WEX Pharmaceuticals Inc.
TSX : WXI

WEX Pharmaceuticals Inc.

August 20, 2007 18:18 ET

WEX Pharmaceuticals Inc.: Management Cease Trade Order Granted

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2007) - WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) today announces that further to its news release dated August 16, 2007, the BC Securities Commission has granted the Company an order precluding management and other insiders from trading in the Company's shares pending filing of the Company's interim financial statements for the first fiscal quarter ended June 30, 2007 along with the related Management's Discussion and Analysis.

In compliance with regulatory requirements, WEX is disseminating and filing on SEDAR the attached Notice of Default.

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

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.

NOTICE OF DEFAULT

1. WEX Pharmaceuticals Inc. ("WEX") is unable to file its interim financial statements for its first fiscal quarter-ended June 30, 2007 prior to the filing deadline of August 14, 2007.

2. The reason for WEX's inability to file the financial statements is that WEX's acting CFO resigned on August 13, 2007 and did not complete the financial statements.

3. WEX expects to file the required financial statements by October 14, 2007.

4. The British Columbia Securities Commission may impose an issuer cease trade order ("CTO") if the financial statements are not filed by October 14, 2007, which is two months after WEX's filing deadline of August 14, 2007. Further, an issuer CTO may be imposed sooner if WEX fails to file its Default Status Reports within the required time limits.

5. WEX intends to satisfy the provisions of Appendix B to CSA Staff Notice 57-301 as long as it remains in default of the financial statement filing requirements.

6. There is no other material information concerning the affairs of WEX that has not been generally disclosed as of the date hereof.

Dated the 17th day of August, 2007.

WEX PHARMACEUTICALS INC.

Edge Wang, Authorized Signatory

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