Protox modifies terms of share purchase warrants



    VANCOUVER, Oct. 25 /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, today announced that the Company's
Board of Directors has approved changes to the terms of two sets of common
share purchase warrants ("warrants") issued as a result of a private placement
completed during November 2005. The warrants issued on November 4, 2005 for
the first tranche of the private placement and on November 17, 2005 for the
second tranche of the private placement are now transferable. These warrants
entitle the holder to purchase one common share of Protox at a price of $0.65
for a period of 24 months from the closing dates of the first and second
tranches of the private placement. A warrant holder wishing to transfer
warrants must complete a transfer form that can be obtained from the company.
While the warrants will be transferable they will not be listed for trading on
the TSX-V and any transfer made must be in compliance with applicable
securities legislation.

    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. Patient enrollment has
been completed in two separate Phase 1 clinical trials evaluating PRX302
(PORxin) 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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