OrbiMed Advisors, LLC

February 22, 2007 16:52 ET

OrbiMed Completes Private Placement With Adherex

NEW YORK, NEW YORK--(CCNMatthews - Feb. 22, 2007) -


Pursuant to a private placement completed on February 21, 2007, OrbiMed Advisors, LLC, acting on behalf of various of its investment advisory clients, acquired from Adherex Technologies Inc. beneficial ownership of 5,180,000 common shares and 2,590,000 warrants convertible into common shares which, together with its holdings of 3,649,117 common shares and 1,732,679 warrants convertible into common shares, represents aggregate ownership of approximately 10.08% of the total outstanding shares of Adherex.

The transaction was undertaken by OrbiMed for investment purposes in the biotechnology and pharmaceutical sectors. OrbiMed may increase or decrease its holdings in Adherex depending on market conditions and other relevant factors. Adherex is listed on the Toronto Stock Exchange under the symbol "AHX".

OrbiMed Advisors, LLC, 767 Third Avenue, 30th Floor, New York, NY 10017

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