Lorus Therapeutics reports second quarter results for fiscal year 2007
2006年12月29日 - 9:00PM
PRニュース・ワイアー (英語)
TORONTO, Dec. 29 /PRNewswire-FirstCall/ -- Lorus Therapeutics Inc.
("Lorus") (TSX:LOR; AMEX:LRP), a biopharmaceutical company
specializing in the research and development of pharmaceutical
products and technologies for the management of cancer, today
reported financial results for the three and six month periods
ending November 30, 2006. Unless specified otherwise, all amounts
are in Canadian dollars. SEPTEMBER 1, 2006 TO DATE HIGHLIGHTS -
Appointment of Georg Ludwig and Dr. Michael Moore to Lorus' Board
of Directors, adding two distinguished and knowledgeable
individuals. The considerable experience of both individuals in the
biopharmaceutical industry from both a science and business
perspective is integral as Lorus continues to develop its multiple
product platforms. - Announced the presentation of GTI-2040
pharmacokinetic and metabolic data in patients with acute myeloid
leukemia ("AML") at the North American International Society for
the Study of Xenobiotics Meeting. This presentation describes
investigations to determine the rate of metabolism of GTI-2040, and
presents novel approaches for measuring levels of GTI-2040 and its
metabolites following intravenous administration of the drug in
leukemia patients. - Announced the presentation on GTI-2040 uptake
by tumor cells in patients with AML at the American Association of
Pharmaceutical Scientists Meeting. This presentation reports uptake
of GTI-2040 in distinct subcellular compartments of leukemic cells
at levels that exceeded plasma levels. The study identified
specific patterns of intracellular distribution of the parent drug
predictive of both biologic and clinical responses. These data are
consistent with previous findings, showing that GTI-2040 levels in
circulating leukemic cells were 2.7 times higher and more sustained
than values seen in plasma. The levels were even greater in
leukemic blast cells in bone marrow, which is the primary target
tissue in the treatment of leukemia. "We have continued to focus on
advancing our product candidates, especially GTI-2040 and our small
molecule LT-253, during the second quarter," said Dr. Aiping Young,
Lorus' President and CEO. "Establishing partnerships and academic
collaborations for our various product candidates continues to be a
top priority we are working diligently towards, as we believe it
will help achieve our objective of maximizing value for all Lorus
shareholders." FINANCIAL RESULTS Cash used in operating activities
before changes in non-cash working capital was $2.1 million for the
three-month period ended November 30, 2006 compared to $3.8 million
in the same period last year. For the six-month period ended
November 30, 2006, cash used in operating activities before changes
in non-cash working capital totaled $3.7 million compared with $8.3
million for the six months ended November 30, 2005. The decrease in
cash used in operating activities before changes in non-cash
working capital during the quarter ended November 30, 2006 is due
to lower research and development and general and administrative
expenditures in comparison with the quarter ended November 30,
2005. The decrease in cash used in operating activities before
changes in non-cash working capital for the six months ended
November 30, 2006 is the result of reduced research and development
and general and administrative expenditures in comparison with the
prior year. Net loss for the three months ended November 30, 2006
totaled $3.1 million ($0.01 per share) compared to a loss of $5.1
million ($0.03 per share) for the same period last year. For the
six-month period ended November 30, 2006, net loss totaled $5.9
million ($0.03 per share) compared to $10.8 million ($0.06 per
share) for the comparable period last year. The decrease in net
loss for the three months ended November 30, 2006 is primarily the
result of reductions in research and development expenses of $1.5
million, general and administrative expenses of $212 thousand and
stock based compensation expense of $264 thousand. The year to date
decrease in net loss is due largely to a reduction of $4.1 million
in research and development expenses, lower general and
administrative expenses of $500 thousand and lower stock based
compensation expense of $442 thousand. Research and development
expenses for the three-month period ended November 30, 2006
decreased 57.4% to $1.1 million compared to $2.6 million for the
same period last year. For the six-month period ended November 30,
2006, research and development expenses decreased 62.8% to $2.5
million compared to $6.6 million for the same period last year. The
decrease in research and development costs is due to a reduction in
toxicity study, clinical trial, compliance, manufacturing and
regulatory costs associated with the Phase III Virulizin(R)
development program which was ongoing during the first two quarters
of 2006 and which is now complete. In addition, due to headcount
reductions implemented in November 2005, there are fewer employees
engaged in research and development activities. General and
administrative expenses for the three-month period ended November
30, 2006 decreased to $1.4 million compared with $1.6 million in
the same period last year. General and administrative expenses for
the six-month period ended November 30, 2006 decreased to $2.2
million compared with $2.7 million in the same period last year.
The decrease in general and administrative costs is the result of
lower levels of staff following the November 2005 headcount
reductions and the severance costs associated with those reductions
in Q2 2006 as well as lower corporate communication costs offset by
costs incurred under the mutual separation agreement entered into
with Dr. Jim Wright, the Company's former President and CEO.
Stock-based compensation expense decreased to $150 thousand for the
three-month period ended November 30, 2006 compared with $414
thousand for the same period last year and $263 thousand for the
six-month period ended November 30, 2006 compared with $705
thousand for the six-month period ended November 30, 2005. The
decrease in expense is attributable to: fewer options issued due to
fewer employees and executive officers, a lower fair value assigned
to the options issued resulting from a lower stock price, as well
as the reversal of stock option expense previously recorded due to
the forfeiture of unvested options upon non-achievement of certain
objectives. Lorus Therapeutics Inc. Consolidated Statements of Loss
and Deficit (unaudited) (amounts in 000's except for per common
share data) Three Three Six Six (Canadian months ended months ended
months ended months ended Dollars) Nov 30, 2006 Nov 30, 2005 Nov
30, 2006 Nov 30, 2005
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REVENUE $ 23 $ 6 $ 30 $ 7
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EXPENSES Cost of sales 3 1 6 1 Research and development 1,122 2,631
2,453 6,588 General and administrative 1,407 1,619 2,195 2,695
Stock-based compensation 150 414 263 705 Depreciation and
amortization 100 130 200 260
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Operating expenses 2,782 4,795 5,117 10,249 Interest expense on
convertible debentures 262 209 527 407 Accretion in carrying value
of convertible debentures 227 180 446 366 Amortization of deferred
financing charges 27 19 52 39 Interest income (158) (95) (225)
(210)
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Loss for the period 3,117 5,102 5,887 10,844
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Basic and diluted loss per common share $ 0.01 $ 0.03 $ 0.03 $ 0.06
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Media, members of the financial community and shareholders are
invited to listen to the Company's quarterly earnings presentation
through an audio web cast on the Company's website at
http://www.lorusthera.com/ on Thursday January 11, 2007. About
Lorus Lorus is a publicly traded biopharmaceutical company focused
on the research and development of novel therapeutics in cancer.
Lorus' goal is to capitalize on its research, preclinical, clinical
and regulatory expertise by developing new drug candidates that can
be used, either alone, or in combination, to successfully manage
cancer. Through its own discovery efforts and an acquisition and
in-licensing program, Lorus is building a portfolio of promising
anticancer drugs. Late-stage clinical development and marketing
will be done in cooperation with strategic partners. Lorus has
completed one Phase II and one Phase III clinical trial. Lorus has
several product candidates in multiple Phase II clinical trials.
Lorus Therapeutics Inc. is listed on the Toronto Stock Exchange
under the symbol LOR, and on the American Stock Exchange under the
symbol LRP. Forward Looking Statements This press release may
contain 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 expectations regarding
future financings, our plans to conduct clinical trials, the
successful and timely completion of clinical studies and the
regulatory approval process, our plans to obtain partners to assist
in the further development of our product candidates, the
establishment of corporate alliances, the Company's plans,
objectives, expectations and intentions and other statements
including words such as "continue", "believe", "plan", "expect",
"intend", "will", "should", "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
that may be expressed or implied by such forward-looking
statements, including, among others: our ability to obtain the
capital required for research and operations; 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
Annual Report 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 http://www.lorusthera.com/. DATASOURCE: Lorus Therapeutics Inc.
CONTACT: Investor Relations: Lorus Therapeutics Inc., Dr. Saeid
Babaei, (416) 798-1200 ext. 490, Email: ; Media Relations:
Mansfield Communications, Susana Hsu, (416) 599-0024,
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