Exhibit 99.1
News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
Lorus Therapeutics Announces Exclusive Multinational License Agreement
with Zoticon Bioventures for Virulizin(R)
- Agreement includes upfront, milestone and royalty payments on future
sales -
TORONTO, April 8 /CNW/ - Lorus Therapeutics Inc. ("Lorus") (TSX: LOR;
AMEX: LRP), a biopharmaceutical company dedicated to the research and
development of pharmaceutical products and technologies for the management of
cancer, announced today that its subsidiary GeneSense Technologies, Inc.
("GeneSense") has signed an exclusive multinational license agreement with Zor
Pharmaceuticals LLC formed as a subsidiary of Zoticon Bioventures Inc.
("Zoticon"), a research-driven biopharmaceutical group, to further develop and
commercialize Virulizin(R) for human therapeutic applications. The initial
clinical development of Virulizin(R) under the agreement will be in advanced
pancreatic cancer.
Under the terms of the agreement, GeneSense will be entitled to receive
payments in excess of US$10 million upon achievement of various milestone
events and royalties that vary from 10-20% depending on achieving of sales of
Virulizin(R) and subject to certain other adjustments. In addition, a wholly
owned subsidiary of Lorus, Pharma Immune Inc. ("Pharma Immune") will receive
25% of the initial equity in Zor Pharmaceuticals. Pharma Immune's equity will
not be subject to dilution on the first US$5 million of financing in Zor
Pharmaceuticals. Thereafter, Pharma Immune has, at its option, a right to
participate in any additional financings to maintain its ownership level. In
addition, GeneSense has entered into a Service Agreement with Zor
Pharmaceuticals to assist in the transfer of knowledge and establish a strong
foundation for moving forward with the development program for Virulizin.
Zor Pharmaceuticals will be responsible for the cost of all the clinical
development, regulatory submissions and commercialization of Virulizin(R) in
North and South America and Europe. GeneSense will retain rights in all other
countries, including Japan, Australia and New Zealand.
"We are delighted to enter into this transaction with Zoticon, which
shares our vision in the potential of Virulizin(R) and has the expertise and
financial commitment to bring Virulizin(R) to market," stated Dr. Aiping
Young, President and Chief Executive Officer of Lorus. "We believe that this
drug has significant potential as a treatment option not only for patients
with advanced pancreatic cancer, one of the most difficult cancers to treat,
but also, upon further development, for other cancer indications. This
arrangement provides significant potential value to our shareholders,
representing Lorus' commitment in maximizing the commercial potential of its
anticancer products."
"Zoticon is very excited to be involved with the Virulizin(R) program. We
have already begun to lay the groundwork for Zor Pharmaceuticals to continue
product development and ultimately commercialization of this novel drug,"
stated Asher Nathan, Managing Director of Zoticon.
Lorus invites analysts and media to participate in a conference call on
April 9, 2008 at 3:00 pm Eastern Time. Shareholders are invited to listen to
the call by telephone and the call will be available on the website
(http://www.lorusthera.com/) following completion. Dial in numbers are below:
Toronto: 1-416-644-3422
Toll-free: 1-800-732-0232
About Virulizin(R)
------------------
Virulizin(R) is a novel biological response modifier (or
immunotherapeutic agent) that stimulates a patient's immune system through
several mechanisms, including the activation of macrophages and the
infiltration of natural killer cells into tumors. Virulizin(R) has
demonstrated high levels of antitumor activity against a number of cancer
indications including pancreatic cancer. Virulizin(R) has been granted orphan
drug status and fast track status from the United States FDA and orphan
designation from the Marketing Authorization Application with the European
Medical Evaluation Agency (EMEA). A drug that receives fast track designation
must demonstrate that it is intended for the treatment of a serious or
life-threatening condition and that it has the potential to address unmet
medical needs for the condition.
Virulizin(R) is a registered trademark owned by Lorus Therapeutics Inc.
About Lorus
-----------
Lorus is a biopharmaceutical company focused on the research and
development of novel therapeutics in cancer. 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 with other
drugs, 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. Lorus Therapeutics Inc. is listed on the Toronto
Stock Exchange under the symbol LOR, and on the American Stock Exchange under
the symbol LRP.
About Zoticon
-------------
Zoticon is a privately held global drug development and healthcare
investment firm with a portfolio of life-sciences-focused companies. Zoticon's
business model is to in-license novel therapeutics, and the formation of new
biotechnology companies.
For further information on Zoticon, please visit their website at
www.zoticon.com.
Forward-Looking Statements for Lorus
------------------------------------
This press release contains forward-looking statements within the meaning
of Canadian and U.S. securities laws. Such statements include, but are not
limited to, statements relating to: financings and corporate reorganizations,
the establishment of corporate alliances, the Company's plans, objectives,
expectations and intentions and other statements including words such as
"continue", "expect", "intend", "will", "should", "would", "may", and other
similar expressions. Such statements reflect our current views with respect to
future events and are subject to risks and uncertainties and are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable by us are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies. Many
factors could cause our actual results, performance, achievements or the
transactions described in this press release to be materially different from
any future results, performance, achievements or transactions described in
this press release, if at all, that may be expressed or implied by such
forward-looking statements, including, among others: the progress of
negotiations; the inherent risks in early stage drug development including
demonstrating efficacy; the achievement of milestones, milestones and royalty
payments, the successful development of Virulizin; development time/cost and
the regulatory approval process; the progress of clinical trials; our ability
to find and enter into agreements with potential partners; the dilution of
Pharma Immune's interest in Zor Pharmaceuticals; and changing market
conditions.
Should one or more of these risks or uncertainties materialize, or should
the assumptions set out in the section entitled "Risk Factors" in our filings
with Canadian securities regulators and the United States Securities and
Exchange Commission underlying those forward-looking statements prove
incorrect, actual results may vary materially from those described herein.
These forward-looking statements are made as of the date of this press release
and we do not intend, and do not assume any obligation, to update these
forward-looking statements, except as required by law. We cannot assure you
that such statements will prove to be accurate as actual results and future
events could differ materially from those anticipated in such statements.
Investors are cautioned that forward-looking statements are not guarantees of
future performance and accordingly investors are cautioned not to put undue
reliance on forward-looking statements due to the inherent uncertainty
therein.
Lorus Therapeutics' recent press releases are available through Lorus'
website at www.lorusthera.com. For Lorus' regulatory filings on SEDAR, please
go to Sedar.com. For SEDAR filings prior to July 10, 2007 you will find these
under the company profile for Global Summit Real Estate Inc.
%SEDAR: 00025614EF %CIK: 0000882361
/For further information: Lorus Therapeutics Inc., Dr. Saeid Babaei,
(416) 798-1200 ext. 490, or (416) 268-6181, ir(at)lorusthera.com; Zoticon
Bioventures, Dr. Asher Nathan, 972 2 9995858, asher(at)zoticon.com/
(LOR. LRP)
CO: Lorus Therapeutics Inc.
CNW 22:03e 08-APR-08