SAN JOSE, CA--(Marketwired - October 02, 2017) - ITUS Corporation (NASDAQ: ITUS) (the "Company") completed an offering of all of its shares of its common stock, par value $0.01 (the "Common Stock") pursuant to its recently announced at-the-market equity program generating gross proceeds of approximately $3.7 million. FBR Capital Markets & Co. acted as sales agent for the program. The program commenced on September 29, 2017 and was fully sold by the close of market on September 29, 2017. The Company is no longer offering shares of Common Stock under this program.
"We were very pleased to see the substantial demand for our stock and support for our technology. The proceeds, from this at-the-market equity program, should provide the company with sufficient capital to fund ongoing operations and pursue other strategic opportunities, including the potential expansion into development of CAR-T cancer therapeutics," stated Dr. Amit Kumar, Chief Executive Officer of ITUS.
After deducting commissions and other estimated expenses, net proceeds to ITUS was approximately $3.4 million. The Company intends to use the proceeds for working capital and general corporate purposes, including repayment of debt, ongoing development of Cchektm and investing in or acquiring companies or technologies that are synergistic with or complementary to its technologies.
ITUS, a cancer-focused biotechnology company, through 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. 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 INNOVATIONtm
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