NEWS Release

Wex Announces Clinical Study for Tetrodin™/Reports on Progress with U.S. Pain Program

Date: August 26, 2004

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

Vancouver, August 24, 2004 - International Wex Technologies Inc. (TSX: WXI), a pharmaceutical company developing drugs for the management of pain, today announced that it has filed an amended study with Health Canada to conduct a Phase II clinical trial in Canada for Tetrodin™ , for the treatment of opioid drug withdrawal. The study was originally filed in 2002 and granted clearance by Health Canada to proceed. The amendment includes new information gained from the Tectin™ Phase IIa study in refractory cancer pain. In addition, the Company reported progress on its global development plan for Tectin™, which is currently being tested in a pivotal double-blind, placebo-controlled study in cancer patients with refractory cancer pain.

"We are pleased to be in a position to initiate our second clinical program derived from our Tetrodotoxin-based platform technology," said Donna Shum , Chief Operating Officer of WEX. "Given our stronger financial position since our initial filing of the study in 2002, we are better equipped to complete the study in a timely fashion. In addition, we believe the amended protocol could generate important clinical results as it reflects new information from the most current clinical and preclinical data on Tetrodotoxin."

Opioid withdrawal study - Tetrodin™

The Phase II study of Tetrodin™ is a double-blind, placebo controlled study evaluating the efficacy and safety of Tetrodin™ in patients who use methadone and are physically dependent upon opioid drugs. The primary endpoint of the trial is to determine the efficacy of Tetrodin™ in decreasing the severity of opioid withdrawal symptoms as determined by the Clinical Institute Narcotic Withdrawal Assessment (CINA) score. Tetrodin™, a reversible sodium channel blocker, has demonstrated a reduction of withdrawal symptoms in preclinical and pilot clinical studies with the absence of dependence-inducing properties.

Opioid dependence is characterized by a withdrawal syndrome that occurs when opioid agonists are abruptly discontinued. Withdrawal symptoms manifest in different degrees of physical discomfort and include objective and subjective symptoms. Managing withdrawal is a critical step in initiating many patients who are opioid dependent into treatment. Traditional medical management of opioid withdrawal involves the substitution of a long-acting opioid for shorter acting opioids and gradual tapering.

Opioids are a family of drugs that have morphine-like effects. Their primary medical use is to relieve pain. When used occasionally under medical supervision, there is little risk of addiction. However, opioids can also produce euphoria, making them prone to abuse. According to the Centre for Addiction and Mental Health, chronic use or abuse of opioids can lead to psychological and physical dependence.

Tectin™ Update

In August, 2004 the Company, its European partner, and its expert external consultants met with the Food and Drug Administration ("FDA") to discuss clinical and preclinical studies to date, of its lead product Tectin™ and to seek advice on the Company's New Drug Application ("NDA") filing strategy in the United States. The Company's strategy has been to conduct studies in Canada and Europe according to the International Committee for Harmonization ("ICH") guidelines. Having received confirmation that the FDA will accept foreign studies, conducted to ICH standards, as part of an NDA filing, the Company is encouraged that its current efforts in Canada and Europe will be an important part of the U.S. commercialization strategy.

Tectin™ is a drug designed to treat moderate to severe pain, primarily as a reversible selective sodium channel blocker. Tectin™ is being tested in a pivotal double-blind placebo-controlled study in patients with refractory cancer pain. Interim results from the Phase IIa clinical trial suggest that Tectin™ may have unique properties capable of combining rapid and lasting analgesic effects without the morphine-like side effects characteristic of many approved drugs for the management of moderate to severe pain.

About International Wex Technologies Inc.

International Wex Technologies Inc. is a pharmaceutical company dedicated to the discovery of new therapeutic agents for the treatment of moderate to severe pain, symptom relief associated with addiction withdrawal from opioid abuse, and medicines designed for local and regional anaesthesia. The Company's principle business strategy is to derive drugs from naturally occurring toxins and develop proprietary products for North American, European and international markets. The Company also generates revenues from sales of generic products manufactured at its facility in China .

Forward Looking Statement Disclaimer

Statements in this news release are forward-looking statements which may not be based on historical fact, including without limitation statements containing the words "believe", "may", "plan", "will", "estimate", "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, WEX's stage of development, product revenues which are difficult to predict, foreign currency exchange risk, additional capital requirements, risks associated with the completion of clinical trials, 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.

Per: Donna Shum, Corporate Secretary