Advanced Viral Research Corp. Announces Private Placement with Focus Investors LLC
YONKERS, N.Y.--(BUSINESS WIRE)--Aug. 5, 1999--Advanced Viral Research Corp. (OTC BB:ADVR) Thursday announced a private placement with Focus Investors LLC, an investment fund managed by WEC Asset Management, LLC based in New York City.
The funding will help finance the company's pursuit of regulatory approvals for its new immunomodulator type drugs currently under study for possible treatments of AIDS, rheumatoid arthritis, diabetes mellitus and Alzheimer's disease.
The private placement is in the form of a $2 million ten year 7% convertible debenture to Focus Investors LLC. In addition, Focus Investors has been granted one million warrants to purchase additional shares at approximately $0.25 per share.
"This financing is an expression of our confidence in the potential of the science and pharmaceutical products under development by Advanced Viral Research Corp. Moreover, we are gratified to participate through this private placement, in the efforts of Advanced Viral Research Corp. to provide new non-toxic therapies for world-wide debilitating diseases such as AIDS and rheumatoid arthritis," commented Ethan Benovitz, managing director of Focus Investors LLC.
"I am privileged to have the opportunity to work together with Focus Investors LLC and its Managing Director, Ethan Benovitz, to develop the science of our new immunomodulator type drugs and to seek the approval for the marketing of these agents from the regulatory authorities in the United States and other countries," remarked Dr. Shalom Z. Hirschman, president and chief executive officer of Advanced Viral Research Corp.
NOTE: This news release contains forward-looking statements that involve risks and uncertainties, including 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. Reticulose is not approved by the U.S. Food and Drug Administration or any comparable agencies of any other countries.
CONTACT: Advanced Viral Research Corp., Hallandale, Fla. Mark Amster, 954/458-7636 |
