Lorus Therapeutics Announces Voluntary Delisting From the NYSE Alternext
10 Octubre 2008 - 4:02PM
Marketwired
Lorus Therapeutics Inc. (TSX: LOR)(NYSE-A: 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 submitted written
notice to the NYSE Alternext U.S., LLC ("NYX") (formerly American
Stock Exchange) of its intention to voluntarily delist its common
shares from NYX. The Company expects that the delisting will become
effective on or about October 30, 2008. Lorus intends to file a
Form 25 with the Securities Exchange Commission to complete the
voluntary delisting of its common shares from the NYX, which will
become effective 10 days after the filing date.
The Board of Directors decided to take this action after
concluding that the disadvantages of maintaining its listing on the
NYX outweigh the benefits to Lorus and its shareholders. Among the
factors considered were the ongoing costs and expenses, both direct
and indirect, associated with having Lorus' common shares listed on
NYX; the ongoing corporate governance requirements of the NYX; and
the limited trading volume and liquidity of Lorus' stock on
NYX.
The common shares of Lorus will continue to be listed and traded
on the Toronto Stock Exchange, (the "TSX") which is the more
significant trading market for the common shares. Lorus does not
believe that its shareholders in the United States will be
materially prejudiced by a voluntary delisting from NYX since its
U.S. shareholders will continue to be able to trade the common
shares through the facilities of the TSX.
As previously disclosed, on February 19, 2008, the Company
received notice from the NYX indicating that the Company was not in
compliance with the $6 million stockholder's equity threshold
required for continued listing under NYX Company Guide Section
1003(a)(iii). The Company was afforded the opportunity to submit a
plan of compliance to the NYX and on March 11, 2008 presented its
plan to the NYX. On April 30, 2008 NYX notified the Company that it
accepted the Company's plan of compliance and granted the Company
an extension until August 13, 2009 to regain compliance with the
continued listing standards.
Lorus has not made arrangements for its securities to be listed
or quoted on any other U.S. stock exchange or quotation medium.
About Lorus
Lorus is a 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 with other drugs, 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. Lorus Therapeutics Inc. is listed on
the Toronto Stock Exchange under the symbol LOR.
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. Such expressed or
implied forward looking statements could include, among others: our
ability to continue as a going concern, our ability to repay or
refinance the convertible debentures by October 2009; our ability
to obtain the capital required for research and operations; 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 its 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).
Contacts: Lorus Therapeutics Inc. Elizabeth Williams (416)
798-1200 ext. 372 Email: ir@lorusthera.com Website:
www.lorusthera.com
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