News Release

First closing of $4,000,000 on announced financing

Date: December 30 , 2003

TSX Venture Exchange Trading Symbol: WXI
http://www.wextech.ca
E-mail: wex@wextech.ca

International Wex Technologies Inc. (the "Company") today announced that it has closed a private placement of 800,000 units at a price of $5.00 per unit raising gross proceeds of $4,000,000. Each unit consists of one common share and half a warrant. Each whole warrant is exercisable for 24 months at a price of $5.55 in the first year and $6.65 thereafter.

The closing is the first closing in respect of the private placement originally announced on December 11, 2003. The Company anticipates that a final closing of the announced private placement will occur on or near January 15, 2004. The units are subject to a four month hold expiring on May 1, 2004. The Company paid commissions and finder's fees aggregating $245,500 in respect of the initial closing.

The proceeds of the offering will be applied primarily to fund the global development of Tectin™ and for general working capital. The over-allotment will be applied primarily for the development of Tetrodin™ in Canada and additional working capital.

International Wex Technologies Inc., a publicly listed neuro-bioscience company (WXI), is focused on the development and commercialization of innovative drug products, primarily for pain management. The Company's lead compound, Tetrodotoxin, a sodium channel blocker, is the platform for the Company's development of a portfolio of proprietary products in the field of analgesia, drug addiction withdrawal treatment, and local anaesthesia.

For additional information on our products, view the Company website at http://www.wextech.ca or call Gordon Stanley at 604-683-8880 or 1-800-722-7549.

Per: Donna Shum, Corporate Secretary

The Canadian Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.