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2008 Press Releases

TSX:V - IXS
NASD OTC:BB: IXSBF

May 30, 2008

InNexus Biotechnology Announces Oversubscription of Private Placement Raised to $5 Million and Additional Equity Financing up to $7.5 Million

BRITISH COLUMBIA, Canada - 30 May 2008 - InNexus Biotechnology Inc. (OTCBB: IXSBF)(TSX VENTURE: IXS), (http://www.ixsbio.com), a drug development company commercializing the next generation of monoclonal antibodies based on its technology, Dynamic Cross Linking (DXL™), announced today that due to extensive interest in the brokered Private Placement led by Dundee Securities Corporation earlier announced on 23 May 2008, the Company is pleased to announce that the offering has been increased to 20,000,000 units with gross proceeds of up to $5,000,000.

In addition and to provide greater long-term fiscal stability, the Company has also secured an Equity line of Credit for up to $7,500,000.

As previously disclosed, the placement will be in the form of Units (“Units”), each of which will be comprised of one (1) common share in the Company and one (1) share purchase warrant. Each full warrant will entitle the holder to purchase an additional Common Share of the Company for $0.35 or by cashless exercise for five years following the Closing Date.

Proceeds of the Placement and use of the line of credit, less any fees and expenses, will be used to fund and support InNexus’ research and development programs, working capital and other 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 is headquartered in British Columbia with principal management based in Scottsdale, Arizona on the campus of Mayo Clinic and has its own in-house developmental facilities. These development resources provide validation of protein and peptide discoveries, 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, that may cause actual results or performance to differ materially from those currently anticipated in such statements.

Contact: Jeff Morhet
Chairman & Chief Executive Officer
InNexus Biotechnology Inc.
480-862-7500