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Protox reports first quarter 2010 financial results

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^{Published in Health and Fitness on Thursday, May 13th 2010 at 13:15 GMT by Market Wire}  

 Q1 2010 Highlights - Announced positive top-line results from the TRIUMPH study showing that it had achieved its primary clinical endpoint of a statistically significant improvement in International Prostate Symptom Score (IPSS) for subjects treated with PRX302 versus subjects receiving placebo. - Closed a brokered private placement raising net proceeds of $4.8 million from the issuance of 11,285,388 units at a price of $0.45 per unit. Each Unit is comprised of one common share of Protox and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of Protox at a price of $0.65 for a five year period from closing date subject to an acceleration of the expiry date in certain circumstances. Highlights Subsequent to Quarters End - On April 29, 2010, the Company announced that it had entered into a US $75 million license agreement with Kissei Pharmaceutical Co., Ltd. for the development and commercialization of PRX302 in Japan for BPH, prostate cancer and other diseases of the prostate. FINANCIAL RESULTS ------------------------------------------------------------------------- Three months ended: Mar 31 2010 Dec 31 2009 Sep 30 2009 Jun 30 2009 ------------------------------------------------------------------------- Interest income $0.5 $ 1.3 $ 3.3 $ 10.4 Total expenses 1,638.0 1,719.3 2,191.7 1,814.7 Net loss (1,637.5) (1,717.9) (2,189.9) (1,812.2) Loss per share (0.02) (0.02) (0.03) (0.02) ------------------------------------------------------------------------- Three months ended: Mar 31 2009 Dec 31 2008 Sep 30 2008 Jun 30 2008 ------------------------------------------------------------------------- Interest income $ 32.5 $ 63.9 $ 90.8 $ 50.0 Total expenses 2,296.0 2,555.6 2,587.0 1,936.9 Net loss (2,263.5) (2,491.7) (2,496.1) (1,886.7) Loss per share (0.03) (0.03) (0.03) (0.03) -------------------------------------------------------------------------