ITUS Corporation Successfully Completes $3.6 Million Public Offering
LOS ANGELES, CA -- (Marketwired) -- 05/16/17 -- ITUS Corporation ("ITUS") (NASDAQ:ITUS), a company using the power of the immune system to diagnose cancer, today announced that it has successfully completed its recently announced registered public offering of approximately 3.4 million shares of the company's common stock, generating gross proceeds of approximately $3.6 million. Dawson James Securities, Inc. acted as exclusive placement agent for the offering.
"The proceeds from this public offering, together with the recently completed rights offering, should provide the company with sufficient capital to pay off its indebtedness in full, achieve our next product development milestones, and fund ongoing operations for approximately the next year", said Robert Berman, ITUS's President and Chief Executive Officer. "The company is now well positioned to build shareholder value as we continue the development of our Cchek™ technology".
After deducting placement agent commissions and other estimated expenses, net proceeds to ITUS should be approximately $3.2 million. The Company intends to use the proceeds from the offering for working capital and general corporate purposes including the payment of corporate debt, and continued work on its Cchek™ cancer detection platform.
ITUS is developing a platform called Cchek™, a series of non-invasive, blood tests for the early detection of solid tumor based cancers, which is based on the body's immunological response to the presence of a malignancy. Additional information is available at www.ITUScorp.com.
Forward-Looking Statements: Statements that are not historical fact may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but rather reflect ITUS Corporation's current expectations concerning future events and results. We generally use the words "believes," "expects," "intends," "plans," "anticipates," "likely," "will" and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning our expectations, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, those factors set forth in "Item 1A - Risk Factors" and other sections of our Annual Report on Form 10-K for the fiscal year ended October 31, 2016 as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this press release.
ITUS Corporation: FOCUSED ON INNOVATION™
Source: ITUS Corporation
Released May 16, 2017
Sign up for email Updates
Be The First to Receive Breaking NewsSign Up Now