Inex Pharmaceuticals announces expected completion date for Tekmira Pharmaceuticals Corporation

Apr 27 2007

Inex Pharmaceuticals Corporation has announced that it expects the closing of the spin-out of Tekmira Pharmaceuticals Corporation ("Tekmira") to occur at the close of business on April 30, 2007.

Tekmira shares are expected to begin trading on the Toronto Stock Exchange ("TSX") on May 1, 2007 under the symbol "TKM" and INEX shares will be de-listed from trading on the TSX. Immediately before the spin-out of Tekmira, INEX common shares will be consolidated on the basis of two current common shares for one new common share.

INEX has mailed a letter of transmittal to all registered INEX shareholders which will provide for the exchange of currently outstanding INEX common shares for shares of Tekmira. INEX shareholders are required to deposit with Tekmira's share transfer agent the certificate representing their current holdings of INEX shares and the letter of transmittal, properly completed and signed, in order to obtain common shares of Tekmira and INEX. One Tekmira common share will be issued for each post-consolidation INEX common share.

As part of the completion of the spin-out of Tekmira, INEX will also close a $5.3 million convertible debenture financing. Upon conversion of the debentures, the holders of the convertible debentures will, in the aggregate, hold 100% of the non-voting shares in INEX and 80% of the equity of INEX, and holders of INEX common shares will own 20% of the equity of INEX. The proceeds of the convertible debenture financing will be paid to the previous holders of INEX's convertible debt as required under the terms of a Note Purchase and Settlement Agreement announced June 20, 2006.

Additional information on the Tekmira spin-out can be found in INEX's information circular dated August 18, 2006 and filed on www.sedar.com.