Offering, ConjuChem repaid the outstanding principal amount of
$39,000,000 of certain unsecured convertible debentures, together with
interest payable thereon, held by certain of the Baker Brothers Investments
and their joint actors.
    Prior to the Public Offering and the repayment of the unsecured
convertible debentures, the Offerors, together with any joint actors,
beneficially owned and controlled or owned securities convertible into an
aggregate of 71,832,329 common shares of ConjuChem (or approximately 26% of
the issued and outstanding common shares of ConjuChem). Following this
acquisition, Baker Brothers Investments, together with any joint actors,
beneficially own and control an aggregate of 43,050,055 common shares of
ConjuChem (or approximately 17% of the issued and outstanding common shares of
ConjuChem) and beneficially own directly, and indirectly through their
ownership of convertible securities, an aggregate of 91,812,555 common shares
of ConjuChem, representing, assuming the conversion of convertible securities,
approximately 31% of the outstanding common shares of ConjuChem following the
public offering.
    Baker Brothers Investments have acquired the ConjuChem securities for
investment purposes only. Depending on market conditions and other factors,
Baker Brothers Investments may from time to time acquire additional securities
of ConjuChem or dispose of such securities in the open market, by private
agreement or otherwise.

For further information:

For further information: Leo Kirby, 667 Madison Avenue, 17th Floor, New
York, New York, 10065, (212) 339-5633

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