CR 2945, a $gastrin/CCK_B$ receptor antagonist, was conjugated to liposome and tested for the targeting of pancreatic cancer cells in vitro. Successful conjugation was confirmed by FTIR and NMR. The size of CR 2945-conjugated liposome was about 500 nm in diameter, with the zeta-potential being -16.5 mV. In vitro anti-cancer activity of this formulation with or without gemcitabine encapsulated was tested on human pancreatic cancer cells, PANC-1. The growth inhibitory effect of gemcitabine-encapsulating CR 2945-conjugated liposome was found to be 10-fold more potent than that of gemcitabine-encapsulating non-conjugated liposome, suggesting that CR 2945 could be used as a potential cancer targeting moiety by conjugating into liposome.