PLANTATION, Fla., Oct. 7 /PRNewswire-FirstCall/ -- Viragen, Inc.
(Amex: VRA) today reported that United Kingdom brokerage firm, Williams de
Broe Plc, a subsidiary of ING, updated its research coverage on Viragen and
reiterated a "Speculative Buy" recommendation for their risk-oriented
institutional clients seeking aggressive growth. Senior Research Analyst Dr.
Navid Malik increased his sales forecasts for Viragen's Multiferon(R), natural
human alpha interferon, based on the Company's recently reported 7-year
follow-up to a Phase II/III study for malignant melanoma that resulted in a
statistically significant increase in overall survival.
Distributed to investment professionals, the report states, "The data from
this study has redefined the clinical survival paradigms for high-risk
melanoma patients, far beyond any survival data which we have been able to
identify in this setting. The results have led us to significantly increase
our sales forecasts for both this year and next, as a result of the demand
which we expect from a wider European approval in this indication, as well as
the pick-up in hepatitis C use, which we were expecting. Multiferon(R) looks
poised to move Viragen from a biotechnology company with limited commercial
sales to one that begins to look like a revenue-driven story that is
underpinned by some significant science. We expect significant licensing
opportunities to emerge for the company as a result. The current market
capitalization looks niggardly in comparison to the clinical impact of this
Phase II/III data. BUY, with a near-term price target of US$2." Dr. Malik's
report is not intended for private customers or U.S. investors.
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 research coverage. Viragen did not provide
guidance regarding earnings or sales forecasts. 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 free of charge.
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 CommunicationsPhone: (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," "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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