Lorus Therapeutics Announces Receipt
of Milestone Payment and Extension of Exclusive License Agreement for
Virulizin®
-
Agreement Expanded with Zor Pharmaceuticals to Include Central America
- -
TORONTO,
CANADA, October 15,
2008 - Lorus Therapeutics Inc. (TSX: LOR, AMEX: LRP) (“Lorus”), a
biopharmaceutical company specializing in the research and development of
pharmaceutical products and technologies for the management of cancer, today
announced that it has received a milestone payment of US$150,000 from Zor
Pharmaceuticals LLC (“ZOR”), a subsidiary of Zoticon Bioventures Inc., as it has
achieved the milestone of raising the first tranche in financing for the
development of Virulizin®. This
will bring the total payment to Lorus to $250,000.
Lorus also
announces that Central America has been added to the territories covered in the
exclusive licensing agreement with Zor Pharmaceuticals. Due to the
extension of the agreement, Lorus will receive an additional US 2 million
dollars upon achievement of specific developmental and sales milestones in
addition to royalties on sales. The total potential milestone payment from the
Virulizin Licensing agreement now exceeds US 12 million dollars.
“The receipt of the
initial milestone payment from ZOR is evidence that the market is interested in
the continued development of Virulizin®,”
said Dr. Aiping Young, President & CEO of Lorus. “Not only is there a strong
potential for Lorus to achieve significant revenues from this license agreement,
it is a validation of the company’s dedication to the ongoing development of
intellectual property - innovations within cancer treatment that Lorus will
continue to bring to market from its various active research
streams.”
About
Virulizin®
Virulizin®
is a novel biological response modifier (or immunotherapeutic agent) that
stimulates the immune system through several mechanisms, including the
activation of macrophages and the infiltration of natural killer cells into
tumors. Virulizin®
has demonstrated significant anticancer activity against a wide range of human
cancers in preclinical studies, and has been tested in several clinical trials
in solid tumor indications, including a Phase III clinical trial in combination
with gemcitabine in locally advanced and metastatic pancreatic cancer. Lorus
reported that the overall survival data in this Phase III study did not reach
statistical significance, although exploratory analysis yielded promising
results in specific patient populations including in patients with ECOG
performance status of 0 or 1. Virulizin®
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). Virulizin®
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.
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
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 or achievements to be materially different from any future results,
performance or achievements described in this press release. Such expressed or
implied forward looking statements could include, among others: our ability to
continue as a going concern, our ability to repay or refinance the convertible
debentures by October 2009, the actual number of shares to be issued in the
future as a result of warrant exercised; use of proceeds of the Rights Offering;
the inherent risks in early stage drug development including demonstrating
efficacy; development time/cost and the regulatory approval process; the
progress of our clinical trials; our ability to find and enter into agreements
with potential partners; our ability to attract and retain key personnel;
changing market conditions; and other risks detailed from time-to-time in our
ongoing quarterly filings, annual information forms, annual reports and annual
filings with Canadian securities regulators and the United States Securities and
Exchange Commission.
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
Inc.’s recent press releases are available through the Company’s website at
www.lorusthera.com. For Lorus' regulatory filings on SEDAR, please go to
www.Sedar.com. For SEDAR filings prior to July 10, 2007 you will find
these under the company profile for Global Summit Real Estate Inc. (Old
Lorus).
Enquiries:
For further
information, please contact:
Lorus
Therapeutics Inc.
Dr. Saeid Babaei,
416-798-1200 ext. 490; ir@lorusthera.com
Media
Contact:
Mansfield
Communications Inc
Hugh Mansfield,
416-599-0024; hugh@mcipr.com