News Release #1: THE IMMUNE RESPONSE CORPORATION ANNOUNCES ADDITIONAL RESTRUCTURING
CARLSBAD, Calif., Oct 18, 1999 /PRNewswire via COMTEX/ -- As a
continuation of the restructuring initiated in June, The Immune
Response Corporation (Nasdaq: IMNR) today announced that Steven
Richieri and Steven Brostoff will be leaving the Company. In June, the
Company announced a workforce reduction of approximately 30%.
Steven Richieri, R.Ph., was chief operating officer, executive vice
president and a director. Steven Brostoff, Ph.D., was vice president,
Research and Development.
"Mr. Richieri and Dr. Brostoff made major contributions to the Company,
and we are grateful for their efforts," said Dennis J. Carlo, Ph.D.,
president and chief executive officer. "Now that the major
responsibilities for REMUNE have shifted to our partner and the scale
up of the manufacturing process and facility is nearing completion, the
day to day duties of these two officers have been reduced. Both will be
retained as consultants for a period of time. The remaining members of
senior management are committed to moving forward with our business."
In this connection, a pivotal trial of REMUNE was recently initiated
under the collaboration between The Immune Response Corporation and
Agouron Pharmaceuticals, Inc., a wholly-owned subsidiary of the
Warner-Lambert Corporation (NYSE: WLA). "As announced earlier, our goal
is to reduce overhead and peripheral expenses while focusing on later
stage clinical products with large potential markets in order to
maximize value for our shareholders," Carlo also noted. |
