Welcome!

News Feed Item

Lorus Therapeutics Reports Second Quarter Results for Fiscal 2014

TORONTO, ONTARIO -- (Marketwired) -- 01/08/14 -- Lorus Therapeutics Inc. (TSX:LOR) ("Lorus" or the "Company") reported financial results for the three and six months ended November 30, 2013 and provided an update on recent accomplishments. Unless specified otherwise, all amounts are in Canadian dollars.

The net loss for the quarter ending November 30, 2013 was $2.8 million, or ($0.06) per share, compared with a net loss of $1.6 million, or ($0.04) per share for the same period in the prior year. Total cash, cash equivalents and investments as of November 30, 2013 totaled $1.7 million.

"The recent quarter was marked by significant corporate and product development events that well position Lorus for the advancement of our lead program LOR-253 for the treatment of acute myeloid leukemia (AML) and potentially other hematologic cancers," said William G. Rice, Ph.D., Chairman and Chief Executive Officer. "Notably, with a new management team in place, we have redirected our development efforts and completed a capital raise that will provide adequate runway for the Company for the foreseeable future."

SECOND QUARTER 2014 AND RECENT HIGHLIGHTS

Corporate Highlights


--  On October 28, 2013, the Company appointed William G. Rice, Ph.D., as
    Chief Executive Officer and Chairman of the Board. Aiping H. Young,
    M.D., Ph.D. continues as President and Chief Operating Officer. Lorus
    also appointed Daniel D. Von Hoff, M.D., to serve as a special advisor,
    fulfilling the role of Senior Vice President of Medical Affairs. 
--  On October 29, 2013, Brian Druker, M.D., was appointed as the Chair of
    Lorus' Scientific Advisory Board. 
--  On December 2, 2013, Avanish Vellanki was appointed Chief Business
    Officer overseeing global business development, licensing and corporate
    strategy, and Gregory K. Chow was appointed Chief Financial Officer with
    responsibility for corporate finance and accounting functions. 
--  Subsequent to the quarter end on December 10, 2013, Lorus completed a
    public offering of common shares. Lorus issued a total of 12,730,000
    common shares at a price of $0.55 per common share for aggregate gross
    proceeds of $7,001,500.  
--  During the month of November 2013, 4.445 million warrants were exercised
    for proceeds of $1.93 million.

LOR-253 Highlights


--  On October 29, 2013, Lorus announced that the Company will pursue the
    clinical development of its lead program, LOR-253, in acute myeloid
    leukemia (AML) and certain hematologic malignancies based on recent
    research and insights into AML. The Company plans to continue its
    investigation of the clinical utility of LOR-253 in the treatment of a
    patient population with suppressed KLF4 in AML, Myelodysplastic
    Syndromes and potentially other hematologic malignancies. The Company is
    planning to initiate a Phase 1/2 in 2014. 
--  In September 2013, Lorus presented a poster entitled "OPEN-LABEL, PHASE
    1 STUDY OF LOR-253 HCl IN PATIENTS WITH ADVANCED OR METASTATIC SOLID
    TUMORS" at the European Cancer Congress 2013. At the targeted dose, LOR-
    253 demonstrated an absence of significant toxicities, evidence of a
    rapid distribution phase and prolonged terminal phase of greater than
    144 hours and antitumor activity with sustained stable disease (SD)
    determined by RECIST that was confirmed over 4 to 8 cycles. Further, SD
    was observed in 80% (4/5) of evaluable patients, and maintained on
    termination with dose-limiting toxicities seen only at the maximum
    administered dose, confirming the safety margin of the drug.

FINANCIAL RESULTS

Net loss for the three months ended November 30, 2013 was $2.8 million ($0.06 per share) compared to $1.6 million ($0.04 per share) in the same period in the prior year. The Company incurred a net loss of $3.9 million ($0.09 per share) for the six months ended November 30, 2013 compared to $2.9 million ($0.07 per share) during the same period in the prior year.

In the three-month period ended November 30, 2013, research and development expenditures decreased by $119,000. The decrease between the comparable three month periods was due to reduced spending on the LOR-253 and IL-17E programs until additional financing was secured, which was partially offset by increased stock based compensation and deferred share unit costs. General and administrative expenses increased $1.2 million in the three months ended November 30, 2013, compared with the prior year period, due to increased stock-based compensation, deferred share unit and salary costs associated with the appointment of new executives and an increase in Lorus' share price during the quarter.

In the six month period ended November 30, 2013, research and development expenditures decreased by $161,000 due to reduced program activity as the Phase I clinical trial completed and future development was placed on hold, partially offset by higher stock based compensation and deferred share unit costs. General and administrative expenses increased by $1.1 million in the six months ended November 30, 2013 compared with the prior year period due primarily to increased stock based compensation, deferred share unit and salary costs associated with the appointment of new executives and an increase in share price during the three month period ended November 30, 2013.

At November 30, 2013, Lorus had cash and cash equivalents of $1.7 million compared to $653,000 at May 31, 2013. Subsequent to the quarter end on November 30, 2013, the Company raised gross proceeds of approximately $7 million through a public offering of its common shares.

For further details and to view the Company's May 31, 2013 Audited Consolidated Financial Statements and Management's Discussion and Analysis, please see the Company's filings on www.sedar.com and on www.lorusthera.com.


Lorus Therapeutics Inc.                                                     
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss    
(unaudited)                                                                 
                                        Three     Three       Six       Six 
                                       months    months    months    months 
(amounts in 000's of Canadian           ended     ended     ended     ended 
 Dollars except for per common share Nov. 30,  Nov. 30,  Nov. 30,  Nov. 30, 
 data)                                   2013      2012      2013      2012 
----------------------------------------------------------------------------
REVENUE                              $      -  $      -  $      -  $      - 
----------------------------------------------------------------------------
                                                                            
EXPENSES                                                                    
Research and development                  791       910     1,406     1,567 
General and administrative              1,938       714     2,389     1,321 
----------------------------------------------------------------------------
Operating expenses                      2,729     1,624     3,795     2,888 
Finance expense                            70         -       106         6 
Finance income                             (1)      (11)       (2)      (17)
----------------------------------------------------------------------------
Net financing expense (income)             69       (11)      104       (11)
----------------------------------------------------------------------------
Net loss and total comprehensive                                            
 loss for the period                    2,798     1,613     3,899     2,877 
----------------------------------------------------------------------------
Basic and diluted loss per common                                           
 share                               $   0.06  $   0.04  $   0.09  $   0.07 
----------------------------------------------------------------------------
                                                                            
Weighted average number of common                                           
 shares outstanding used in the                                             
 calculation of basic and diluted                                           
 loss per common share (000's)         43,733    42,251    42,992    42,251 
----------------------------------------------------------------------------

About Lorus

Lorus is a biopharmaceutical company targeting essential apoptosis pathways to deliver transformational cancer drugs. Lorus' goal is to capitalize on its research, preclinical, clinical and regulatory expertise by developing new drug candidates that can be used alone and in combination with other drugs to successfully treat specific forms of cancer. Lorus Therapeutics Inc. is listed on the Toronto Stock Exchange under the symbol LOR. Additional information on Lorus Therapeutics is available at www.lorusthera.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Canadian and U.S. securities laws. Such statements include, but are not limited to, statements relating to: our ability to obtain financing or partnerships, the establishment of corporate alliances, our ability to maintain current and future corporate alliances, our ability to fund or reach developmental milestones, the Company's plans, objectives, expectations and intentions and other statements including words such as "continue", "expect", "intend", "will", "should", "would", "may", and other similar expressions. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such expressed or implied forward looking statements could include, among others: our ability to continue to operate as a going concern; our ability to obtain the capital required for research and operations; the inherent risks in early stage drug development including demonstrating efficacy; development time/cost and the regulatory approval process; the progress of our clinical trials; our ability to find and enter into agreements with potential partners; our ability to attract and retain key personnel; changing market conditions; and other risks detailed from time-to-time in our ongoing quarterly filings, annual information forms, annual reports and annual filings with Canadian securities regulators and the United States Securities and Exchange Commission.

Should one or more of these risks or uncertainties materialize, or should the assumptions set out in the section entitled "Risk Factors" in our filings with Canadian securities regulators and the United States Securities and Exchange Commission underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this press release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by law. We cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

Contacts:
Lorus Therapeutics Inc.
Greg Chow
CFO
416-798-1200
[email protected]
www.lorusthera.com

BCC Partners
Karen L. Bergman
650-575-1509
[email protected]

BCC Partners
Susan Pietropaolo
845-638-6290
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.