Lorus Therapeutics, a biopharmaceutical company, has received a milestone payment of $150,000 from Zor Pharmaceuticals, a subsidiary of Zoticon Bioventures, 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 has also announced 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 $2 million 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 $12 million.
Aiping Young, president and CEO of Lorus, said: "The receipt of the initial milestone payment from Zor is evidence that the market is interested in the continued development of Virulizin. "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."