WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc.

September 18, 2007 01:52 ET

WEX Announces Results of Shareholders Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2007) - WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) announces today the results of its annual and special meeting (the "Meeting") of shareholders held on September 17, 2007.

All seven management nominees were elected by acclamation to serve as directors of WEX for a one-year term. The Chairman, Mr. Luan said, "I concluded that the interest of the Company would be best served by supporting the management slate." The seven directors elected are: Simon Anderson, Tom Du, Guang (Michael) Luan, John W. Sibert, III, Kenneth M. Strong, Victor Tong and Alan Yu.

The shareholders also duly approved the special business presented to them as set out in the information circular ("Information Circular") dated August 16, 2007 prepared for the Meeting. The special business consisted of the approval of the proposed investment (the "CKLS Investment") by CK Life Sciences Int'l., Inc. ("CKLS") or its designated nominee, as described in our press release of July 16, 2007 and in the Information Circular, the waiver of the application of the shareholder rights plan (the "Rights Plan") to CKLS in respect of the CKLS Investment and an amendment terminating the Rights Plan on the closing of the CKLS Investment, the proposed amendments to the articles creating a new class A Special share and redesignating the common shares of the Company as "restricted voting shares" of the Company and certain amendments made by the board of directors to Bylaw No. 1 of the Company. The closing of the CKLS Investment remains subject to certain terms and conditions as described in the Information Circular.

The balance of the resolutions proposed in the Information Circular were duly passed. A copy of the Information Circular is available on SEDAR under the Company's name.

Following the closing of the CKLS Investment, the Company intends to conduct a search for a Chief Executive Officer to lead the Company's next stage of development. Dr. Edge Wang has asked not to be considered as a candidate for that position. Dr. Wang said, "With the shareholders' approval of the CKLS investment, WEX's restructuring will be complete. After two years serving the Company during a difficult period and securing significant financing to ensure the Company's survival, I believe that this is the right time for me to pass direction of the Company's operations to someone with expertise in late-stage drug development. I will do my best to facilitate a smooth transition in the following months."

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 certain assumptions. Forward-looking statements and information are by their nature based on assumptions 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. These risks and uncertainties include the satisfaction of the conditions precedent of the Private Placement, including those outlined above. 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. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments. All forward-looking statements and information made herein are qualified by this cautionary statement.

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