WEX Pharmaceuticals Inc.
TSX : WXI

WEX Pharmaceuticals Inc.

August 16, 2005 09:29 ET

WEX Seeks a New CEO

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2005) - WEX Pharmaceuticals Inc. (TSX:WXI)(the "Company") today announced that the Company is seeking a new Chief Executive Officer to take the company to the next level.

Effective immediately Dr. Edge Wang, will serve as the Chief Executive Officer on an interim basis while the search for a replacement is conducted. Mr. Shum will continue his involvement in the organization as President of the Company's Asian operations.

"At this stage of development, I believe the Company should have a new CEO with stronger knowledge and expertise in the global pharmaceutical industry and North American capital markets in order to expedite the implementation of our commercialization plan," said Frank Shum. "At the same time, Asia, and especially China, will continue to be an important base for WEX. My assignment going forward will be to even better carry out our Company's strategy in Asia."

"A born leader and entrepreneur, Mr. Shum was successful in pursuing his dream of founding and building up this company," said Michael Luan, Chairman of the Board of Directors. "Under his leadership, WEX grew from a small business with very limited resources to a well-established international late-stage biopharmaceutical company with promising products and talented people. His willingness to hand over his position demonstrates high level of maturity and will result in the Company reaching a new level. At the same time, we believe Mr. Shum's presence will continue to be instrumental in the successful implementation of WEX's strategic plan in Asia; therefore, we are delighted to announce his new position as President, Asian Operations."

WEX has retained the executive placement firm Pinton, Forrest & Madden of Vancouver to assist the CEO Selection Committee in the process of finding a successor.

The Company's interim CEO, Dr. Edge Wang was elected as a member of the Board of Directors of the Company during the last Annual and Special Meeting of Shareholders held August 12, 2005. He brings with him over thirteen years of experience working in the Silicon Valley's biotechnology industry. Dr. Wang has served as Co-CEO of Oligos Etc., Inc. and was a Partner at Global Financial Group, a private equity company. He is fluent in both English and Chinese and is an expert in cross-cultural matters.

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, 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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