YONKERS, N.Y, June 10 /PRNewswire-FirstCall/ -- Advanced Viral Research
Corp. (OTC Bulletin Board: ADVR) today announced that Roy S. Walzer has been
named to the Company's Board of Directors. Mr. Walzer founded the private
investment firm Litchfield Partners, Ltd. in 1987 and founded Litchfield
Partners I in 1999, which invests in pharmaceuticals, biotech and technology
companies.
"Roy brings extraordinary investment and venture capital expertise and
experience to our Board of Directors, which already includes leaders in the
fields of corporate management, business development, international
pharmaceutical law and entrepreneurship," said Eli Wilner, Chairman of the
Board in announcing Walzer's appointment. "The challenge facing development
stage biopharmaceutical companies is to identify and tap the investment
capital necessary to bring promising products through the clinical and FDA
approval processes. I am confident that Roy can help us more clearly
articulate the potential of ADVR's Product R to the investment community and
guide our efforts to secure sufficient funding to bring Product R to
patients."
Prior to founding Litchfield Partners, Mr. Walzer served as Executive Vice
President and General Counsel with Sealy Connecticut from 1976 to 1986. He
served with the law firm of Carmody and Torrance from 1973 to 1975. Mr.
Walzer has a B.A. degree in English and Political Science from Tulane
University, and received his J.D. degree from the Washington College of Law.
Mr. Walzer serves on the Board of Directors of portfolio companies in which
Litchfield Partners and Litchfield Partners I are invested.
"The appointment of Mr. Walzer to the Board of Directors comes at an
auspicious point when the regulatory clinical development of Product R is
accelerating," commented Shalom Z. Hirschman, M.D., President and Chief
Executive Officer. "Mr. Walzer's expertise in capital formation and
management, including for biotechnology companies, is advantageous for ADVR."
Other members of the ADVR Board of Directors include Dr. Hirschman; Nancy
J. Van Sant, Esq (Director Sacher, Zelman, Van Sant, Paul, Beiley, Haltman &
Waldman, P.A.); James R. Dicke II (President & CEO, Crown Equipment Corp.);
and David A. Seligman, Esq. (former Associate General Counsel, Hoffman-La
Roche, Inc.)
ADVR's principal pharmaceutical product, 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.
SOURCE Advanced Viral Research Corp.
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Related links:
http://www.adviral.com
CONTACT:
Charles M. Mayr of Mayr Communications, Inc.,
+1-877-777-6010, mayrcomm@att.net, for Advanced Viral Research
Corp.
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