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Protox Therapeutics Inc. (PRX.V) Appoints Two New Directors


2/22/2011 10:11:59 AM

VANCOUVER, Feb. 22 - Protox Therapeutics Inc. (the "Company" or "Protox") (TSX: PRX), a leader in the development of receptor targeted therapeutic fusion proteins, is pleased to announce the appointment of Mr. William Rohn and Mr. Amit Sobti to the Company's Board of Directors.

"We are delighted to welcome Bill and Amit to help guide Protox through the exciting phase of the company's progress," said Dr. Fahar Merchant, President & CEO of Protox. "Their insights and experience with product commercialization and the capital markets from both the large pharmaceutical arena and the biotech industry will be invaluable. Their appointment is just another indication of our commitment to build and strengthen our board and to enhance our ability to move the company to the next level."

Bill Rohn has over 30 years of experience as a senior executive in the pharmaceutical and biotech industry. He retired in January of 2005 from the position of Chief Operating Officer at Biogen-Idec, a major global biotech company. He played an instrumental role in the $6.8 billion merger of IDEC Pharmaceuticals and Biogen Inc. Prior to serving as COO of the combined company, Bill was the President and Chief Operating Officer of IDEC Pharmaceuticals where he helped transform IDEC from a small research organization into a very successful, biotechnology company. Before moving to the fledgling biotech industry, Bill spent approximately 25 years in the pharmaceutical sector in a variety of commercial operating roles of increasing responsibilities at Abbott Laboratories, Bristol-Myers Squibb Co., and Adria Laboratories (now part of Pfizer). In addition to his role at Protox, Bill serves on the Board of Directors of Cerus Corporation, Intellikine, Cebix Inc., and the La Jolla Institute of Allergy and Immunology.

Amit Sobti is a principal with Warburg Pincus where he focuses on investments in healthcare. Prior to joining Warburg Pincus, he worked at Rhône Capital, a mid-market private equity firm, and at Merrill Lynch in the Mergers & Acquisitions group. Amit received an A.B. in Business Economics and an A.B. in Computer Science from Brown University. In addition to Protox, Amit also serves on the Board of Directors of ReSearch Pharmaceutical Services, Inc.

About Protox

Protox Therapeutics is a leader in advancing novel, receptor targeted therapeutic fusion proteins. Two drug candidates derived from the company's INxin™ and PORxin™ platforms are in clinical development. Protox's lead program, PRX302 (PORxin), achieved positive results from its Phase 2b placebo controlled trial called TRIUMPH, to treat benign prostatic hyperplasia (BPH or enlarged prostate). Protox has partnered with Kissei Pharmaceuticals for the development and commercialization of PRX302 in Japan. PRX321 (INxin) is being developed for the treatment of various cancers and has received Fast Track Designation and Orphan Drug Status from the US FDA and EMEA for the treatment of primary brain cancer. For more information, please visit www.protoxtherapuetics.com.

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:

James Beesley Investor Relations Protox Therapeutics 604-813-0133 jbeesley@protoxtherapeutics.com

Michael Moore Investor Relations Equicom Group 619-467-7067 mmoore@equicomgroup.com


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