Lorus Therapeutics Inc, a biopharmaceutical company specializing in the research and development of pharmaceutical products and technologies for the management of cancer, announced that it has received a milestone payment of US$150,000 from Zor Pharmaceuticals LLC, a subsidiary of Zoticon Bioventures Inc, as it has achieved the milestone of raising the first tranche in financing for the development of Virulizin. This will bring the total payment to Lorus to $250,000.
Lorus also announces that Central America has been added to the territories covered in the exclusive licensing agreement with Zor Pharmaceuticals. Due to the extension of the agreement, Lorus will receive an additional US 2 million dollars upon achievement of specific developmental and sales milestones in addition to royalties on sales. The total potential milestone payment from the Virulizin Licensing agreement now exceeds US 12 million dollars.
"The receipt of the initial milestone payment from ZOR is evidence that the market is interested in the continued development of Virulizin," said Dr Aiping Young, president & CEO of Lorus. "Not only is there a strong potential for Lorus to achieve significant revenues from this license agreement, it is a validation of the company's dedication to the ongoing development of intellectual property - innovations within cancer treatment that Lorus will continue to bring to market from its various active research streams."
Virulizin is a novel biological response modifier (or immunotherapeutic agent) that stimulates the immune system through several mechanisms, including the activation of macrophages and the infiltration of natural killer cells into tumours.