VIMRX STOCKHOLDERS APPROVE FORMATION OF NEW CELL THERAPY COMPANY
Wilmington, De, December 16, 1997 - At a special stockholders meeting
today, VIMRX Pharmaceuticals Inc. (NASDAQ:VMRX) announced that its
stockholders approved the formation of a new cell therapy company with
Baxter Healthcare Corporation that will develop and market innovative
treatments for cancer and other life-threatening diseases.
Background information on the new company and a review of the
transaction will be disclosed through a joint press release at the
formal close of the transaction, which is expected this week.
VIMRX Pharmaceuticals Inc.
VIMRX Pharmaceuticals Inc. (NASDAQ: VMRX), a biotechnology company based
in Wilmington, Delaware, is comprised of a diverse portfolio of
companies, technologies and compounds. Through its majority-owned
affiliate, Innovir Laboratories, Inc. (NASDAQ: INVR), VIMRX is
developing oligozymes which control disease-triggering flaws in
individuals' genetic chemistry for potential use as both therapeutic
agents and as pharmaceutical research tools. A collaborative
partnership with Columbia University's Genome Center, VIMRX Genomics
Inc. is focused on the commercialization of gene discoveries in cancer
and other genetically based diseases. Three VIMRX compounds are in
development: VIMRXynr, chemically synthesized hypericin, an antiviral
and anticancer agent; VM201, a Factor IXa inhibitor for selective
inhibition of blood clotting to manage the bleeding risk associated with
anti-coagulation; and VM301, a dermatological agent with wound healing
potential.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. The forward-looking
statements contained in this release are subject to certain risks and
uncertainties. Actual results could differ materially from current
expectations. Among the factors which could affect the Company's actual
results and could cause results to differ from those contained in the
forward-looking statements contained herein are the success of the
Company's clinical trials, delays in receiving FDA or other regulatory
approvals and the development of competing therapies and/or technologies
by other companies.
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