Afexa Life Sciences Inc. Release: COLD-FX(R) Maker Broadens Its Scientific Direction: Launches Pilot Trial of New Formulation LIP-01 Geared to Lowering Cholesterol and Lipids

EDMONTON, ALBERTA--(Marketwire - November 19, 2009) - Afexa Life Sciences Inc. (“Afexa” or the “Company”) (TSX: FXA) maker of COLD-FX today announced the launch of a pilot clinical trial of a new formulation, LIP-01 that has shown promise in reducing blood lipids - including cholesterol. Cholesterol can stick to the walls of arteries, causing atherosclerosis or “hardening of the arteries.” This, in turn, can ultimately lead to a heart attack or stroke. In fact, more than one in three Canadians will be diagnosed with a heart disease at one point in their life.

The trial is designed to identify the optimum dosing levels for LIP-01. Dr. Richard Lewanczuk, Professor, Endocrinology and Metabolism, University of Alberta is heading the clinical trial research team. Thirty-nine healthy adults with elevated cholesterol levels will be recruited for the trial, which has been approved by Health Canada and the University of Alberta Health Research Ethics Board.

Using its proprietary ChemBioPrint technology, Afexa scientists isolated certain lipid-lowering active ingredients from two Chinese herbs. Subsequently they demonstrated that the selected ingredients when combined together had a better impact in reducing the secretion of apolipoprotein-B-containing lipoproteins. This reduced secretion of apo-B from cultured cells is a reflection of lower levels of VLDLs and LDLs (the bad cholesterol) in the bloodstream. Furthermore this research showed that the combination of active ingredients was more effective than either ingredient used alone.

A routine preclinical toxicity test was also completed and the results supported the safety of LIP-01. Further laboratory studies are ongoing to determine more detailed mechanism of action.

Dr. Jacqueline Shan, Afexa’s co-founder and Chief Scientific Officer says, “The research and launch of this clinical trial on a natural formulation to manage hyperlipidemia demonstrates our long-standing commitment to innovation in creating evidence-based natural therapeutics for disease prevention and health maintenance. There is clearly a great need for cholesterol management products which consumers can trust to be safe and effective. Our preclinical studies, although early, indicate LIP-01 may have potential as a natural therapeutic product to prevent and manage diseases associated with elevated cholesterol.”

A full international patent application has been filed to protect the composition, the process of making and also the therapeutic use of LIP-01 to lower blood lipids and its use to prevent diseases associated with elevated blood lipids such as cardiovascular diseases.

About Afexa Life Sciences Inc.

Afexa Life Sciences Inc. (formerly CV Technologies) founded in 1992 strives to transform people’s lives to be healthier and happier by focusing on prevention and recovery through the use of evidence-based naturally-derived health products. The Company’s lead product COLD-FX® strengthens the immune system and is widely used as a leading over the counter remedy (“OTC”) for helping to prevent and relieve cold and flu infections.

Forwarding looking Statement

This news release contains certain forward-looking statements and information within the meaning of applicable securities laws, which reflect current expectations of the management of Afexa Life Sciences Inc. (the “Company”) regarding future events or the Company’s future performance, including, without limitation, statements relating to the timing and/or initiation of clinical trials, clinical trial results, the introduction of new products, associated regulatory clearances, economic or financial trends or expectations, financing, acceptance of the Company’s products in the marketplace and the hiring or retention of personnel. Forward-looking statements are often, but not always, identified by the use of words such as “expect”, “anticipate”, “seek”, “aim”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “would”, “project”, “predict”, “potential”, “could”, “should”, “might”, “believe”, “plan”, “target”, “intend” and similar expressions. All statements other than statements of historical fact contained in this news release may be forward-looking statements. The forward-looking information included in this document does not guarantee future performance and should not be unduly relied upon. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation, the impact of competition, the incidence of cold and flu, consumer confidence and spending levels, general economic conditions, interest and currency exchange rates, unseasonable weather patterns, the cost and availability of capital and grants/funding, product development uncertainties, labour market challenges, consumer acceptance of COLD-FX in other markets and consumer acceptance of new products. The Company believes that the expectations and assumptions reflected in the forward-looking information contained herein are reasonable but no assurance can be given that these expectations and assumptions are correct or that that the results, performance or achievements expressed in, or implied by, forward-looking statements herein will occur, or if they do, that any benefits may be derived from them. The Company can give no assurance that new product development initiatives will lead to new product commercialization, in this case as it relates to lipid management. The Company assumes no duty to update or revise forward looking information, except as may be required pursuant to applicable laws. All forward-looking information is expressly qualified in its entirety by this cautionary statement. Further information regarding risks and uncertainties relating to the Company and its securities can be found in the disclosure documents filed by the Company with the securities regulatory authorities, available at www.sedar.com. The Company claims exemption under U.S. SEC Rule 12g3-2(b).