News Release # 2 (Applies to: WLA IMNR)
THE IMMUNE RESPONSE CORPORATION ANNOUNCES A $5 MILLION PAYMENT FROM
AGOURON PHARMACEUTICALS, INC.
CARLSBAD, Calif., Oct 18, 1999 /PRNewswire via COMTEX/ -- The Immune
Response Corporation (Nasdaq: IMNR) today announced receipt of a $5
million payment from Agouron Pharmaceuticals, Inc., a Warner-Lambert
Company, (NYSE: WLA). This is the fifth of six quarterly payments that
The Immune Response Corporation may receive, under the terms of The
Immune Response Corporation-Agouron collaboration for development and
commercialization of Remune(TM), an immune-based therapy currently in
pivotal trials for the treatment of HIV infection. The $5 million
payment consisted of a $3 million payment for clinical and
manufacturing development expenses and a $2 million payment for the
purchase of 334,589 shares of unregistered common stock. The stock was
purchased at a premium to the market. With this payment, Agouron's
investments in and payments to The Immune Response Corporation total
$42 million.
Under the terms of this collaboration, The Immune Response Corporation
may receive up to an additional $35 million. The two companies will
share any profits from the commercialization of Remune on a 50/50
basis. The Immune Response Corporation has exclusive rights to
manufacture commercial supplies of Remune and Agouron has exclusive
rights to market Remune in North America, Europe, Japan, and other
countries after receipt of regulatory approvals.
Agouron Pharmaceuticals and The Immune Response Corporation announced
on September 27, 1999 the initiation of a pivotal trial ("Study 202")
to further evaluate the safety and efficacy of Remune (HIV-1
Immunogen), in combination with highly active antiretroviral therapy
(HAART), for the treatment of HIV infection. The primary objective of
this randomized, double-blind, adjuvant-controlled study is to
determine whether the addition of Remune to a HAART regimen of
VIRACEPT(R) (nelfinavir mesylate) and COMBIVIR(R) delays the time to
virologic failure. The trial will continue to 48 weeks at designated
sites in North America, Europe and Australia. |
