Lorus lays off 35% of staff to save cash for drug development

New York, Nov. 2 - Lorus Therapeutics Inc. said it has reduced its staff by 35% in order to conserve cash.

The Toronto-based biopharmaceutical company said the lay-offs and other moves will give it "a significant increase" in cash for operations through 2006 and after. In particular, the extra resources will support Lorus' "advanced clinical programs and preclinical programs."

Priorities will be the creation of partnerships for drugs under clinical development, primarily, Virulizin and GTI-2040.

Lorus said it will also be able to aggressively pursue plans to bring a new drug candidate into clinical development from its preclinical small molecule program.

"Although these departures from Lorus are regrettable, we believe that they are necessary to strongly position the company to achieve important milestones in the areas of business partnerships and clinical development," said Lorus' chief executive officer Jim Wright in a news release. "These changes will improve our cost structure and allow us to better focus on our strategic assets."

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