Lorus deal

As part of a settlement of C$15 million (US$13 million) in outstanding secured convertible debentures, Lorus granted The Erin Mills Investment Corp. (TEMIC) all assets, licenses and IP associated with the biotech's Virulizin. TEMIC also received C$3.3 million (US$2.9 million) in cash, plus shares in Lorus' subsidiary Pharma Immune Inc. Investment firm Zoticon Bioventures' Zor Pharmaceuticals LLC subsidiary has exclusive, European and North and South American rights to Virulizin under a 2008 deal. Lorus remains eligible for 50% of royalties under the Zor license deal and 50% of the value of any deal for Virulizin in countries not covered by the Zoticon license. Lorus also retains a royalty-free license for the animal use of Virulizin. The bovine bile extract that activates macrophages is in Phase III testing to treat advanced pancreatic cancer (see BioCentury, Oct. 20, 2008). ...