High Tech Beteiligungen GmbH & Co. KG

August 08, 2008 17:18 ET

High Tech Beteiligungen GmbH & Co. KG Participates in Rights Offering by Lorus Therapeutics Inc.

DUSSELDORF, GERMANY--(Marketwire - Aug. 8, 2008) - High Tech Beteiligungen GmbH & Co. KG ("HighTech") announces today that HighTech has exercised in full its entitlement (the "Basic Subscription Right") to purchase units ("Units") of Lorus Therapeutics Inc. ("Lorus") at a purchase price of Cdn.$0.13 per Unit under the previously announced rights offering (the "Rights Offering") of Lorus. Accordingly, HighTech acquired ownership of 7,272,500 Units of Lorus. Each Unit consisted of one Common Share of Lorus (a "Common Share") and one-half of one Common Share purchase warrant (a "Warrant"). The Units separated into Common Shares and Warrants immediately upon closing of the Rights Offering. Accordingly, upon completion of the Rights Offering, HighTech acquired ownership of 7,272,500 Common Shares and 3,636,250 whole Warrants entitling HighTech to purchase one Common Share (a "Warrant Share") at a price of Cdn.$0.18 per Warrant Share at any time before 5:00 p.m. on August 7, 2010. Upon the exercise of its subscription right, HighTech paid to Lorus an aggregate of Cdn.$945,425, or Cdn.$0.13 per Unit, in exchange for its acquisition of 7,272,500 Units.

Accordingly, on completion of the Rights Offering and based on a total of 247,354,622 Common Shares outstanding as at August 7, 2008 (as disclosed by Lorus to HighTech), the percentage of Common Shares beneficially owned by HighTech has increased by approximately 1.0% (or 2.2% assuming the exercise in full of the Warrants held by HighTech) from the securityholding percentage disclosed by HighTech in its press released dated July 11, 2007. Following completion of the Rights Offering, HighTech beneficially owns a total of 36,362,500 Common Shares (or 39,998,750 Common Shares assuming the exercise in full of the Warrants held by HighTech). Accordingly, HighTech beneficially owns approximately 14.7% of the issued and outstanding Common Shares (or 15.9% of the Common Shares assuming the exercise in full of the Warrants held by HighTech), based on a total of 247,354,622 Common Shares outstanding as at August 7, 2008 (as disclosed by Lorus to HighTech).

HighTech participated in the Rights Offering in its capacity as a shareholder of Lorus. HighTech may in the future take such actions in respect of its holdings of securities of Lorus as it deems appropriate in light of circumstances then existing, including the acquisition or disposition of Common Shares or other securities of Lorus. HighTech may from time to time acquire additional Common Shares in the open market or in privately negotiated transactions, subject to availability of Common Shares at prices deemed favorable, Lorus' business or financial condition and other factors and conditions HighTech deems appropriate. In addition, HighTech may formulate other purposes, plans or proposals regarding Lorus or any of its securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors.

The general partner of HighTech is High Tech Private Equity GmbH. HighTech has entered into the transactions referred to herein through its representative ConPharm Anstalt, on authority delegated by the general partner. ConPharm Anstalt is the entity with management power in respect of investments of HighTech outside of Germany in the life sciences industry. The General Partner of HighTech is controlled by DEWB AG and AVIDA Equity Partners GmbH, each of which is organized under the laws of Germany.

The issuance of this news release is not an admission that any entity named in this news release is a joint actor with any other entity named in this news release.

About HighTech

HighTech (www.htpe.com), founded in 1999, is a leading European venture capital fund focused exclusively on providing financial support for the development of innovative products based upon applied technologies and life sciences. HighTech manages its funds from offices in Germany and Liechtenstein. Life sciences companies in the HighTech portfolio have development programs in neurology, rheumatology and oncology and are managed by professionals with both operational and strategic experience within these areas.

For further information, including a copy of the early warning report that will be filed by HighTech pursuant to applicable Canadian securities laws, contact:



Georg Ludwig Georg Ludwig
Managing Partner Managing Director
High Tech Beteiligungen GmbH & Co. KG ConPharm Anstalt
Steinstrasse 20 Grossfeld 10
40212 Dusseldorf, Germany FL 9492 Eschen, Principality of
+49-211-86 28 94 60 Liechtenstein
+41 78 69 77 957

Contact Information

  • High Tech Beteiligungen GmbH & Co. KG
    Georg Ludwig
    Managing Partner
    +49-211-86 28 94 60
    Website: www.htpe.com
    or
    ConPharm Anstalt
    Georg Ludwig
    Managing Director
    +41 78 69 77 957