GeneSense signs exclusive Viruzilin license with Zor Pharmaceuticals

Canada's Lorus Therapeutics says that its subsidiary GeneSense Technologies has signed an exclusive multinational license agreement with Zor Pharmaceuticals, a subsidiary of USA-based Zoticon Bioventures, to further develop and commercialize the immunotherapeutic Virulizin for human applications, initially for advanced pancreatic cancer. Under the terms of the deal, GeneSense will be entitled to receive payments in excess of $10.0 million upon achievement of milestone events and royalties that vary from 10% to 20% depending on achieving certain sales of Virulizin and other adjustments. In addition, a wholly-owned subsidiary of Lorus, Pharma Immune, will receive 25% of the initial equity in Zor, which will not be subject to dilution on the first $5.0 million of financing, and thereafter has a right to participate in any additional financings to maintain its ownership level. Also, GeneSense has entered into a service agreement with Zor Pharmaceuticals to assist in the transfer of knowledge and establish a strong foundation for moving forward with the development program for Virulizin.