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: Mermelstein Fred H (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	35591	Direct
Common Stock	1327819	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to buy)	$.28	2014-02-28	Common Stock (50000)		Direct
Stock Options (Right to buy)	$1.2	2012-09-21	Common Stock (30000)		Direct
Stock Options (Right to buy)	$1.2	2012-05-18	Common Stock (18621)		Direct
Stock Options (Right to buy)	$1.7	2010-05-03	Common Stock (7800)		Direct
Stock Options (Right to buy)	$2.9	2011-05-21	Common Stock (4000)		Direct
Stock Options (Right to buy)	$3.25	2011-03-01	Common Stock (18621)		Direct
Warrants (Right to buy)	$2.15	2008-12-19	Common Stock (23078)		Direct
Warrants (Right to buy)	$3.585	2007-11-20	Common Stock (76384)		Indirect

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.