YONKERS, N.Y., Aug. 28 /PRNewswire-FirstCall/ -- Advanced Viral Research
Corp. (OTC Bulletin Board: ADVR) announced today that Dr. Shalom Z. Hirschman
has stepped down from the position of CEO, President, Chief Scientific Officer
and a director of the company in order to devote his full efforts to the
office of Chief Scientist for the company with responsibilities as assigned by
the Board.
Dr. Hirschman, age 67, had been the principal officer of the company for
the previous 6 years and has been responsible for bringing the company's
principal product, Product R, into human clinical trials.
The company announced that it will immediately initiate a search for a new
CEO. "We thank Dr. Hirschman for his years of dedication, his scientific
achievements and for his drive to bring Product R to clinical evaluation and
we appreciate his continued devotion to the company in his capacity as Chief
Scientist," said Eli Wilner, chairman of ADVR. In the immediate period, Mr.
Wilner will assume the role of interim CEO until the executive search is
completed.
ADVR's Product R represents a biopolymer chemistry that possesses novel
immunomodulator activity. This peptide-nucleic acid, which to date has shown
no indication of human toxicity, 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 in clinical trials in
Israel for the treatment of cachexia (body wasting) in patients with AIDS.
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.
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:
Eli Wilner
914-376-7383
SOURCE Advanced Viral Research Corp.
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Related links:
http://www.adviral.com
CONTACT:
Eli Wilner of Advanced Viral Research Corp.,
+1-914-376-7383
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