INEX PHARMACEUTICALS RECEIVES LETTER FROM MAJORITY NOTE HOLDER

Inex Pharmaceuticals Corporation ("INEX"; TSX: IEX) announced today that at the close of business on Friday, September 16, 2005, it received a copy of a demand letter for repayment from the majority holder of the convertible debt issued by INEX's subsidiary,Inex International Holdings Ltd. ("Inex International"). Other holders of the notes have not served a similar notice. The note holder, Stark Trading and Shepherd Investments International Ltd. (collectively "Stark"), has alleged the notes are in default and has demanded repayment in the amount of US$24.6 million. Stark has asked to be repaid by September 21, 2005.

Canada NewsWire Group (http://www.newswire.ca/en/releases/archive/September2005/19/c1065.html)