CARLSBAD, Calif., April 30 /PRNewswire-FirstCall/ -- The Immune Response
Corporation (Nasdaq: IMNR), a biopharmaceutical company developing
immune-based therapies for HIV and select other diseases, announced today that
it has entered into agreements to sell through a private placement
approximately 6,857,000 shares of common stock at $1.75 per share to
unaffiliated institutional investors, for approximately $12.0 million in gross
proceeds. Investors will also receive five-year warrants to purchase an
aggregate of approximately 2,057,000 shares of common stock at $2.75 per
share. Proceeds from the financing will be used to fund the Company's ongoing
clinical activities and for general corporate purposes. Rodman & Renshaw,
Inc. served as the exclusive placement agent for the transaction.
"The Immune Response team has worked very hard this year to make major
strides towards commercialization, and this new capital will allow us to
continue clinical work on our pipeline products," said John N. Bonfiglio
Ph.D., Chief Executive Officer of The Immune Response Corporation. "With this
new investment capital, we will continue to conduct clinical trials on our
lead product, REMUNE(R), while continuing our exciting work on IR103 and
NeuroVax(TM)."
Company Highlights
The Company is developing two immune-based therapies for the treatment of
HIV, REMUNE(R) and IR103, and one for multiple sclerosis, NeuroVax(TM). The
Company's lead product candidate, REMUNE(R), in Phase II clinical trials in
Spain and Italy, is a gp120-depleted HIV-1 immunogen. A new study in Canada
investigating REMUNE(R) to potentially delay rebound of plasma viremia during
antiretroviral treatment interruption was announced early this year.
Preclinical data on IR103, an immune-based therapy comprised of a gp120-
depleted HIV-1 immunogen and a second-generation immunostimulatory
oligonucleotide adjuvant (Amplivax(TM), developed by Hybridon, Inc.
(Amex: HBY)), was presented earlier this month at the Keystone Symposium on
HIV Vaccine Development. The data showed that IR103 demonstrated potent HIV-1
specific immunogenicity and warrants continued development as a potential
therapy for individuals living with HIV. Both REMUNE(R) and IR103 continue to
show promise as HIV therapies, and the new financing with provide ongoing
support for clinical development.
IR103 is the subject of three abstracts that have been accepted at two
prestigious scientific conferences this summer. Two of the abstracts have
been accepted to the XV International AIDS Conference to be held in Bangkok,
Thailand from July 11-16. Both abstracts, accepted as posters, address new
preclinical data on IR103. Additionally, preclinical data on IR103 will be
presented as a poster at the 12th International Congress of Immunology to be
held July 18-23 in Montreal, Canada.
The Company recently announced that its investigational T-cell receptor
(TCR) peptide vaccine, NeuroVax(TM), produced a peptide-specific immune
response in 94 percent of the patients treated in a Phase I/II clinical trial
in multiple sclerosis. Results of the three-armed, randomized trial, which
was discontinued early when an interim analysis revealed the high rate of
response, were presented this week at the 54th annual meeting of the American
Academy of Neurology (AAN). A new study investigating the mechanisms of
action of NeuroVax(TM) and seeking to establish additional endpoints for
therapeutic efficacy has recently been initiated and is funded, in part, by
the Immune Tolerance Network (ITN), an international research consortium.
The securities have not been registered under the Securities Act of 1933
or any state securities laws and unless so registered may not be offered or
sold in the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities
Act of 1933 and applicable state securities laws. In connection with the
offering, the Company agreed, subject to certain terms and conditions, to file
a registration statement under the Securities Act covering the resale of the
shares issuable upon exercise of the warrants. This announcement is neither
an offer to sell nor a solicitation of an offer to buy any of these
securities.
About The Immune Response Corporation
The Immune Response Corporation (Nasdaq: IMNR) is developing immune-based
therapies (IBT) for HIV and select other diseases. The Company's HIV products
are based on its patented whole-killed virus technology, co-invented by
Company founder, Dr. Jonas Salk, to stimulate HIV immune responses.
REMUNE(R), currently in Phase II, is being developed as a treatment for people
with HIV. The Company has initiated development of a new IBT, IR103, which
incorporates a second-generation immunostimulatory oligonucleotide adjuvant.
The Immune Response Corporation is also developing an IBT for multiple
sclerosis (MS), NeuroVax(TM), which is currently in Phase II and has shown
potential therapeutic value for this difficult-to-treat disease.
Please visit The Immune Response Corporation on the World Wide Web at
http://www.imnr.com.
This news release contains forward-looking statements. Forward-looking
statements are often signaled by forms of words such as should, could, will,
might, plan, projection, forecast, expect, guidance, potential and developing.
Actual results could vary materially from those expected due to a variety of
risk factors, including whether the Company will continue as a going concern
and successfully raise proceeds from financing activities sufficient to fund
operations and additional clinical trials of REMUNE(R), NeuroVax(TM) or IR103,
the uncertainty of successful completion of any such clinical trials, the fact
that the Company has not succeeded in commercializing any drug, the risk that
REMUNE(R), NeuroVax(TM) or IR103 might not prove to be effective as either a
therapeutic or preventive vaccine, whether future trials will be conducted and
whether the results of such trials will coincide with the results of
REMUNE(R), NeuroVax(TM) or IR103 in preclinical trials and/or earlier clinical
trials. These risks, among others, are set forth in The Immune Response
Corporation's SEC filings including, but not limited to, its Annual Report on
Form 10-K for the year ended December 31, 2003, and any subsequent Quarterly
Reports on Form 10-Q. The Company undertakes no obligation to update the
results of these forward-looking statements to reflect events or circumstances
after today or to reflect the occurrence of unanticipated events. REMUNE(R)
is a registered trademark of The Immune Response Corporation. NeuroVax(TM) is
a trademark of The Immune Response Corporation. Amplivax(TM) is a trademark
of Hybridon, Inc. (Amex: HBY)
MEDIA CONTACT:
Laura Silver, Sam Brown Inc. Corporate Communications
310-551-9940
silver@sambrown.com
INVESTOR RELATIONS CONTACT:
Kathy Waller, Financial Relations Board
312-266-7800
kwaller@financialrelationsboard.com
AT THE COMPANY:
Michael K. Green, Chief Financial Officer
760-431-7080
info@imnr.com
SOURCE The Immune Response Corporation
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Related links:
http://www.imnr.com
CONTACT:
media, Laura Silver of Sam Brown Inc.
Corporate Communications, +1-310-551-9940, silver@sambrown.com,
for The Immune Response Corporation; or investors, Kathy Waller
of Financial Relations Board, +1-312-266-7800,
kwaller@financialrelationsboard.com, for The Immune Response
Corporation; or Michael K. Green, Chief Financial Officer of The
Immune Response Corporation, +1-760-431-7080, info@imnr.com
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