VANCOUVER, Nov. 20 /CNW/ - Protox Therapeutics Inc. (TSX-V: PRX), a
leader in advancing, targeted toxin therapeutics for the treatment of cancer
and other proliferative diseases, announced today that it has received
approximately $7.6 million of a potential $7.7 million from the exercise of
warrants issued as a result of the two tranches of a unit private placement
financing closed on November 4 and 17, 2005. Any remaining warrants relating
to this financing have now expired. This brings the current cash position of
the Company to just over $12 million.
In an effort to build upon the Company's institutional shareholder base,
Dr. Fahar Merchant, President and Chief Executive Officer of Protox,
transferred 1.4 million of the 1.9 million warrants that he held, principally
to strategic financial institutions. Dr. Merchant exercised, in full, the
balance of the warrants not transferred.
"The exercise of these warrants has significantly strengthened our cash
position," said Dr. Fahar Merchant. "We are now sufficiently financed to
achieve several key milestones over the next year as we advance our Phase 2
clinical programs for BPH, Brain Cancer and Prostate Cancer."
Protox Therapeutics is a leader in advancing targeted 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, firstname.lastname@example.org; Michael
Moore, Investor Relations, Equicom Group, (416) 815-0700 x 241,