WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc.

August 16, 2007 23:52 ET

WEX Pharmaceuticals Inc.: New Date Set for AGM-Acting CFO Resigns

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 16, 2007) - WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) today announces that the Company has been obliged to postpone its Annual and Special Meeting of Shareholders by another five days, from September 12, 2007 to September 17, 2007. The postponement has been made necessary due to the obtaining of the required approvals and the preparation of the package of shareholder materials taking longer than anticipated. The record date of July 27 remains unchanged. The Company expects to mail materials to shareholders on August 17, 2007.

The Company also announces with regret that its Controller Mr. Vaughn Balberan has resigned his position due to personal reasons. Since January 31, 2007, Mr. Balberan has acted as Chief Financial Officer pending a search for a replacement. His sudden departure leaves us in the unfortunate position of being unable to publish our interim financial statements for the first fiscal quarter ended June 30, 2007 by the deadline of August 14, 2007.

In the circumstances the Company has voluntarily applied to the BC Securities Commission for an order precluding management from trading in the shares pending filing of the financial statements.

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.

Contact Information

  • WEX Pharmaceuticals Inc.
    Dr. Edge Wang
    President & CEO
    (604) 683-8880 or Toll Free: 1-800-722-7549
    (604) 683-8868 (FAX)
    Website: www.wexpharma.com