FENNEC PHARMACEUTICALS INC. — Director's Dealing 2007

Mar 5, 2007

SEC Form 3 — Initial Statement of Beneficial Ownership

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

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

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	165982	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to buy)	$.28	2014-02-28	Common Stock (400000)		Direct
Stock Options (Right to buy)	$.88	2012-12-14	Common Stock (30000)		Direct
Stock Options (Right to buy)	$1.1	2012-10-14	Common Stock (150000)		Direct
Stock Options (Right to buy)	$1.2	2012-04-05	Common Stock (441601)		Direct
Stock Options (Right to buy)	$1.2	2012-04-05	Common Stock (192000)		Direct
Stock Options (Right to buy)	$1.65	2010-02-19	Common Stock (750000)		Direct
Stock Options (Right to buy)	$1.95	2011-12-17	Common Stock (32000)		Direct
Stock Options (Right to buy)	$2.25	2010-12-30	Common Stock (70217)		Direct
Stock Options (Right to buy)	$2.25	2010-12-30	Common Stock (700000)		Direct
Stock Options (Right to buy)	$2.9	2011-05-21	Common Stock (234000)		Direct
Warrants (Right to buy)	$.4	2010-02-21	Common Stock (25000)		Direct
Warrants (Right to buy)	$2.15	2008-12-19	Common Stock (30591)		Direct
Warrants (Right to buy)	$2.75	2007-06-23	Common Stock (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.

F4: Exercise price for these warrants are in Canadian Dollars.

F2: The options to which this note relates vest in three (3) equal installments beginning on the date reported above.

F3: Exercise price for these options are in Canadian Dollars.