WEX Pharmaceuticals Inc.
TSX : WXI

WEX Pharmaceuticals Inc.

January 09, 2007 08:30 ET

WEX Closes $1.575 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 9, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES

WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) is pleased to advise that it has successfully completed a previously announced private placement (the "Private Placement") for total gross proceeds of $1,575,000.

These funds were raised by the Company issuing an aggregate of 8,750,000 common shares at a price of $0.18 per share, to three placees. The shares will be subject to a four month hold period expiring May 9, 2007.

A finder's fee of 7% of the gross proceeds was paid to the finder. The Company intends to use the net proceeds of the Private Placement 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 certain assumptions. 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 use the net proceeds of the Private Placement as currently intended. 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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