Q4 results
Protox Reports Fourth Quarter and Full Year 2011 Financial Results and Achievements
Wednesday, March 21, 2012
VANCOUVERAND SAN DIEGO, CA, March 21, 2012/CNW/ - Protox Therapeutics Inc. ("Protox", TSX: PRX), a developer of innovative products for the treatment of urological diseases, today announced financial results and achievements for the Fourth Quarter and year ended December 31, 2011.
"We are pleased with our achievements, in particular the strengthening of the Protox management team with the recruitment of a proven executive team with the experience of more than 20 product approvals. In addition we also markedly improved our financial position by raising over $23 millionin two transactions," said Dr. Lars Ekman, Executive Chairman and President of Protox. Dr. Ekmanadded, "Another notable achievement was the continued progress in our Transrectal Study of PRX302 for the treatment of Benign Prostatic Hyperplasia (BPH)."
Operational and Financial Highlights
- Received FDA approval for our Investigational New Drug ("IND") Application to evaluate PRX302 in patients with moderate to severe benign prostatic hyperplasia.
- Commenced our ongoing Transrectal Study of PRX302 for the treatment of benign prostatic hyperplasia ("BPH").
- Improved our intellectual property position by securing a key European patent covering method of use of PRX302 for the treatment of BPH.
- Successfully transitioned operations from Vancouver, BC, to La Jolla, California, allowing the Company to benefit from the significant biotechnology presence in Southern California.
- Recruited a strong and seasoned management team with the notable additions of Lars Ekman, MD Ph.D., as Executive Chairman and President; Allison J. Hulme, Ph.D, as Chief Operating Officer and Head of Research & Development; Alex Casdin as Chief Financial Officer; and Dr. Richard Yocumas Chief Medical Officer.
- Secured a USD$15 million loan facility agreement in July with Oxford Finance LLC, strengthening the Company's cash position.
- Received continued support from our largest shareholder, Warburg Pincus, in December with the additional investment of CND$8.3 million under the original investment agreement.
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