WEX Western Exploration Inc

Pharmagesic (Holdings) Inc. ("Pharmagesic") and WEX Pharmaceuticals Inc.
(TSX:WXI) ("WEX") jointly announced today that Pharmagesic, together with its
wholly owned subsidiary 7735308 Canada Limited, is making a take-over bid for
all of WEX's outstanding restricted voting shares not currently held by
Pharmagesic at an offer price of C$0.14 cash per share, and that the independent
committee (the "Independent Committee") of WEX's board of directors, and WEX's
board of directors itself, have unanimously agreed to recommend that WEX
shareholders accept the offer.


The C$0.14 offer price represents a premium of approximately 38% to the
volume-weighted average closing price for WEX's restricted voting shares for the
past 20 trading days. Pharmagesic, the holder of approximately 88.7% of WEX's
issued and outstanding restricted voting shares and the sole Class A Share, had
previously made a proposal to acquire the WEX shares not owned by it at an offer
price of C$0.13 per share.


The Independent Committee received a fairness opinion from Ernst & Young LLP to
the effect that the offer price is fair, from a financial point of view, to
shareholders of WEX other than Pharmagesic and parties related to it. The offer
price is within the range of values determined by Ernst & Young LLP in a formal
valuation prepared under the supervision of the Independent Committee.


Simon Anderson, the Chair of the Independent Committee, stated: "We believe that
the revised offer represents fair value for WEX shareholders. Additionally, the
all-cash nature of the offer will provide shareholders with immediate liquidity
for their interests."


The take-over bid will be subject only to customary conditions (and no minimum
acceptance condition). The take-over offer and circular and related offering
materials will be mailed to shareholders shortly. For further information, a
copy of the offer and circular can be found on SEDAR at 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.


About Pharmagesic (Holdings) Inc.

Pharmagesic (Holdings) Inc. is an indirect wholly owned subsidiary of CK Life
Sciences Int'l., (Holdings) Inc. ("CKLS"). CKLS is a company listed on The Stock
Exchange of Hong Kong Limited (stock code: 0775). Bearing the mission of
improving the quality of life, CKLS is engaged in the business of research and
development, manufacturing, commercialization, marketing and selling of
environmental and human health products, and water business as well as
investment in various financial and investment products. Products developed by
CKLS are categorized into the areas of human health and environmental
sustainability. CKLS is a member of the Cheung Kong Group. For additional
information, please visit www.ck-lifesciences.com.


Forward Looking Statements and Information

Certain statements herein may contain forward-looking statements and
forward-looking information within the meaning of applicable securities laws.
Such forward-looking statements and forward-looking information include, but are
not limited to statements concerning the proposal from Pharmagesic. Such
statements and information include statements regarding the expectation and
beliefs of management and appear in a number of places and often 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 include, but are not limited to
statements or information with respect to known and unknown risks, uncertainties
and other factors which may cause the Company's 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 and information. Such factors include, but are not
limited to the following: the proposal from Pharmagesic. 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.

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