Fralex appoints new Chief Financial Officer



    TORONTO, June 1 /CNW/ - Fralex Therapeutics Inc. (TSX:FXI) ("Fralex" or
the "Company"), a medical technology company developing neuromodulation
therapy, announced today the appointment of Leslie Auld as Chief Financial
Officer, effective May 28, 2007. She replaces Janet Clennett in that position.
    "Leslie's more than 10 years experience with publicly traded Canadian
companies in strategic planning and financial & risk management will enable
her to guide Fralex through its next phase of growth," said Avi Grewal,
President and CEO of Fralex. "In addition, I would like to thank Janet
Clennett for her hard work and dedication to Fralex over the past two years
and wish her all the best."
    Ms. Auld's professional focus has been on Canadian-based, growing biotech
companies. Most recently, she was Senior Director of Finance at Luminex
Molecular Diagnostics (formerly Tm BioScience Corp. ("Tm")). At Tm, she
provided leadership in the strategic planning process, as well as being
directly responsible for developing the Company's overall risk assessment
process; she also was responsible for implementing best practices for high
risk financial segments and all financial reporting. Prior to Tm BioScience,
Ms. Auld was Chief Financial Officer at Helix BioPharma. In addition to her
Chartered Accountancy designation, Ms. Auld holds a Masters of Business
Administration from the University of Toronto and Honours Bachelor of Science,
Pharmacology & Toxicology from the University of Western Ontario.

    About FRALEX:

    FRALEX is a medical technology company focused on developing and
commercializing Complex Neural Pulse(TM) or CNP(TM), a novel neuromodulation
therapeutic technology for chronic pain, which utilizes specifically designed,
low-frequency electromagnetic pulses. FRALEX is proceeding with its FDA and
Health Canada-approved pivotal clinical trial (the "RELIEF" trial) to evaluate
the safety and effectiveness of this technology in the treatment of chronic
pain associated with fibromyalgia. The trial is to be conducted in 2007 and
2008 at leading medical centres within the US and Canada. For more information
on FRALEX, please visit www.fralex.com; further details on the RELIEF trial
are posted on www.clinicaltrials.gov.

    Certain statements contained in this release containing words like
"believe", "intend", "may", "expect", and other similar expressions, are
forward-looking statements that involve a number of risks and uncertainties.
Factors that could cause actual results to differ materially from those
projected in the Company's forward-looking statements include the following:
market acceptance of Company's technologies and products; the ability to
obtain financing; Company's financial and technical resources relative to
those of its competitors; Company's ability to keep up with rapid
technological change; government regulation of therapeutic technologies; the
Company's ability to enforce its intellectual property rights and protect its
proprietary technologies; the ability to obtain and develop partnership
opportunities; the timing of commercial product launches; the ability to
achieve key technical milestones in key products and other risk factors
identified from time to time in the Company's filings.

    %SEDAR: 00024447E




For further information:

For further information: Avi Grewal, President and Chief Executive
Officer, Fralex Therapeutics Inc., (416) 213-8118 ext. 210,
agrewal@fralex.com; Christina Bessant, Investor Relations, The Equicom Group
Inc., (416) 815-0700 ext. 269, cbessant@equicomgroup.com

Organization Profile

FRALEX THERAPEUTICS INC.

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