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

chieved during fiscal 2008, we have strengthened our financial position through a $6.9 million non-dilutive financing by means of corporate reorganization and initiation of a rights offering. The achievements realized this year have resulted in a necessary increase in research and development expenditures, although we expect our overall expenditures to decrease significantly in fiscal 2009".

FINANCIAL RESULTS

Due to an increase in research and development activities as described below, loss from operations excluding the gain on sale relating to the arrangement (as discussed below) for the year ended May 31, 2008, increased to $12.6 million from $9.6 million in the same period last year. On the close of the arrangement, in July 2007, the Company realized a gain on the sale of the shares of Old Lorus in the amount of $6.3 million resulting in a net loss for the year ended May 31, 2008 of $6.3 million ($0.03 per share).

Research and development expenses increased to $6.1 million for the year ended May 31, 2008 as compared $3.4 million in the prior year.

The increase in research and development expenditures in the year ended May 31, 2008 is due to a significant increase in activity within our LOR-2040 and Small Molecule development programs, in particular, due to the manufacturing cost of LOR-2040 needed to complete the ongoing Phase I and Phase II clinical studies as well as future potential development initiatives. Other contributing factors include the initiation of an advanced Phase II clinical trial with LOR-2040 in AML, GLP-toxicology studies with LOR-2040 for the treatment of bladder cancer, and the advancement of our small molecule program into GLP-toxicology studies.

For the year ended May 31, 2008, general and administrative expense was $3.9 million compared with $3.8 million in the same period last year. General and administrative expenditures have remained consistent with the prior year.

The Company utilized cash of
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SOURCE Lorus Therapeutics Inc.
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