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Company Press Release
Advanced Viral Research Corp. Triples Size of Research and Development Facilities
City of Yonkers to Hold Press Conference on Wednesday, July 12 at 2:00 PM ET
YONKERS, N.Y.--(BUSINESS WIRE)--July 12, 2000--Advanced Viral Research Corp. (OTCBB:ADVR - news) today announced that the City of Yonkers will hold a press conference later today to celebrate the completed expansion of Advanced Viral Research Corp.'s research and development facilities.
Mayor John D. Spencer is expected to attend the event, along with distinguished members of the City of Yonkers, the Yonkers Chamber of Commerce, the Westchester County Executives Office, Congresswoman Nita Lowey and Congressman Eliot Engel's offices, and the Empire State Development Corporation. The invitation-only event will be held at Advanced Viral Research Corp. headquarters, 200 Corporate Boulevard South, Yonkers, NY at 2:00 PM ET.
The announcement of the expansion comes on the heels of a feature story in the July 11, 2000 issue of NEWSDAY, the nation's eighth largest daily newspaper, about the biopharmaceutical firm and its exciting research on the treatment of AIDS and other diseases.
The expansion, which increases the facility to more than 18,000 square feet, triples the company's existing space at their Yonkers headquarters. The new space will house The Advanced Viral Research Institute, which the company created to foster individual scientific inquiry and creativity. In addition to enlarging its facility, Advanced Viral Research Corp. also plans to expand its staffing thanks in part to a grant from the Empire State Development Corporation for the creation of new jobs.
``We are confident that the expansion of Advanced Viral Research Corp. will increase employment opportunities and further stimulate economic development in our city,'' noted Mayor Spencer. ``This is exactly the type of high quality, reputable organization that we are proud to have as a staple of our business community.''
Advanced Viral Research Corp.'s flagship drug, Product R, is a non-toxic peptide nucleic acid (PNA) immunomodulator being developed by the company as a broad-spectrum antiviral drug. Product R shows promise for the treatment of viral infections such as AIDS and Human Papilloma Virus (HPV), and autoimmune diseases like rheumatoid arthritis.
``We are thrilled to call Yonkers our home, and hope to serve as a model for other companies looking to do business in this wonderful region,'' said Shalom Z. Hirschman, MD, president and CEO of Advanced Viral Research Corp. ``We are on a mission to make great advances in the treatment of AIDS and other devastating diseases, and look forward to the continued support of the Mayor, the City of Yonkers, the County Executive's Office, Congresswoman Lowey, Congressman Engel, and our friends at the Chamber of Commerce.''
At The Advanced Viral Research Institute, a respected team of molecular biologists, immunologists and other scientists conduct biomedical research in an academically oriented environment. Recent successes include identifying Product R's mechanism of action, which will help with the company's planned Investigational New Drug (IND) application to the FDA. The Advanced Viral Research Institute also is developing other PNA-based therapeutics.
Advanced Viral Research Corp. laboratory studies have shown that Product R inhibits the production of both the CCR5 and CXCR4 chemokine receptors, the key cellular co-receptors for the human immunodeficiency virus (HIV).
Research by scientists at The Advanced Viral Research Institute has also shown that Product R interferes with the expression of a key protein implicated in the development of cervical cancer (the product of the E7 gene of HPV subtype 18). Moreover, recent research has demonstrated that Product R interferes with the actual replication and growth of HPV in cell culture. These results indicate that Product R may be useful in the treatment of disseminated HPV infection and may interfere with the development of cervical cancer.
Preliminary clinical results suggest that Product R may be an effective non-toxic drug for both systemic and topical therapy of disseminated HPV infection in people with AIDS.
About Advanced Viral Research Corp.
Advanced Viral Research Corp., based in Yonkers, New York, is a biopharmaceutical firm committed to researching, developing and bringing to market new, effective therapies for viral and other diseases, which will lead to the alleviation of human suffering and diseases worldwide. Its flagship drug, Product R, is a non-toxic immunomodulator that has been shown to have beneficial therapeutic effects against viral diseases such as AIDS.
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 ADVR. Product R is not approved by the U.S. Food and Drug Administration or any comparable agencies of any other countries.
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