Lorus falls into loss on almost no turnover

Lorus Therapeutics, a Canadian biopharmaceutical firm specializing in the R&D of pharmaceutical products and technologies for the management of cancer, has fallen into loss in the three months ended August 31, 2008, on negligible turnover and increasing R&D costs.

Revenue plummeted 88% to just C$3,000 ($2,548), whereas R&D costs jumped 53% to C$1.2 million. The firm's net loss was C$2.2 million, or C$0.01 loss per share, versus a profit of C$4.0 million, or C$0.02 per share.

The company says its cash and cash equivalent assets are enough to fund its R&D plans for another year. However, it notes that it does not currently have sufficient funds to finance a C$15.0 million convertible debenture due October 2009. The firm is pursuing strategies to address this obligation, which will now be considered a current liability.