Pharmagesic Announces Extension of Offer to Acquire WEX Pharmaceuticals Inc.

MONTREAL, Feb. 23 /CNW/ - Pharmagesic (Holdings) Inc. ("Pharmagesic") announced today that the offer by its wholly-owned subsidiary, 7735308 Canada Limited (the "Offeror" and, together with Pharmagesic, the "Offering Parties") to acquire all of the outstanding restricted voting shares (the "WEX Shares") of WEX Pharmaceuticals Inc. ("WEX") not already owned by Pharmagesic for C$0.14 cash per WEX Share (the "Offer") has been extended to 5:00 p.m. (Vancouver time) on March 10, 2011.

The total number of shares deposited under the Offer was 6,020,562.  The Offering Parties have instructed the depositary to take-up and pay for such shares, which, when added to the WEX Shares previously held, amount to a total of 398,441,596 WEX Shares, representing 89.989% of the WEX Shares outstanding.

A formal notice of extension will be mailed to WEX shareholders as soon as practicable.

WEX shareholders who have already deposited their WEX Shares to the Offer do not need to take any further action to accept the Offer. Shareholders who have not yet deposited their WEX Shares in acceptance of the Offer may tender their WEX Shares to the Offer at any time prior to 5:00 p.m. (Vancouver time) on March 10, 2011.

About WEX Pharmaceuticals Inc.

WEX Pharmaceuticals Inc. is dedicated to the discovery, development, manufacture and commercialization of innovative drug products to treat pain.  WEX'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 Pharmagesic or WEX'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 Pharmagesic.  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.

SOURCE WEX Pharmaceutical Inc.

For further information:

Contact:

Pharmagesic (Holdings) Inc.:
Mrs. Wendy Tong Barnes
Chief Corporate Affairs Officer
CK Life Sciences Int'l., (Holdings) Inc.
2 Dai Fu Street
Tai Po Industrial Estate
Tai Po, Hong Kong

852 2122 2062

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WEX Pharmaceutical Inc.

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