WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc.

September 04, 2007 15:16 ET

Significant Shareholder Announces Support of WEX Pharmaceutical Management

DENVER, COLORADO--(Marketwire - Sept. 4, 2007) - A.J. Miller, owner of 3,546,700 shares of WEX Pharmaceuticals Inc. (TSE:WXI) (the "Company"), today announced that he intends to vote his shares of stock (directly or by proxy) for the Company's management nominees described in its Notice of Meeting and Management Information Circular for the Shareholders' meeting scheduled for September 17, 2007 and not for any nominees proposed in opposition to any of the management nominees.

Mr. Miller noted that the Company has announced a proposed transaction in which CK Life Sciences Int'l., Inc. ("CKLS") of Hong Kong would subscribe for over 16 million shares of common stock at a price of $0.275 per share, for a total of approximately $4,490,000, and would purchase a convertible debenture from the Company for $15,600,000. The $20 million proceeds from the CKLS transaction would be applied to fund the planned Phase 3 Clinical Trials of Tectin™ and for working capital purposes.

Mr. Miller stated, "In my opinion, the Company has a bright future, but only with adequate capital to fund the development of its very promising products. I am concerned that the disruption of a proxy contest will jeopardize the proposed critical financing. I had great confidence in the Company, its management and its products when I made my initial investment in November 1999, and continue to have that confidence."

The Notice of Meeting and Management Information Circular stated that Mr. Michael Luan has advised the Company "that he intends to withhold his vote from three of the director nominees, that being: Simon Anderson, John Sibert and Ken Strong, and making a motion at the Meeting putting forth three alternative directors, including Joe Levinson and Adam Zong, for election by the Shareholders. The third has not yet been identified."

Mr. Miller added, "While Mr. Luan's proposed candidates appear qualified, management and its nominees should stay the course during these critical times for the Company."

Mr. Miller further noted that he wishes to express his thanks to Mr. Frank Shum and Mr. Michael Luan (both of which are substantial shareholders of WEX and who have invested considerable time and money in WEX) for their tireless efforts in bringing WEX to where it is today. Mr. Frank Shum is the founder of WEX and was the Chairman of WEX's Board of Directors until 2005.

During the time that Mr. Shum served WEX, the commercialization of Tetrodotoxin was advanced from a concept to the Phase IIb double-blind placebo controlled trial in Canada for cancer patients which was terminated in March, 2006. Mr. Luan succeeded Mr. Shum as Chairman of WEX's Board of Directors and has guided WEX through a very turbulent time the past couple of years and deserves credit for bringing WEX and CKLS together and leading the negotiations to settle the business terms. Mr. Miller strongly encourages all WEX shareholders to express their thanks to Frank Shum and Michael Luan.

Mr. Miller went on to say that since WEX announced the proposed transaction with CKLS on July 16, 2007, he has reviewed some of the publicly available records on CKLS and its significant shareholder, Cheung Kong (Holdings) Limited and has collected various newspaper and magazine articles as well as press releases which relate directly and indirectly to the business of pain management. If a WEX shareholder or other interested party desires to obtain an index listing of these public documents, they may contact Mr. Miller at amiller@hamiltoncompanies.com.

Finally, Mr. Miller stated that he plans to attend the September 17, 2007 WEX shareholders meeting and at that time will thank the WEX Board of Directors for their past efforts and wish them well in taking WEX forward in hopefully achieving the commercialization of Tetrodotoxin during the next five years or so.

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