Press Room

2008 Press Releases

TSX:V - IXS
NASD OTC:BB: IXSBF

June 23, 2008

INNEXUS BIOTECHNOLOGY ANNOUNCES COMPLETION OF BROKERED PRIVATE PLACEMENT

BRITISH COLUMBIA, Canada - 23 June 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 it has completed a brokered private placement for gross proceeds of $4,930,000 CDN at a purchase price of $0.25 per unit (the “Placement”).

The Placement consists of 15,720,000 units (the “Units”) and 4,000,000 prepaid warrant units (the “Prepaid Warrant Units”). Each Unit is comprised of one common share in the Company and one (1) share purchase warrant (the “Warrant”). Each full Warrant will entitle the holder to purchase an additional Common Share of the Company at $0.35 for five years. Each Prepaid Warrant Unit is comprised of one prepaid warrant which is convertible to one common share in the Company at anytime at no additional cost immediately following the closing of the Placement and one Warrant. In connection with the Placement, the Company will pay a cash fee equal to $330,050, in addition to 1,320,200 agent’s warrants, each of which will entitle the agent to purchase one common share at a price of $0.25 for 36 months from completion of the Placement.

The Company has also granted SDS Capital Group SPC, Ltd., in recognition of its signficant financial support of the Company in this and prior private placements, the right, subject to applicable regulatory requirements, to participate in future equity financings of the Company over the next 36 months in proportion to its common share and pre-paid warrant holdings. 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. The balance will be allocated to fund other research and development programs, working capital and current corporate needs.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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