FOR: IMMUNE NETWORK RESEARCH LTD.
VSE SYMBOL: IMM
MAY 25, 1998
Immune Network Research Private Placement and Appointment
of Officer
VANCOUVER, BRITISH COLUMBIA--Victor Jones, President announces a
private placement of 500,000 units at a price of $0.20 per unit
for total proceeds of $100,000 with each unit consisting of one
share and one-half warrant, each one warrant to entitle the holder
to purchase one common share at a price of $0.20 for a term of one
year. The Board of Directors has appointed Mr. Alex Rainard as
vice-president, corporate affairs. Mr. Rainard brings experience
in international business and medical products marketing and will
be assisting in the expansion of Company's research and medical
projects and financing. The Board of Directors has granted Mr.
Rainard an option on 500,000 common shares at a price of $0.15 per
share for a term of five years. The private placement and stock
option are subject to regulatory acceptance.
The Company is now on day 48 of its second phase live animal study
on it proprietary monoclonal antibody 1F7 involving nine macaques,
seven of which are infected with SHIV 89.6P. The macaques have
received a series of five injections of mAb 1F7 and the study
includes blood and tissue sampling for analysis of immune system
responses and virus load. The study is evaluating the
effectiveness of mAb 1F7 as an adjuvant or therapeutic for human
infection related to the AIDS virus. This research is funded
under a strategic partnership between the Company and Immpheron,
Inc., of Lexington, KY, to continue research and development
following earlier promising findings on the effectiveness of mAb
1F7 to increase the breadth and potency of virus neutralizing
antibodies.
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