WEX Pharmaceuticals Inc.
TSX : WXI

WEX Pharmaceuticals Inc.

November 13, 2008 15:00 ET

WEX Reports Second Quarter Results

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

Second Quarter and Subsequent Events

- During the quarter, we continued to focus our efforts and resources on our Canadian pivotal trials for TTX, TEC-006 and TEC-006OL, signing up more clinical sites and enrolling more patients. As of November 13, 2008, the Company has eight active sites and has enrolled 17 patients in the TEC-006 trial.

- In September, we strengthened our clinical team with the appointment of Dr. Larry Gontovnick as Senior Director, Clinical Development. A pharmacologist by training, Dr. Gontovnick brings to WEX over 20 years of experience in drug development in the pharmaceutical industry. With the addition of Dr. Gontovnick, we are now in a position to develop and implement a plan for our next clinical trial.

- Subsequent to our decision to exit the generic business, we have wound down our generic business in China and are now using our facility there solely for the production of TTX.

Financial Results - Unaudited

For the three months ended September 30, 2008, the Company recorded a loss of $1.750 million ($0.03 per share) compared to a loss of $1.082 million ($0.02 per share) in the same period in the preceding year. The increase in loss of $668,000 for the three months ended September 30, 2008, when compared to the same period in the preceding year, is largely attributable to the increase in research and development activities for the TEC-006 and TEC-006OL clinical trials.

For the six months ended September 30, 2008, the Company recorded a loss of $2.985 million ($0.05 per share) compared to a loss of $1.518 million ($0.03 per share) in the same period in the preceding year. The increase in loss of $1.467 million for the six months ended September 31, 2008, when compared to the same period in the preceding year, is attributable to the increase in research and development activities for the TEC-006 and TEC-006OL clinical trials and recognizing in full the deferred revenue as income on termination of the Esteve collaboration arrangement and foreign exchange gains in the previous year.

As at September 30, 2008, the Company had cash and short-term investments of $5.60 million compared to $326,000 at September 30, 2007.

For further details, please refer to the unaudited Interim Consolidated Financial Statements and Management's Discussions and Analysis for the three and six month periods ended September 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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