PLANTATION, Fla., Sept. 13 /PRNewswire-FirstCall/ -- Viragen, Inc.
(Amex: VRA) today reported that United Kingdom brokerage firm, Williams de
Broe Plc - a subsidiary of ING, initiated research coverage on Viragen and
issued a "Speculative Buy" recommendation for their risk-oriented
institutional clients seeking aggressive growth.
In a detailed report distributed to investment professionals, Senior
Research Analyst, Dr. Navid Malik states, "We believe that the recent
fundraising, supported by an improved capital structure, will allow the
company to steer towards an acceleration of the sales line and permit the
initiation of a long awaited US hepatitis C strategy, supported by an ongoing
expansion of European approvals. Speculative BUY." Dr. Malik's report is not
intended for private customers or U.S. investors.
The report concludes, "Compared with other biotechnology companies,
Viragen enjoys a number of intrinsic advantages over peer companies of its
size. These include an approved drug which is, in our opinion, underutilised
in a key, but poorly addressed, medical area. A clear steer towards entry
into the US and European markets for hepatitis C and oncology indications such
as melanoma could provide substantial revenue opportunities. We also believe
that in the medium term other therapeutic areas such as multiple sclerosis and
West Nile could ultimately be exploited."
Viragen does not maintain an investment banking relationship with Williams
de Broe or with its parent company, ING, or related subsidiaries and no fee or
compensation was exchanged for this research report. An investment in
Viragen, or its majority-owned subsidiary, Viragen International, Inc.
(OTC Bulletin Board: VGNI), is highly speculative and additional risk factors
are detailed in SEC filings which are available upon request or at Viragen's
website.
About Williams de Broe:
A Member of the London Stock Exchange and one of the longest established
stockbroking firms in the City of London, Williams de Broe has maintained its
reputation for independent advice, quality of research and high standards of
service for over 130 years.
For more information, please visit: http://www.wdebroe.com
About Viragen, Inc.:
Viragen is a biotechnology company specializing in the research,
development and commercialization of natural and recombinant protein-based
drugs designed to treat a broad range of viral and malignant diseases. These
protein-based drugs include natural human alpha interferon, monoclonal
antibodies and a peptide drug. Viragen's strategy also includes the
development of Avian Transgenic Technology as a biomanufacturing platform for
the large-scale, cost-effective production of therapeutic proteins.
Viragen is publicly traded on the American Stock Exchange (VRA).
Viragen's majority owned subsidiary, Viragen International, Inc., is publicly
traded on the Over-The-Counter Bulletin Board (VGNI). Viragen's key partners
and licensors include: Roslin Institute, Memorial Sloan-Kettering Cancer
Center, Cancer Research UK, University of Nottingham (U.K.), University of
Miami, America's Blood Centers and the German Red Cross.
For more information, please visit: http://www.Viragen.com
Viragen, Inc. Corporate Contact:
Douglas Calder, Director of Communications
Phone: (954) 233-8746; Fax: (954) 233-1414
E-mail: dcalder@viragen.com
The foregoing press announcement contains forward-looking statements that
can be identified by such terminology such as "expect", "potential",
"suggests", "may", "will", "should", "could" or similar expressions. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results to be materially different
from any future results, performance or achievements expressed or implied by
such statements. In particular, management's expectations regarding future
research, development and/or commercial results could be affected by, among
other things, uncertainties relating to clinical trials and product
development; availability of future financing; unexpected regulatory delays or
government regulation generally; the Company's ability to obtain or maintain
patent and other proprietary intellectual property protection; and competition
in general. Forward-looking statements speak only as to the date they are
made. The Company does not undertake to update forward-looking statements to
reflect circumstances or events that occur after the date the forward-looking
statements are made.
SOURCE Viragen, Inc.
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Related links:
http://www.viragen.com
http://www.wdebroe.com
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AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Douglas Calder, Director of Communications of
Viragen, Inc., +1-954-233-8746, or Fax +1-954-233-1414, or
dcalder@viragen.com
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