Lorus Therapeutics 3Q revenue up to C$5 million, net loss decreases to C$4.1 million

By Lisa Kerner

Erie, Pa., April 7 - Lorus Therapeutics Inc. released its latest financial results, reporting that revenue for the three-month period ended Feb. 28 was C$5 million, up from C$3 million for the same period last year.

For the nine-month period ended Feb. 28, revenue was C$12 million, compared with C$6 million for the same period in 2005.

Net loss for the quarter shrank to C$4.1 million, or C$0.02 per share, from a net loss of C$5.3 million, C$0.03 per share, for the same period last year.

For the nine-month period, net loss shrank to C$14.9 million, or C$0.09 per share, from a net loss of C$17.5 million, or C$0.10 per share, in the year-ago period.

The company attributes the year-to-date decrease in net loss in part to a reduction of C$3.2 million in research and development expenses.

Lorus reported cash, cash equivalents and short-term investments totaling C$10.3 million on Feb. 28, compared with C$21.5 million at May 31, 2005.

In early December, Lorus announced positive findings in its clinical trial of GTI-2040 combined with cytarabine in patients with recurrent or refractory Acute Myeloid Leukemia (AML) sponsored by the National Cancer Institute (NCI). The clinical trial data showed complete responses in 44% of patients 60 years of age or younger.

Clinical results from the phase 3 trial of Virulizin for the treatment of pancreatic cancer did not reach statistical significance in overall mean survival times. However, Lorus said further exploratory analysis of the trial data showed survival benefit for a subgroup of patients who continued to receive Virulizin after entering optional stage 3 second-line therapy.

"We have continued to focus our activities during the quarter on partnerships for our two most advanced drug candidates, GTI-2040 and Virulizin, while progressing the development of our small molecule program and the GTI-2040 phase 2 clinical trial program supported by the U.S. NCI," president and chief executive officer Jim Wright said in a company news release.

"We are encouraged with the results during the quarter from our AML NCI-sponsored GTI-2040 phase 2 clinical trial and we look forward to more data from the remaining five NCI-sponsored clinical trials throughout the calendar year."

Lorus is a Toronto-based biopharmaceutical company focused on the research and development of cancer therapies.

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