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
"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
|SOURCE Lorus Therapeutics Inc.|
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