Protox Announces New Institutional Investor
Vancouver, British Columbia, August 1, 2006 – ProtoxTM Therapeutics Inc. (TSX-V:PRX) announced today that Lions Liquidity Investment Fund has become a new institutional investor. The fund, which is managed by Protox Chairman Frank Holler, is purchasing 1,000,000 common shares of the company by way of a private transaction with Dr. Tom Buckley, Chief Scientific Officer and founder of Protox. Dr. Buckley, who will be retiring from the company next year, is divesting the shares for the purposes of estate planning. Post transaction he will hold 2,780,000 shares and will remain fully committed to his role as head of research until his planned retirement.
“The purchase of the Protox shares underscores our growing confidence in the company's technology platforms and products in development”, said Frank Holler. “We believe that PRX302 has strong potential for the treatment of localized prostate cancer and BPH, and view the acquisition of the INxinTM program announced on July 20, 2006 as another positive step in the company's development”
Lions Liquidity Investment Fund is a B.C. based private equity fund formed to invest in previously issued shares of life sciences and technology companies. The Fund purchases shares of private and junior publicly-listed companies where it sees strong growth and value appreciation potential.
About Protox
Protox Therapeutics is a product-focused development-stage company and a leader in advancing novel, targeted protein toxin therapeutics for treatment of cancer and other proliferative diseases. The company currently has three clinical programs in various stages of development for the treatment of primary brain cancers, localized prostate cancer and cancers that over-express IL-4 receptors. The company also has a pre-clinical program for benign prostatic hyperplasia (BPH) that is expected to enter clinical trials.
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 contact:
Dr. Fahar Merchant
President and CEO
Protox Therapeutics Inc.
604-688-0199
fmerchant@protoxtherapeutics.com
Michael Moore
Investor Relations
The Equicom Group
416-815-0700 x 241
mmoore@equicomgroup.com
