News Releases

Printer friendly version

PROTOX ANNOUNCES STOCK OPTIONS GRANTED

Vancouver, British Columbia, February 22, 2007 – Protox TM Therapeutics Inc. (TSX-V:PRX) today announced that it has granted  1,201,000 options pursuant to its previously approved stock option plan. The options were granted at an exercise price of $0.77 and will vest over three years.  The Company also granted 225,000 options on February 5, 2007 at an exercise price of $0.64, some of which vest over three years and some of which will vest upon the achievement of milestones.

About Protox

Protox Therapeutics is a leader in advancing novel, targeted protein toxin therapeutics for treatment of cancer and other proliferative diseases. The company is actively developing two distinct but complementary platforms, INxin™ and PORxin™, and currently has three clinical programs in development. A Phase IIa clinical trial into the use of PRX321 (INxin) for the treatment of primary brain cancer has been completed and the drug has received Fast Track Designation and Orphan Drug Status from the US FDA. In addition, a Phase I trial has been completed for PRX321 to treat patients with renal cell carcinoma and non-small cell lung cancer. Patient enrolment is underway for a Phase I clinical study into the use of PRX302 (PORxin) to treat localized prostate cancer. PRX302 has also been approved by Health Canada to commence a Phase I clinical study for the treatment of benign prostatic hyperplasia.

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 visit our website at www.protoxtherapeutics.com, or contact:

Anthony Boone
Director, Corporate Communications
Protox Therapeutics
T: 604-688-4369
aboone@protoxtherapeutics.com

Michael Moore
Investor Relations
The Equicom Group
T: 416-815-0700 x 241
mmoore@equicomgroup.com

James Beesley
Director, Investor Relations
Protox Therapeutics
T: 604-688-0199
jbeesley@protoxtherapeutics.com