Lorus Therapeutics Announces Exclusive Multinational License Agreement with Zoticon Bioventures for Virulizin(R)
2008年4月9日 - 11:04AM
PRニュース・ワイアー (英語)
- Agreement includes upfront, milestone and royalty payments on
future sales - TORONTO, April 8 /PRNewswire-FirstCall/ -- Lorus
Therapeutics Inc. ("Lorus") (TSX: LOR; AMEX: LRP), a
biopharmaceutical company dedicated to the research and development
of pharmaceutical products and technologies for the management of
cancer, announced today that its subsidiary GeneSense Technologies,
Inc. ("GeneSense") has signed an exclusive multinational license
agreement with Zor Pharmaceuticals LLC formed as a subsidiary of
Zoticon Bioventures Inc. ("Zoticon"), a research-driven
biopharmaceutical group, to further develop and commercialize
Virulizin(R) for human therapeutic applications. The initial
clinical development of Virulizin(R) under the agreement will be in
advanced pancreatic cancer. Under the terms of the agreement,
GeneSense will be entitled to receive payments in excess of US$10
million upon achievement of various milestone events and royalties
that vary from 10-20% depending on achieving of sales of
Virulizin(R) and subject to certain other adjustments. In addition,
a wholly owned subsidiary of Lorus, Pharma Immune Inc. ("Pharma
Immune") will receive 25% of the initial equity in Zor
Pharmaceuticals. Pharma Immune's equity will not be subject to
dilution on the first US$5 million of financing in Zor
Pharmaceuticals. Thereafter, Pharma Immune has, at its option, a
right to participate in any additional financings to maintain its
ownership level. In addition, GeneSense has entered into a Service
Agreement with Zor Pharmaceuticals to assist in the transfer of
knowledge and establish a strong foundation for moving forward with
the development program for Virulizin. Zor Pharmaceuticals will be
responsible for the cost of all the clinical development,
regulatory submissions and commercialization of Virulizin(R) in
North and South America and Europe. GeneSense will retain rights in
all other countries, including Japan, Australia and New Zealand.
"We are delighted to enter into this transaction with Zoticon,
which shares our vision in the potential of Virulizin(R) and has
the expertise and financial commitment to bring Virulizin(R) to
market," stated Dr. Aiping Young, President and Chief Executive
Officer of Lorus. "We believe that this drug has significant
potential as a treatment option not only for patients with advanced
pancreatic cancer, one of the most difficult cancers to treat, but
also, upon further development, for other cancer indications. This
arrangement provides significant potential value to our
shareholders, representing Lorus' commitment in maximizing the
commercial potential of its anticancer products." "Zoticon is very
excited to be involved with the Virulizin(R) program. We have
already begun to lay the groundwork for Zor Pharmaceuticals to
continue product development and ultimately commercialization of
this novel drug," stated Asher Nathan, Managing Director of
Zoticon. Lorus invites analysts and media to participate in a
conference call on April 9, 2008 at 3:00 pm Eastern Time.
Shareholders are invited to listen to the call by telephone and the
call will be available on the website (http://www.lorusthera.com/)
following completion. Dial in numbers are below: Toronto:
1-416-644-3422 Toll-free: 1-800-732-0232 About Virulizin(R)
------------------ Virulizin(R) is a novel biological response
modifier (or immunotherapeutic agent) that stimulates a patient's
immune system through several mechanisms, including the activation
of macrophages and the infiltration of natural killer cells into
tumors. Virulizin(R) has demonstrated high levels of antitumor
activity against a number of cancer indications including
pancreatic cancer. Virulizin(R) 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). A drug that receives
fast track designation must demonstrate that it is intended for the
treatment of a serious or life-threatening condition and that it
has the potential to address unmet medical needs for the condition.
Virulizin(R) 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, and on
the American Stock Exchange under the symbol LRP. 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 http://www.zoticon.com/. Forward-Looking
Statements for Lorus ------------------------------------ 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, achievements or the
transactions described in this press release to be materially
different from any future results, performance, achievements or
transactions described in this press release, if at all, that may
be expressed or implied by such forward-looking statements,
including, among others: the progress of negotiations; the inherent
risks in early stage drug development including demonstrating
efficacy; the achievement of milestones, milestones and royalty
payments, the successful development of Virulizin; development
time/cost and the regulatory approval process; the progress of
clinical trials; our ability to find and enter into agreements with
potential partners; the dilution of Pharma Immune's interest in Zor
Pharmaceuticals; and changing market conditions. 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' recent press releases are available through
Lorus' website at http://www.lorusthera.com/. For Lorus' regulatory
filings on SEDAR, please go to Sedar.com. For SEDAR filings prior
to July 10, 2007 you will find these under the company profile for
Global Summit Real Estate Inc. DATASOURCE: Lorus Therapeutics Inc.
CONTACT: Lorus Therapeutics Inc., Dr. Saeid Babaei, (416) 798-1200
ext. 490, or (416) 268-6181, ; Zoticon Bioventures, Dr. Asher
Nathan, 972 2 9995858,
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