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