Lorus Therapeutics Announces Receipt of Court Approval for Proposed Plan of Arrangement
TORONTO, June 28, 2007/CNW/ - Lorus Therapeutics Inc. ("Lorus"
or the "Company") (TSX: LOR; AMEX: LRP), a biopharmaceutical
company specializing in the research and development of
pharmaceutical products and technologies for the management of
cancer, today announced that the Ontario Superior Court of
Justice has approved the proposed corporate reorganization as was
described in detail in the management proxy circular of the
Company dated May 25,
2007.
The reorganization when completed will result in
approximately $8.5 million in additional cash for Lorus,
subject to a $600,000 holdback and post closing adjustments,
not including the costs of the transaction without diluting
the equity interests of existing securityholders. As well,
securityholder approval for the transaction was obtained at a
Special Meeting held on June 25, 2007. Although completion of
the proposed transaction remains subject to a number of
conditions, Lorus expects the transaction to be completed by
July 4, 2007.
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 has
completed one Phase II and one Phase III clinical trial.
Lorus Therapeutics Inc. is listed on the Toronto Stock
Exchange under the symbol LOR, and on the American Stock Exchange
under the symbol LRP.
Forward looking statements
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 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; our ability to obtain regulatory,
securityholder and other approvals; our ability to obtain the
capital required for research and operations; the inherent
risks in early stage drug development including demonstrating
efficacy; development time/cost and the regulatory approval
process; the progress of our clinical trials; our ability to find
and enter into agreements with potential partners; our
ability to attract and retain key personnel; changing market
conditions; and other risks detailed from time-to-time in our
ongoing quarterly filings, annual information forms, annual
reports and annual filings with Canadian securities regulators and
the United States Securities and Exchange Commission.
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.
Posted: June 2007
