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DRAXIS Announces Application for Normal Course Issuer Bid
Date:1/11/2008

MONTREAL, Jan. 11 /PRNewswire-FirstCall/ - DRAXIS Health Inc, (TSX: DAX) (NASDAQ: DRAX) has applied to the Toronto Stock Exchange (TSX) to make a Normal Course Issuer Bid (NCIB), subject to TSX approval, to buy back its common shares through the facilities of the TSX.

The maximum number of common shares which may be purchased for cancellation pursuant to the NCIB is such number of common shares which represents 10% of the common shares in the public float on the date the TSX approves the NCIB. Based on the 40,720,539 common shares in the public float as at December 31, 2007, that maximum number would be 4,072,054. The actual number of common shares purchased, if any, and the timing of such purchases will be determined by DRAXIS considering market conditions, stock prices, its cash position, and other factors.

The Board of Directors of DRAXIS believes that the underlying value of DRAXIS is not reflected in the current market price of its common shares, and may not be so reflected at certain times during the course of the NCIB, and has thus concluded that the repurchase of common shares pursuant to the proposed NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of shareholders.

Purchases under the NCIB are expected to be permitted to commence on or about January 21, 2008 and will terminate on January 20, 2009 or the date upon which the maximum number of common shares have been purchased by DRAXIS pursuant to the NCIB. There cannot be any assurances as to how many shares, if any, will ultimately be acquired by DRAXIS under the NCIB, and DRAXIS intends that any shares acquired pursuant to the NCIB will be cancelled.

Any purchases made pursuant to the NCIB will be
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SOURCE DRAXIS Health Inc.
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