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Protox Acquires Research Program from Medicenna

Vancouver, British Columbia, August 21, 2007 – Protox Therapeutics Inc. (TSX-V:PRX) announced today that it has entered into an asset purchase agreement with Medicenna Ventures Inc. (“Medicenna”) for the acquisition of Medicenna’s HUMxinÔ Program, a research program to develop fully humanized fusion proteins based upon the Bcl-2 family, which are key components of programmed cell death (“apoptosis”). HUMxin represents a third technology platform for the Company and offers the potential to develop targeted therapeutics for the treatment of various diseases including solid tumors, metastases and hematological malignancies. In addition, the technology may have application for the treatment of neurodegenerative diseases, such as stroke, and has the potential to protect and regenerate cells, tissues and organs following cancer treatment or stem cell transplantation.
 
“We are very pleased to have acquired this exciting technology platform from Medicenna,” said Dr. Fahar Merchant, President and Chief Executive Officer of Protox.  “The HUMxin platform is a natural extension of our existing programs and further strengthens our core expertise in targeted delivery of potent payloads for the treatment of several debilitating diseases that currently lack adequate therapeutic options.”

Prior to joining Protox as President and Chief Executive Officer, Dr. Merchant founded Medicenna and had worked with the U.S. National Institute of Health (“NIH”) to develop the HUMxin Program. Medicenna entered into a Collaborative Research and Development Agreement (“CRADA”) with the NIH related to the HUMxin Program. Pursuant to the terms of the agreement, Medicenna has transferred the HUMxin CRADA and all its rights and interests to Protox and the Company has agreed to pay Medicenna $209,680 for its audited out-of-pocket HUMxin CRADA and related expenses incurred to date. Half of this amount will be paid to Medicenna in cash and the other half in the form of 127,854 common shares of the Company, which will be subject to a four month hold period.

About Protox
Protox Therapeutics is a leader in advancing novel, targeted protein toxin therapeutics for the treatment of cancer and other proliferative diseases. The company currently has four programs in clinical development based on two distinct but complementary platforms, INxin™ and PORxin™. A Phase 2a clinical trial evaluating PRX321 (INxin) for the treatment of primary brain cancer has been completed and the product candidate has received Fast Track Designation and Orphan Drug Status from the US FDA. In addition, a Phase 1 clinical trial evaluating PRX321 for the treatment of patients with renal cell carcinoma and non-small cell lung cancer has been completed.  Patient enrollment has been completed for a Phase 1 clinical trial evaluating PRX302 (PORxin) for the treatment of localized prostate cancer.  A Phase 1 clinical trial evaluating PRX302 for the treatment of benign prostatic hyperplasia (enlarged prostate) is ongoing.

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:

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

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