Business Wire - August 5, 2004
As announced, on February 3, 2004, ADVR entered into an agreement with the Dickes whereby ADVR agreed to sell an aggregate of 120,000,000 shares of ADVR common stock and warrants to purchase 15,000,000 shares at $.20 per share, in four equal installments of 30,000,000 shares in exchange for the Dickes delivering an aggregate of $3 million to ADVR at each of the closings.
The first closing took place on February 5th, 2004, the second closing took place on May 5th, 2004 and the third took place on August 4th 2004. Under the agreement, the fourth closing is scheduled to take place on November 3, 2004.
ADVR's AVR118 represents a biopolymer that possesses novel immunomodulator activity. This peptide-nucleic acid complex, which to date has demonstrated a very favorable safety profile, appears to stimulate the proinflammatory responses required to combat viral infections such as AIDS and human papillomavirus and to dampen aberrant autoimmune-type inflammatory responses, such as occur in patients with rheumatoid arthritis. AVR118 is in clinical trials in Israel for the treatment of cachexia (body wasting) in patients with AIDS.
For further information regarding Advanced Viral Research Corp., please visit our website at www.adviral.com. ADVR, 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.
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. AVR118 (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 AVR118 or satisfy certain other conditions relating to clinical trials including obtaining adequate insurance on terms acceptable to the Company or that if completed, clinical trials performed outside the United States will assist the Company in obtaining FDA or other regulatory approval. 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: CWR & Partners, LLP
Ronnie Welch, 508-222-4802
Ronnie@cwrpartners.com
SOURCE: Advanced Viral Research Corp.
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