WEX Pharmaceuticals Inc.
TSX : WXI

WEX Pharmaceuticals Inc.

November 25, 2006 20:23 ET

WEX Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 25, 2006) - WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) announces today that it has agreed to offer by way of private placement (the "Private Placement") an aggregate of 8,750,000 common shares at a price of $0.18 per share to purchasers in China. Closing is expected to occur on or about December 8, 2006.

The proposed private placement of 7,773,584 common shares to purchasers in China announced on August 21, 2006 did not close due to regulatory delays and market conditions.

The Private Placement is subject to certain approvals, including necessary regulatory and stock exchange approvals. The Company has agreed to pay a finder's fee in connection with the Private Placement of 7% of the amount raised. Proceeds from the Private Placement will be used for general working capital.

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. The Company's Chinese subsidiary sells generic products manufactured at its facility in China.

Forward-Looking Statements and Information

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements and information include but are not limited to statements or information about the Private Placement. 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. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including the closing of the Private Placement. Forward-looking statements and information are by their nature based on assumption and involve known and unknown 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. Such risks and uncertainties and other factors include, among other things, our ability to close the Private Placement. 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 statement 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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