Lorus Therapeutics Inc. Provides Update On Warrants
TORONTO, June 10, 2014 /PRNewswire/ - Lorus Therapeutics Inc. (TSX: LOR) (Lorus") is pleased to announce that 18.5 million common share purchase warrants and 1.2 million broker warrants expiring on June 8, 2014 and originally issued in connection with a financing completed in June 2012, have been exercised recently, raising approximately $8.7 million in net proceeds since mid-April. The proceeds will be used for working capital and general corporate purposes.
"I'm delighted by this recent display of confidence and financial support by our diverse shareholder base" said William G. Rice, Ph.D., Chairman and Chief Executive Officer of Lorus. "This additional capital, along with the financing we completed in April of this year further strengthens our balance sheet and is expected to enable us to achieve additional meaningful milestones."
About Lorus
Lorus is a clinical-stage biotechnology company with a commitment to
discovering and developing targeted therapies addressing unmet medical
needs in oncology. We aim to develop therapeutics focused on novel
cellular targets on the leading edge of cancer research coupled to
companion diagnostics to identify the optimal patient population for
our products. Our pipeline of cancer drug candidates includes small
molecule products and immunotherapies providing additive or synergistic
efficacy without leading to overlapping toxicities with existing
anti-cancer regimens, facilitating the adoption of doublet or possibly
triplet therapies. Lorus Therapeutics Inc. is listed on the Toronto
Stock Exchange under the symbol LOR.
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, Lorus' 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
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.
SOURCE Lorus Therapeutics Inc.
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