SAN JOSE, Calif., Dec. 12, 2017 /PRNewswire/ -- ITUS Corporation (NASDAQ: ITUS), announced today that it has terminated its at-the-market equity program ("ATM Offering") with B. Riley FBR, Inc. The Company had not sold any shares, and will no longer offer any shares, under this program.
"With over a year's worth of cash based on our current business plan and many exciting opportunities ahead of us, we no longer feel that the ATM Offering is necessary," stated Dr. Amit Kumar, President and Chief Executive Officer of ITUS. "While the continued development of Cchek™ and commencement of our ovarian cancer CAR-T therapeutic program will require additional resources, we believe that we are in a position to support both programs in the near term and that our longer-term needs will be better addressed through strategic partnerships and other corporate transactions," added Dr. Kumar.
ITUS, a cancer-focused biotechnology company, is harnessing the body's immune system in the fight against cancer. Its wholly owned subsidiary, Anixa Diagnostics Corporation, is developing the CchekTM platform, 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. Its majority owned subsidiary, Certainty Therapeutics, Inc., is developing CAR-T based immuno-therapy drugs which genetically engineer a patient's own immune cells to fight cancer. ITUS also continually examines emerging technologies in complementary or related fields for further development and commercialization. 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 most recent Annual Report on Form 10-K 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