Lorus
Therapeutics Successfully Completes Rights Offering,
Raising
$3.71 Million
TORONTO,
CANADA, August
8, 2008 – Lorus Therapeutics Inc. (TSX: LOR, AMEX: LRP) (“Lorus”), a
biopharmaceutical company specializing in the research and development of
pharmaceutical products and technologies for the management of cancer, today
announced that it has successfully completed its rights offering to eligible
shareholders raising total gross proceeds of $3.71 million.
Under the rights
offering, investors subscribed for 28,538,889 units of the company at a price of
$0.13 per unit. Each unit consists of a common share and one
half-purchase warrant. As a result of the rights offering Lorus will
issue 28,538,889 common shares and 14,269,444 purchase warrants exercisable into
an equal number of common shares at a price of $0.18 expiring on August 7,
2010.
“We greatly
appreciate the support that our shareholders demonstrated with the successful
completion of this rights offering,” stated Dr. Aiping Young, President &
CEO of Lorus. “The capital raised in this rights offering will strengthen our
financial position and allow Lorus to continue pursuing the research and
development of its anticancer drugs.”
Lorus' transfer
agent is in the process of distributing units to those shareholders who
participated in the rights offering, either directly or through their
brokers.
Information
for United States Shareholders
This news release
does not constitute an offer to sell or the solicitation of an offer to buy and
of these securities in the United States. Securities may not be offered or sold
in the United States absent registration under the United States Securities Act
of 1933, as amended, and applicable state securities laws, or an available
exemption from such registration requirements.
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: financings and corporate reorganizations, the
establishment of corporate alliances, 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: the actual number of shares to be issued in the future as
a result of warrant exercised; use of proceeds of the Rights Offering; 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.
Lorus
Therapeutics Inc.’s recent press releases are available through the Company’s
website at www.lorusthera.com. For Lorus' regulatory filings on SEDAR, please go
to www.Sedar.com. For SEDAR filings prior to July 10, 2007 you will
find these under the company profile for Global Summit Real Estate Inc. (Old
Lorus).
Enquiries:
For further
information, please contact:
Lorus
Therapeutics Inc.
Dr. Saeid Babaei,
416-798-1200 ext. 490; ir@lorusthera.com
