WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc.

September 27, 2005 14:32 ET

WEX Restructuring

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 27, 2005) - WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) today announced that it has undertaken a restructuring to reduce its costs. In connection with the restructuring the headcount has been reduced by about 35% in both its headquarters in Vancouver and its Hong Kong Office. After giving effect to restructuring costs, the headcount reduction is expected to reduce employment and related expenses by approximately 30%. The company's search for a new CEO is ongoing.

"Restructuring is never an easy job," said the company's interim CEO, Dr. Edge Wang. "But with the guidance of the board of directors and the support from the staff, the process has been relatively smooth. The company is now in a very stable condition and can focus more of its resources on clinical development to help achieve commercialization of our lead product Tectin™ in the most expeditious manner."

About WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc. is dedicated to the discovery, development, manufacture and commercialization of innovative drug products to treat moderate to severe acute and chronic pain, symptom pain relief associated with addiction withdrawal from opioid abuse and medicines designed for local anaesthesia. 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, including without limitation statements. 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.
    Don Evans
    (604) 683-8880 or 1-800-722-7549
    WEX Pharmaceuticals Inc.
    Gordon Stanley
    Corporate Communications
    (604) 683-8880 or 1-800-722-7549
    (604) 683-8868 (FAX)