Lumira Capital, Pinetree, participate in $7 mln raise of Lorus Therapeutics

Lorus Therapeutics Inc (TSX: LOR), a Toronto-based biopharmaceutical company targeting essential apoptosis pathways to deliver transformational cancer drugs, has completed a previously announced public offering of common shares, raising gross proceeds of over $7 million. Lumira Capital, one of the Lorus' existing Canadian venture capital investors, participated in the offering, as did Pinetree Capital. Concurrent with the deal, Lumira managing director Dr. Brian Underdown will join the company's board of directors. Lorus, which has been venture-backed since the late 1990s, said it will utilize net proceeds from the offering to fund its clinical trial program, manufacturing program and for general and corporate working capital purposes.

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