Herbert Abramson Acquires Additional Shares of Lorus Therapeutics Inc.

    TORONTO, Oct. 21 /CNW/ - Herbert Abramson, a director of Lorus
Therapeutics Inc. ("Lorus"), announces that he has acquired 4,149,000 common
shares (the "Shares") and warrants exercisable into 439,300 common shares
(together with the Shares, the "Securities") or approximately 1.8% (assuming
the exercise of the warrants) of the outstanding common shares of Lorus,
through Technifund Inc. ("Technifund"), a private company controlled by Mr.
Abramson. The Securities were owned by a corporation ("Holdco") owned by an
adult child of Mr. Abramson. Technifund acquired all of the outstanding shares
of Holdco pursuant to a private share purchase agreement entered into on
October 20, 2008 and the acquisition of the Securities was made in reliance on
the takeover bid exemption set forth in section 100.1 of the Securities Act
    Upon completion of the acquisition of Holdco, Mr. Abramson owns, directly
or indirectly, 51,250,515 common shares of Lorus, representing approximately
20.6% of the issued and outstanding common shares of Lorus. In addition, Mr.
Abramson owns 300,000 stock options and 8,995,605 warrants of Lorus. If he
were to exercise all of the options and warrants held by him, Mr. Abramson
would own an aggregate of 60,546,120 common shares, representing approximately
23.4% of the then issued and outstanding common shares of Lorus (on a
partially diluted basis, i.e., assuming no options and warrants were exercised
by other holders).
    Technifund has also entered into a private agreement to sell a total of
24,917,900 common shares of Lorus (including the Shares) in equal amounts to
three private corporations owned by each of Mr. Abramson's adult children, at
a price of $0.06 per share. The share sale price is equal to the closing price
of the Lorus common shares on the Toronto Stock Exchange on October 17, 2008,
the last closing price prior to the agreement being entered into by the
parties. The sale transactions, which are scheduled to be completed on October
27, 2008, are for estate and tax planning purposes of Mr. Abramson and
Technifund. Following the completion of these sale transactions, Mr. Abramson
will hold 26,332,615 common shares, representing 10.6% of the issued and
outstanding common shares of Lorus, and the options and warrants referred to
above. If he were to exercise all of the options and warrants, Mr. Abramson
would own an aggregate of 35,628,220 common shares, representing approximately
13.8% of the then issued and outstanding common shares of Lorus on a partially
diluted basis.
    Mr. Abramson reserves the right to acquire further securities of Lorus
depending on market conditions and other relevant factors.
    The common shares of Lorus trade on the Toronto Stock Exchange and the
NYSE Alternext.
    An early warning report in respect of the above noted transactions will
be filed on SEDAR.

For further information:

For further information: Herbert Abramson, 22 St. Clair Avenue East,
18th Floor, Toronto, ON, Tel: (416) 956-9334

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