Lorus Therapeutics announces receipt of court approval for proposed plan of arrangement



    TORONTO, June 28 /CNW/ - Lorus Therapeutics Inc. ("Lorus" or the
"Company") (TSX: LOR; AMEX:   LRP), a biopharmaceutical company specializing in
the research and development of pharmaceutical products and technologies for
the management of cancer, today announced that the Ontario Superior Court of
Justice has approved the proposed corporate reorganization as was described in
detail in the management proxy circular of the Company dated May 25, 2007.
    The reorganization when completed will result in approximately
$8.5 million in additional cash for Lorus, subject to a $600,000 holdback and
post closing adjustments, not including the costs of the transaction without
diluting the equity interests of existing securityholders. As well,
securityholder approval for the transaction was obtained at a Special Meeting
held on June 25, 2007. Although completion of the proposed transaction remains
subject to a number of conditions, Lorus expects the transaction to be
completed by July 4, 2007.

    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 has completed one Phase II and one Phase III
clinical trial. 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 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, securityholder 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 the
Company's website at www.lorusthera.com.

    %SEDAR: 00002368E          %CIK: 0000882361




For further information:

For further information: Lorus Therapeutics Inc., Dr. Saeid Babaei,
(416) 798-1200 ext. 490, ir@lorusthera.com

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