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WEX Pharmaceuticals closes US$20 million private placement

Fasken
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WEX Pharmaceuticals

On October 17, 2007, WEX Pharmaceuticals Inc. announced that it had closed its previously announced private placement of equity and debt with Pharmagesic (Holdings) Inc., the designee of CK Life Sciences Int'l., Inc. of Hong Kong. Pursuant to the terms of the Agreement, WEX issued to Pharmagesic: 16,327,272 restricted voting shares of WEX for a total consideration of approximately $4,490,000; one class A special share of the Company for nominal consideration; and a convertible debenture in the principal sum of $15,600,000, of which $2,000,000 was advanced on October 17. The proceeds raised under the Private Placement are to be applied to fund the cost of WEX's planned phase III clinical trials of TectinTM and for working capital purposes as permitted under the Agreement. WEX is dedicated to the discovery, development, manufacture and commercialization of innovative drug products to treat pain. Pharmagesic is an indirect wholly owned subsidiary of CK Life Sciences Int'l., (Holdings) Inc. The CK Life Sciences Group is engaged in the business of research and development, manufacturing, commercialization, marketing and sale of biotechnology products. WEX was advised in this matter by a team from Fasken Martineau that included, among others, Lata Casciano, Lindy Bremner, K.C. Miu, Andrey Schmidt, Mitch McCormick and Angela Onesi.

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