Wex Pharmaceuticals Inc. Reports First Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2010) - WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX: WXI) reported events and financial results for the three months ended March 31, 2010. All amounts, unless specified otherwise, are in Canadian dollars.

First Quarter and Subsequent Events

--  On January 26, 2010, WEX closed a fully-subscribed rights offering and
issued in total 265,483,177 restricted voting shares for gross proceeds
of approximately $34.5 million. Pursuant to the rights offering,
Pharmagesic (Holdings) Inc. , an indirect wholly owned subsidiary of CK
Life Sciences Int'l., (Holdings) Inc., acquired 259,241,700 restricted
voting shares, bringing its total shareholdings to 392,421,034
restricted voting shares or 88.7% of the total issued and outstanding
restricted voting shares.

--  During the quarter ended March 31, 2010, the Company continued to focus
its efforts and resources on the Canadian pivotal trials for TTX, TEC-
006 and TEC-006OL. As of May 14, 2010, the Company has 12 active sites
and has enrolled 68 patients in the TEC-006 trial. About 65% of the
patients who completed the TEC 006 trial chose to enrol in TEC-006OL.

--  The Company has now enrolled the 60 evaluable patients required for the
planned interim analysis. The Company has also formed an independent
data monitoring committee, which will conduct the interim analysis and
make a recommendation on continuing the trial based on a review of the
safety and efficacy assessments. This recommendation is expected to be
received during the third quarter of 2010. Assuming that the data
monitoring committee recommends that WEX continue the trial to the
planned 120 evaluable patients, the Company anticipates that patient
enrolment will be completed in the first half of 2011.

--  The Company, through a contractor, developed a suitable assay for a
pharmacokinetic study of TTX and has developed plans to conduct the
pharmacokinetic study in healthy volunteers. A No Objection Letter which
permits WEX to conduct the trial in Canada has been received from Health
Canada. The Company has also signed an agreement with a contract
research organization for the conduct of the study and it is anticipated
that the study will start in June 2010.

--  On May 07, 2010, the Company signed a service agreement with Shanghai
Syn-The-All Pharmaceutical Co., Ltd. ("STA") of Shanghai, China. STA is
a subsidiary of WuXi AppTec, a global pharmaceutical, biopharmaceutical
and medical device outsourcing company, which is listed on the New York
Stock Exchange and has operations in China and the United States.
Pursuant to the service agreement, STA will build a manufacturing suite
in one of its existing facilities to produce TTX using equipment and
processes designed by WEX. As a consequence of this move, the Company is
in the process of winding down operations at its facility in Nanning,
China.

For the three months ended March 31, 2010, the Company recorded a net loss of $1.54 million ($0.00 per share) compared to a net loss of $2.55 million ($0.04 per share) for the comparable three months ended March 31, 2009. The decrease in net loss is mainly due to higher expenses for the period ended March 31, 2009 from interest expense on convertible debenture which was fully converted into restricted voting shares on October 2009, net loss from discontinued operation and higher research and development expenses.

The Company's cash and short-term investments were $23.07 million as at March 31, 2010 compared to $5.20 million at December 31, 2009. The Company also has investments totalling $14.98 million as at March 31, 2010 in government bonds, bank notes and GICs with maturity of more than a year but less than two years.

For further details, please refer to the unaudited interim consolidated financial statements and management's discussions and analysis for the three months period ended March 31, 2010 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.