NOVEMBER 19, 1998
Imutec Pharma Announces Name Change To Lorus Therapeutics
Inc.
TORONTO, ONTARIO--Imutec Pharma Inc. today announced that it has
changed its name to Lorus Therapeutics Inc. At the Company's
Annual General Meeting of Shareholders yesterday, the President
and CEO, Philippe G. Lacaille explained that the name change
represents the culmination of a corporate turnaround begun in
mid-1996, and that the new name was chosen to signify the
Company's pursuit of excellence in the development of effective
cancer therapies.
"Over the past 18 months, we have focused our efforts in three key
areas," said Mr. Lacaille. "First, we hired the people with
expertise in managing the process of drug development; second, we
established academic and corporate partnerships to leverage our
own human resources and to assist us in the development of our
products; and finally, we began the process of enriching the
Company's product pipeline by in-licensing an exciting new
technology. The introduction of Lorus Therapeutics is another
step towards fulfilling our vision of building a successful
company whose focus is on advancing cancer therapy."
At its Annual General Meeting yesterday, Mr. Lacaille highlighted
the Company's achievements during its most recent fiscal year.
These achievements include:
- the strengthening of the Company's product pipeline through the
in-licensing of an exciting anti-cancer portfolio (NuChem
analogues) discovered at Harvard Medical School;
- a Research Agreement with Harvard Medical School to discover
additional anti-cancer compounds;
- a Research Agreement with the US National Cancer Institute for
the pre-clinical screening of the NuChem analogues;
- an Agreement with Torcan Chemical for the manufacture of the
Company's new products;
- the allowance of major US patent claims covering the
anti-proliferative effect of many of the NuChem analogues;
- positive Phase I/II clinical trial results in pancreatic cancer;
- additional preclinical data for Virulizin(r);
- approval of Virulizin(r) in Mexico for the treatment of
malignant melanoma;
- the receipt of 2 Canadian Patents covering Virulizin(r) and its
use in the treatment of cancer;
- the endorsement and support of the Canadian HIV Trials Network
regarding the Company's Phase I/II Kaposi's sarcoma trial.
Lorus Therapeutics Inc. is a pharmaceutical company focused on the
development of cancer therapies. Lorus' goal is to capitalize on
its pre-clinical, clinical and regulatory expertise by developing
new drug candidates that can be used, either alone, or in
combination, to successfully manage cancer. Through an active
acquisition and in-licensing program, the Company is building a
portfolio of promising cancer drugs. Late stage clinical
development and marketing will be done in cooperation with
strategic pharmaceutical partners. Founded in 1986, Lorus
Therapeutics Inc. is a public company listed on the Toronto Stock
Exchange and the Montreal Stock Exchange under the symbol IMT and
on the NASDAQ OTC exchange under the symbol IMUTF.
Except for historical information, this press release contains
forward-looking statements which reflect the Company's current
expectation regarding future events. These forward-looking
statements involve risks and uncertainties which may cause actual
results to differ materially from those statements. Those risks
and uncertainties include, but are not limited to, changing market
conditions, the successful and timely completion of clinical
studies, the establishment of corporate alliances, the impact of
competitive products and pricing, new product development,
uncertainties related to the regulatory approval process, and
other risks detailed from time-to-time in the Company's ongoing
quarterly filings, annual reports and 20-F filings.
Imutec Pharma's press releases are available through the Company's
Internet site: lorusthera.com
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FOR FURTHER INFORMATION PLEASE CONTACT:
Lorus Therapeutics Inc.
Paul W. Truscott, Jr.
Associate, Corporate Communications
(416) 724-1509, ext. 251
(416) 724-1167 (FAX)
Email: info@lorusthera.com
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