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Protox Announces $4.0 Million Equity Financing
Thursday, October 27, 2005 - Vancouver, British Columbia - Protox Therapeutics
Inc. announced today that it is undertaking a non-brokered private placement of
8,000,000 units at a price of $0.50 per unit for total gross proceeds of
$4,000,000.
Each unit comprises one common share and one common share purchase
warrant. Each warrant shall entitle the holder to purchase one common share of
Protox Therapeutics Inc. at a price of $0.65 for a period of 24 months from the
closing date of the private placement.
Proceeds of the offering will be used by the Company to fund proposed Phase I
clinical trials, for research and development and general working capital
purposes.
Finder's fees may be payable on all or part of the proposed financing. The
private placement is subject to receipt of all required regulatory approvals
About Protox Therapeutics
Protox Therapeutics Inc. is developing novel therapeutics for the treatment of cancer and other indications by engineering the naturally occurring bacterial protein Proaerolysin, which kills cells by puncturing their cell membrane after activation by proteases at the tumour site (PORxin™). The Company believes that its engineering approach will produce targeted cancer therapeutics that may have greater efficacy and fewer side effects than existing treatments.
For more information, contact:
Terry Vanderkruyk
Director, Investor Relations, Protox Therapeutics Inc.
Tel: 604-688-4376
Cell: 604-789-0844
Fax: 604-688-0173
tvanderkruyk@protoxtherapeutics.com
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