Protox trims size of private placement

Protox Therapeutics (TSX:PRX) has reduced the size of its planned private placement to about $6.5 million from $8 million through the sale of units priced at 45 cents each instead of 55 cents.

Each unit consists of one common share of Protox and one-half of a warrant.  Each whole warrant will entitle the holder to purchase one common share for 65 cents over five years, subject to a possible acceleration of the expiry date.

On Feb. 4, the company said each whole warrant would entitle the holder to purchase one common share at a price of 70 cents for a two-year period, subject to a possible acceleration of the expiry date.

Dundee Capital Markets is lead placement agent, with Canaccord Financial and Versant Partners as co-agents.