FENNEC PHARMACEUTICALS INC. — Director's Dealing 2007

Jun 7, 2007

SEC Form 3/A — Form 3/A

Issuer: ADHEREX TECHNOLOGIES INC (ADH)
CIK: 0001211583
Period of Report: 2007-02-21

Reporting Person: Butts Robert W (Director, 10% Owner)
Reporting Person: Southpoint GP, LP (10% Owner)
Reporting Person: Southpoint Capital Advisors LLC (10% Owner)
Reporting Person: Southpoint GP, LLC (10% Owner)
Reporting Person: Southpoint Capital Advisors LP (10% Owner)
Reporting Person: Clark John Smith II (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	41504000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrant to Purchase Common Shares	$0.40	2010-02-21	Common Stock (20752000)		Indirect

Footnotes

F1: The filing of this Form 3 shall not be construed as an admission that Southpoint Capital Advisors LLC, Southpoint GP, LLC, Southpoint Capital Advisors LP, Southpoint GP, LP, Robert W. Butts or John S. Clark II is or was for the purposes of Section 16(a) of the Securities Exchange act of 1934, as amended, or otherwise the beneficial owner of any of the shares of common stock ("Common Stock") or Warrants to Purchase Common Shares ("Warrants") of Adherex Technologies Inc. owned by Southpoint Fund LP, Southpoint Qualified Fund LP, Southpoint Offshore Fund, Ltd. or Southpoint Master Fund, LP. Pursuant to Rule 16a-1, each of Southpoint Capital Advisors LLC, Southpoint GP, LLC, Southpoint Capital Advisors LP, Southpoint GP, LP, Robert W. Butts and John S. Clark II disclaim such beneficial ownership.

F2: Southpoint GP, LP, and its general partner Southpoint GP LLC, hold indirectly shares of Common Stock and Warrants to Purchase Common Shares on behalf of Southpoint Fund LP, Southpoint Qualified Fund LP, and Southpoint Master Fund, LP, of which Southpoint GP, LP is the general partner. Southpoint Capital Advisors LP, and its general partner Southpoint Capital Advisors LLC, hold indirectly shares of Common Stock and Warrants to Purchase Common Shares on behalf of Southpoint Fund LP, Southpoint Qualified Fund LP, Southpoint Master Fund, LP and Southpoint Offshore Fund, Ltd., for which Southpoint Capital Advisors LP serves as investment manager. Robert W. Butts and John S. Clark II report the shares and warrants held indirectly held by Southpoint GP LLC and Southpoint Capital Advisors LLC because, as the managers of Southpoint GP LLC and Southpoint Capital Advisors LLC at the time of purchase, they controlled the voting and disposition of the securities.