BRITISH COLUMBIA, CANADA – 18 May 2010 - InNexus Biotechnology Inc., (TSX VENTURE: IXS.V, http://www.ixsbio.com), a drug development company commercializing the next generation of monoclonal antibodies based on its Dynamic Cross Linking (DXL) technology, announced today that on April 16th, 2010, the Company repaid $152,377 CDN of bridge loans plus $19,048 CDN of interest to a lender that were due on March 31, 2010 with 3,428,485 common shares.

InNexus also announced today that it has completed a non-brokered private placement with gross proceeds of $225,000.00 CDN at a purchase price of $0.05 per unit (the "Placement''). Each unit was comprised of one common share in the Company and one-half share purchase warrant. Each full warrant will entitle the holder to purchase an additional Common Share of the Company for $0.10 for two years following the Closing Date of May 14, 2010. There will be 4,500,000 common shares and 2,250,000 warrants issued.

Proceeds of the Placement, less any fees and expenses associated with the offering, will be used to fund and support InNexus' research and development programs, working capital and current corporate needs

About InNexus

InNexus is a drug development company commercializing the next generation of monoclonal antibodies based on its DXL technology, which improves the potency of existing antibody products while opening new markets and disease applications. DXL antibodies utilize unique, novel and patented methods and technologies of InNexus.

InNexus has its own in-house R&D facilities providing validation of protein and peptide discoveries and enabling InNexus (and its strategic partners) to advance novel drug therapeutics and diagnostics. To learn more about InNexus, please visit www.ixsbio.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements that involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.

Contact

David Petulla
Chief Financial Officer
InNexus Biotechnology Inc.
480-862-7500