Sophiris Bio Inc. Files for a $75 Million IPO

SAND DIEGO and VANCOUVER, Feb. 18, 2013 - Sophiris Bio Inc. (Sophiris, TSX: SHS) ("Sophiris" or the "Company"), a biopharmaceutical company developing a treatment for benign prostatic hyperplasia (BPH or enlarged prostate), previously announced on February 15, 2013 that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial U.S. public offering of its common shares on the NASDAQ stock market. The Company has also filed a preliminary short form prospectus with the securities regulatory authorities in British Columbia and Ontario in connection with the proposed offering. All common shares to be sold in the offering will be offered by Sophiris. The number of shares to be offered and the price range for the offering have not yet been determined.

Citigroup and Leerink Swann are acting as joint book-running managers for the offering. Stifel and Lazard Capital Markets are acting as co-managers. The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to and describing the terms of the offering may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at batprospectusdept@citi.com or by phone at 1-800-831-9146, and Leerink Swann LLC (excluding the Canadian preliminary prospectus), Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110, or by email at Syndicate@Leerink.com or by phone at 1-800-808-7525.

A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Sophiris

Sophiris Bio Inc. is a biopharmaceutical company developing a treatment for benign prostatic hyperplasia (BPH or enlarged prostate), which it believes is an unsatisfied market with significant market potential. PRX302, the Company's lead candidate for BPH, is designed to be as efficacious as pharmaceuticals, less invasive than the surgical interventions, and without the sexual side effects experienced with existing treatments. Sophiris is planning to begin the first of two pivotal clinical trials of PRX302 in the first half of 2013.

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 Sophiris' current beliefs as well as assumptions made by and information currently available to Sophiris and relate to, among other things, regulatory approval and marketing of the offering, 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 Sophiris in its public securities filings; actual events may differ materially from current expectations. Sophiris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE: Sophiris Bio, Inc.

For further information:

Lauren Glaser

Investor Relations

The Trout Group

646-378-2972

lglaser@troutgroup.com

James Beesley

Investor Relations

Sequoia Partners

778-389-7715

james@sequoiapartners.ca

Michael Moore

Investor Relations

TMX Equicom

619-467-7067

mmore@tmxequicom.com

Jason I. Spark

Media Relations

Canale Communications, Inc.

619-849-6005

jason@canalecomm.com