CARLSBAD, Calif., Nov. 13 /PRNewswire/ -- The Immune Response Corporation
(Nasdaq: IMNR) announced today that it privately placed a $2,000,000
convertible note and warrant to an accredited investor. Furthermore, the
investor and the Company have agreed that, upon the achievement of certain
commercial and technical milestones, the Company may sell and the investor may
buy additional notes and warrants, subject to certain conditions.
The investor, Kevin Kimberlin Partners, L.P., is controlled by Kevin
Kimberlin, a director and major stockholder of the Company.
The note bears interest at a rate of 8% per year. The note, secured by
certain of the Company's intellectual property, matures on November 9, 2004,
but is convertible into shares of the Company's common stock at any time, at
the option of the investor, at a discounted conversion price. The warrant,
for 1,733,703 shares of the Company's common stock, is exercisable at a price
of $1.44 per share.
The Company plans to use substantially all of the net proceeds from the
transaction for product development, for working capital and other general
corporate purposes.
The Immune Response Corporation is a biopharmaceutical company based in
Carlsbad, California, developing immune-based therapies to induce specific
T-cell responses for the treatment of HIV, autoimmune diseases and cancer. In
addition, the Company is developing a targeted non-viral delivery technology
for gene therapy, which is designed to enable the delivery of genes directly
to the liver via intravenous injection. [NOTE: Company information can also
be located on the Internet Web Site: 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, but not limited to, whether data generated from previous trials can
be replicated in future clinical trials, whether clinical trials will be
successfully concluded, whether REMUNE will be approved for marketing or be
successfully commercialized and whether the Company will be able to obtain
additional financing. Those factors are discussed more thoroughly in The
Immune Response Corporation's SEC filings, including but not limited to its
report on Form 10-K for the year ended December 31, 2000 and subsequent Forms
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.
For further information, please contact Media, Allison B. Small of Susan
E. Atkins & Associates, +1-858-860-0266, for The Immune Response Corporation;
or Investors, Kathy Lane, +1-760-771-2236.
SOURCE The Immune Response Corporation
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Related links:
http://www.imnr.com
Company News On-Call:
http://www.prnewswire.com/comp/434675.html
CONTACT:
media, Allison B. Small of Susan E. Atkins &
Associates, +1-858-860-0266, for The Immune Response Corporation;
or investors, Kathy Lane, +1-760-771-2236
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