Document:

EX-4.4

 Exhibit 4.4 
 EXHIBIT B 
 PROTOX THERAPEUTICS INC. 

WARRANT 
 THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH
SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY UNDER A REGISTRATION PURSUANT TO THE SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. 
 THE SECURITIES REPRESENTED BY THIS WARRANT ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH HEREIN AND IN AN INVESTMENT AGREEMENT, DATED AS OF SEPTEMBER 28, 2010, COPIES OF WHICH ARE ON FILE WITH
THE SECRETARY OF THE ISSUER. 
 UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
[INSERT DATE THAT IS 4 MONTHS AND A DAY AFTER THE DATE HEREOF]] 
  

			
	Warrant No. [            ]	  	Number of Shares (subject to adjustment):
		  	[            ]

 Date of Issuance: [            ], 2010 

PROTOX THERAPEUTICS INC. 
 Common Shares Purchase Warrant 
 Section 1. Definitions.
Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated. 

“Acceleration Option” shall have the meaning set forth in Section 3(B). 

“Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by or
under common control with, such other person. 

 “Approved Markets” shall mean the Toronto Stock Exchange, the NASDAQ
Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market, the New York Stock Exchange or the NYSE Amex. 

“Board” means the Board of Directors of the Company or, with respect to any action to be taken by the Board, any
committee of the Board duly authorized to take such action. 
 “Business Day” means any day except
Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in British Columbia generally are authorized or required by law or other governmental actions to close. 

“Capital Stock” of any Person means any and all securities (including equity-linked securities), interests
(including partnership interests), rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person. 
 “Common Shares” means the Company’s common shares, no par value. 
 “Company” means Protox Therapeutics Inc., a British Columbia corporation. 
 “Deemed Exercise Date” shall have the meaning set forth in Section 3(B). 
 “Exercise Price” shall have the meaning set forth in Section 2. 
 “Expiration Time” shall have the meaning set forth in Section 3(A). 
 “Fair Market Value” means the amount which a willing buyer would pay a willing seller in an arm’s-length transaction as determined in good faith by the Board and evidenced by
a resolution (without giving effect to any minority discount or illiquidity discount). 
 “Investment
Agreement” means that certain Investment Agreement, dated September 28, 2010, by and among the Company and the purchasers named therein, as the same may be amended from time to time. 

“Market Price” shall mean, with respect to the Common Shares (or other relevant Capital Stock) on any date of
determination, the volume weighted average trading price of the Common Shares (or other relevant Capital Stock) on the relevant Approved Market for the five day period prior to such date, provided that if the Common Shares are listed on multiple
Approved Markets, the Market Price shall be the volume weighted average trading price of the Common Shares (or other relevant Capital Stock) for the five day period prior to the determination date on the market on which the greatest volume of
trading in the Common Shares (or other relevant Capital Stock) occurred during the 20 business days preceding such date. 

“Notice of Exercise” means the form of notice of exercise annexed hereto as Schedule “A”. 

“Payment Method Election Notice” shall have the meaning set forth in Section 3(B). 

  
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 “Person” means any individual, corporation, general partnership,
limited partnership, limited liability partnership, joint venture, association, joint-stock company, trust, limited liability company, unincorporated organization, other entity or government or any agency or political subdivision thereof.

 “Pro Rata Repurchase” means any purchase of Common Shares by the Company or any Affiliate thereof
pursuant to: 
 (A) any tender offer or exchange offer, or 

(B) pursuant to any other offer available to substantially all holders of Common Shares, in each case whether for cash,
shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person or any other property (including, without limitation, shares of Capital Stock, other securities or evidences of
indebtedness of a Subsidiary of the Company), or any combination thereof, effected while this Warrant is outstanding. The “Effective Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange
under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange offer. 
 “Provisional Exercise Notice” shall have the meaning set forth in Section 3(B). 
 “Securities Act” means the United States Securities Act of 1933, as amended. 
 “Shares” shall have the meaning set forth in Section 2. 
 “Subsidiary” means a partnership, joint-stock company, corporation, limited liability company, trust, unincorporated organization or other entity of which a Person owns, directly
or indirectly, more than 50% of the stock or other interests the holder of which is generally entitled to vote for the election of the board of directors or other governing body of such entity. 

“Trading Day” means a day on which a trade in the Common Shares is recorded on each Approved Market in which the
Common Shares are then listed for trading. 
 “TSX” means the Toronto Stock Exchange. 

“U.S. Person” means a “U.S. Person” as defined in Regulation S under the Securities Act. 

“Warrantholder” shall have the meaning set forth in Section 2. 

“Warrant” means this Warrant. 
 Section 2. Number of Shares; Exercise Price. This certifies that, for value received, [    ], its Affiliates or its transfers or assigns (the
“Warrantholder”) is entitled, upon the terms and subject to the conditions hereinafter set forth, to acquire from the Company, in 

  
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whole or in part, an aggregate of
[    ]1 fully paid and nonassessable Common Shares, subject to adjustment pursuant to this Warrant (the “Shares”) at a purchase price equal to $.50 per share (the “Exercise
Price”). The number of Shares and the Exercise Price are subject to adjustment as provided herein, and all references to “Shares,” “Common Shares” and “Exercise Price” herein shall be deemed to include any such
adjustment or series of adjustments. 
 Section 3. Exercise of Warrant; Term. (A) To the extent
permitted by applicable laws and regulations, the right to purchase the Shares represented by this Warrant is exercisable, in whole or in part by the Warrantholder, at any time or from time to time after the date hereof, but in no event later than
11:59 p.m., New York City time, on the fifth anniversary of the date hereof (such time, the “Expiration Time”) and subject to the Acceleration Option, by 

(i) the surrender of this Warrant and Notice of Exercise annexed hereto, duly completed and executed on behalf of the
Warrantholder, at the office of the Company in Vancouver, British Columbia, Canada (or such other office or agency of the Company in the United States or Canada as it may designate by notice in writing to the Warrantholder at the address of the
Warrantholder appearing on the books of the Company), and 
 (ii) payment of the Exercise Price for the Shares
thereby purchased at the election of the Warrantholder in one of the following manners: 
 (a) by tendering in
cash, by certified or cashier’s check payable to the order of the Company, or by wire transfer of immediately available funds to an account designated by the Company; or 

(b) by having the Company withhold Common Shares issuable upon exercise of the Warrant equal in value to the aggregate
Exercise Price as to which this Warrant is so exercised based on the Market Price of the Common Shares on the last full Trading Day prior to the delivery of this Warrant and the Notice of Exercise to the Company. 

(iii) This Warrant and the Shares issuable upon exercise hereof have not been registered under the Securities Act or the
securities laws of any state of the United States, and this Warrant may not be exercised within the United States or by or on behalf of any U.S. Person unless under a registration pursuant to the Securities Act or an exemption from the registration
requirements of the Securities Act and applicable state securities laws. The Company shall not issue or register Shares or the certificates representing such Shares unless the Warrantholder has executed and delivered to the Company a Notice of
Exercise included as Schedule “A” hereto. 
 (iv) If the Warrantholder does not exercise this Warrant
in its entirety, the Warrantholder will be entitled to receive from the Company within a reasonable time, 
  

	1 	 Amount to be 60% of common shares issuable to Warrantholder in the subsequent investment as adjusted pursuant to Section 2.3 of the Investment
Agreement. 

  
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and in any event not exceeding three (3) Business Days, a new warrant certificate in substantially identical form for the purchase of that number of Shares equal to the difference between the
number of Shares subject to this Warrant and the number of Shares as to which this Warrant is so exercised. 

(B) (i) Subject to the terms and conditions of this Section 3(B), prior to the Warrant being exercised by a
Warrantholder pursuant to Section 3(A), the Company may cause the exercise of the Warrant in whole (and not in part) and issue Shares to the Warrantholder at the Exercise Price. 

(ii) The option set forth in Section 3(B)(i) (the “Acceleration Option”) may only by
exercised after the second anniversary of the date hereof and prior to the Expiration Time. The Acceleration Option may only be exercised if the arithmetic mean of the Market Price for the twenty (20) full Trading Days preceding the delivery of
the Provisional Exercise Notice (as defined below) is greater than three times (3X) the Exercise Price. 

(iii) In order to exercise the Acceleration Option, the Company shall deliver written notice (the “Provisional
Exercise Notice”) to the Warrantholder by first class mail, postage prepaid, notifying the Warrantholder of (a) the Company’s exercise of the Acceleration Option, (b) the number of Shares to be issued to the Warrantholder
upon exercise and conversion (which shall be all of the Shares issuable upon exercise of the Warrant at the relevant time), (c) the Exercise Price and (d) the date on which such conversion and the issuance of Shares shall occur, which date
shall not be less than eleven (11) days nor be more than fifteen (15) days after the delivery of the Provisional Exercise Notice. 
 (iv) Within ten (10) days of receipt of the Provisional Exercise Notice, the Warrantholder shall deliver written notice (the “Payment Method Election Notice”) to the Company as to
whether it elects (in its sole discretion) to deliver the Exercise Price for the Shares issuable upon exercise of the Acceleration Option by the means set forth in Section 3(A)(ii)(a), the means set forth in
Section 3(A)(ii)(b) or any combination thereof. In the event that the Company does not receive the Warrantholder’s Payment Method Election Notice within such ten (10) day period, the Warrantholder shall be deemed to have
elected to deliver the Exercise Price by the means set forth in Section 3(A)(ii)(b). 
 (v) The
issuance of the Shares upon exercise of the Acceleration Option shall occur on the date specified in the Provisional Exercise Notice or such other date mutually agreed to in writing by the Company and the Warrantholder (the “Deemed Exercise
Date”) by surrender of the Warrant and delivery of the Exercise Price (if applicable) pursuant to the terms of this Section 3; provided, however, the Company is only obligated to issue Shares and the Warrantholder is only
obligated to surrender the Warrant in respect of the exercise of the Acceleration Option if the arithmetic mean of the Market Price for the twenty (20) full Trading Days preceding the Deemed Exercise Date is greater than three times
(3X) the Exercise Price. 

  
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 (C) Unless otherwise waived in writing by the Warrantholder prior to the
Expiration Time, in the event that this Warrant is not exercised prior to the Expiration Time and provided that the Market Price of the Common Shares on each Approved Market in which Common Shares are listed for trading is greater than the Exercise
Price, the Warrantholder shall be deemed to have exercised this Warrant as of the Expiration Time without any further action by the Warrantholder and shall be deemed to have elected payment of the Exercise Price pursuant to the means set forth in
Section 3(A)(ii)(b). Thereupon, the Company shall promptly (and in any event within two (2) Business Days) deliver to the Warrantholder the Shares issuable upon such exercise and take any other action necessary to effect such
issuance. For the avoidance of doubt, in no event shall the exercise of this Warrant pursuant to this Section 3(C) require any cash payment by the Warrantholder. 
 Section 4. U.S. Legends. Upon the original issuance thereof, and until such time as the same is no longer required under applicable requirements of the Securities Act or state securities laws,
the certificates representing the Shares issuable upon the exercise of this Warrant, and all certificates issued in exchange therefor or in substitution thereof, shall bear on the face of such certificates the following legend: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY UNDER A REGISTRATION PURSUANT TO THE SECURITIES ACT OR AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. 
 Section 5. Issuance of Shares; Authorization; Listing;
Reporting Issuer Status. Certificates for Shares issued upon exercise of this Warrant will be issued in such name or names as the Warrantholder may designate and will be delivered to such named Person or Persons within a reasonable time, not to
exceed three (3) Business Days after the date on which this Warrant has been duly exercised in accordance with the terms of this Warrant. The Company hereby represents and warrants that any Shares issued upon the exercise of this Warrant in
accordance with the provisions of Section 3 and all other provisions of this Warrant will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens or charges
created by the Warrantholder or taxes in respect of any transfer occurring contemporaneously therewith). The Company will at all times reserve and keep available out of its authorized but unissued Common Shares, solely for the purpose of providing
for the exercise of this Warrant, the aggregate number of shares of Common Shares then issuable upon exercise of this Warrant. The Company will procure, at its sole expense, the listing of the Shares upon exercise of this Warrant, including but not
limited to those Shares issuable pursuant to Section 13 of this Warrant, subject to issuance or notice of issuance on all stock exchanges on which the Common Shares are then listed or traded and maintain the listing of such Shares after
issuance. The Company will use commercially reasonable efforts to ensure that the Shares may be issued without violation of any applicable law or regulation or of any requirement of any securities exchange, if any, on which the Shares are listed or
traded. The 

  
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Company shall make all requisite filings under applicable securities law and the respective regulations made thereunder including those necessary to remain a reporting issuer not in default of
any of the requirements of such laws and regulations. 
 Section 6. No Fractional Shares. No fractional Shares shall
be issued upon any exercise of this Warrant. In lieu of any fractional Share to which the Warrantholder would otherwise be entitled, the Warrantholder shall be entitled to receive a cash payment equal to the Market Price of the Common Shares on the
date of exercise less the Exercise Price for such fractional Share. 
 Section 7. No Rights as Shareholders; Transfer
Books. This Warrant does not entitle the Warrantholder to any voting rights or other rights as a shareholder of the Company prior to the date of exercise hereof. The Company will at no time close its transfer books against transfer of this
Warrant in any manner which interferes with the timely exercise of this Warrant. 
 Section 8. Charges, Taxes and
Expenses. Issuance of certificates for Shares to the Warrantholder upon the exercise of this Warrant shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such
certificates, all of which taxes and expenses shall be paid by the Company. 
 Section 9. Transfer/Assignment.
(A) Subject to compliance with the Investment Agreement, applicable securities laws, and this Section 9, this Warrant and all rights hereunder are transferable, in whole or in part, by the Warrantholder in person or by duly
authorized attorney by completing and delivering to the Company the transfer form attached hereto as Schedule “B”. Upon surrender of this Warrant, duly endorsed, to the office or agency of the Company described in Section 3, a
new warrant shall be made and delivered by the Company, of the same tenor and date as this Warrant but registered in the name of the transferee. All expenses and other charges payable in connection with the preparation, execution and delivery of the
new warrants pursuant to this Section 9 shall be paid by the Company. 
 Section 10. Exchange and Registry of
Warrant. This Warrant is exchangeable, subject to applicable securities laws, upon the surrender hereof by the Warrantholder to the Company, for a new Warrant or new Warrants of like tenor and representing the right to purchase the same
aggregate number of Shares. The Company shall maintain a registry showing the name and address of the Warrantholder as the registered holder of this Warrant. This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at
the office of the Company, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry. All expenses and other charges payable in connection with the preparation, execution and delivery of
the new warrants pursuant to this Section 10 shall be paid by the Company. 
 Section 11. Loss, Theft,
Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in the case of any such loss, theft or destruction, upon receipt of an
indemnity or security satisfactory to the Company, acting reasonably, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated
Warrant, a new warrant of like tenor 

  
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and representing the right to purchase the same aggregate number of Shares as provided for in such lost, stolen, destroyed or mutilated Warrant. 

Section 12. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding day that is a Business Day. 

Section 13. Adjustments and Other Rights. The Exercise Price and the number of Shares issuable upon exercise of this Warrant
shall be subject to adjustment from time to time as follows; provided, that no single event shall be subject to adjustment under more than one sub-section of this Section 13 so as to result in duplication. 

(A) Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company shall (i) declare a stock dividend or make
a distribution on its securities, in each case, in Common Shares, (ii) subdivide or reclassify the outstanding Common Shares into a greater number of shares, or (iii) combine or reclassify the outstanding Common Shares into a smaller
number of shares, the number of Shares issuable upon exercise of this Warrant at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be proportionately
adjusted so that the Warrantholder after such date shall be entitled to purchase the number of Common Shares which such holder would have owned or been entitled to receive after such date had this Warrant been exercised immediately prior to such
date. In such event, the Exercise Price in effect at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted to the number obtained by dividing
(x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment and (2) the Exercise Price in effect immediately prior to the record or effective date, as the case may be, for such
dividend, distribution, subdivision, combination or reclassification giving rise to this adjustment by (y) the new number of Shares issuable upon exercise of this Warrant determined pursuant to the immediately preceding sentence. 

(B) Other Distributions. In case the Company shall fix a record date for the making of a distribution to all holders of Common
Shares (i) of shares of any class of Capital Stock other than its Common Shares, (ii) of evidence of indebtedness of the Company or any Subsidiary, (iii) of assets or cash (excluding dividends or distributions referred to in
Section 13(A)), or (iv) of rights or warrants (other than in connection with the adoption of a stockholder rights plan), in each such case, the Exercise Price in effect prior thereto shall be reduced immediately thereafter to the
price determined by dividing (x) an amount equal to the difference resulting from (1) the number of Common Shares outstanding on such record date multiplied by the Exercise Price on such record date, less (2) the Fair Market Value of
said shares or evidences of indebtedness or assets or rights or warrants to be so distributed by (y) the number of Common Shares outstanding on such record date; such adjustment shall be made successively whenever such a record date is fixed.
In such event, the number of Shares issuable upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such
adjustment, and (2) the Exercise Price in effect immediately prior to the issuance giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. In the event

  
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that such distribution is not so made, the Exercise Price and the number of Shares issuable upon exercise of this Warrant then in effect shall be readjusted, effective as of the date when the
Board determines not to distribute such shares, evidences of indebtedness, assets, rights or warrants, as the case may be, to the Exercise Price that would then be in effect and the number of Shares that would then be issuable upon exercise of this
Warrant if such record date had not been fixed. 
 (C) Certain Repurchases of Common Shares. In case the Company effects
a Pro Rata Repurchase of Common Shares, then the Exercise Price shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the effective date of such Pro Rata Repurchase by a fraction of which the
numerator shall be (i) the product of (x) the number of Common Shares outstanding immediately before such Pro Rata Repurchase and (y) the Market Price of a Common Share on the Trading Day immediately preceding the first public
announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the denominator shall be the product of (i) the number
of Common Shares outstanding immediately prior to such Pro Rata Repurchase minus the number of Common Shares so repurchased and (ii) the Market Price per Common Share on the Trading Day immediately preceding the first public announcement of
such Pro Rata Repurchase. In such event, the number of Common Shares issuable upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of
this Warrant before such adjustment, and (2) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding
sentence. For the avoidance of doubt, no increase in the Exercise Price or reduction in the number of Shares issuable upon exercise of this Warrant shall be made pursuant to this Section 13(C). 

(D) Rounding of Calculations. All calculations under this Section 13 shall be made to the nearest one-hundreth
(1/100th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may be. 
 (E) Timing of
Issuance of Additional Shares Upon Certain Adjustments. In any case in which the provisions of this Section 13 shall require that an adjustment shall become effective immediately after a record date for an event, the Company may
defer until the occurrence of such event (i) issuing to the Warrantholder of this Warrant exercised after such record date and before the occurrence of such event the additional Shares issuable upon such exercise by reason of the adjustment
required by such event over and above the Shares issuable upon such exercise before giving effect to such adjustment and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional Share; provided, however, that the
Company upon request shall deliver to such Warrantholder a due bill or other appropriate instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash, upon the occurrence of the event requiring such
adjustment. 
 (F) Adjustment for Unspecified Actions. If the Company takes any action affecting the Common Shares, other
than actions described in this Section 13, which in the opinion of the Board would adversely affect the exercise rights of the Warrantholder, the Exercise Price for the Warrant and/or the number of Shares received upon exercise of the
Warrant shall be adjusted for the Warrantholder’s benefit, to the extent permitted by law, in such 

  
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manner, and at such time, as the Board after consultation with the Warrantholder shall reasonably determine to be equitable in the circumstances. Failure of the Board to provide for any such
adjustment will be evidence that the Board has determined that it is equitable to make no such adjustments in the circumstances. 
 (G) Statement Regarding Adjustments. Whenever the Exercise Price or the number of Shares into which this Warrant is exercisable shall be adjusted as provided in Section 13 herein, the
Company shall forthwith file at the principal office of the Company a statement showing in reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in effect and the number of Shares issuable upon the exercise of
this Warrant after such adjustment, and the Company shall also cause a copy of such statement to be sent by mail, first class postage prepaid, to each Warrantholder at the address appearing in the Company’s records. 

(H) Notice of Adjustment Event. In the event that the Company shall propose to take any action of the type described in this
Section 13 (but only if the action of the type described in this Section 13 would result in an adjustment in the Exercise Price or the number of Shares issuable upon the exercise of this Warrant or a change in the type of
securities or property to be delivered upon exercise of this Warrant), the Company shall give notice to the Warrantholder, in the manner set forth in Section 13(G), which notice shall specify the record date, if any, with respect to any
such action and the approximate date on which such action is to take place. Such notice shall also set forth the facts with respect thereto as shall be reasonably necessary to indicate the effect on the Exercise Price and the number, kind or class
of shares or other securities or property which shall be deliverable upon exercise of this Warrant. In the case of any action which would require the fixing of a record date, such notice shall be given at least ten (10) days prior to the date
so fixed, and in case of all other action, such notice shall be given at least fifteen (15) days prior to the taking of such proposed action. Failure to give such notice, or any defect therein, shall not affect the legality or validity of any
such action. 
 (I) No Impairment. The Company will not, by amendment of its articles of incorporation, bylaws or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by
the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in taking of all such action as may be necessary or appropriate in order to protect the rights of the Warrantholder. 

(J) Adjustment Rules. Any adjustments pursuant to this Section 13 shall be made successively whenever an event
referred to herein shall occur. 
 Section 14. Notice. Upon each determination of Market Price or Fair Market Value,
as the case may be, hereunder, the Company shall promptly give notice thereof to the Warrantholder, setting forth in reasonable detail the calculation of such Market Price or Fair Market Value, and the method and basis of determination thereof, as
the case may be. 
 Section 15. Governing Law. This Warrant shall be binding upon any successors or assigns of the
Company. This Warrant shall constitute a contract under the laws of the Province of British Columbia and for all purposes shall be construed in accordance with and 

  
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governed by the laws of the Province of British Columbia and the federal laws of Canada applicable therein, without giving effect to its principles regarding conflicts of law. The Company hereby
irrevocably submits to the jurisdiction of the courts of the Province of British Columbia. 
 Section 16.
Attorneys’ Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder as the holder of this Warrant relating hereto, the prevailing party shall be entitled to recover all of its reasonable
attorneys’ fees and expenses incurred in enforcing this Warrant. 
 Section 17. Amendments. This Warrant may be
amended and the observance of any term of this Warrant may be waived only, in the case of an amendment, with the written consent of the Company and the Warrantholder, or in the case of a waiver, by the party against whom the waiver is to be
effective. 
 Section 18. Notices. All notices hereunder shall be in writing and shall be effective (A) on the
day on which delivered if delivered personally or transmitted by facsimile with evidence of receipt, (B) one Business Day after the date on which the same is delivered to a nationally recognized overnight courier service with evidence of
receipt, or (C) five Business Days after the date on which the same is deposited, postage prepaid, in the U.S. or Canadian mail, sent by certified or registered mail, return receipt requested, and addressed to the party to be notified at the
address indicated below for the Company, or at the address for the Warrantholder set forth in the registry maintained by the Company pursuant to Section 10, or at such other address and/or telecopy or telex number and/or to the attention
of such other person as the Company or the Warrantholder may designate by ten-day advance written notice. Notwithstanding the foregoing, the Provisional Exercise Notice sent in accordance with Section 3(B), shall be deemed effective on
the date which the same is deposited, postage prepaid, in the U.S. mail. 
 If to the Company, any notice hereunder shall be
sent to: 
 Protox Therapeutics Inc. 
 1210-885 West Georgia Street, 
 Vancouver, BC Canada V6C 3E8 

Attn: Chief Executive Officer 
 Facsimile: (604) 688-0173 
 Section 19. Prohibited Actions. The
Company agrees that it will not take any action which would entitle the Warrantholder to an adjustment of the Exercise Price if the total number of Shares issuable after such action upon exercise of this Warrant, together with all Common Shares then
outstanding and all Common Shares then issuable upon the exercise of all outstanding options, warrants, conversion and other rights, would exceed the total number of Common Shares then authorized by its certificate of incorporation. In furtherance
of and without limiting the foregoing, as a condition precedent to the taking of any action which would require an adjustment pursuant to Section 13, the Company shall take any action which may be necessary, including obtaining
regulatory or shareholder approvals or exemptions, in order that 

  
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the Company may thereafter validly and legally issue as fully paid and non-assessable all Shares that the Warrantholder is entitled to receive upon exercise of this Warrant. 

Section 20. Currency. All references to currency in this Warrant are denominated in Canadian dollars. 

Section 21. Entire Agreement. This Warrant and the forms attached hereto, and the Investment Agreement, contain the entire
agreement between the parties with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings with respect thereto. 
 [Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by a duly authorized
officer. 
 Dated: [            ], 2010 

 

			
	PROTOX THERAPEUTICS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ACKNOWLEDGED AND AGREED:
	
	[                    ]
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Warrant] 

  
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 SCHEDULE “A” 

[Form Of Notice Of Exercise] 
 Date:                      

 

	TO:	Protox Therapeutics, Inc. 

  

	RE:	Election to Subscribe for and Purchase Common Shares 

 The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees to subscribe for and purchase the number of common shares (“Shares”) set forth below covered by such
Warrant. The undersigned, in accordance with Section 3 of the Warrant, hereby agrees to pay the aggregate Exercise Price for Shares in the manner set forth below. 
 Number of Common Shares:                      

Method of Payment of Exercise Price:
                     
  

			
	Holder:	 	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 [Form of Notice of Exercise] 

  
 - 14 -

 SCHEDULE “B” 

TRANSFER FORM 
 FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (include name and address of the transferee)
                     Warrants exercisable for shares of common stock of Protox Therapeutics, Inc. (the “Company”) registered in the
name of the undersigned on the register of the Company maintained therefor, and hereby irrevocably appoints
                                        
the attorney of the undersigned to transfer the said securities on the books maintained by the Company with full power of substitution. 
 DATED
this      day of             ,         . 
 Signature of Transferor guaranteed by: 
  

					
	  
	 		 	  

	Name of Bank or Trust Company:	 		 	Signature of Transferor
			
		 		 	  

		 		 	  

		 		 	  

		 		 	Address of TransferorEX-4.5

 Exhibit 4.5 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO
THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 THIS
WARRANT AND THE SHARES REPRESENTED BY THIS WARRANT ARE SUBJECT TO CERTAIN RESALE RESTRICTIONS PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT (BRITISH COLUMBIA) AND CERTAIN RESTRICTIONS UPON TRANSFER PURSUANT TO THE TERMS HEREOF AND ANY
SHARES FOR WHICH THIS WARRANT IS EXCHANGED ARE SUBJECT TO CERTAIN RESALE RESTRICTIONS PURSUANT TO THE SECURITIES ACT (BRITISH COLUMBIA). 

UNLESS PERMITTED UNDER APPLICABLE SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 16, 2011 

 

			
	Warrant No.: Ox-1	 	
	
	 WARRANT TO PURCHASE COMMON SHARES

 

	Company:	 	PROTOX THERAPEUTICS INC., a corporation amalgamated under the Business Corporations Act (British Columbia)
	Number of Shares:	 	467,458
	Class of Stock:	 	Common
	Warrant Price:	 	$0.5170 (Cdn), per share
	Issue Date:	 	July 15, 2011
	Expiration Date:	 	4:00 p.m. (Vancouver time), July 15, 2018
	Credit Facility:	 	This Warrant is issued in connection with the Loan and Security Agreement between Company and Oxford Finance LLC, as collateral agent and lender, dated as of July 15, 2011, as
amended from time to time (the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, including without limitation, the
mutual promises contained in the Loan Agreement, OXFORD FINANCE LLC, together with any registered holder from time to time of this Warrant or any holder of the shares issuable or issued upon exercise of this Warrant, “Holder”) is entitled
to purchase the number of fully paid and nonassessable shares of the class of securities (the “Shares”) of the Company at the Warrant Price, all as set forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the
provisions and upon the terms and conditions set forth in this Warrant. 
 ARTICLE 1. EXERCISE. 

1.1 Method of Exercise. Holder may exercise this Warrant by delivering a duly executed Notice of Exercise in substantially the
form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Article 1.2, Holder shall also deliver to the Company a check, wire transfer (to an account

  

 
designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 

1.2 Conversion Right. In lieu of exercising this Warrant as specified in Article 1.1, Holder may from time to time convert this
Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares
by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3. 
 1.3 Fair Market Value. The fair market value of each Share shall be the volume weighted average price of the Shares on the Toronto Stock Exchange reported for the five (5) trading days prior
to the date that Holder delivers its Notice of Exercise to the Company. 
 1.4 Delivery of Certificate and New Warrant.
Promptly after Holder exercises or converts this Warrant and, if applicable, the Company shall deliver to Holder certificates for the Shares acquired and, if the Warrant has not been fully exercised or converted and has not expired, a new Warrant
representing the remaining portion of the Warrant not so exercised or converted. 
 1.5 Replacement of Warrants. On
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount
to the Company or, in the case of mutilation on surrender and cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 

1.6 Treatment of Warrant Upon Acquisition of Company. 
 1.6.1 “Acquisition”. For the purpose of this Warrant, “Acquisition” means any sale, license, or other disposition of all or substantially all of the assets of the Company, or
any reorganization, consolidation, or merger of the Company where the holders of the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction.

 1.6.2 Treatment of Warrant at Acquisition. 
 A) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is not an asset sale in which the sole consideration is cash and or Marketable Securities, either
(a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the closing of such Acquisition, or (b) if Holder elects not to exercise the Warrant, this
Warrant will expire upon the closing of such Acquisition. The Company shall provide the Holder with written notice of its request relating to the foregoing (together with such reasonable information as the Holder may request in connection with such
contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 
 B) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is an “arms length” sale of all or substantially all of the Company’s assets (and only
its assets) to a third party that is not an Affiliate (as defined below) of the Company (a “True 

  
 2 

 
Asset Sale”), either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the closing of such
Acquisition or (b) if Holder elects not to exercise the Warrant, this Warrant will continue until the Expiration Date if the Company continues as a going concern following the closing of any such true Asset Sale. The Company shall provide the
Holder with written notice of its request relating to the foregoing (together with such reasonable information as the Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder
not less than ten (10) days prior to the closing of the proposed Acquisition. 
 C) Upon the closing of any Acquisition other than those
particularly described in subsections (A) and (B) above, the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the
Shares issuable upon exercise of the unexercised portion of this Warrant as if such shares were outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly.

 As used herein, “Marketable Securities” “Marketable Securities” means securities meeting all of the following
requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the US Securities Exchange Act of 1934, as amended (the “Exchange Act”), or the is a “Reporting
Issuer” as such term is defined under applicable Canadian securities laws, and is then current in its filing of all required reports and other information under the Act and the Exchange Act, or under the reporting requirements and other
information under the Act and the Exchange Act, or under the reporting requirements under applicable Canadian Securities laws; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection
with the Acquisition were Holder to exercise or convert this Warrant on or prior to the closing thereof is then traded on a national US or Canadian securities exchange or over-the-counter market, and (iii) Holder would not be restricted by
contract or by applicable US or Canadian federal, provincial or state securities laws from publicly re-selling, within six (6) months and one day following the closing of such Acquisition, all of the issuer’s shares and/or other securities
that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing of such Acquisition. 
 As used herein “Affiliate” shall mean any person or entity that owns or controls directly or indirectly ten (10) percent or more of the voting securities of the Company, any person
or entity that controls or is controlled by or is under common control with such persons or entities, and each of such person’s or entity’s officers, directors, joint ventures or partners, as applicable. 

ARTICLE 2. ADJUSTMENTS TO THE SHARES. 
 2.1 Stock Dividends, Splits, Etc.. If the Company declares or pays a dividend on the Shares payable in common shares, or other securities, then upon exercise of this Warrant, for each Share
acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend occurred. If the Company subdivides the Shares
by reclassification or otherwise into a greater number of shares or takes any other action which increase the amount of stock into which the Shares are convertible, the number of shares purchasable hereunder shall be proportionately increased and
the Warrant Price shall be proportionately decreased. If the outstanding shares are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of
Shares shall be proportionately decreased. 

  
 3 

 2.2 Reclassification, Exchange, Combinations or Substitution. Upon any
reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of
this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall
include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to common shares pursuant to the terms of the Company’s common shares. The Company or its successor shall
promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property issuable upon exercise or conversion of this Warrant as a result of such reclassification, exchange, substitution or
other event that results in a change of the number and/or class of securities issuable upon exercise or conversion of this Warrant. The amendment to this Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable
to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Article 2.2 shall
similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
 2.3 No Impairment. The
Company shall not, by amendment of its constating documents or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or an any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary or
appropriate to protect Holder’s rights under this Article against impairment. 
 2.4 Fractional Shares. No
fractional Shares shall be issuable upon exercise or conversion of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the
Warrant, the Company shall eliminate such fractional share interest by paying Holder the amount computed by multiplying the fractional interest by the fair market value of a full Share. 

2.5 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company shell promptly notify Holder in writing,
and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon
written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 
 ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 
 3.1
Representations and Warranties. The Company represents and warrants and covenants to the Holder as follows: 
 (a) The
initial Warrant Price referenced on the first page of this Warrant is not greater than the fair market value of the Shares as of the date that is three days prior to the issuance of this Warrant. 

  
 4 

 (b) All Shares which may be issued upon the exercise this Warrant, shall, upon issuance, be
duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal, provincial and state securities laws. 

3.2 Notice of Certain Events. If the Company proposes at any time (a) to declare any dividend or distribution upon any of its
capital, whether in cash, property, common shares, or other securities and whether or not a regular cash dividend; (b) to offer for sale any shares in the capital of the Company (or other securities convertible into such common shares), other
than (i) pursuant to the Company’s stock option or other compensatory plans, (ii) in connection with commercial credit arrangements or equipment financings, or (iii) in connection with strategic transactions for purposes other
than capital raising; (c) to effect any reclassification or recapitalization of any of its capital; or (d) to merge or consolidate with or into any other corporation, or sell, lease, license, or convey all or substantially all of its
assets, or to liquidate, dissolve or wind up; then, in connection with each such event, the Company shall give Holder: (1) at least 10 days prior written notice of the date on which a record will be taken for such dividend, distribution, or
subscription rights (and specifying the date on which the holders of common shares will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; and (2) in the case of
the matters referred to in (c) and (d) above at least 10 days prior written notice of the date when the same will take place (and specifying the date on which the holders of common shares will be entitled to exchange their common shares
for the securities or other property deliverable upon the occurrence of such event). Company will also provide information requested by Holder reasonably necessary to enable the Holder to comply with the Holder’s accounting or reporting
requirements. 
 3.3 No Shareholder Rights: Except as provided in this Warrant, the Holder will not have any rights as a
shareholder of the Company until the exercise of this Warrant. 
 ARTICLE 4. REPRESENTATIONS; WARRANTIES OF THE HOLDER. The Holder
represents, and warrants to the Company as follows: 
 4.1 Purchase for Own Account. This Warrant and the securities to
be acquired upon exercise of this Warrant by the Holder will be acquired for investment purposes for the Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder
also represents that the Holder has not been formed for the Specific, purpose of acquiring this Warrant or the Shares. 
 4.2.
Disclosure of information. The Holder has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying
securities. The Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the
extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to the Holder or to which the Holder has access. 

4.3 Investment Experience. The Holder understands that the purchase of this Warrant and its underlying securities involves
substantial risk. The Holder has experience as an investor in securities of companies in the development stage and acknowledges that the Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities
and has such knowledge and experience in financial or business matters that the 

  
 5 

 
Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company
and certain of its officers, directors or controlling persons of a nature and duration that enables the Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. The Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Act and National Instrument 45-106 (Prospectus and Registration Exemptions) promulgated under the Securities Act (British Columbia). 
 4.5 The Act; British Columbia Act. The Holder understands that this Warrant and the Shares issuable upon exercise or conversion hereof (i) have not been registered under the Act in reliance
upon a specific exemption therefrom; and (ii) have been issued in reliance on certain exemptions from the prospectus requirements under applicable securities laws, which exemptions depend upon, among other things, the bona fide nature of the
Holder’s investment intent as expressed herein. The Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified under
applicable state securities laws, or unless exemptions from such registration and qualification are otherwise available. 
 ARTICLE 5.
MISCELLANEOUS. 
 5.1 Term. This Warrant is exercisable in whole or in part at any time and from time to time on
or before the Expiration Date. 
 5.2 Legends. This Warrant and the Sharps (and the securities issuable, directly or
indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “‘ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE
SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESALE RESTRICTIONS PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT (BRITISH COLUMBIA) AND CERTAIN RESTRICTIONS UPON TRANSFER PURSUANT TO THE TERMS OF THE WARRANT. 

UNLESS PERMITTED UNDER APPLICABLE SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 16,
2011. 

  
 6 

 DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF
TRANSACTIONS ON STOCK EXCHANGES IN CANADA. A NEW CERTIFICATE, BEARING NO LEGEND, DELIVERY OF WHICH WILL CONSTITUTE “GOOD DELIVERY”, MAY BE OBTAINED FROM. THE COMPANY UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN
FORM SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATIONS UNDER THE UNITED STATES SECURITIES ACT OF 1933 AS AMENDED. 

5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal, state and provincial securities laws by the transferor and the
transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an
opinion of counsel if the transfer is to any “affiliate” (as such term is defined in Regulation D promulgated under the Act) of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D
promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of an exemption to registration under Rule 144, including without limitation, the availability
of current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144(d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f), and the Company is provided with a
copy of Holder’s notice of proposed sale. 
 5.4 Transfer Procedure. After receipt by Holder of the executed
Warrant, Oxford may transfer all or part of this Warrant to one or more of Oxford’s affiliates (each, an “Oxford Affiliate”), by execution of an Assignment substantially in the form of Appendix 2. Subject to the provisions of Article
5.3 and upon providing the Company with written notice, Oxford, any such Oxford Affiliate and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the Shares issuable directly or
indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, the Oxford Affiliate(s) or any subsequent Holder will give the Company notice of the portion of the Warrant being
transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). The Company may refuse to transfer this
Warrant or the Shares to any person who directly competes with the Company, unless, in either case, the stock of the Company is publicly traded. 
 5.5 Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or
certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may (or on the first business day after transmission by facsimile) be, in writing by the Company or such Holder from time to time.
Effective upon receipt of the fully executed Warrant and the initial transfer described in Article 5.4 above, all notices to the Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a
transfer or otherwise: 
 OXFORD FINANCE LLC 

  
 7 

 133 N. Fairfax Street 

Alexandria, VA 22314 
 Attn: Tim A. Lex, Chief Operating Officer 
 Telephone: (703) 519-4900

 Facsimile: (703) 519-5225 
 Notice to the Company shall be addressed as follows until the Holder receives notice of a change in address: 
 PROTOX THERAPEUTICS INC. 
 1500 — 885 West Georgia Street 

Vancouver, British Columbia, Canada, V6C 3E8 
 Attn: Chief Financial Officer 
 Telephone: (604) 608-4211 

Facsimile: (888) 314-6234 
 5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver,
discharge or termination is sought. 
 5.7 Attorneys’ Fees. In the event of any dispute between the parties
concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 Automatic Conversion upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or
other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be
converted pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate representing the Shares (or such other
securities) issued upon such conversion to the Holder. 
 5.9 Counterparts. This Warrant may be executed in counterparts,
all of which together shall constitute one and the same agreement. 
 5.10 Governing Law. This Warrant shall be governed
by and construed in accordance with the laws of the State of New York, without giving effect to its principles regarding conflicts of law. 
 [Balance of Page Intentionally Left Blank] 

  
 8 

									
	 “COMPANY”
  

PROTOX THERAPEUTICS INC.

					
	By:	 	 /s/ John Parkinson
	 		 	By:	 	 /s/ Allison Hulme

					
	Name:	 	 John Parkinson
	 		 	Name:	 	 Allison Hulme

		 	(Print)	 		 		 	(Print)
	Title:	 	 Chief Financial Officer
	 		 	Title:	 	 Chief Operating Officer

	  
 “HOLDER”

 
 OXFORD FINANCE LLC

					
	By:	 	  
	 		 		 	
					
	Name:	 	  
	 		 		 	
		 	(Print)	 		 		 	
	Title:	 	  
	 		 		 	

 Warrant to Purchase Common Shares 

No.: OX-1 

									
	 “COMPANY”
  

PROTOX THERAPEUTICS INC.

					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 	Name:	 	  

		 	(Print)	 		 		 	(Print)
	Title:	 	  
	 		 	Title:	 	  

	  
 “HOLDER”

 
 OXFORD FINANCE LLC

					
	By:	 	 /s/ T.A. Lex
	 		 		 	
					
	Name:	 	 T. A. Lex
	 		 		 	
		 	(Print)	 		 		 	
	Title:	 	 COO
	 		 		 	

 Warrant to Purchase Common Shares 

No.: OX-1 

 APPENDIX 1  

NOTICE OF EXERCISE 
 1. Holder elects to purchase              common shares of the capital of PROTOX THERAPEUTICS INC. pursuant to the terms of the attached
Warrant, and tenders payment of the purchase price of the shares in full. 
 [or] 

1. Holder elects to convert the attached Warrant into Shares/cash [strike one] in the manner specified in the Warrant. This conversion is
exercised for              of the Shares covered by the Warrant. 
 [Strike paragraph that does not apply.] 
 2. Please issue a certificate or
certificates representing the shares in the name specified below: 
  

					
		 	  
	 	
		 	 Holders Name
	 	
			
		 	  
	 	
			
		 	  
	 	
		 	 (Address)
	 	

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Article 4 of the Warrant as the date hereof. 
  

			
	HOLDER:
	
	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	(Date):	 	  

 APPENDIX 2  

ASSIGNMENT 
 For value received, OXFORD FINANCE LLC hereby sells, assigns and transfers unto 
  

					
		  	Name:	 	
		  	Address:	 	
			
		  	Tax ID:	 	

 that certain Warrant to Purchase Common Shares issued by PROTOX THERAPEUTICS INC.
(the “Company”), on July 15, 2011 (the “Warrant”) together with all rights, title and interest therein. 
  

			
	OXFORD FINANCE LLC
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

					
	Date:	 	  

 By its execution below, and for the benefit of the Company,
                     makes each of the representations and warranties set forth in Article 4 of the Warrant and agrees to all other
provisions of the Warrant as of the date hereof. 
  

			
	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:

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