INEX Pharmaceuticals Announces Appeal Date For Spin-Out Of Tekmira Pharmaceuticals Corporation

VANCOUVER, Jan. 15 /PRNewswire-FirstCall/ - Inex Pharmaceuticals Corporation announced today that on February 6, 2007 the British Columbia Court of Appeal will hear Protiva Biotherapeutics, Inc. ("Protiva") appeal of the Supreme Court of British Columbia's ruling that approved the INEX Plan of Arrangement to transfer all of the Company's transferable assets and liabilities to a spin-out Company, Tekmira Pharmaceuticals Corporation ("Tekmira"). The Supreme Court of British Columbia approved the Plan of Arrangement on November 24, 2006.

INEX believes the original decision of the Supreme Court of British Columbia was correct and the Company will continue to defend its position. The completion of the Tekmira spin-out is now expected to be completed by the end of February 2007.

About INEX

INEX is a Canadian biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer. Further information about INEX can be found at www.inexpharm.com.

Forward-Looking Statements

There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words "believes," "may," "plans," "will," "estimate," "continue," "anticipates," "intends," "expects," and similar expressions. 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. Such factors include, among others, INEX's stage of development, lack of product revenues, additional capital requirements, risks associated with the completion of clinical trials and obtaining regulatory approval to market INEX's products, the ability to protect its intellectual property and dependence on collaborative partners. 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: Investors: Ian Mortimer, Vice President, Finance and Chief Financial Officer, Phone: (604) 419-3200, Email: info@inexpharm.com, Website: www.inexpharm.com; Media: Karen Cook Boas, James Hoggan & Associates Inc., Phone: (604) 739-7500, Email: kcook@hoggan.com

Inex Pharmaceuticals Corporation

CONTACT: Investors: Ian Mortimer, Vice President, Finance and ChiefFinancial Officer, Phone: (604) 419-3200, Email: info@inexpharm.com,Website: www.inexpharm.com; Media: Karen Cook Boas, James Hoggan &Associates Inc., Phone: (604) 739-7500, Email: kcook@hoggan.com