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Lorus Therapeutics Reports Fourth Quarter Results for Fiscal Year 2008
Date:7/21/2008

idiary of Zoticon

Bioventures Inc. ("Zoticon"), to further develop and commercialize

Virulizin(R) for human therapeutic applications. ZOR is responsible

for the cost of all clinical development, regulatory submissions and

commercialization of Virulizin(R) in North and South America, Europe

and Israel. Under the terms of the licensing agreement, Lorus is

entitled to receive payments in excess of US$10 million in upfront

and various clinical and regulatory milestones payments as well as

royalties that vary from 10-20% depending on sales of Virulizin(R).

Lorus also received 25% of the initial equity in ZOR. In addition,

Lorus has entered into a Service Agreement with ZOR to assist in the

transfer of knowledge for moving forward with the clinical

development program for Virulizin(R).

- Commenced a development program aimed at expanding the therapeutic

application of its clinical-stage drug LOR-2040 for the treatment of

superficial bladder cancer.

- Completed a corporate reorganization resulting in approximately

$6.9 million in additional cash for Lorus without diluting the equity

interests of existing securityholders

- Announced a rights offering to Lorus shareholders to raise, if fully

subscribed, gross proceeds of $7.1 million. Each shareholder will

receive one right and 4 rights will entitle the holder to purchase

one unit consisting of one common share and 1/2 common share purchase

warrant.

"We are pleased with the important milestones achieved during fiscal 2008 including the initiation of GLP-toxicology studies for LOR-253; the commencement of a Phase II clinical trial for LOR-2040 in AML; and a key licensing transaction for Virulizin(R)", stated Dr. Aiping Young, President and CEO of Lorus. "In addition to the key scientific milestones a
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SOURCE Lorus Therapeutics Inc.
Copyright©2008 PR Newswire.
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Related biology technology :

1. Lorus Therapeutics Receives $600 Thousand From Escrow Account
2. Lorus Therapeutics Provides an Update on Progress in Virulizin(R) Development Program
3. Lorus Therapeutics Announces Publication of a Clinical Study Demonstrating Encouraging Results with LOR-2040 in Combination with Cytarabine in Patients with Acute Myeloid Leukemia (AML)
4. Lorus Therapeutics Strengthens Its Senior Management Team Through Internal Promotions
5. Lorus initiates development program exploring novel route of administration for LOR-2040
6. Lorus Therapeutics presents new findings for the anticancer drugs LOR-253 and LOR-2040
7. Lorus Therapeutics Announces Exclusive Multinational License Agreement with Zoticon Bioventures for Virulizin(R)
8. Lorus Therapeutics Appoints Peter Korth as Chief Financial Officer
9. Lorus Advances Clinical Development of GTI-2040 Combined with Ara-C in Acute Myeloid Leukemia
10. Zenobia Therapeutics, Inc. Begins Operations as a Fragment-Based Lead Discovery Company
11. Northwest Biotherapeutics to Present at Next Generation Vaccine Conference
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