WEX Announces Option Exercise Price Reduction and Grant of Stock Options

October 6, 2006

Vancouver, BC - (October 5, 2006) - WEX Pharmaceuticals Inc. (“WEX” or the “Company”) today announces that in connection with its previously announced Rights Offering, expected to be made towards the end of October, 2006, its Board of Directors decided on September 29, 2006 to amend the terms of its 1,877,999 stock options previously granted to employees and consultants (other than insiders).

The amendments include an extension of the terms of those options that are set to expire on or after September 29, 2006 and prior to the end of the Rights Offering period until the end of such period. In addition, the exercise price of all affected options will be reduced during the Rights Offering period to the Rights Offering Price, namely the weighted average trading price of the Company's shares on the Toronto Stock Exchange for the five trading days immediately preceding the date the Rights Offering is launched, less a discount of 20%. After the expiry of Rights Offering period, the exercise prices of those options that remain outstanding will revert back to their original exercise prices until their expiry. The amendments are subject to the approval of the TSX.

The Company also announces that on September 29, 2006, its Board of Directors granted an aggregate of 1,090,000 incentive stock options, representing 3.1% of the issued and outstanding common shares of the Corporation. Of these, 455,000 options were granted to the management; 430,000 options were granted to the Company's directors; 205,000 options were granted to employees, consultants, and advisors. The options were granted under the Company's 2005 Stock Option Plan and will vest over a 36 month period. The exercise price of the options is $0.38 per share. These options will expire on September 28, 2011.

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 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.