WEX Pharmaceuticals: President's Message

September 11, 2006

Dear WEX Shareholders:

There have been a number of positive developments affecting the Company since
my last letter to shareholders and I wanted to share with you some of these developments
and re-iterate my vision for the future.

Progress in TTX:

Our primary focus is, of course, the development and commercialization of Tetrodotoxin
(TTX) and, in light of the disappointing early termination of the TectinTM Phase
IIb/III clinical trials, I am pleased to report that, following a presentation
by our scientific team of a re-analysis of the WEX014 clinical trial data, a
panel from Health Canada has unanimously approved the Company's request to resume
the clinical development of TTX in cancer-related pain and provided invaluable
advices in next stage of development. The scientific team, consisting of Dr.
Anh Ho, Dr. Patrick du Souich and Dr. Neil Hagen, deserve credit for their thorough
and diligent presentation. Work is underway to prepare a revised clinical development
plan for consultation with the agency prior to implementation.

Board Changes:

We are proposing a number of changes in our board and advisors. I am delighted
to report first that Mr. Maurice Strong has agreed to chair our proposed new
Advisory Board. Mr. Strong is a nationally and internationally prominent Canadian.
He is a former President of Power Corporation and, as such, was an early mentor
to former Prime Minister Paul Martin. He left Power Corporation to head up what
became the Canadian International Development Agency and was later appointed
as Secretary-General of the United Nations Conference on the Human Environment.
He then became the first Executive Director of the U.N. Environment Program.
He returned to Canada as Chief Executive Officer of Petro-Canada in 1976. In
the early 1990's, he became Chief Executive Officer of Ontario Hydro. We are
fortunate to have attracted such a distinguished business leader. Mr. Strong
also brings with him a keen interest and a long experience in China-Canada business
relations. At the Annual General Meeting later this month, Mr. A.J. Miller,
one of the Company's largest shareholders and Mr. Peter H. Stafford, Q.C., one
of the longest serving directors, will both retire. We shall continue to have
their advice and counsel; Mr. Miller has also agreed to join the Advisory Board
and Mr. Stafford has agreed to accept an appointment as Corporate Secretary.

Three new independent directors are being proposed, details of whom appear in
our meeting materials mailed to shareholders for the Annual Meeting: Dr. Tom
Du, Dr. John Sibert III and Mr. Ken Strong. I believe we are fortunate to have
attracted such strong candidates.

Strategic Partners:

I am placing a high priority on implementing a strategic licensing business plan
with the goal of acquiring global partners for the development of TTX in different
therapeutic indications. An example of this strategy is our potential collaboration
with Harvard Medical School to develop a long acting local anesthetic containing
TTX. We are very pleased with this particular collaboration, not only because
of Harvard's international reputation for excellence, but also because of the
potential of the new formulation to fill an unmet medical need in providing an
anesthetic effect longer than that provided by products currently on the market.

I am very glad that the inventor of this technology, Dr. Charles Berde, Chief
of the Division of Pain Medicine at Children's Hospital Boston (“CHB”) and Professor
of Anesthesia (Peds) at Harvard Medical School, will become an advisor to WEX
through this collaboration. Dr. Berde is one of the country's leading authorities
on pain in children and the proper management of that pain. He has received several
awards and honors for his pioneering work in pediatric pain relief, including
the 2003 Scientific Achievement Award of the Reflex Sympathetic Dystrophy Syndrome
Association. He was profiled as one of Time Magazine's “Heroes in Medicine” in
1997. This collaboration strengthens and expands WEX's pipeline in TTX based
pain management by bringing in CHB's patented technology for prolonged local
anesthesia. The sponsored research program with Dr. Berde has the potential to
attract government funding.

Strengthening Management:

We are bringing in more expertise to strength our team. Mr. Dan Carey is joining
us as Director of Business Development. Mr. Carey is a graduate of Harvard University
with many years of experience in business development and licensing in both pharmaceutical
and biotech areas. Dan and I have started to prepare for our approach to potential
partners among large pharmaceutical companies and specialty companies seeking
global partnership opportunities. I am confident that the resumption of TectinTM
clinical studies will enable us to attract potential partners to work with us
in the development of TTX.

Dr. Bill Tian, who has a Ph.D. in medicinal chemistry from University of California-San
Diego and postdoctoral training from Harvard University and who has years of
experience in pharmaceutical research and intellectual property protection, becomes
Director of our IP department.

Dr. Anh Ho and I will work closely with these two new members of the management
team on business development and IP protection, both key to the future of WEX.
The Company has also promoted Helen Chai to be Associate Manager of Corporate
Communications. Helen is a graduate of Simon Fraser University with an MBA degree
and is fluent in English, Cantonese and Mandarin

Financing:

While we have had to take some painful steps to reduce our overhead and control
costs, these initiatives have positioned us to plan for the future. Our Board
and Management are working on several possibilities for urgently needed financing.
I am glad that we have been successful in securing a $2M investment through
a private placement to two investors. Closing is subject to regulatory approval
for which application has been made. These new shares will not be eligible to
vote in this upcoming Annual Meeting (“AGM”). In the meantime, we have announced
a rights offering seeking to raise a further $2M which will give our current
shareholders an opportunity to acquire shares at currently depressed prices.

Stability:

Two of our dedicated scientific advisors with a long-term commitment to the success
of our TTX program, Dr. Howard Cohen and Dr. Patrick du Souich, recently took
issue with some of the proposals to be considered at our AGM. We moved immediately,
in consultation with them, to address their concerns by making several amendments
to the AGM proposals and I am glad to say we can now count on their support.
Stability within the Company and accountability to our shareholders are both
keys to our success in financing and for future growth. An unstable WEX will
have difficulties to raise further financing, to pursue the further clinical
studies and to find development partners, which are three major tasks of the
current management. I trust that I can count on your support to establish the
stability and unity in WEX to maximize the returns of your investment.

Activities in China:

We have two business units, one focusing on TTX R&D and the other on generic
drug production:
Our scientific team has made strong progress in research and development. We
have started several new projects to fill out our development pipeline. Our
success in passing an independent GMP inspection last January has given the scientific
team confidence and encouragement.
Our small generic business in China was set up to utilize facilities that were
designed for TTX production but were not needed for the time being. Although
the generic business has not been profitable for the last few years, we have
recently added new products to the pipeline (without significant investment)
and I am hopeful that the generic business will be profitable by the end of this
fiscal year.

I hope you will agree that the above description of our activities represents
significant achievements in a difficult environment. Management is moving forward
with plans for further financing, for the expansion and strengthening of our
patent portfolio for the continued development of TTX drug development in different
therapeutic applications and for strategic partnerships. Your continued support
is particularly important at this stage.

Thank you.


“Edge Wang”

Edge Wang, Ph.D.
President and CEO

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. The Company's Chinese
subsidiary sells generic products manufactured at its facility in China. Forward Looking Statements and Information Certain statements herein may contain forward-looking statements and forward-looking
information within the meaning of applicable securities laws. Forward-looking
statements or information appear in a number of places and 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 statements regarding the proposed rights offering and are subject to
such risks, uncertainties and other factors which may cause our 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 or information. See our annual information form
and our quarterly and annual management's discussion and analysis for additional
information on risks and uncertainties relating to the forward-looking statement
and information. 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.
For additional information on our products, visit us at www.wexpharma.com or
call Dr. Edge Wang, President & CEO at 604-683-8880 or 1-800-722-7549.