2014 TO DATE SELECTED HIGHLIGHTS
-- Subsequent to the quarter end, in
September 2013, the Board of Directors of Lorus announced the initiation of a strategic review of alternatives. -- In June 2013the Company completed a private placement of promissory notes and warrants raising proceeds of $893 thousandand an additional $25 thousandin July 2013for total proceeds of $918 thousand. -- Subsequent to the quarter end, in September 2013, the Company completed a private placement of convertible promissory notes raising proceeds of $600 thousandto maintain the research and development activities of the Company while the strategic review is ongoing. An additional $150 thousandwas raised subsequently under unsecured non-convertible loans for the same purpose.
Drug Development Highlights
-- LOR-253 Program: -- In
July 2013Lorus announced the results of the Phase 1 clinical trial of Lorus' lead small molecule drug LOR-253. In this first-in-man, dose- escalation clinical study, LOR-253 demonstrated an excellent safety profile as well as encouraging signs of antitumor activity. The design consisted of LOR-253 as a single agent in patients with advanced solid tumors resistant to multiple standard therapies. The clinical study enrolled 27 patients, all of which had failed a median of 4 prior chemotherapies. Patients were enrolled at 7 dose levels ranging from 20 to 229 mg/m2. Of the 27 patients enrolled, 17 were evaluable for efficacy. Of these 17 patients, 7 (41%) achieved stable disease by RECIST and this included patients with colorectal, lung, appendiceal, liver and uterine cancers. Dose related activity was demonstrated at the higher dose levels (176 and 229 mg/m2). At these two highest dose levels, 4 of 5 evaluable patients (80%) achieved sustained stable disease by RECIST ranging from 5.6 months to 8 months, representative of disease control. Of these, a patient with non-small cell lung cancer at the highest dose level additionally showed non-index tumor shrinkage. The safety assessment indicated that LOR-253 was well tolerated at all dose levels. -- Presented a poster entitled "OPEN-LABEL, PHASE 1 STUDY OF LOR-253 HCl IN PATIENTS WITH ADVANCED OR METASTATIC SOLID TUMORS" at the European Cancer Congressannual meeting, held September 27-October 1, 2013in Amsterdam, Netherlands.
Our net loss for the three months ended