CANADIAN CANCER DRUG PRODUCER LORUS NARROWS LOSSES

Canada's Lorus Therapeutics, a biopharmaceutical firm specialising in cancer treatments, has reported a slight lower year-on-year improvement in losses in the three months ended November 30, totalling some CAD5.9mn (US$4.84mn). The company reported a loss of CAD6mn in the same period in 2003. The company cited a reduction in research and development costs over the period, although revenue fell from CAD604,000 to just CAD3,000 (US$2,462) between the equivalent periods in 2003 and 2004. However, the fall was attributed to the out-licensing of Lorus' clotrimazole library to Cyclacel in 2003, and a lack of revenue on immunotherapy drug Virulizin in Mexico.

The company has also announced a CAD15mn (US$12.30mn) private bonds placement in an effort to improve its financial performance. In the meantime, Lorus claims that its acquisitions and in-licensing activities have led to development of a number of "promising" compounds to treat cancer.