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CONTACTS:
LORUS THERAPEUTICS INC. CANADIAN MEDIA CONTACT: US MEDIA CONTACT:
Corporate Communications Hugh Mansfield Jennifer Taylor
Grace Tse Mansfield Communications Inc. Mansfield Communications Inc.
Tel: (416) 798-1200, ext. 380 Tel: (416) 599-0024 Tel: (212)370-5045
Email:ir@lorusthera.com Email: hugh@mcipr.com E-mail: jennifer@mcipr.com
LORUS LICENSES NC 381 AND LIBRARY OF CLOTRIMAZOLE ANALOGS TO CYCLACEL LIMITED
- NEW DEVELOPMENT PARTNER ALLOWS LORUS TO FOCUS ON ITS BROAD
AND DIVERSIFIED PIPELINE -
TORONTO - SEPTEMBER 24 2003 - Lorus Therapeutics Inc. ("Lorus"), a biotechnology
company focused on the development of novel cancer treatments, and its
subsidiary, NuChem Pharmaceuticals Inc. ("NuChem") and Cyclacel Limited,
("Cyclacel") a UK-based biopharmaceutical company, announced they have entered
into an exclusive worldwide license agreement for the development and
commercialization of Lorus' pre-clinical compound NC 381. The agreement extends
to other drug candidates that Cyclacel may identify from a library of
clotrimazole analogs licensed by NuChem from Harvard Medical School in 1997.
Under the terms of the agreement, Lorus will receive upfront fees of US $400,000
and milestone payments, which assuming all milestones are achieved, will total
approximately US $11.6 million for NC 381, and similar milestone payments for
each of any other compounds developed from the compound library. In addition to
these payments, Lorus will receive royalties based on product sales. Cyclacel
will be responsible for all future drug development costs.
"Lorus, in collaboration with the U.S. National Cancer Institute, has identified
the promise of NC 381 and several other compounds for the treatment of cancer,"
said Dr. Jim Wright, CEO of Lorus. "We are pleased with this partnership with
Cyclacel, a company that has world-class expertise in understanding cell cycle
arrest mechanisms. We believe Cyclacel has scientific and product expertise
pivotal to the development of drugs such as NC 381."
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Dr. Wright added: "Lorus is focusing its resources on the development of
its advanced clinical programs and its other pre-clinical technologies, as
it moves its lead products, Virulizin, GTI-2040 and GTI-2501 through the
clinic."
Spiro Rombotis, CEO of Cyclacel said, "The agreement with Lorus validates
Cyclacel's global reputation as a leader in cell cycle chemistry and
biology. We are pleased to be in partnership with an innovative cancer
therapeutics company like Lorus and look forward to a mutually-beneficial
relationship."
About Lorus
Lorus is a biopharmaceutical company focused on the research and development of
cancer therapies. Lorus' goal is to capitalize on its research, pre-clinical,
clinical and regulatory expertise by developing new drug candidates that can be
used, either alone, or in combination, to successfully manage cancer. Through
its own discovery efforts and an active acquisition and in-licensing program,
Lorus is building a portfolio of promising anti-cancer drugs. Late-stage
clinical developments and marketing will be done in cooperation with strategic
pharmaceutical partners. Founded in 1986, Lorus Therapeutics Inc. is a public
company listed on the Toronto Stock Exchange under the symbol LOR, and on the
OTC BB exchange under the symbol LORFF.
Except for historical information, this press release contains forward-looking
statements, which reflect the Company's current expectation regarding future
events. These forward-looking statements involve risks and uncertainties, which
may cause actual results to differ materially from those statements. Those risks
and uncertainties include, but are not limited to, changing market conditions,
the successful and timely completion of clinical studies, the establishment of
corporate alliances, the impact of competitive products and pricing, new product
development, uncertainties related to the regulatory approval process, and other
risks detailed from time-to-time in the Company's ongoing quarterly filings,
annual information form, annual reports and 20-F filings.
Lorus Therapeutics Inc.'s press releases are available through the Company's
Internet site: http://www.lorusthera.com.
About Cyclacel
Cyclacel is a biopharmaceutical company that designs and develops small molecule
drugs that act on key cell cycle regulators to stop uncontrolled cell division
in cancer and other diseases involving abnormal cell proliferation. The
Company's discovery engines integrate cell cycle biology expertise with a large
library of gene-based targets, state-of-the-art RNAi functional genomics,
chemogenomics and clinical biomarker technologies to rapidly deliver new drugs.
Cyclacel has six research and development programs underway. Most advanced is
CYC202, a Cyclin Dependent Kinase (CDK) inhibitor, in Phase II trials for breast
and lung cancer. CYC202 has also completed a Phase I trial in healthy volunteers
and is being explored for use in glomerulonephritis, a disease of renal cell
proliferation. Cyclacel has entered into corporate alliances with AstraZeneca,
CV Therapeutics and a top 5 pharmaceutical major all in the oncology field.
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