CARLSBAD, Calif., March 22 /PRNewswire-FirstCall/ --
The Immune Response Corporation (Nasdaq: IMNR) announced today that it issued
a $2,000,000 secured promissory note to Oshkim Limited Partnership (Oshkim).
The investor is an affiliate of Kevin Kimberlin, a director and major
stockholder of the Company.
The promissory note bears interest at a rate of 8% per year. The note,
secured by certain of the Company's intellectual property, matures on
May 5, 2002. In the event that Oshkim or an affiliate of Oshkim shall, prior
to such date, loan money to the Company all such monies shall promptly be
applied to repay the note and interest thereon.
The Company estimates that its available cash resources along with the
$2 million from the secured promissory note will be sufficient to fund its
planned operations through April 2002. Additional funds will be required to
fund the Company's operations beyond such time. The Company is actively
pursuing other potential funding options. The Company plans to use
substantially all of the net proceeds from the note issuance for working
capital and other general corporate purposes.
The Immune Response Corporation is a biopharmaceutical company based in
Carlsbad, California, developing immune-based therapies to induce specific
T-cell responses for the treatment of HIV, autoimmune diseases and cancer. In
addition, the Company is developing a targeted non-viral delivery technology
for gene therapy, which is designed to enable the delivery of genes directly
to the liver via intravenous injection. [NOTE: Company information can also
be located on the Internet Web Site: http://www.imnr.com ]
This news release contains forward-looking statements. Actual results
could vary materially from those expected due to a variety of risk factors,
including, but not limited to, whether data generated from previous trials can
be replicated in future clinical trials, whether clinical trials will be
successfully concluded, whether REMUNE will be approved for marketing or be
successfully commercialized and whether the Company will be able to obtain
additional financing. Those factors are discussed more thoroughly in The
Immune Response Corporation's SEC filings, including but not limited to its
report on Form 10-K for the year ended December 31, 2000 and subsequent Forms
10-Q. The Company undertakes no obligation to publicly release the result of
any revisions to these forward-looking statements, which may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
REMUNE(R) is a registered trademark of The Immune Response Corporation.
SOURCE The Immune Response Corporation
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Related links:
http://www.imnr.com
Company News On-Call:
http://www.prnewswire.com/comp/434675.html
CONTACT:
investors, Kathy Lane, +1-760-771-2236, for
The Immune Response Corporation
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