WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc.

August 10, 2006 13:33 ET

WEX Pharmaceuticals Inc.: Collaboration With Children's Hospital Boston

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2006) - WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) is pleased to announce that the Company has signed the term sheet of the license agreement with Children's Hospital Boston, for the development and commercialization of pharmaceutical(s) containing Tetrodotoxin (TTX) for prolonged local anesthesia based on the patented technology by Children's Hospital. Preliminary data suggests that the new product could have much longer anesthetic effect than products currently on the market and reduce the amount of pain the patients may suffer after surgery.

"We are pleased to license the technology from Children's Hospital Boston, and the advancement of the project will reinforce our commitment to the development of TTX technology," said Dr. Edge Wang, President & CEO of the Company. "This new product development is consistent with our long term strategy of TTX development and will expand our product pipeline in a new dimension. It is a privilege to work with the scientists from Children's Hospital Boston and Harvard University."

Dr. Charles Berde, Chief of the Division of Pain Medicine at Children's Hospital Boston, commented: "I am very excited about the collaboration with WEX. WEX has a unique position and good track record in the development of TTX for pharmaceutical use. It has the state-of-the-art facilities for the manufacture of TTX. I believe that together we can expedite the development process and make more pharmaceuticals for the benefit of patients using TTX."

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

This News Release contains forward-looking statements which may not be based on historical fact. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. 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.

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