January 20, 2004

To Support Its Synthetic Vaccine Program for
Alzheimer's Disease.

Neurochem forms strategic alliance with the National Research Council of Canada and announces licensing agreement with Praecis Pharmaceuticals Incorporated.
Neurochem Takes Major Step Forward in its Efforts to Prevent and Treat Alzheimer's Disease.

- Neurochem, Inc. (NASDAQ: NRMX, TSX: NRM) - announced today that the Company is advancing its efforts to prevent and treat Alzheimer's Disease (AD) by forging a strategic alliance with the National Research Council of Canada's Institute for Biological Sciences, (NRC-IBS), and more specifically with Dr. Harold J. Jennings, a world leader in the development of innovative conjugated vaccines. Neurochem also announced today that it has entered into a licensing agreement with PRAECIS PHARMACEUTICALS INCORPORATED, a leading biopharmaceutical company, relating to certain ß amyloid peptides for use in the development of a novel synthetic vaccine to prevent and treat AD. With a promising drug candidate, Alzhemed™, currently in clinical development for AD, Neurochem is reinforcing its commitment to the prevention and treatment of AD through these relationships, and its focus on neurological disorders. Financial terms of the agreements were not disclosed but all future commercial rights in therapies developed by Neurochem under the agreements will belong to Neurochem.

NRC-IBS' Dr. Jennings is one of Canada's premier researchers in the vaccine field. One of Dr. Jennings' greatest achievements was the development of a technology that can be used to produce innovative conjugated vaccines against meningitis A, B and C, or the bacteria Haemophilus influenzae. The vaccines for meningitis C and Haemophilus influenzae are currently on the market, preventing these diseases in millions of children in North America and Europe.

Dr. Francesco Bellini, Chairman and CEO of Neurochem, has stated that "With these important relationships in place, Neurochem intends to address AD at its different stages from its very early symptoms through the entire disease course. Since AD is a complex disease affecting multiple areas of the brain, Neurochem is using a comprehensive approach by working to develop a 'cocktail' solution and a multi-product treatment for the disease."

About the Relationships

Neurochem has concluded this strategic alliance with the National Research Council of Canada and Dr. Jennings to collaborate on the discovery and assessment of certain vaccine approaches in animal models, and work towards the development of a specific vaccine using amyloid protein fragment conjugates. This collaboration also includes the possibility of preclinical and clinical development as well as future commercialization in the field of Aß-peptide-protein conjugates. Through the licensing agreement with PRAECIS, Neurochem is expanding its pool of intellectual property relating to specific Aß-derived peptide sequences.

Neurochem's expertise in the field of amyloid and AD coupled with Dr. Jennings' world renowned expertise in conjugated synthetic vaccine development brings strength to the early studies that Neurochem has completed on a vaccine approach to the prevention and treatment of this serious disease.

About the Vaccine

Neurochem's vaccine program targets a specific region of the Aß protein. This fragment, when made of D amino acids conjugated to a carrier, generates an immune response where antibodies recognize only the soluble form of the Aß protein. Preliminary experiments at Neurochem's laboratories have shown that this type of conjugates protect mice as efficiently as the reported vaccine made with the full Aß protein. One advantage of Neurochem's approach is that the antibodies do not recognize plaques and therefore could help circumvent the risk of developing brain inflammation as was seen with the full Aß protein vaccine. Neurochem's vaccine technology teamed with NRC's (Dr. Jennings) know-how on vaccine technology is expected to lead to the development of a safe vaccine protecting humans against Alzheimer's Disease.

About Neurochem

Neurochem is focused on the development and commercialization of innovative therapeutics for neurological disorders. The Company's staged pipeline of proprietary, disease-modifying, oral products addresses critical unmet medical needs. Fibrillex™, designated an orphan drug, is in a Phase II/III clinical trial for AA amyloidosis. Alzhemed™ has completed a Phase II clinical trial for the treatment of Alzheimer's Disease. Cerebril™ is in a Phase II trial for the prevention of hemorrhagic stroke caused by cerebral amyloid angiopathy. For additional information on Neurochem, please visit our website at: (www.neurochem.com).

All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which Neurochem does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements.

For further Information, please contact:
Dr. Lise Hébert
Vice President, Corporate Communications
lhebert@neurochem.com

275 Armand-Frappier
Laval (Quebec)
H7V 4A7
Tel: (450) 680-4500
Fax: (450) 680-4501

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