FENNEC PHARMACEUTICALS INC. — Director's Dealing 2010

May 10, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADHEREX TECHNOLOGIES INC (AHX)
CIK: 0001211583
Period of Report: 2010-04-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-04-30	Common Stock	P	200000000	—	Acquired	241504000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-04-30	Common Stock Warrants (right to buy)	$0.08	P	200000000	Acquired	2015-04-30	Common Stock (200000000)	Indirect

Footnotes

F1: The reported securities are included within 200,000,000 units purchased by the reporting persons for CDN$0.03 per unit. Each unit consists of one share of common stock of Adherex Technologies Inc., and one warrant to purchase one share of common stock of Adherex Technologies Inc.

F2: Southpoint Capital Advisors LP, and its general partner Southpoint Capital Advisors LLC, hold the reported securities indirectly 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. Southpoint GP, LP, and its general partner Southpoint GP, LLC, hold the reported securities indirectly on behalf of Southpoint Fund LP, Southpoint Qualified Fund LP, and Southpoint Master Fund, LP, of which Southpoint GP, LP is the general partner. John S. Clark II reports the securities held indirectly by Southpoint GP, LLC and Southpoint Capital Advisors LLC as the manager of each.

F3: Each of the reporting persons disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F4: The exercise price of the warrants reported is listed in Canadian Dollars.