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Biotech / Medical : Lorus Therapeutics Inc. -- Ignore unavailable to you. Want to Upgrade?

To: DaveAu who wrote (217)	12/2/1998 7:10:00 PM
From: DaveAu	Read Replies (1) \| Respond to of 279

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 -30- 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