DECEMBER 2, 1998
Lorus Therapeutics To Focus Exclusively On Drug
Development
TORONTO, ONTARIO--
-- Announces divestiture of manufacturing facility--
Lorus Therapeutics Inc. ("Lorus") today announced that it has
signed an agreement with Prometic Life Sciences Inc. ("Prometic"),
a Canadian pharmaceutical company, regarding the divestiture of
its manufacturing facility in Scarborough, Ontario. The Company
announced that, as a result of this transaction, it will be
relocating to Markham, Ontario on December 18, 1998. The specific
terms of the transaction were not disclosed.
Lorus presently maintains a 22,000 sq.ft. facility which houses a
5,000 sq.ft. cGMP manufacturing plant. "The agreement between
Lorus and Prometic involves the transfer of the facility including
40 percent of our current staff, and it includes the acquisition
of certain assets by Prometic in return for cash," said Philippe
G. Lacaille, President and Chief Executive Officer of Lorus
Therapeutics. "Our decision to move from the facility and to
transfer the manufacturing of our products to outside
organizations is based on two factors. First, the large scale
manufacturing of Virulizin(r) will more than likely be undertaken
by a strategic corporate partner at the time a licensing deal is
signed, and second, the manufacturing of our NC analogs will be
accomplished more economically through a third party manufacturer.
The agreement with Prometic is good for Lorus because it decreases
our monthly cash expenditures and it allows us to focus
exclusively on drug development."
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.
Lorus Therapeutic'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)
info@lorusthera.com |
