Losses widen at Canada's Lorus Therapeutics

Lorus Therapeutics of Canada has announced its results for the firstfiscal quarter ended August 31, which produced a net loss of just over C$3.0 million ($1.9 million), an increase of 20.5% compared with the like, year-earlier period. R&D expenses were up 31.1% to around C$2.1 million, which was due primarily to higher manufacturing and regulatory costs for virulizin, Lorus' non-toxic immunotherapy for the treatment of pancreatic cancer. At the end of the reporting period, the firm had working capital of C$42.3 million and cash and investments of C$45.7 million.

Chief executive Jim Wright said that the US Food and Drug Administration has given the firm the all-clear to begin Phase III trials of virulizin, noting that Lorus has expanded its protocol of that study to include first- and second-line treatments (Marketletter August 13). The company has also signed an exclusive seven-year distribution agreement in Latin America with Faulding Canada, under which the latter will sell virulizin in Mexico for the treatment of malignant melanoma (Marketletter October 22).