Friday January 23, 8:28 am Eastern Time
Company Press Release
VIMRX States No Known Reason For Stock Price Decline
Business Editors
WILMINGTON, Del.--(BUSINESS WIRE)--Jan. 23, 1998--In response to investor inquiries,
VIMRX Pharmaceuticals Inc. (NASDAQ:VMRX - news) said today that the company knows of
no event which would have caused the recent decline in the stock price and has no negative
announcements pending. To further address investor inquiries, the company will hold an investor
conference call on Monday, January 26, 1998 at 11:00 a.m. EST. Participants can call
800-713-6595, Reservation #3787132.
VIMRX President and CEO Richard L. Dunning said he is very optimistic about the future of the
company and he continues to be pleased with the significant progress made by VIMRX to rebuild
itself with a new, diverse portfolio of innovative products, companies and technologies.
''A number of positive events occurred in 1997 and the management team and I strongly believe the
company is well positioned for long term success,'' said Mr. Dunning. ''To further strengthen our
portfolio value, we are actively seeking revenue-generating alliances with pharmaceutical and/or
biotechnology companies in line with our strategic business plan.''
In December, VIMRX and Baxter Healthcare Corporation formed a new cell therapy company that
is developing and marketing innovative treatments for cancer. The new company's lead product, the
Isolex(R) 300 Magnetic Cell Selection System, is currently marketed in Europe. The Isolex(R)
300SA is under review with the U.S. Food and Drug Administration (FDA) and the new company
recently completed the filing of an application amendment to the FDA as requested. The company
also plans to file a supplemental application for the Isolex300i, a fully automated cell selection
machine, soon.
VIMRX Pharmaceuticals Inc.
VIMRX Pharmaceuticals Inc. (NASDAQ: VMRX - news), a biotechnology company based in
Wilmington, Delaware, is comprised of a diverse portfolio of companies, technologies and
compounds. VIMRX and Baxter Healthcare have recently created a new cell therapies company to
treat cancer and other life-threatening diseases. Through its majority-owned affiliate, Innovir
Laboratories, Inc. (NASDAQ: INVR - news), 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 collaboration with Columbia University, VIMRX Genomics
Inc. is focused on the commercialization of gene discoveries in cancer and other genetically based
diseases. VIMRX has three compounds in development: VIMRxyn(R), chemically synthesized
hypericin, in clinical trials for brain cancer and skin diseases; 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.
NOTE TO INVESTORS AND EDITORS: VIMRX's press releases are available on the Internet
through www.vimrx.com and through BusinessWire's web site at businesswire.com. The
releases also are available at no charge through BusinessWire's fax-on-demand service at
800-411-8792.
Contact:
Media Contact:
Laura A. Mastrangelo
VIMRX Pharmaceuticals
302-998-1734
or
Investor Contact:
Dian Griesel, Ph.D.
The Investor Relations Group
212-664-8489 |
