Protox completes $2.31 million private placement



    
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    VANCOUVER, May 20 /CNW/ - Protox Therapeutics Inc. (TSX: PRX), a leader
in the development of receptor targeted fusion proteins, today announced that
it has closed its previously announced private placement of common shares at a
price of $0.27, resulting in gross proceeds to the Company of approximately
CDN $2.31 million.
    Canaccord Capital Corporation acted as placement agent for the announced
CDN $1.5 million private placement and exercised an over-allotment option to
sell common shares of the Company for additional gross proceeds of
approximately CDN $0.81 million. Protox will use the net proceeds of the
offering to finance its clinical activities.
    The securities issued in the private placement are all subject to a
four-month hold period in accordance with applicable securities laws. The
securities have not been registered under the U.S. Securities Act of 1933, as
amended, or any state securities laws and, until so registered, may not be
offered or sold in the United States or any state or to, or for the account
of, U.S. persons absent registration or an applicable exemption from
registration requirements. This release does not constitute an offer for sale
of securities in the United States.

    About Protox

    Protox Therapeutics is a leader in advancing novel, receptor targeted
fusion proteins. Two novel drug candidates derived from the company's
INxin(TM) and PORxin(TM) platforms are being developed in three clinical
programs. Protox's lead program, PRX302 (PORxin), is currently being studied
in a Phase 2b placebo controlled trial to treat benign prostatic hyperplasia
(BPH or enlarged prostate). Final positive Phase 2a results treating BPH
patients were released at the end of 2008 and a phase 2a clinical trial
evaluating PRX302 for the treatment of localized prostate cancer is ongoing. 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 and EMEA. Protox is also
collaborating with the U.S. National Institutes of Health (NIH) on a research
program focused on the discovery of next generation fully human targeted
therapeutics.

    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, Senior 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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