Lorus C$21.6 million tax-assisted financing falls through

By Angela McDaniels

Seattle, Feb. 16 - Lorus Therapeutics Inc. said it will not be proceeding with a tax-assisted financing that, if completed, would have raised C$21.6 million in net proceeds.

Not all conditions needed to close the transaction were met, according to a company news release.

Lorus announced that it signed a term sheet for the financing on Jan. 17. Proceeds would have been used to finance part of the early repayment of the company's C$15 million convertible secured debentures due 2009, held by The Erin Mills Development Corp.

Lorus is a biopharmaceutical company based in Toronto that develops and commercializes cancer therapies.

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