CARLSBAD, Calif., Sept. 10 /PRNewswire-FirstCall/ -- The Immune Response
Corporation (Nasdaq: IMNR) announced today that it has received gross proceeds
of approximately $3.2 million through the exercise of about 2.4 million Class
A warrants in connection with the redemption of the warrants. The exercise of
the warrants completes the first phase of the Company's plan to strengthen its
financial position, which has improved with the receipt of more than
$13 million in cash plus approximately $2.4 million debt reduction since March
of this year. The next phase of the plan is expected to involve the exercise
of the Company's Class B warrants. If all of the outstanding Class B warrants
are exercised, the Company would receive gross proceeds of about $17 million.
"We are pleased to have made such considerable progress toward financial
stability over the past several months," said John N. Bonfiglio, Ph.D., Chief
Executive Officer of The Immune Response Corporation. "In addition to raising
cash and lowering our debt, we have appreciably reduced the administrative
component of the burn rate, eliminated underutilized assets, and stopped
internal work on projects unrelated to our lead product candidate.
"We are now in a much improved position to focus on the continuing
clinical development of REMUNE(R), a novel vaccine candidate for the treatment
of HIV and AIDS," Dr. Bonfiglio stated. "REMUNE is currently being evaluated
in a Phase II clinical study in Spain, and we intend to initiate an additional
Phase II study in the fall of this year."
The Company issued the Class A warrants in its December 10, 2002 private
placement. Holders of Class A warrants whose warrants were exercised received
one share of Common Stock and one Class B warrant which is exercisable for one
share of Common Stock at an initial exercise price of $1.77. Holders of Class
A warrants whose warrants were redeemed will receive $0.01 per Class A
warrant.
About The Immune Response Corporation and REMUNE(R)
The Immune Response Corporation is a biopharmaceutical company dedicated
to treating and preventing HIV and AIDS through the development of immune-
based therapeutic vaccines such as REMUME, its lead product candidate. The
Company was co-founded by medical pioneer Dr. Jonas Salk, who was instrumental
in the formulation of REMUNE, which is currently in Phase II clinical
development.
HIV, the human immunodeficiency virus, is the virus that causes AIDS, a
condition that slowly destroys the body's immune system, making it vulnerable
to infections. REMUNE is designed to induce a specific immune response to the
HIV virus. It is comprised of HIV-1 virus that has been chemically killed and
inactivated so that it is non-infectious, plus an adjuvant that helps enhance
the body's immune response to the virus. More than 60 million people have
been infected with HIV since it was first recognized in 1981, and
approximately 40 million people around the world are living with HIV today.
This news release contains forward-looking statements. Actual results
could vary materially from those expected due to a variety of risk factors,
including whether holders will exercise their Class B warrants, whether the
Company will continue as a going concern and successfully raise proceeds from
financing activities sufficient to fund operations and additional clinical
trials of REMUNE, the uncertainty of successful completion of any such
clinical trials, whether REMUNE will be effective as either a preventive or
therapeutic vaccine, whether future trials will be conducted and whether the
results of such trials will coincide with the results of REMUNE in preclinical
trials. These risks, among others, are set forth in The Immune Response
Corporation's SEC filings including, but not limited to, its Annual Report on
Form 10-K for the year ended December 31, 2002, and subsequent Quarterly
Reports on Form 10-Q. The Company undertakes no obligation to publicly
release the results of any revisions to these forward-looking statements,
which may be made to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
REMUNE(R) is a registered trademark of The Immune Response Corporation.
For further information, please contact:
Investors: Kathy Lane, phone (760) 771-2236 or info@imnr.com
Media: Gwen Rosenberg, phone (858) 759-0759 or cell (858) 504-0759
SOURCE The Immune Response Corporation
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Related links:
http://www.imnr.com
CONTACT:
Investors, Kathy Lane, +1-760-771-2236,
info@imnr.com, or Media, Gwen Rosenberg, +1-858-759-0759, or
cell, +1-858-504-0759, both of The Immune Response Corporation
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