Dr. Shalom Z. Hirschman, President and CEO,
To Focus on Product R Clinical Development
YONKERS, N.Y., May 2 /PRNewswire-FirstCall/ --
Advanced Viral Research Corp. (OTC Bulletin Board: ADVR) today announced that
its Board of Directors has appointed Eli Wilner to the position of Chairman of
the Board. Dr. Shalom Z. Hirschman will retain the titles of President and
Chief Executive Officer and remains a member of the Board of Directors, and
will concentrate on the scientific and clinical development of the Company's
Product R novel immunomodulator. In addition, the Board created an executive
management committee including Mr. Wilner, Dr. Hirschman and Mr. Seligman,
Esq., to oversee the strategic management of the Company. Wilner, who has
beneficial ownership of approximately 4.4 million shares of the Company,
joined the Board of Directors in December as part of the Board's
reorganization.
The Board also announced that Nancy J. Van Sant, Esq. was named to the
Company's Board of Directors. Since 1990, Van Sant has been a Director of the
Miami law firm of Sacher, Zelman, Van Sant, Paul, Beiley, Hartman & Waldman,
P.A. Prior to 1990, Van Sant served for 13 years with the U.S. Securities and
Exchange Commission (SEC). The Board further announces the resignation of
Christopher Forbes, Vice Chairman of Forbes, who is leaving the Board due to
time demands of his position as director of ADVR.
"The decision by the Board to allow Dr. Hirschman to focus on identifying
the rich chemistry of Product R and executing the successful clinical
development of this novel product represents a vote of confidence in his
expertise," said Wilner. "It also recognizes that biopharmaceutical
development companies have a responsibility to aggressively communicate their
story and the potential of their products to the financial and investment
community in a pro-active manner."
"When we were recruiting internationally renowned business leaders to join
our Board last year, we recognized the need to supplement the excellence of
our scientific and clinical expertise with sound business management
experience, said Dr. Hirschman. By Mr. Wilner assuming the responsibility as
Chairman of the Board the Company will benefit from his experiences as an
entrepreneur. In addition, by Mr. Seligman and Mr. Wilner joining me on the
executive management committee, their business management experience will
assist the management team in better defining short-and long-term goals, and
more effectively managing available resources in addition to providing
oversight for the strategic management of the Company."
Wilner brings strong entrepreneurial and business management experience to
the position. He is founder and Chief Executive Officer of Eli Wilner
& Company, a New York City-based art gallery and the world's largest resource
for antique American and European frames. Wilner currently holds a greater
than 1% ownership interest in the following technology and biopharmaceutical
companies, including Biofem, Chronix, ION, Simulring and Imagex. He was a
member of the Board of Touchpoint Software Company from 1999-2001, and during
his tenure approximately 50% of the Company was acquired by WebMD.
A published authority in the art world, Wilner has brought his expertise to
the White House and as a member of various art societies around the nation.
Seligman, the third member of the Company's newly created executive
committee, has over 30 years in international pharmaceutical law. Prior to
retiring in 1995, he served as Associate General Counsel and Associate Vice
President of Hoffman La Roche.
Advanced Viral is currently initiating Phase 2 clinical studies in the
United States for the topical treatment of genital warts with Product R.
Results of the Phase 1 clinical trial indicate that Product R was safe and
well tolerated dermatologically in all the doses applied in the study. During
the course of Phase 2, the efficacy of Product R for the topical therapy of
genital warts will be investigated in various doses.
Product R is being investigated as a non-toxic peptide-nucleic acid-type
immunomodulator that 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. Therefore, Product R has been termed a
"switch type" immunomodulator. Product R is also being studied for the
promise shown in its ability to mitigate the toxic side effects of other
drugs, including those used to treat HIV infection and chemotherapeutic drugs
employed in the treatment of cancers.
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.
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. 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 Product R or satisfy certain other conditions relating to clinical
trials including obtaining adequate insurance on terms acceptable to the
Company. 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: Mayr Communications, Inc., +1-877-777-6010,
or mayrcomm@att.net, for Advanced Viral Research Corp.
SOURCE Advanced Viral Research Corp.
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Related links:
http://www.adviral.com
CONTACT:
Mayr Communications, Inc., +1-877-777-6010,
or mayrcomm@att.net, for Advanced Viral Research Corp.
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