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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


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