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Protox Receives $7.6 Million From Exercise Of Warrants

Vancouver, British Columbia, November 20, 2007 – Protox Therapeutics Inc. (TSX-V: PRX), a leader in advancing, targeted toxin therapeutics for the treatment of cancer and other proliferative diseases, announced today that it has received approximately $7.6 million of a potential $7.7 million from the exercise of warrants issued as a result of the two tranches of a unit private placement financing closed on November 4 and 17, 2005. Any remaining warrants relating to this financing have now expired. This brings the current cash position of the Company to just over $12 million.

In an effort to build upon the Company’s institutional shareholder base, Dr. Fahar Merchant, President and Chief Executive Officer of Protox, transferred 1.4 million of the 1.9 million warrants that he held, principally to strategic financial institutions.  Dr. Merchant exercised, in full, the balance of the warrants not transferred.

“The exercise of these warrants has significantly strengthened our cash position,” said Dr. Fahar Merchant.  “We are now sufficiently financed to achieve several key milestones over the next year as we advance our Phase 2 clinical programs for BPH, Brain Cancer and Prostate Cancer.”

About Protox
Protox Therapeutics is a leader in advancing novel, targeted protein toxin therapeutics for the treatment of cancer and other proliferative diseases. Two novel drug candidates derived from the company’s INxin™ and PORxin™ platforms are being developed in three clinical programs.  A Phase 2a clinical trial evaluating 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. Phase 1 clinical trials evaluating PRX302 (PORxin) have been completed for the treatment of localized prostate cancer and benign prostatic hyperplasia (enlarged prostate).

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