President’s Message #10

January 8, 2010

Dear colleagues and fellow shareholders,

During the last quarter of 2009, we enrolled 7 new patients into our TEC-006 trial, bringing the total number of patients enrolled to 52. Two additional new patients have been enrolled during the first week of January, giving us a great start for 2010. Participation in the TEC-006 Open Label trial remained higher than expected, with approximately 60% of the patients who completed TEC-006 enrolling in TEC-006OL to date. Our clinical team, along with our investigators, continued their strong efforts to enroll more patients and ensure good data quality. To further accelerate the rate of patient enrolment for the TEC-006 trial, we have started a number of initiatives, including efforts to increase the number of clinical sites both within and outside Canada. Additionally, in preparation for the interim analysis of the TEC-006 trial, our Trial Steering Committee (TSC), formed in August 2009, has developed a charter and selected members for the Data Monitoring Committee (DMC). The DMC will independently review data from 60 evaluable patients from the TEC-006 study and deliver their recommendations based on this interim analysis.

While focusing on our TEC-006 trial, our team also made progress in several other areas, including development and validation of an assay for TTX in biological samples, development of a new lyophilized powder formulation of TTX, submission for publication of a manuscript on the results of our WEX-014 Open Label study, and advancement of additional intellectual property related to TTX. We also continued to explore collaborative opportunities, attended BioEurope once again this past November, and will be attending BioPartnering North America in Vancouver at the end of January.

On the finance front, we had two significant events during the quarter. First was the full conversion of debenture into WEX common shares by CK Life Sciences on October 18. The decision to fully convert its debenture is a show of confidence in WEX by our major shareholder and allows us to have a clean balance sheet. Another event was the rights offering. Given our low share price and the support of our major shareholder, our board decided in November to pursue a financing through a rights offering, for which we filed a final prospectus on December 11. If fully subscribed, the rights offering will bring in $34.5 million in new funds and, along with our existing cash resources, will support our operations for the next three years. This will allow us to carry out our plans to complete TEC-006 and seek marketing approval in Canada, as well as our plans to complete a US clinical trial.

With the solid foundation and positive momentum our team has built, and the available financial resources, WEX is poised to make 2010 another successful year.

As always, I thank you for your dedication and support, and I look forward to reporting our future progress to you.

Sincerely yours,

Bin Huang, PhD, MBA
President and CEO