WEX Pharmaceuticals Inc.
TSX : WXI

WEX Pharmaceuticals Inc.

February 16, 2009 19:18 ET

WEX Reports Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2009) - WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) reported events and financial results for the three-month and nine-month periods ended December 31, 2008. All amounts, unless specified otherwise, are in Canadian dollars.

Third Quarter and Subsequent Events

- During the quarter, we continued to focus our efforts and resources on our Canadian pivotal trials for TTX in cancer-related pain, TEC-006 and TEC-006OL, signing up more clinical sites and enrolling more patients. As of February 16, 2009, the Company has eight active sites and has enrolled 27 patients in the TEC-006 trial.

- We have developed a plan for a proof-of-concept trial of TTX in chemotherapy-induced neuropathic pain (TEC-007). We had a successful meeting with Health Canada in December and, subject to assessment of feasibility and receiving regulatory clearance, we anticipate starting the trial in the second calendar quarter of 2009.

- In November, we appointed Mr. James Oon as Director of Operations for our Asia subsidiaries. A chemical engineer by training, Mr. Oon holds both MSc and MBA degrees, and has over 20 years experience in the pharmaceutical industry in Europe and Asia. His experience will prove invaluable as we further develop and implement our manufacturing strategies.

Financial Results - Unaudited

For the three months ended December 31, 2008, the Company recorded a loss of $1.905 million ($0.03 per share) compared to a loss of $523,000 ($0.01 per share) in the same period in the preceding year. The increase in loss of $1.382 million for the three months ended December 31, 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 nine months ended December 31, 2008, the Company recorded a loss of $4.890 million ($0.08 per share) compared to a loss of $2.041 million ($0.04 per share) in the same period in the preceding year. The increase in loss of $2.849 million for the nine months ended December 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 in the current year and gain in foreign exchange and also settlement gains in the US dollar denominated convertible debentures series 5.5% in the preceding year.

As at December 31, 2008, the Company had cash and short-term investments of $6.63 million compared to $3.20 million at December 31, 2007.

For further details, please refer to the unaudited Interim Consolidated Financial Statements and Management's Discussions and Analysis for the three and nine month periods ended December 31, 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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