Protox Receives $5.2 Million to Date from Exercise of Warrants
Friday, October 26, 2007
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Vancouver, BC, October 26, 2007--(T-Net)--Protox Therapeutics (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 already received a total of approximately $5.2 million of a potential $7.7 million from the exercise of warrants issued as a result of the two tranches of a private placement financing dated November 4 and 17, 2005. This brings the approximate current cash position of the Company to just over $10.0 million.
"We are very pleased with the strong vote of confidence we have received from our investors," said Dr. Fahar Merchant, President and Chief Executive Officer of Protox Therapeutics. "The cash from the current and future warrant exercises supports the development of our PRX302 and PRX321 programs for prostate cancer, BPH and brain cancer. This will enable us to advance multiple Phase 2 clinical programs in 2008 as planned."
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
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