Lorus Therapeutics Announces Receipt of Milestone Payment and Extension of Exclusive License Agreement for Virulizin(R)
15 Octubre 2008 - 7:00AM
Marketwired
Lorus Therapeutics Inc. (TSX: LOR)(NYSE-A: 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).
Contacts: Lorus Therapeutics Inc. Dr. Saeid Babaei (416)
798-1200 ext. 490 Email: ir@lorusthera.com Media Contact: Mansfield
Communications Inc Hugh Mansfield (416) 599-0024 Email:
hugh@mcipr.com
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