Director appointed; $50,000 loan; stock options; escrow transfer
Immune Network Research Ltd IMM
Shares issued 19,970,452 May 19 close $0.15
Wed 20 May 98 News Release
Mr. Victor Jones reports
Dal Brynelson has been appointed to the board of directors, following a
decision to expand the board to six members. Mr. Brynelson has many years
of financing and corporate experience.
The company and its partner, Immpheron, Inc., are in the second month of a
six month second phase study of its proprietary monoclonal antibody 1F7 in
SHIV infected macaque monkeys as a model of HIV disease which is evaluating
the effectiveness of mAb 1F7 as an adjuvant or therapeutic for human
infection related the Aids virus.
The company has arranged to borrow $50,000 for corporate operations while
it reviews financing alternatives to expand the study and acquire related
biotechnology projects. The shareholder loan accrues interest at 12 per
cent per year and principal and interest must be converted on the earlier
of five years, or as regulations permit, into shares of the company at 15
cents.
The board of directors has granted Mr. Brynelson a stock option on 125,000
shares and has amended existing options to each of five directors to
250,000 shares and to the corporate secretary to 60,000 shares. The terms
for all options are amended to five years at an exercise price of 15 cents.
Agreement has been reached between several holders of escrow shares to
transfer some 2.2 million escrow shares among them to Mr. Brynelson. |
