CARLSBAD, Calif., Oct. 8 /PRNewswire-FirstCall/ --
The Immune Response Corporation (Nasdaq: IMNR) announced today that its Board
of Directors formally declared a one-for-four reverse stock split of issued
and outstanding shares of common stock to be effective on, and in respect of
record owners as of, Wednesday, October 9, 2002. The reverse stock split was
authorized by the Company's stockholders at their annual meeting held on
June 17, 2002.
In July, 2002, the Company announced that its board of directors had
decided at that time to refrain from implementing the reverse stock split and
instead submit to the Nasdaq an application to move its stock listing from the
Nasdaq National to the Nasdaq SmallCap Market in order to extend the deadline
by which the Company's stock price was required to be above $1 per share for
10 consecutive trading days. The Company's application was approved by the
Nasdaq, and its common stock moved to the Nasdaq SmallCap Market effective
Monday, September 9, 2002. However, the Company's share price has remained
below the $1 minimum threshold.
Although the Company believes it is eligible for and has requested from
the Nasdaq an additional 180-day period to comply with the $1 minimum price
requirement, it cannot be certain such an extension will be granted.
Consequently, the board of directors decided to implement the one-for-four
reverse stock split at this time.
Co-founded by medical pioneer, Dr. Jonas Salk and based in Carlsbad,
California, The Immune Response Corporation is a biopharmaceutical company
developing immune-based therapies designed to treat HIV, autoimmune diseases
and cancer. The Company also develops and holds patents in several technology
areas that can be applied to genes in order to increase gene expression or
effectiveness, making it useful in a wide range of therapeutic applications
for a variety of disorders. Company information is also available at
http://www.imnr.com .
This news release contains forward-looking statements. Actual results
could vary materially from those expected due to a variety of risk factors,
including whether the Company will be successful in its efforts to employ a
new chief executive officer, whether the Company will continue as a going
concern, whether the Company will successfully raise proceeds from financing
activities sufficient to fund operations, the uncertainty of successful
completion of clinical trials, whether REMUNE(R) is effective as either a
preventive or therapeutic vaccine, whether future trials will be conducted and
whether the results of REMUNE(R) in clinical trials will coincide with the
results of REMUNE(R) 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, 2001, and subsequent Quarterly Reports on Form 10-Q. The Company
undertakes no obligation to publicly release the result 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.
SOURCE The Immune Response Corporation
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Related links:
http://www.imnr.com
CONTACT:
Media, James Lee of The Lee Strategy Group,
+1-310-229-5771, fax +1-310-229-5772, jlee@leestrategy.com, for
The Immune Response Corporation; or Investors, Kathy Lane of The
Immune Response Corporation, +1-760-771-2236, fax
+1-760-771-2140, info@imnr.com
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