FENNEC PHARMACEUTICALS INC. — Director's Dealing 2007

May 7, 2007

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ADHEREX TECHNOLOGIES INC (AMEX:ADH)
CIK: 0001211583
Period of Report: 2007-04-27

Reporting Person: Butts Robert W (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	41504000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrants (Right to buy)	$0.4	2010-02-21	Common Stock (20752000)		Indirect

Footnotes

F2: Southpoint GP, LP, and its general partner Southpoint GP LLC, hold indirectly shares of Common Stock and Warrants to purchase Common Stock on behalf of 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 Stock on behalf of Southpoint Master Fund, LP, for which Southpoint Capital Advisors LP serves as an investment manager. Robert W. Butts reports the shares and warrants held indirectly held by Southpoint GP LLC and Southpoint Capital Advisors LLC because, as a manager of Southpoint GP LLC and Southpoint Capital Advisors LLC at the time of purchase, he controlled part of the voting and disposition of the securities.

F1: The filing of this Form 3 shall not be construed as an admission that Robert W. Butts 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 Stock ("Warrants") of Adherex Technologies Inc. owned by Southpoint Master Fund, LP. Pursuant to Rule 16a-1, Robert W. Butts disclaims such beneficial ownership.