WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc.

January 27, 2006 08:00 ET

WEX Pharmaceuticals Inc.: Special Shareholders Meeting Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 27, 2006) - WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) today announced the results of its Special Meeting of Shareholders held on January 26, 2006.

During the meeting Frank (Hay Kong) Shum and Donna Shum were removed as directors of the Company and Benjamin Chen, Pierre Cantin and A.J. Miller were elected as directors to replace Frank (Hay Kong) Shum and Donna Shum and to fill the vacancy which resulted from Kenneth Li's resignation. The Shareholder's proposal on the creation of a royalty trust was defeated.

Dr. Benjamin Chen received his academic training at the University of Wisconsin-Madison and Stanford University. Upon completing his postdoctoral training, he joined the biotechnology industry and, over the course of his career, has been an R&D executive with biotech and multinational pharmaceutical companies. Ben has built talented scientific teams around programs in Immunology, Genomics, Virology, Gene Therapy and Cell Biology, at Roche Diagnostics, Sentinel Biosciences, Progenesys and SyStemix-a Novartis Company, collectively. Ben played a key role in the IPO of the first biotech start-up that he joined and the acquisition of SyStemix and Sentinel Biosciences by Novartis and Roche Diagnostics. Through his involvement with biotech start-ups, multinational pharmaceutical companies and the merchant bank activities at the firm, Ben has accumulated experience in assessing technology, in transfer discovery into clinic, in raising venture investment and in establishing strategic partnerships between companies: biotech/biotech and biotech/Pharma. His current merchant bank activities expand beyond North America and reach Europe, the Asia-Pacific, and the Middle East.

Mr. Pierre Cantin, as a senior executive with a successful background in leading and completing profitable financial transactions, with a particular experience in venture capital, mergers and acquisitions and lending, has pro-actively sought and invested in some of the most well perceived biotechnology companies in therapeutic areas such as: age-related diseases, diabetes Type II, oncology, pain, virology. Currently Mr. Cantin is with CPC as a Strategic Consultant in Life Sciences and Venture Capital. Mr. Cantin served as Senior Partner of Biotechnology and Life Sciences of CDP Capital Technology Ventures from 2001-2004. Prior to 2001 he was Senior Vice President, Life Sciences, KPMG Corporate Finance. From 1994 to 1997 Mr. Cantin was Senior Account Manager, Life Sciences, Royal Bank of Canada. Mr. Pierre Cantin was awarded his M.B.A from HEC in 1993 and obtained his B.Ed from McGill University in 1981.

Mr. A.J. Miller joined Hamilton Brothers Oil Company in 1965 after being associated with Peat Marwick Mitchell & Co. in Denver from 1962-1965. Prior to 1991 he was Executive Vice President, Chief Financial Officer and Treasurer of Hamilton Oil Corporation. From 1991 to 1995 he was Senior Vice President and Treasurer of Hamilton Oil Company Inc., an indirect wholly owned subsidiary of The Broken Hill Proprietary Company Limited. Mr. Miller has been associated with The Hamilton Companies LLC, a private company that specializes in co-ventures which build up long-term value, since January 1995. Mr. Miller was also a Director of Tejas Gas Corporation in Houston, Texas, Lutheran Medical Center and Lutheran Medical Center Foundation in Wheat Ridge, Colorado and Exempla Healthcare in Denver, Colorado. He graduated from the University of Iowa in 1962 with a BBA degree.

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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