Lorus reports net loss for the quarter of C$3.0 million, or $0.02 per share

By Lisa Kerner

Charlotte, N.C., July 31 - Lorus Therapeutics Inc. had a net loss for the three months ended May 31 of C$3.0 million, or a loss of C$0.02 per share, down 35% from a net loss of C$4.6 million, or a loss of C$0.03 per share, for the prior year period.

Interest income for the three-month period decreased to C$79,000 from C$126,000 for the three months ended May 31, 2005.

The company reported cash used in operating activities before net change in non-cash working capital decreased 53% to C$1.6 million for the three-month period ended May 31, compared with C$3.4 million in the prior year period.

For the year ended May 31, Lorus had a net loss of C$17.9 million, or a loss of C$0.10 per share, down 19% from a net loss of C$22.1 million, or loss of C$0.13 per share, in the prior year.

For the year ending period, cash used in operating activities before net change in non-cash working capital decreased 28% to C$12.6 million, compared to C$17.6 million in the prior year.

Interest income for the year ended May 31was C$374,000, compared with C$524,000 in the prior year period.

At May 31, Lorus had cash and cash equivalents and short-term investments totaling C$8.3 million, down from C$21.5 million at May 31, 2005.

Company highlights for the year period include positive findings in the clinical trial of GTI-2040 for recurrent or refractory Acute Myeloid Leukemia and an agreement with HighTech Beteiligungen GmbH & Co. KG to issue 28.8 million shares at C$0.36 per share for gross proceeds of C$10.4 million.

Lorus also announced success in the development of the small molecule anticancer program with the selection of a lead molecule, LT-253.

"We continue to develop our diverse pipeline of products with a focus on partnership activities for Virulizin and GTI-2040 and the advancement of our small molecule program," president and chief executive officer Jim Wright said in a company news release.

"The financing agreements with HighTech and Technifund will secure our financial position while providing the opportunity to further develop GTI-2040 and the small molecule LT-253."

Lorus is a Toronto-based biopharmaceutical company.

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