MATERIAL
CHANGE REPORT
UNDER
FORM 51-102F3
1.
Name and Address of Company
Lorus
Therapeutics Inc.
2
Meridian Road
Toronto,
Ontario
M9W
4Z7
2.
Date of Material Change
November
9, 2005
3.
News Release
The
press release attached was issued at Toronto, Ontario on November 9,
2005.
4.
Summary of Material Change
Lorus
Therapeutics Inc. (“Lorus”) announced corporate changes related to Senior
Management.
5.
Full Description of Material Change
Please
see attached press release.
6.
Reliance on Subsection 7.1(2) or (3) of National Instrument
51-102
Not
applicable.
7.
Omitted Information
No
significant facts remain confidential in, and no information has been omitted
from, this report.
8.
Executive Officer
For
further information please contact
Jim
A. Wright,
President
and C.E.O., at (416) 798-1200 (ext. 340).
9.
Date of Report
November
9, 2005
Lorus
Therapeutics Inc.
|
Media
Contacts
|
US
Investor Relations
|
Corporate
Communications
|
Susana
Hsu / Emily Brunner
|
Tim
Clemensen
|
Grace
Tse
|
Mansfield
Communications
|
Rubenstein
& Co.
|
Tel:
(416) 798-1200 ext. 380
|
(416)
599-0024 / (212) 370-5045
|
(212)
843-9337
|
Email: ir@lorusthera.com
|
susana@mcipr.com
/ emily@mcipr.com
|
tim@rir1.com
|
LORUS
ANNOUNCES FURTHER CORPORATE CHANGES
-
Changes in senior management -
TORONTO,
CANADA, November 9, 2005 - Lorus Therapeutics Inc. ('Lorus'), a
biopharmaceutical company specializing in the development and commercialization
of pharmaceutical products and technologies for the management of cancer,
today
announced the departure of the following senior managers as part of a
reorganization of the Company: Shane Ellis, Vice President, Legal Affairs
and
Corporate Secretary; Bruce Rowlands, Senior Vice President of Planning and
Public Affairs; and Paul Van Damme, Chief Financial Officer. These
changes are in addition to those announced on November 2, 2005, when the
Company
reduced its staff by approximately 35%. Paul Van Damme’s responsibilities will
be assumed by Elizabeth Williams, CA, presently Lorus’ Controller and newly
appointed Director of Finance.
Mr.
Graham Strachan, Chairman of the Board, expressed: “the Board expresses thanks
and gratitude for the many important contributions made by these executives.” He
went on to say, “Lorus is very disappointed that it had to take this step, which
results in the loss of three exceptionally talented professionals, and we
wish
them well in their new endeavors.”
The
reorganization, including reductions in staff, provide Lorus with a significant
increase in cash for its operations through 2006 and beyond, including the
development of its advanced clinical programs and preclinical programs.
Priorities for Lorus during this period will focus on partnerships for drugs
under clinical development, primarily, its proprietary antisense products,
such
as GT1-2040, as well as Virulizin®. It will also allow Lorus to aggressively
pursue plans to bring a new drug candidate into clinical development from
the
Company’s preclinical small molecule program.
About
Lorus
Lorus
is a
biopharmaceutical company focused on the development and commercialization
of
cancer therapies. Lorus' goal is to capitalize on its research, preclinical,
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 acquisition and in-licensing program, Lorus
is
building a portfolio of promising anticancer drugs. Late-stage clinical
development and marketing may be done in cooperation with strategic
pharmaceutical partners. Lorus currently has
three
products in human clinical trials with a pipeline of eight clinical trials
in
Phase II clinical trial programs and one Phase III registration clinical
program. Lorus Therapeutics Inc. is a public company listed on the Toronto
Stock
Exchange under the symbol LOR, and on the American Stock Exchange under the
symbol LRP. Virulizinâ
is a registered trademark of Lorus Therapeutics Inc.
Forward
Looking Statements
Except
for
historical information, this press release contains forward-looking statements,
which reflect the Company's current expectation and assumptions, and are
subject
to a number of risks and uncertainties that could cause actual results to
differ
materially from those anticipated. These forward-looking statements involve
risks and uncertainties, including, but not limited to, changing market
conditions, the Company's ability to obtain patent protection and protect
its
intellectual property rights, commercialization limitations imposed by
intellectual property rights owned or controlled by third parties, intellectual
property liability rights and liability claims asserted against the Company,
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, product development delays, the Company's ability to attract
and retain business partners and key personnel, future levels of government
funding, the Company's ability to obtain the capital required for research,
operations and marketing and other risks detailed from time-to-time in the
Company's ongoing quarterly filings, annual information forms, annual
reports
and 40-F filings. We undertake no obligation to publicly update or revise
any
forward-looking statements, whether as a result of new information, future
events or otherwise. Lorus Therapeutics Inc.'s press releases are
available through the Company's Internet site:
http://www.lorusthera.com/.