October 16, 2002

News Release: SYN X Pharma Signs Letter of Intent to Distribute Princeton BioMeditech's Point-of-Care Diagnostic Products in Canada

SYN X Pharma Inc. (TSX: SYY) today announced that they have signed a letter of intent with Princeton BioMeditech (PBM) Inc., a private U.S. corporation, for certain distribution rights for PBM's LifeSign brand point-of-care diagnostic products in Canada. The agreement is subject to the completion of necessary legal documentation, which is anticipated to be completed within the next 60 days. "PBM has an impressive track record regarding the development and manufacturing of innovative point-of-care diagnostic tests. We are very pleased to have the opportunity to act as their Canadian marketing partner," said SYN X founder, Chairman and Chief Scientific Officer, Dr. George Jackowski.

PBM's products complement SYN X's Nexus Dx(TM) point-of-care product line, which includes tests for insulin resistance, traumatic brain injury and congestive heart failure. PBM's extensive product line includes a broad range of tests for infectious diseases, drugs of abuse, fertility, cardiac and cancer (PSA) markers.

"SYN X's expertise in the point-of-care diagnostic field made them a natural choice to represent Princeton BioMeditech in Canada. We are looking forward to a long and profitable relationship", commented Dr. Jemo Kang, President, Founder and CEO of PBM.

"The selling and distribution of PBM's products would add yet another element to SYN X's efforts in achieving sustainable revenues and profitability", stated SYN X's Chief Financial Officer, Eugene Bortoluzzi.

About SYN X Pharma Inc.

SYN X Pharma Inc. (www.synxpharma.com) is a fully integrated proteomics research and development company dedicated to prevention and management of diabetes, cardiovascular and central nervous system diseases. The company capitalizes on its unique Proteomics Discovery Platform(TM) to identify protein targets for the development of new therapeutics and to deliver highly specialized antibody-based diagnostics. SYN X has established multiple, international alliances and collaborations with leading pharmaceutical companies and university research organizations.

About Princeton BioMeditech Corp.

Princeton BioMeditech Corp. is a world leader in rapid, point-of-care diagnostics. PBM has developed and introduced an extensive menu of over 70 different one-step/rapid tests, with products in the areas of Fertility, Infectious Diseases, Drugs of Abuse, Tumor Markers, Cardiac Markers, Veterinary Diagnostics and Environmental Diagnostics.

Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products and prices and other factors.

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For further information: please contact - Tania Tantalo, Investor
Relations, SYN X Pharma Inc., Tel: (416) 798-3445, Ext. 228,
ttantalo(at)synxpharma.com

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