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Protox Retains Leading Research Organization for Next Phase of Preclinical Trials

Tuesday, August 17, 2004 - Vancouver, British Columbia - Protox Therapeutics Inc. ("Protox") today announced that it has retained CTBR (ClinTrials BioResearch Ltd.) to conduct expanded preclinical and toxicology trials of PSA-PA1, its lead product in development for the treatment of localized prostate cancer. This milestone forms a critical part of Protox's development plan that is expected to lead to an Investigational New Drug (IND) Application with the United States FDA and Phase I human trials by mid-2005.

CTBR is a leading preclinical contract research organization (CRO), bringing innovative research techniques to pharmaceutical, biopharmaceutical and chemical industries worldwide. The company is a member of the Inveresk Research Group, a global CRO with nearly 2,300 staff worldwide. For more information on CTBR visit its website at www.ctbr.com

"Expanded preclinical trials are a critical component in the preparation of an Investigational New Drug application with the FDA," states Tazdin Esmail, President and CEO of Protox. "One of the main reasons the company selected CTBR for this work is their reputation in generating on-time reports and their strong working relationship with the FDA. We are very optimistic that this partnership will keep our aggressive product development plans on track."

ABOUT PROTOX: Protox Therapeutics Inc. is an early stage biotechnology company focused on developing a pipeline of "smart" drugs for the treatment of cancer. The Company's proprietary technology genetically engineers the naturally occurring protein Aerolysin to target specific cancer cells. The engineered protein is being designed to form "holes" in the membrane of these cells causing them to die. A unique property of this technology is expected to be its selectivity in killing cancer cells, without harming healthy "bystander" cells. It is anticipated that therapeutics developed by Protox may provide more effective treatments and lower side effects than currently available drugs. Protox' technology platform is also expected to be combined with currently available cancer treatments, potentially improving their safety and efficacy.

For more information regarding Protox, contact:
Terry Vanderkruyk
Director, Investor Relations, Protox Therapeutics Inc.
Tel: 604-688-4376
Cell: 604-789-0844
Fax: 604-688-0173
tvanderkruyk@protoxtherapeutics.com