Lorus Therapeutics Appoints New Chief Executive Officer
William G. Rice, Ph.D. Appointed CEO and Chairman of the Board Daniel
D. Von Hoff, M.D., FACP to Serve as Key Advisor
US Biotechnology Industry Veteran Brings Extensive Clinical
Development and Capital Raising Experience
TORONTO, ONTARIO -- (Marketwired) -- 10/28/13 -- Lorus Therapeutics
Inc. (TSX:LOR) ("Lorus" or the "Company), today announced the
appointment of William Rice, Ph.D. as its Chief Executive Officer and
Chairman of the Board of Directors. Lorus specializes in targeting
essential apoptosis pathways to deliver transformational cancer
drugs, and Dr. Rice will guide the strategic and clinical missions of
"Dr. Rice is a biotech veteran with more than 20 years of leadership
experience and a successful record of strategic, scientific and
financing accomplishments. We are privileged to announce his addition
to the Lorus team," said Jim A. Wright, Ph.D., who will be
transitioning from Chairman of the Board to Lead Director. "We also
want to thank Dr. Aiping Young for her unwavering service as the
former President and Chief Executive Officer," said Dr. Wright. "Dr.
Young will continue to contribute to the cutting-edge research and
operational activities as the President and Chief Operating Officer
of the Company."
"The outstanding research team at Lorus has built a staged
pharmaceutical pipeline of innovative therapies to address the needs
of patients with cancer," said Dr. Rice. "I look forward to working
with the team to expeditiously advance these programs, and the Board
has provided the latitude for us to explore all available options to
maximize shareholder value."
Dr. Rice was most recently President, CEO and Chairman of the Board
at Cylene Pharmaceuticals, Inc., a clinical-stage private company
where he led the strategic and financing activities to design and
develop small molecule therapeutics to exploit CK2-driven pathways
and non-genotoxic mechanisms for activating p53 to kill cancer cells.
Prior to Cylene, Dr. Rice was the Founder, President, Chief Executive
Officer and Director of Achillion Pharmaceuticals, Inc., served as
Head of the Drug Mechanism Laboratory at the National Cancer
Institute-Frederick Cancer Research and Development Center, and
served as a faculty member in
the division of Pediatric Hematology
and Oncology at Emory University School of Medicine.
Lorus also announced today the addition of Daniel D. Von Hoff, M.D.
as the Company's Senior Vice President of Medical Affairs. Dr. Von
Hoff is the Physician-in-Chief, Distinguished Professor at
Translational Genomics Research Institute in Phoenix, Arizona and
Professor of Medicine, Mayo Clinic, Scottsdale, AZ. He and his
colleagues led the development of many cancer agents now used
routinely, including: mitoxantrone, fludarabine, paclitaxel,
docetaxel, gemcitabine, irinotecan, nelarabine, capecitabine,
lapatinib, vismodegib, nab-paclitaxel and others. Dr. Von Hoff has
published more than 629 papers and 137 book chapters, 1066 abstracts,
is a founder of ILEX(TM) Oncology, and is the editor and past editor
of multiple cancer publications. He received the 2010 David A.
Karnofsky Memorial Award from the American Society of Clinical
Oncology (ASCO) and served on President Bush's National Cancer
Advisory Board, as President of the American Association for Cancer
Research and on the board of ASCO.
"The portfolio of programs at Lorus has tremendous potential in a
variety of oncology indications," said Dr. Von Hoff. "I am very
impressed with the quality of discovery capabilities at Lorus."
"Dr. Von Hoff's reputation and capabilities are unrivaled in the
oncology community," stated Dr. Wright. "Dr. Rice and Dr. Von Hoff
will provide Lorus with a tremendous infusion of business and
The Special Committee of independent directors established by the
Board of Directors of Lorus to review strategic alternatives
available to the Company (the "Special Committee"), after having
considered and reviewed a number of options, has recommended that the
Board of Directors of Lorus approve the appointments. The Board of
Directors, after receiving the recommendation of the Special
Committee, unanimously approved the appointments. In doing so, the
Board determined that such appointments are in the best interest of
Lorus, as they enhance the management team with the addition of two
seasoned and experienced biotechnology executives who bring extensive
clinical development and capital raising experience and improve the
awareness and presence of the Company in the United States. Dr. Rice,
as the new CEO and Chairman of the Board of Directors of Lorus, has
been authorized and mandated by the Board to explore all available
options to maximize shareholder value.
Lorus is a biopharmaceutical company targeting essential apoptosis
pathways to deliver transformational cancer drugs. Lorus' goal is to
capitalize on its research, preclinical, clinical and regulatory
expertise by developing new drug candidates that can be used alone
and in combination with other drugs to successfully treat specific
forms of cancer. Lorus Therapeutics Inc. is listed on the Toronto
Stock Exchange under the symbol LOR.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Canadian and US securities laws. Such statements include,
but are not limited to, statements relating to: the ability of the
company to continue as a going concern, the ability to find future
financing, 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 or achievements to be materially different from
any future results, performance or achievements described in this
press release. Such risks and uncertainties could include, among
others: our ability to continue to operate as a going concern; 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
tements, 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.
Lorus Therapeutics Inc.
416-798-1200, ext. 380
For US media, please contact:
Karen L. Bergman
650-575-1509 or 845-638-6290
650-575-1509 or 845-638-6290
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