WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc.

May 03, 2011 19:41 ET

WEX Announces Minority Shareholder Court Action

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - WEX Pharmaceuticals Inc. (TSX:WXI) (the "Company") announced today that 19 individuals claiming to hold in the aggregate approximately 20.7 million restricted voting shares(approximately 4.7% of total outstanding)had filed a petition against the Company in the Supreme Court of British Columbia claiming damages, in an unspecified amount, together with other ancillary relief, allegedly resulting from conduct oppressive to shareholders other than Pharmagesic (Holdings) Inc., including themselves.

The Company believes the claim is without merit and is defending the proceedings.

About WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc. is dedicated to the discovery, development, manufacture and commercialization of innovative drug products to treat pain. The Company's principal business strategy is to derive drugs from naturally occurring toxins and develop proprietary products for the global market.

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Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are subject to such risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. See our annual information form and our quarterly and annual management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statements and information. There can be no assurance that forward-looking statements or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made herein, are qualified by this cautionary statement.

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