Member Press Release 

Protox named to TSX Venture 50 list of top emerging companies

December 6, 2005

Protox Therapeutics Inc. was today named to the 2005 TSX Venture 50™, the first ever ranking of Canada’s top emerging public companies listed on TSX Venture Exchange.

“Being named to the TSX Venture 50™ is tremendous recognition for our accomplishments as a company,” said Dr. Fahar Merchant, Protox President and CEO.  "Our team has worked hard this year in advancing the PORxin™ platform and in particular, our lead candidate PRX302 for a planned Phase I clinical trial. Being able to access capital through the TSX-V in two oversubscribed offerings has made this possible."

The TSX Venture 50™ are the top 10 companies in each of five major industry sectors – mining, oil & gas, technology, life science and diversified industries – based on a ranking formula with equal weighting given to one-year revenue (last reported 12 months), return on investment, market cap growth and trading volume. All data was as of August 31, 2005.

"We are very proud to launch the TSX Venture 50™ to celebrate the achievement of our issuers,” said Linda Hohol, President, TSX Venture Exchange.  “The impressive list of companies demonstrates that the TSX Venture Exchange is a unique incubator of public companies, and the companies in the TSX Venture 50™ are living proof as to why this market is working.

Protox Therapeutics Inc. is developing novel targeted cancer therapeutics based on engineered protein toxins. Its lead programme (PORxin™) is based on pore forming protoxins such as modified proaerolysin. PORxins™ are inactive pro-drugs that are preferentially activated at the tumour site into potent toxins by cancer specific proteases, thereby causing cancer cell death. The Company works in partnership with research groups at the University of Victoria, Johns Hopkins University, Scott &White Hospital and other research institutions. The Company’s lead candidate, PORxin™302 is being developed for the treatment of localized prostate cancer. The Company anticipates that it will be ready to file an Investigational New Drug application (IND) with the Food and Drug Administration of the United States of America (FDA) in Q4 2005 for approval to initiate a Phase I safety study with PORxin™302.

For more information contact:

Terry Vanderkruyk
Director, Investor Relations
Protox Therapeutics Inc.
604-688-4376 tel
604-789-0844 cell
604-688-0173 fax
Email tvanderkruyk@protoxtherapeutics.com

The 2005 TSX Venture 50TM was compiled based on public historical data and is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Venture Exchange. TSX Group Inc. and its affiliates do not endorse or recommend any securities referenced in this ranking. Neither TSX Group Inc. nor its affiliated companies represent, warrant or guarantee the accuracy or the completeness of the information. You should not rely on this information contained herein for any trading, business or financial purposes. TSX Group Inc. and its affiliates assume no liability for any errors or inaccuracies herein or any use or reliance upon this information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release. This press release contains certain forward-looking statements respecting the Company’s business, capital, research and  development, and potential future products, which statements can be identified by the use of forward looking terminology, such as “expect”, “to generate”, “moving forward”, “intends”, “committed to”, “moving”, “developing”, “believe” or the negative thereof or any other variations thereon or, or that events or conditions “will,”, “can”, “to”, “may,” “could” or “should” occur, or comparable terminology referring to future events or results.  The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including, without limitation, the need for extensive additional research and development, which is costly and time-consuming and may not produce anticipated or useful results; scientific research and development risks; the risk of technical obsolescence; intellectual property risks; manufacturing and marketing risks; partnership/strategic alliance risks; the effect of competition; the need for regulatory approvals, including without limitation, FDA approvals, which is not assured; product liability and insurance risks; the need for future human clinical trials, the occurrence and success of which is not assured; changes in business strategy or development plans; and the need for additional capital, which may not be obtained; and the fact that the Company may not produce any products or if it does, that such products may not be commercially successful;  any of which could cause actual results to vary materially from current results or the Company’s anticipated future results.  See the Company’s prospectus and other documents filed with the TSX Venture Exchange and the Canadian Securities Administrators at www.sedar.com from time to time for a further discussion of these and other important risks and uncertainties that could cause actual results to differ materially from results referred to in forward-looking statements.  The Company assumes no obligation to update the information contained in this press release.