YONKERS, N.Y., May 10 /PRNewswire-FirstCall/ -- Advanced Viral Research
Corp. (OTC Bulletin Board: ADVR) announced today that it received the second
of four $3 million payments from James Dicke II and his son James Dicke III.
As previously announced, on February 3, 2004 ADVR entered into an
agreement with the Dickes whereby ADVR agreed to sell an aggregate of
120,000,000 shares of ADVR common stock and warrants to purchase 15,000,000
shares at $.20 per share, in four equal installments of 30,000,000 shares in
exchange for the Dickes delivering an aggregate of $3 million to ADVR at each
of the closings.
The first closing took place on February 5, 2004 and the second closing
took place on May 5, 2004. Under the agreement, the third and fourth closings
are scheduled to take place on August 4, 2004 and November 3, 2004
respectively.
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. ADVR's lead product, AVR118 (formerly known as Product R),
represents a biopolymer that possesses novel immunomodulator activity. This
peptide-nucleic acid complex, which to date has shown a very favorable safety
profile, appears to stimulate the proinflammatory responses required to combat
viral infections such as AIDS and human papilloma virus 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.
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.
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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, both for Advanced Viral Research Corp.
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