WEX Pharmaceuticals Inc.
TSX : WXI

WEX Pharmaceuticals Inc.

August 13, 2008 14:41 ET

WEX Reports First Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 13, 2008) - WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) reported events and financial results for the three-month period ended June 30, 2008. All amounts, unless specified otherwise, are in Canadian dollars.

First Quarter Events

- In April 2008, the Company announced the enrolment and dosing of the first patient in a Phase III clinical trial of TTX in cancer pain (TEC-006). This multi-centre, randomized, double-blind, and placebo-controlled trial will include approximately 120 patients with moderate to severe cancer-related pain.

- In June 2008, WEX appointed Dr. Jean Bourgouin to the position of Chief Scientific Officer. Dr. Bourgouin's previous experience includes eight years as Vice President of Scientific Affairs at Rhone-Poulenc Rorer in Canada (now Sanofi-Aventis Canada). He also served as Chief Medical Officer of WEX from March 2005 to March 2006 and subsequently, he has held the position of Vice President of Medical Affairs at Bradmer Pharmaceuticals.

- In April 2008, the U.S. Patent and Trademark Office issued a Reexamination Certificate for United States Patent No. 6,407,088, titled "Method of Analgesia". This patent relates to the use of TTX for producing analgesia in humans. As reexamined, the patent maintains broad protection for the use of TTX at pharmaceutically acceptable doses to relieve pain in humans.

Subsequent Events

- Effective July 1, 2008, Mr. Kwong Choo was promoted to the position of Chief Financial Officer and Vice President, Finance and Administration. He served as Controller since January 2008. Mr. Choo has over 20 years of experience in finance and accounting, including 10 years as a Controller in Canada.

- The Company has suspended manufacture of generic pharmaceuticals at its subsidiary in China, following a decision by the Board of Directors to discontinue the company's generic pharmaceuticals business.

Financial Results - Unaudited

For the three months ended June 30, 2008, the Company recorded a loss of $1.225 million ($0.02 per share) compared to a loss of $334,000 ($0.01 per share) in the same period in the preceding year. The increase in loss for the three months ended June 30, 2008, when compared to the same period in the preceding year, is largely attributable to the inclusion in the comparative period of the remaining deferred Esteve license fee revenue of $501,000 and the foreign exchange gain of $286,000 from the US dollar denominated 5.5% convertible debentures.

The Company had cash and short-term investments of $4.750 million as at June 30, 2008 compared to $583,000 as at June 30, 2007.

For further details, please refer to the unaudited Interim Consolidated Financial Statements and Management's Discussions and Analysis for the three month period ended June 30, 2008 on www.sedar.com.

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.

Forward Looking Statements and Information

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are subject to such risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. See our annual information form and our quarterly and annual management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that forward-looking statements or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made herein, are qualified by this cautionary statement.

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