YONKERS, N.Y., Feb. 4 /PRNewswire-FirstCall/ -- Advanced Viral Research
Corp. (OTC Bulletin Board: ADVR) today announced that it entered into an
agreement with James Dicke II and his son James Dicke III whereby ADVR shall
sell to the two purchasers an aggregate of (i) 120,000,000 shares of its
Common Stock; and (ii) warrants to purchase 15,000,000 shares of its Common
Stock at a purchase price of $0.20 per share, for an aggregate purchase price
of $12 million. The funding shall take place in four equal stages of $3
million each, once every 90 days with the first $3 million funding to occur
February 5, 2004. Mr. Dicke is the Chairman and CEO of Crown Equipment
Corporation and a former member of the Board of Directors of Advanced Viral.
Advanced Viral shall use the proceeds from the funding to fund clinical
trials of its drug AVR 118. ADVR has completed a Phase I clinical trial in the
U.S. to evaluate the safety of the topical application of AVR118 in healthy
volunteers. There were no local adverse reactions to the application of
AVR118 to the skin of these subjects. The recent funding will allow ADVR to
plan a Phase II trial for the topical use of AVR118.
"I am pleased that with this funding, we can pursue our clinical trials in
both Israel and the United States," said Eli Wilner, Chairman of the Board of
ADVR.
ADVR's AVR118 represents a biopolymer chemistry that possesses novel
immunomodulator activity. This peptide-nucleic acid, which to date has shown
no indication of human toxicity, appears to stimulate the proinflammatory
responses required to combat viral infections such as AIDS and human
papillomavirus (HPV) and to dampen aberrant autoimmune-type inflammatory
responses, such as occur in patients with rheumatoid arthritis. AVR118 is in
clinical trials in Israel for the treatment of cachexia (body wasting) in
patients with AIDS.
For further information regarding Advanced Viral Research Corp., please
visit our website at http://www.adviral.com. Advanced Viral Research Corp., based in
Yonkers, New York, is a biopharmaceutical firm dedicated to improving
patients' lives by researching, developing and bringing to market new and
effective therapies for viral and other diseases.
Note: This news release contains forward-looking statements that involve
risks associated with clinical development, regulatory approvals, including
application to the FDA, product commercialization and other risks described
from time to time in the SEC reports filed by the Company. AVR118 (Product R)
is not approved by the U.S. Food and Drug Administration or any comparable
agencies of any other countries. There is no assurance that the Company will
be able to secure the financing necessary to continue and/or complete the
clinical trials of AVR118 or satisfy certain other conditions relating to
clinical trials including obtaining adequate insurance on terms acceptable to
the Company or that if completed, clinical trials performed outside the United
States will assist the Company in obtaining FDA or other regulatory approval.
The Company undertakes no obligation to update or revise the information
contained in this announcement whether as a result of new information, future
events or circumstances or otherwise.
CONTACT: Ronnie Welch or
Kelly Cinelli
CWR & Partners,
508/222-4802
SOURCE Advanced Viral Research Corp.
 back to top
Related links:
http://www.adviral.com
Company News On-Call:
http://www.prnewswire.com/comp/903002.html
CONTACT:
Ronnie Welch or Kelly Cinelli, both of CWR &
Partners, +1-508-222-4802, for Advanced Viral Research Corp.
|
