WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc.

July 13, 2005 08:30 ET

WEX Pharmaceuticals Inc.: Expiry Dates for Warrants Extended

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 13, 2005) - WEX Pharmaceuticals Inc. (TSX:WXI) ("WEX" or the "Company") today announced that the TSX has approved the extension of the expiry dates of 3,838,788 previously issued share purchase warrants ("Warrants") for an additional one-year period, subject to shareholder approval, where required. The Company believes that the extension of the expiry dates is in its best interest, as this will increase the likelihood that the Warrants will be exercised.

The outstanding Warrants are due to expire between August 5, 2005 and January 30, 2006 and have an exercise price of $2.04 - $6.65. The exercise of the Warrants could potentially bring over $14,500,000 into the Company.

The extension of 1,810,018 Warrants will be effective within 10 days of today's date, with the extension of the remaining 2,028,770 Warrants currently held by an insider of the Company to be approved by the disinterested shareholders at the upcoming Company's Annual and Special General Meeting scheduled for August 12, 2005.

About WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc. is dedicated to the discovery, development, manufacture and commercialization of innovative drug products to treat moderate to severe acute and chronic pain, symptom pain relief associated with addiction withdrawal from opioid abuse and medicines designed for local anaesthesia. 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, including without limitation statements. 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.

Contact Information

  • WEX Pharmaceuticals Inc.
    Don Evans
    Corporate Communications
    (604) 683-8880 or 1-800-722-7549
    WEX Pharmaceuticals Inc.
    Gordon Stanley
    Corporate Communications
    (604) 683-8880 or 1-800-722-7549
    (604) 683-8868 (FAX)