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.