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Protox Therapeutics completes US$2.3 million private placement

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Protox Therapeutics Inc.

On May 20, 2009, Protox Therapeutics Inc. (TSX: PRX) announced that it had closed its previously announced private placement of common shares, resulting in gross proceeds to Protox of approximately $2.31 million. Canaccord Capital Corporation acted as placement agent for the announced $1.5 million private placement and exercised an over-allotment option to sell common shares of Protox for additional gross proceeds of approximately $0.81 million. Protox will use the net proceeds of the offering to finance its clinical activities. Protox is a leader in advancing novel, receptor targeted fusion proteins. Protox was advised on this transaction by Fasken Martineau with a team that included Iain Mant and Benjamin Lee, assisted by paralegal Chin Yen Lee.



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