ITUS Corporation Pays Off Secured Debenture
SAN JOSE, CA -- (Marketwired) -- 10/27/17 -- ITUS Corporation (NASDAQ: ITUS) today announced that it has satisfied all obligations under its secured debenture by paying the creditor the outstanding principal and interest in cash ahead of its due date. As a result of this debt retirement, ITUS currently has no significant debt obligations.
"We are very pleased to be in a position to pay off our secured debt obligation, while still maintaining adequate capital to maintain our current operations and to be essentially debt-free," stated Dr. Amit Kumar, Chief Executive Officer of ITUS. Dr. Kumar added, "Our recent successful financing has strengthened our financial position, and allowed us to retire the debenture before its maturity date. We are excited about moving forward, unencumbered by any debt beyond trade payables and employment related obligations, with the future development of our Cchek™ early cancer detection platform, as well as the opportunities to expand into cancer therapeutics with CAR-T technology for Ovarian Cancer."
ITUS, a cancer-focused biotechnology company, is developing the Cchek™ 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 INNOVATION™
Source: ITUS Corporation
Released October 27, 2017
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