Protox Announces Stock Options Granted



    VANCOUVER, Dec. 21 /CNW/ - Protox Therapeutics Inc. (TSX-V: PRX), a
leader in advancing novel, targeted protein toxin therapeutics for the
treatment of cancer and other proliferative diseases, announced today that it
has granted 585,000 options pursuant to its previously approved stock option
plan. 150,000 of these options were granted with an exercise price of $0.90
and will vest over two years. The Company has also granted a total of 300,000
and 135,000 options, at exercise prices of $0.76 and $0.80 respectively, which
will vest over three years.

    About Protox

    Protox Therapeutics is a leader in advancing novel, targeted protein
toxin therapeutics for the treatment of cancer and other proliferative
diseases. Two novel drug candidates derived from the company's INxin(TM) and
PORxin(TM) platforms are being developed in three clinical programs. A Phase
2a clinical trial evaluating PRX321 (INxin) for the treatment of primary brain
cancer has been completed and the drug has received Fast Track Designation and
Orphan Drug Status from the US FDA. Phase 1 clinical trials evaluating PRX302
(PORxin) have been completed for the treatment of localized prostate cancer
and benign prostatic hyperplasia (enlarged prostate).

    NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
    RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
    ADEQUACY OR ACCURACY OF THIS RELEASE.

    Certain statements included in this press release may be considered
forward-looking. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements to be materially different from those implied by such statements,
and therefore these statements should not be read as guarantees of future
performance or results. All forward-looking statements are based on Protox'
current beliefs as well as assumptions made by and information currently
available to Protox and relate to, among other things, anticipated financial
performance, business prospects, strategies, regulatory developments, market
acceptance and future commitments. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
of this press release. Due to risks and uncertainties, including the risks and
uncertainties identified by Protox in its public securities filings; actual
events may differ materially from current expectations. Protox disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.





For further information:

For further information: James Beesley, Director, Investor Relations,
Protox Therapeutics, (604) 484-0975, jbeesley@protoxtherapeutics.com; Michael
Moore, Investor Relations, Equicom Group, (416) 815-0700 x 241,
mmoore@equicomgroup.com

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