Lorus Therapeutics Inc. (Toronto:LOR.TO - News)(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.
Contacts:
Lorus Therapeutics Inc.
Elizabeth Williams
(416) 798-1200 ext. 372
Email: ir@lorusthera.com
Website: http://www.lorusthera.com
Source: Lorus Therapeutics Inc.
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.
Contacts:
Lorus Therapeutics Inc.
Elizabeth Williams
(416) 798-1200 ext. 372
Email: ir@lorusthera.com
Website: http://www.lorusthera.com
Source: Lorus Therapeutics Inc.
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