COLD-FX To Be Sold in Hong Kong Market This Fall

EDMONTON, ALBERTA--(Marketwire - June 22, 2009) - Afexa Life Sciences Inc. (the "Company" or "Afexa") (TSX: FXA.TO) today announced that it has come to an agreement with a Hong Kong based health care company to market and distribute its COLD-FX(R) product exclusively in the Hong Kong and Macau markets. COLD-FX is Canada's leading cold and influenza medication. The product will arrive in the Hong Kong marketplace in time for their upcoming cold and flu season.

Health Canada approved the daily use of COLD-FX(R) to help reduce the frequency, severity and duration of cold and flu symptoms by boosting the immune system. This natural product will be sold as a traditional Chinese Medicine in a market where residents suffer from more colds and flu than North Americans, and have two cold and flu seasons each year, in part contributed by the heavy use of air conditioners during the summer months.

"This initiative very much fits into our strategic expansion plans, and specifically is the first step in our plans for Asia," said Jack Moffatt, Executive Chairman of Afexa. "We are very pleased with our new partner and with the business plan they have developed for our COLD-FX product. We expect shipments to the Hong Kong marketplace to start in the current fiscal year, and while we are projecting modest initial quantities, we expect to see significant growth in Asia as we gain research and market knowledge over the next two to three years," concluded Mr. Moffatt.

ABOUT AFEXA LIFE SCIENCES INC.

Afexa Life Sciences Inc., founded in 1992, strives to transform people's lives to be healthier and happier by focusing on prevention and recovery through the use of evidence-based naturally-derived health products. The Company's lead product COLD-FX(R) strengthens the immune system and is widely used as a leading over the counter remedy ("OTC") for helping to prevent and relieve cold and flu infections. On April 1, 2009, the Company changed its name from CV Technologies Inc. to Afexa Life Sciences Inc.

Advisory Regarding Forward-Looking Statements

This news release contains certain forward-looking statements and information within the meaning of applicable securities laws, which reflect current expectations of the management of Afexa Life Sciences Inc. (the "Company") regarding future events or the Company's future performance, including, without limitation, statements relating to the timing and/or initiation of clinical trials, clinical trial results, the introduction of new products, associated regulatory clearances, economic or financial trends or expectations, financing, acceptance of the Company's products in the marketplace and the hiring or retention of personnel. Forward-looking statements are often, but not always, identified by the use of words such as "expect", "anticipate", "seek", "aim", "continue", "estimate", "objective", "ongoing", "may", "will", "would", "project", "predict", "potential", "could", "should", "might", "believe", "plan", "target", "intend" and similar expressions. All statements other than statements of historical fact contained in this news release may be forward-looking statements. The forward-looking information included in this document does not guarantee future performance and should not be unduly relied upon. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation, the impact of competition, the incidence of cold and flu, consumer confidence and spending levels, general economic conditions, interest and currency exchange rates, unseasonable weather patterns, the cost and availability of capital and grants/funding, product development uncertainties, labour market challenges and consumer acceptance of COLD-FX in the Asian marketplace. The Company believes that the expectations and assumptions reflected in the forward-looking information contained herein are reasonable but no assurance can be given that these expectations and assumptions are correct or that that the results, performance or achievements expressed in, or implied by, forward-looking statements herein will occur, or if they do, that any benefits may be derived from them. The Company can give no assurance that new product development initiatives will lead to new product commercialization. The Company assumes no duty to update or revise forward looking information, except as may be required pursuant to applicable laws. All forward-looking information is expressly qualified in its entirety by this cautionary statement. Further information regarding risks and uncertainties relating to the Company and its securities can be found in the disclosure documents filed by the Company with the securities regulatory authorities, available at www.sedar.com. The Company claims exemption under U.S. SEC Rule 12g3-2(b).

- Source: Nielsen Brand Overview, National All Channels Total Cold Remedies (including Antihistamines), and Natural Supplements for 52 and 12 week periods ending March 14, 2009

Contacts

Michael McDougall
Afexa Life Sciences Inc. - Media Contact
Media Relations Manager
(780) 432-0022 x 729
[email protected]

Jane Tulloch
Afexa Life Sciences Inc. - Investor Contact
Senior Director, Investor Relations
(780) 577-3724
[email protected]
www.afexa.com