YONKERS, N.Y., Sept. 10 /PRNewswire-FirstCall/ -- Advanced Viral Research
Corp. (OTC Bulletin Board: ADVR) today announced the completion of a
$3 million institutional financing transaction that enables the clinical
studies of Product R in Israel to move forward. The investment banking firm
H.C. Wainwright and Co. served as placement agent.
The Company entered into a Securities Purchase Agreement with certain
investors, dated September 9, 2002, pursuant to which the Company issued and
sold to certain investors 21,500,000 shares of its common stock, par value
$.00001 per share for total gross proceeds of $3,010,000, or $.14 per share.
The Company also issued warrants to purchase an aggregate of 16,125,002 shares
of the Company's common stock (the "Warrants"), which are exercisable for five
years from the date of issuance at an exercise price of $.25 per share,
subject to adjustment as provided in the Warrants.
"This financing simultaneously accomplishes two objectives. It represents
new avenues and venues for funding the growth of ADVR and the clinical
development of Product R. This financing also provides us with the funds
necessary to move forward with the three Israeli clinical trials that will
study the possible use of our immunomodulator-type drug, Product R, in the
treatment of medical conditions that represent markets with significant
potential," stated Shalom Z. Hirschman, M.D., President and CEO. "I
especially am pleased with the quality of the institutional investment funds
partaking in this financing, and believe it reflects the confidence of their
investment managers in the future of Advanced Viral Research Corp."
In June 2002, ADVR announced that it had received approval from the
Ministry of Health in Israel for three clinical trials. These include: Phase
I/II clinical trials with injectable Product R in patients who have failed
highly active antiretroviral therapy and require salvage therapy; a Phase I
clinical study for the treatment of body wasting (cachexia) in patients with
solid tumors; and a Phase I clinical trial for patients with hematopoietic and
lymphoid tumors, including acute lymphocytic leukemia, Hodgkin's disease and
non-Hodgkin's lymphoma, who also manifest symptoms of cachexia.
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 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.
The Company has filed a current report on Form 8-K regarding the financing
with the Securities and Exchange Commission, a copy of which and other
information may be viewed at the SEC's website at http://www.sec.gov. 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: Charles Mayr
Mayr Communications Inc.
877-777-6010
mayrcomm@att.net
SOURCE Advanced Viral Research Corp.
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Related links:
http://www.adviral.com
http://www.sec.gov
CONTACT:
Charles Mayr, Mayr Communications Inc.,
+1-877-777-6010, mayrcomm@att.net, for Advanced Viral Research
Corp.
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