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cabbieJBJ on Jul 18, 2011 11:08am
$15 million financing
Protox secures $15 million financing from Oxford Finance LLC
Monday, July 18, 2011
SAN DIEGO, CA and VANCOUVER, July 18, 2011 /CNW/ - Protox Therapeutics Inc. ("Protox", TSX: PRX), a developer of innovative products for the treatment of urological diseases, today announced that it has entered into a US $15 million loan agreement with Oxford Finance LLC. Proceeds will be used to finance Protox's late stage drug development program for the treatment of Benign Prostate Hyperplasia (BPH).
"As we advance the development of PRX302 for the treatment of BPH, the proceeds of this loan provide Protox with additional financing at an attractive cost of capital," said Lars Ekman, Executive Chairman and President of Protox. "It is a supplement to our overall financing strategy in that it dovetails with our investment agreement with Warburg Pincus."
"Oxford is pleased to provide financing to Protox to support the development of PRX302, which has yielded promising results from clinical trials," said Christopher A. Herr, managing director for Oxford Finance. "We appreciate the opportunity to further the progress of this innovative drug."
In September 2010, Protox entered into an investment agreement with Warburg Pincus, a leading global private equity firm, under which Warburg Pincus committed to invest up to Cdn $35 million in Protox. A first tranche of $10 million was completed in November 2010.
Press release from CNW Group
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