News ReleasesPROTOX THERAPEUTICS COMPLETES $9.1 MILLION PRIVATE PLACEMENT NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES Vancouver, British Columbia, November 29, 2006 – Protox TM Therapeutics Inc. (TSX-V:PRX) announced today that it has successfully completed its previously announced unit offering with the issue of 18,349,500 units at a price of $0.50 per unit for total gross proceeds of $9,174,750. Each unit comprises one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of Protox at a price of $0.65 on or before 29 November 2008. “This infusion of capital ensures that we continue to create value within Protox and also brings in new institutional shareholders,” said Dr. Fahar Merchant, President and CEO of Protox. “The coming months should be a productive and exciting time for the company as we advance our recently acquired Phase II program, PRX321; complete our Phase I prostate cancer trial with PRX302, and commence a Phase I trial for benign prostatic hyperplasia.” In addition to supporting the Company’s clinical programs for PRX321 and PRX302, net proceeds from this placement will also be used for general corporate purposes. The private placement was led by Jennings Capital Inc. and Canaccord Capital Corporation. The Company paid customary commissions and issued 1,061,465 warrants to the agents. In addition, finder’s fees including 120,412 warrants were paid in respect of this transaction. Upon completion of this transaction, Protox will have 54,293,289 common shares issued and outstanding. All securities issued as part of this unit offering are subject to a four-month hold period. About Protox 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. This press release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. 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 visit our website at www.protoxtherapeutics.com, or contact: Anthony Boone Michael Moore |
2006 Protox Therapeutics Inc. All Rights Reserved. Legal Disclaimer. |