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683 CAPITAL MANAGEMENT LLC HOLDINGS IN ADHEREX TECHNOLOGIES INC. (TSX: AHX)

^{Published on 2011-04-18 12:05:19 - Market Wire}
 

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

NEW YORK, April 18 /CNW/ - 683 Capital Management LLC ("683 Capital") filed an early warning report on April 18, 2011 disclosing that on April 14, 2011 that it was confirmed that its beneficial ownership of common shares ("Common Shares") of Adherex Technologies Inc. ("Adherex") represents approximately 16.5% of the outstanding Common Shares (calculated on a partially diluted basis).

The securities were acquired pursuant to the March 31, 2011 rights offering whereby 683 Capital acquired 35,962,229 units ("Units") of Adherex, at a price of C$0.03 per Unit, each Unit being comprised of one Common Share and one Common Share purchase warrant of Adherex (a "Warrant"). In accordance therewith, 683 Capital was issued 35,962,229 Common Shares and 35,962,229 Warrants. Each whole Warrant entitles 683 Capital to acquire one Common Share at a price of C$0.08 per Common Share until March 31, 2016. The Warrants are not exercisable until September 30, 2011.

The securities comprising the Units were issued to 683 Capital pursuant to the Adherex rights offering that was previously announced in Adherex's January 27, 2011 press release.

683 Capital now exercises control or direction over an aggregate of 38,924,229 Common Shares and 35,962,229 Warrants, representing approximately 16.5% of the outstanding Common Shares (calculated on a partially diluted basis). 683 Capital's ownership percentage was confirmed on April 14, 2011 after the final issuance numbers were made available to 683 Capital.

683 Capital has acquired the Common Shares and Warrants for investment purposes. Depending on market and other conditions, 683 Capital may change its beneficial ownership of, or control or direction over, Common Shares through market transactions, private agreements, treasury issuances, exercise of the Warrants or otherwise.

This press release has been issued in order to comply with applicable securities legislation.