September 4, 2003

News Release: Theratechnologies enters into research and licensing agreement in diabetes with Johnson &Johnson Pharmaceutical Research & Development

Theratechnologies (TSX:TH) announced today that it has signed a research collaboration and licensing agreement with Johnson &Johnson Pharmaceutical Research &Development, L.L.C. involving its ExoPep platform for the development of a therapeutic peptide in the field of diabetes. This partnership agreement with a major pharmaceutical company is the first based on this original platform technology. Under the terms of the agreement, which provides for research and regulatory milestone payments as well as royalties, the companies will collaborate to discover a lead compound for an undisclosed target. All development and marketing activities will be conducted by Johnson &Johnson Pharmaceutical Research &Development. 'At Theratechnologies, we are building a valuable franchise in endocrinology and metabolism, and this is starting to be recognized by the pharmaceutical industry. We are particularly proud to be collaborating with Johnson &Johnson Pharmaceutical Research &Development to support their work in diabetes,'said Mr. Luc Tanguay, President and Chief Executive Officer. 'We believe this new relationship with a global pharmaceutical company confirms our expertise and demonstrates the significant value of the ExoPep platform.'

ExoPep Technology for rational peptide design

ExoPep, one of Theratechnologies'proprietary technology platforms, offers exciting potential for the rapid discovery of therapeutic peptides. With this platform, promising new drug candidates could be added to the Company's development programs in the fields of endocrinology and metabolism, and several compounds are currently being evaluated. In addition, the value of the ExoPep platform has been confirmed through proof-of-concept studies that have generated high potential candidates for the treatment of acute renal failure, glaucoma and preterm labor. The ExoPep platform generates peptides that interact with G protein-coupled receptors (GPCR). Approximately 60% of all currently available prescription drugs interact with these receptors. Peptides derived from ExoPep comprise on average 5 to 12 amino acids and act on GPCRs by blocking signal transduction.

Conference Call and Web Cast

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Theratechnologies will host a conference call for industry analysts at 9:00 a.m., September 4, 2003. To participate in the teleconference, please dial 1-800-814-4860 or 1-416-640-4127. A replay of the teleconference will be available as of September 4 at 10:30 until September 5 at 10:30 a.m. at the following number: 1-416-640-1917, passcode 21016781(pound sign). Interested parties may also access the conference call via web cast at the following link:

http://www.newswire.ca/webcast/viewEventCNW.html?eventID=629200

About Theratechnologies

Theratechnologies (TSX:TH) is a Canadian biotechnology company engaged in the discovery and development of therapeutic products in the field of endocrinology and metabolism. The Company has and is developing a portfolio of peptides at various stages of development for the treatment of catabolic (loss of the body's synthesis and regeneration capacity) and metabolic disorders, as well as osteoporosis and type II diabetes. In addition, Theratechnologies is expanding its peptide portfolio through proven, proprietary technologies. Its subsidiary, Celmed BioSciences, is active in the field of cell therapy for the treatment of cancer and central nervous system disorders using adult stem cells.

Theratechnologies'website is located at www.theratech.com. The Company is listed on the Toronto Stock Exchange under the symbol TH.

This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. Such statements inherently involve numerous risks and uncertainties, including the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of the Company to take advantage of the business opportunities in the biopharmaceutical industry, the granting of the necessary authorizations by the regulatory authorities, and the general economic conditions. Actual future results may differ materially from the anticipated results expressed in the forward-looking statements contained in this press release and the Company does not undertake to update this information. Investors are cautioned against placing undue importance on forward- looking information contained herein and should consult the Company's 2002 Annual Report, which contains a more exhaustive analysis of risks and uncertainties connected to the businesses of the Company.

For further information: Luc Tanguay, President and CEO, (514) 336-7800; Contact: Patricia Delaney Lussier, Communications Director, (514) 336-4804, ext. 234, pdelaney(at)theratech.com

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