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PROTOX OUTLINES MILESTONES FOR 2007

Vancouver, British Columbia, March 1, 2007 –Protox TM Therapeutics Inc. (TSX-V:PRX) announced today the company's key milestones for the coming year that will help position the company as a leader in targeted therapeutics for cancer and other proliferative diseases. They include the completion of a Phase I study in prostate cancer, the initiation of a Phase I study in benign prostatic hyperplasia and the initiation of a Phase IIb study in brain cancer.

"This year has started strongly for us with the announcement in January of encouraging interim results from our ongoing prostate cancer trial and we are committed to building on this momentum going forward in 2007,” said Dr. Fahar Merchant, President and CEO. “With four clinical programs underway by year’s end, we look forward to expanding upon the strategic foundation that we have built over the past 24 months."

The goals that Protox has established for 2007 include:

• Completion of the Phase I clinical trial of PRX302 for recurrent and localized prostate cancer;

• Initiation of a Phase II clinical trial of PRX302 for the treatment of localized prostate cancer;

• Initiation of a Phase I clinical trial of PRX302 for the treatment of benign prostatic hyperplasia;

• Completion of patient enrolment for a Phase I clinical trial of PRX302 for the treatment of benign prostatic hyperplasia;

• Initiation of a Phase IIb clinical trial of PRX321 for the treatment of brain cancer;

• Initiating at least one investigator-sponsored Phase I/II clinical trial of PRX321; and,

• Advancing the Company’s discovery program by developing humanized versions of targeted protein therapeutics.

The Company said it intends to build on successes from 2006, the highlights of which include FDA approval and initiation of a Phase I clinical trial of PRX302 for localized prostate cancer, acquisition and in-licensing of PRX321 from Neurocrine Biosciences and the US Public Health Service, regulatory approval to commence a Phase I BPH trial of PRX302 for benign prostatic hyperplasia and completion of a $10 million private placement.

In addition to the key milestones listed above for 2007, the Company will look to complete additional objectives throughout the year.

"We expect there will be multiple opportunities to present clinical data at key conferences in 2007," added Dr. Merchant, "as well as create partnerships with organizations that can help us further our clinical objectives."

About PRX302

PRX302 is the lead drug in the company’s PORxin TM technology platform. PORxin drugs are pro-drugs that are activated by specific proteases produced at elevated levels on the surface of target cells. PRX302 has been generated by engineering the naturally occurring toxin proaerolysin to create a potent anti-cancer agent with a distinct mode of action. The drug has been engineered so that it is activated by prostate-specific antigen (PSA), an enzyme that is overproduced in patients suffering from prostate cancer and enlarged prostate (benign prostatic hyperplasia or BPH). Once activated, the drug punches holes in the cells causing the contents to leak out and ultimately cell death.

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, INxinTM 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:

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

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