Afexa Life Sciences Inc. Announces Renewal of Normal Course Issuer Bid

Afexa Life Sciences Inc. ("Afexa" or the "Company") (TSX:FXA) is pleased to announce that it has renewed its normal course issuer bid ("NCIB") with the Toronto Stock Exchange ("TSX"). The TSX has accepted the Company's notice of intention to have a NCIB in place.

As of October 9, 2009, Afexa had 104,912,918 common shares issued and outstanding. Under the NCIB, in the next twelve months, Afexa may acquire up to 5,245,645 common shares, which is 5% of the total issued and outstanding common shares. All purchases of common shares will be made through the facilities of the TSX at the market price of the shares at the time of acquisition. Daily repurchases by Afexa will be limited to a maximum of 19,453 common shares, other than block purchase exceptions, based on an average daily trading volume for the last six calendar months of 77,812 common shares. Any shares acquired by Afexa will be cancelled.

The NCIB will commence on October 16, 2009 and will terminate on October 15, 2010 or such earlier time as the bid is completed or terminated at the option of Afexa.

Afexa most recently made a NCIB on October 16, 2008, which will terminate on October 15, 2009. Under this most recent normal course issuer bid Afexa repurchased 2,810,580 common shares at a weighted average trading price of $0.39 per share.

ABOUT AFEXA LIFE SCIENCES INC.

Afexa Life Sciences Inc. (formerly CV Technologies) 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.

Forward Looking Information

This news release contains certain forward-looking information within the meaning of applicable securities laws. 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, those comments relating to the Company's intent to repurchase shares under a renewed normal course issuer bid. 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 any benefits may be derived from them. All forward-looking information is expressly qualified in its entirety by this cautionary statement. The Company assumes no duty to update or revise forward looking information, except as may be required pursuant to applicable laws. The Company is a 12g3-2(b) SEC registrant.

SOURCE: Afexa Life Sciences Inc.

Afexa Life Sciences Inc.
Allan Cleiren
Chief Financial Officer & SVP Operations
(780) 432-0022
acleiren@afexa.com
Afexa Life Sciences Inc.
Jane Tulloch
Senior Director Investor Relations
(780) 577-3724
jtulloch@afexa.com
www.afexa.com

Related terms: acquisition, health, infection, otc, products, sec, securities, technology