FENNEC PHARMACEUTICALS INC. — Director's Dealing 2007

May 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADHEREX TECHNOLOGIES INC (AMEX:ADH)
CIK: 0001211583
Period of Report: 2007-04-30

Reporting Person: Peters William P (Director, Chairman and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-30	Stock Options (Right to buy)	$0.63	A	3000000	Acquired	2014-04-30	Common Stock (3000000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	165982	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to buy)	$0.28	2014-02-28	Common Stock (400000)	400000	Direct
Stock Options (Right to buy)	$0.88	2012-12-14	Common Stock (30000)	30000	Direct
Stock Options (Right to buy)	$1.1	2012-10-14	Common Stock (150000)	150000	Direct
Stock Options (Right to buy)	$1.2	2012-04-05	Common Stock (633601)	633601	Direct
Stock Options (Right to buy)	$1.65	2010-02-19	Common Stock (750000)	750000	Direct
Stock Options (Right to buy)	$1.95	2011-12-17	Common Stock (32000)	32000	Direct
Stock Options (Right to buy)	$2.25	2010-12-30	Common Stock (770217)	770217	Direct
Stock Options (Right to buy)	$2.9	2011-05-21	Common Stock (234000)	234000	Direct
Warrants (Right to buy)	$0.4	2010-02-21	Common Stock (25000)	25000	Direct
Warrants (Right to buy)	$2.15	2008-12-19	Common Stock (30591)	30591	Direct
Warrants (Right to buy)	$2.75	2007-06-23	Common Stock (15566)	15566	Direct

Footnotes

F1: The options to which this note relates are subject to vesting in three (3) installments with one-third vesting immediately and the remaining shares vesting on the first and second anniversary of the Grant Date reported above.