NEWS Release

Date: Novermber 15, 2004

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

WEX REPORTS SECOND QUARTER FINANCIAL RESULTS

Vancouver, BC (November 15, 2005) - WEX Pharmaceuticals Inc. ("WEX" or the "Company”) reported today events and financial results for the three and six month periods ended September 30, 2005.  All amounts, unless specified otherwise, are in Canadian dollars.

Financial Results – Unaudited

For the three months ended September 30, 2005, the Company recorded a loss of $4.1 million ($0.12 per common share) compared to a loss of $2.4 million ($0.07 per common share) in the three months ended September 30, 2004.  The increase in loss for the three months ended September 30, 2005, when compared to the preceding year, is mainly attributable to increased clinical trial costs and employee severance and audit fee expenses recorded in the period.

The Company recorded a loss for the six months ended September 30, 2005 of $7.6 million ($0.22 per common share) compared to a loss of $5.7 million ($0.18 per common share) in the six months ended September 30, 2004.  The increase in loss for the six months ended September 30, 2005, when compared to the preceding period, is attributable to the large increase in clinical trial costs, employee severance costs and professional fees offset by a significant reduction in stock-based compensation recorded in the current period as compared to the prior 2004 period.

Management expects losses to continue during the coming quarters as it continues to focus resources on clinical trials in an effort to further the commercialization of Tectin™.

The Company had cash, cash equivalents and short term investments of $17.2 million as at September 30, 2005 as compared to $20.7 million as at June 30, 2005 and $20.8 million as at March 31, 2005   

The Company’s subsidiaries in China, Nanning Maple Leaf Pharmaceuticals Co. Ltd. (“NMLP”), and Wex Medical Limited in Hong Kong, recorded product revenues of $122,321 for the three months ended September 30, 2005, as compared to $164,014 in the same period in the previous year, or a decrease of $41,693. 

 Product revenues were $253,307 for the six months ended September 30, 2005, as compared to $300,213 for the            same period in the previous year, or a decrease of $46,906. 

Second Quarter Events

• The Company re-launched its Canadian Phase IIb/III clinical trial protocol for Tectin™ in moderate to severe inadequately controlled cancer-related pain.  With the amendments to the protocol, the enrollment and dosing of patients in this study are projected to be completed by the end of June 2006.

• The Company received a request for early redemption of its unsecured convertible debentures in the aggregate principal amount of US$5.1 million that were issued in June 2004 by the Company's wholly owned subsidiary, Wex Medical Ltd., to 3 investment funds managed by a major Asian financial institution. The Company is in discussions regarding this matter and is now finalizing with the Institution the amendments required to the repayment terms to satisfy its request.

• The Company announced that it was seeking a new Chief Executive Officer to take the company to the next level.  Dr. Edge Wang will serve as the Chief Executive Officer on an interim basis while the search for a replacement is conducted.  Mr. Frank Shum resigned as Chief Executive Officer and will concentrate on operations in Asia.

• The Company undertook a restructuring to reduce its costs.  In connection with the restructuring the headcount has been reduced by about 35% in both its headquarters in Vancouver and its Hong Kong Office.  After giving effect to restructuring costs, the headcount reduction is expected to reduce employment and related expenses by approximately 30%. The restructuring allows the Company to focus more of its resources on clinical development to help achieve commercialization of the lead product Tectin™ in the most expeditious manner

• The shareholders of the Company approved a Shareholder Rights Plan. The Rights Plan was designed to encourage the fair treatment of its shareholders in the event of an unsolicited take-over bid for shares of the Company. 

About WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc. is dedicated to the discovery, development, manufacture and commercialization of innovative drug products to treat moderate to severe acute and chronic pain, symptom pain relief associated with addiction withdrawal from opioid abuse and medicines designed for local anaesthesia.  The Company’s principal business strategy is to derive drugs from naturally occurring toxins and develop proprietary products for the Global market.  The Company’s Chinese subsidiary sells generic products manufactured at its facility in China.

Forward Looking Statements

This News Release contains forward-looking statements which may not be based on historical fact, including without limitation statements. 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.  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.

For additional information on our products, visit us at www.wexpharma.com or call Don Evans, V.P. Corporate Communications at 604-683-8880 or 1-800-722-7549

WEX PHARMACEUTICALS INC.

(formerly International Wex Technologies Inc.)

Incorporated under the laws of Canada

CONSOLIDATED BALANCE SHEETS
(Unaudited)

See Sedar for accompanying notes

WEX PHARMACEUTICALS INC.

(formerly International Wex Technologies Inc.)

Incorporated under the laws of Canada

CONSOLIDATED STATEMENTS OF
OPERATIONS AND DEFICIT
(Unaudited)

See Sedar for accompanying notes

WEX PHARMACEUTICALS INC.

(formerly International Wex Technologies Inc.)

Incorporated under the laws of Canada

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)