Lorus Therapeutics Strengthens Its Senior Management Team Through Internal Promotions
05 May 2008 - 9:30PM
PR Newswire (US)
TORONTO, May 5 /PRNewswire-FirstCall/ -- Lorus Therapeutics Inc.
("Lorus") (TSX: LOR; AMEX: LRP), a biopharmaceutical company
dedicated in the research, development and commercialization of
pharmaceutical products and technologies for the management of
cancer, announced today that it has strengthened its senior
management team with the appointment of Dr. Saeid Babaei to
Vice-President of Business Development and Dr. Yoon Lee to
Vice-President of Research. Both will serve as members of Lorus'
senior management team. Dr. Babaei joined Lorus in 2006, where he
has held the progressive positions of Associate Director of
Corporate Affairs and Director of Corporate Development, and has
played a key role in a broad range of activities involving investor
relations, business development and licensing strategies. As
Vice-President of Business Development, Dr. Babaei will have
responsibilities in planning, developing and implementing Lorus'
business development efforts and strategic partnerships. His
multi-disciplinary experience spans over fifteen years in the
biotechnology and healthcare sectors, during which he has
negotiated strategic alliances and licensing deals, established
joint ventures and assisted in private financings to support
product development. Dr. Babaei received a PhD and an executive
MBA, both from the University of Toronto. He has authored many
scientific publications, patents and conference proceedings. He
currently serves as a member of the Board of Directors for several
not-for-profit organizations. Dr. Lee has been with Lorus for ten
years, most recently serving as the Director of Research. He has
been responsible for overseeing research discovery and product
development programs, including anticancer immunomodulators,
DNA/RNA-based therapeutics and small molecules. As Vice- President
of Research, Dr. Lee will be responsible for developing and
implementing the scientific direction of Lorus. Dr. Lee received
his Ph.D. degree in Molecular Biology and Genetics from the
University of Guelph and completed a three-year post-doctoral
training program at the University of Michigan. He joined Lorus
through the merger with GeneSense Technologies Inc. in 1999, where
he was a Research Scientist involved in the GeneSense
oligonucleotide therapeutics program. He has authored many
scientific publications and is also an author of numerous patents
and conference proceedings. "I am delighted to promote these two
experienced professionals to our senior management team", said Dr.
Aiping Young, Lorus' President and CEO. "Their skills and knowledge
will allow us to progress our novel anticancer drugs towards
commercialization and seize emerging opportunities to accelerate
the growth of our business." 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 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 or
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, security holder 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.
Lorus Therapeutics Inc.'s recent press releases are available
through its website at http://www.lorusthera.com/. For Lorus'
regulatory filings on SEDAR, please go to http://www.sedar.com/.
For SEDAR filings prior to July 10, 2007 you will find these under
the company profile for Global Summit Real Estate Inc. (Old Lorus).
DATASOURCE: Lorus Therapeutics Inc. CONTACT: Lorus Therapeutics
Inc., Dr. Aiping Young, (416) 798-1200 ext. 379,
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