News ReleasesProtox 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: |
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