InNexus Biotechnology Announces a Loan Facility of up to USD$2.5 Million

BRITISH COLUMBIA, Canada - InNexus Biotechnology Inc., (OTC Bulletin Board: IXSBF; TSX VENTURE: IXS;
www.ixsbio.com), a drug development company commercializing the next
generation of monoclonal antibodies based on its Dynamic Cross Linking (DXL)
technology, is pleased to announce that the Company has entered into a loan
facility with a group of investors for an aggregate amount of up to USD$2.5
million.

The loan facility, subject to final approval of the TSX, bears interest
at 12.5% payable in cash or in Common Shares of InNexus, subject to
regulatory approval, and matures 6 months from the date of drawdown. InNexus
is entitled to extend the term for a further 6 months. The loans are
repayable at any time subject to a 5% penalty. In connection with the loan,
InNexus will issue to the lenders at closing common share purchase warrants
obtained by a) dividing each lender’s loan value by b) the then prevailing
market price c) multiplied by 25%. Each warrant will entitle the holder to
acquire one common share of InNexus at a price equal to the then prevailing
market price, which shall be the same as b), above. The purchase warrants are
exercisable for the earlier of a period of 60 months from closing or complete
repayment of the loan.

Proceeds of the loan facility are intended to be used for paying current
liabilities and operating expenses for InNexus’ continued research and
development programs.

Concurrently, InNexus announces the resignations of Glenn Williamson and
Laurence Luke from the company’s Board of Directors, effective March 6, 2009.
Chairman Jeff Morhet commented, “I thank Mr. Williamson and Mr. Luke for the
work and support of InNexus over the last two years. The entire Board also
thanks them for their contribution.” Their decision to leave the Company’s
Board is not based on or reflective of any disagreement related to the
Company’s operations, policies or practices. The Company does not intend on
replacing the Directors at this point and this supports other cost-saving
measures.

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, which may cause
actual results or performance to differ materially from those currently
anticipated in such statements.

Source: InNexus Biotechnology Inc.

Cathy Wolverton, Principal Accounting Officer of InNexus Biotechnology Inc., +1-480-862-7500