YONKERS, N.Y., Nov. 8 /PRNewswire-FirstCall/ -- Advanced Viral Research
Corp. (OTC Bulletin Board: ADVR) today announced that it reduced its personnel
from 33 to 10 employees. The Company said the decision will allow it to focus
on the management and completion of the three Israeli clinical studies that
are expected to begin during this calendar quarter, and to maintain the
critical functions and scientific personnel necessary to manage the clinical
trials, as well as to continue its operations.
The Company also announced that it intends to sell its manufacturing
facility in Freeport, Bahamas. The 29,242 square foot manufacturing facility,
acquired in 1987, was used to produce Product R. Product R is now being
produced at the Company's plant in Yonkers, NY.
"The Board recognizes the difficulty of raising venture capital at terms
favorable to the Company given the current investment environment," said Eli
Wilner, Chairman of the Board. "As a result, we have made the painful but
necessary decision to conserve capital by curtailing activities not directly
related to the support of the Israeli clinical studies and our FDA
commitments. Our singular objective is to ensure the long-term success of the
Company by doing everything necessary to bring Product R to market as
efficiently and quickly as possible."
"It was a difficult decision, but we have retained the critical functions
and scientific personnel necessary for the continued management and completion
of the vital Israeli clinical trials and our FDA responsibilities," said
Shalom Z. Hirschman, M.D., President and Chief Executive Officer.
Israeli Clinical Trials
The three Israeli clinical trials include:
* a Phase I/II clinical trial with injectable Product R in cachectic
patients who have failed highly active antiretroviral therapy and
require salvage therapy;
* a Phase I clinical study for the treatment of body wasting (cachexia)
in patients with solid tumors; and
* a Phase I clinical trial for cachectic patients with hematopoietic and
lymphoid tumors, including acute lymphocytic leukemia, Hodgkin's
disease and non-Hodgkin's lymphoma.
Changes in Board Membership
ADVR also announced that effective November 4, 2002, James F. Dicke, II,
and Paul R. Bishop have resigned from the Company's Board of Directors due to
time and scheduling constraints.
Product R
ADVR's Product R represents a biopolymer chemistry that possesses novel
immunomodulator activity. This peptide-nucleic acid, which to date has shown
no indication of human toxicity, appears to stimulate the proinflammatory
responses required to combat viral infections such as AIDS and human papilloma
virus and to dampen aberrant autoimmune-type inflammatory responses, such as
occur in patients with rheumatoid arthritis. Therefore, Product R has been
termed a "switch-type" immunomodulator.
Product R is also being studied for the promise shown in its ability to
mitigate the toxic side effects of other drugs, including those used to treat
HIV infection and chemotherapeutic drugs employed in the treatment of cancers.
Advanced Viral Research Corp., based in Yonkers, New York, is a
biopharmaceutical firm dedicated to improving patients' lives by researching,
developing and bringing to market new and effective therapies for viral and
other diseases.
For further information regarding Advanced Viral Research Corp., please
visit our website at http://www.adviral.com.
Note: This news release contains forward-looking statements that involve
risks associated with clinical development, regulatory approvals, including
application to the FDA, product commercialization and other risks described
from time to time in the SEC reports filed by the Company. Product R is not
approved by the U.S. Food and Drug Administration or any comparable agencies
of any other countries. There is no assurance that the Company will be able to
secure the financing necessary to continue and/or complete the clinical trials
of Product R or satisfy certain other conditions relating to clinical trials
including obtaining adequate insurance on terms acceptable to the Company. The
Company undertakes no obligation to update or revise the information contained
in this announcement whether as a result of new information, future events or
circumstances or otherwise.
Contact: Charles Mayr
Tel: 877.777.6010
mayrcomm@att.net
SOURCE Advanced Viral Research Corp.
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Related links:
http://www.adviral.com
CONTACT:
Charles Mayr of Mayr Communications Inc.,
1-877-777-6010, mayrcomm@att.net, for Advanced Viral Research
Corp.
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