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Protox Announces Private Placement

Vancouver, British Columbia, April 28, 2009 – Protox Therapeutics Inc. (TSX: PRX), a leader in the development of receptor targeted fusion proteins, today announced that it intends to raise gross proceeds of up to CDN $1.5 million through a private placement of common shares of the Company at a price of $0.27 per share. The Company has retained Canaccord Capital Corporation (Canaccord) to act as lead placement agent. Canaccord will be provided with an over-allotment option exercisable up to 48 hours prior to closing to sell additional common shares of the Company for proceeds of up to another CDN $1.0 million. The maximum proceeds to be raised under the brokered private placement would be CDN $2.5 million.

The brokered private placement is subject to all necessary regulatory and stock exchange approvals. Protox intends to use the net proceeds principally to finance its clinical activities.

The securities being issued in the private placement are all subject to a four-month hold period in accordance with applicable Canadian securities laws. The securities have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and, until so registered, may not be offered or sold in the United States or any state or to, or for the account of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Protox
Protox Therapeutics is a leader in advancing novel, receptor targeted fusion proteins. Two novel drug candidates derived from the company’s INxin™ and PORxin™ platforms are being developed in three clinical programs.  Protox’s lead program, PRX302 (PORxin), is currently being studied in a Phase 2 placebo controlled trial to treat benign prostatic hyperplasia (BPH or enlarged prostate). Positive results from a Phase 2 open-label BPH study were released at the end of 2008 and a phase 2a clinical trial evaluating PRX302 for the treatment of localized prostate cancer is ongoing.  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 and EMEA. Protox is also collaborating with the U.S. National Institutes of Health (NIH) on a research program focused on the discovery of next generation fully human targeted therapeutics.

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.

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