Neurokine Announces Cancellation of 4,000,000 Shares and Issuance of New Stock

VANCOUVER, BRITISH COLUMBIA--(Marketwire - August 12, 2010) - Neurokine Pharmaceuticals Inc. (OTCBB: NEUKF) is announcing that by mutual agreement it rescinded a share subscription agreement with one of its shareholder and cancelled 4,000,000 shares of its previously issued common stock.

Neurokine also raised another $40,000 in part through conversion of debt and issued 8,000,000 shares and warrants to purchase 5,000,000 shares. Neurokine issued 4,000,000 units to four investors at a price of $0.005 per unit. Each unit consisted of one share of common stock and a warrant to purchase one share in the capital of Neurokine at an exercise price of $0.005 during the period of 2 years after the date of the issuance. Further, it issued 4,000,000 units to one investor at a price of $0.005 per unit, with each unit consisting of one share of common stock and a warrant to purchase one quarter of a share at an exercise price of $0.05 per share, exercisable during the period of 5 years.

About Neurokine

Neurokine Pharmaceuticals Inc. focuses on development of new use for existing marketed products for diseases mediated by acute and chronic inflammatory reactions. The company is developing proprietary encapsulation technology to allow better blood brain barrier penetration to initiate or enhance therapeutic effects of anti-inflammatory drugs in the treatment of neurodegenerative diseases.

Disclaimer

Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to Neurokine or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the status of Neurokine’s products, the competitive environment within the industry, the ability of Neurokine to expand its operations, economic conditions in the industry and Neurokine’s financial strength. Neurokine does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.