CARLSBAD, Calif., Oct. 14 /PRNewswire-FirstCall/ -- The Immune Response
Corporation (Nasdaq: IMNR) today announced that it has entered into agreements
to sell through a private placement approximately 6.0 million shares of common
stock at $2.02 per share to a number of unaffiliated institutional investors,
for approximately $12.0 million in gross proceeds. Investors will also
receive five-year warrants to purchase an aggregate of approximately 3 million
shares of common stock at $3.32 per share. Proceeds from the financing are
expected to be used to fund the Company's ongoing activities with REMUNE(R),
an immune-based therapeutic vaccine being evaluated in Phase II clinical
studies for treatment of HIV, the virus that causes AIDS, as well as the
Company's program to develop a new HIV vaccine candidate with broader
therapeutic and prophylactic properties.
Rodman & Renshaw, Inc. served as the exclusive placement agents for the
transaction. The offering was made to accredited investors only.
The securities have not been registered under the Securities Act of 1933
or any state securities laws and unless so registered may not be offered or
sold in the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities
Act of 1933 and applicable state securities laws. This announcement is neither
an offer to sell nor a solicitation of an offer to buy any of these
securities.
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 REMUNE, 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 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:
The Immune Response Corporation
(Investors) - Kathy Lane, (760) 771-2236 or info@imnr.com
(Media) - Gwen Rosenberg, Rosenberg Business Communications, (858) 759-0759
SOURCE The Immune Response Corporation
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Related links:
http://www.imnr.com
CONTACT:
investors, Kathy Lane of The Immune Response
Corporation, +1-760-771-2236, info@imnr.com; or media, Gwen
Rosenberg of Rosenberg Business Communications, +1-858-759-0759,
for The Immune Response Corporation
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