NEWS Release

Wex Initiates Phase IIa Clinical Trial of Tetrodin™ for Reduction of Withdrawal Symptoms in Opiate Dependent Patients

Date: November 15, 2004

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

Vancouver, Canada, November 15, 2004 Wex Pharmaceuticals Inc. (TSX: WXI), is pleased to announce that it has initiated a Phase IIa double-blind, randomized, cross-over, placebo-controlled trial of Tetrodin™ (Wex's proprietary formulation of Tetrodotoxin-TTX). This study is designed to evaluate the safety and efficacy in decreasing the severity of withdrawal symptoms in 20 opiate-dependent subjects who are receiving metha don e in a treatment program. The first group of 10 patients has been recruited and they are now receiving the treatment (tetrodotoxin/placebo). The dosing period is expected to be completed before the end of the year.

Opioid dependence is characterized by a withdrawal syndrome that occurs when opioid agonists are abruptly discontinued or their activity is antagonized. Managing withdrawal is a critical step in initiating into treatment many patients who are opioid dependent. Traditional medical management of opioid withdrawal involves the substitution of a long-acting opioid for shorter-acting opioids and gradual tapering.

The study is being led by Dr. Edward Sellers, Director of Psychopharmacology and Dependence Research Unit, Centre for Research in Women's Health, Sunnybrook and Women's College Health Sciences Centre and President and CEO of Ventana Clinical Research Corporation. Dr. Sellers is a member of numerous national and international editorial boards governmental advisory committees and international organizations including the World Health Organization Expert Advisory Committee on Drug Dependence.

About Wex Pharmaceuticals Inc.

Wex Pharmaceuticals 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 rel ian ce 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.