Dear Shareholder:
On October 18, 1996, when I became President and Chief Executive Officer of
Advanced Viral Research Corp., I began what is for me both personally and
professionally an exciting and demanding new chapter.I have dedicated myself to this
new challenge and responsibility after founding and completing twenty-eight years as the
Director of the Division of Infectious Diseases at a major New York medical center.
As President of your company, I am commited to developing solutions for the complex
and demanding issues that are critical to ADVR's future.
Over the past few months I have directed my primary attention to the following areas:
LONG TERM PROTECTION OF THE COMPANY'S PROPRIETARY RIGHTS.
We have made protecting the Company's assets a priority and are working with patent
counsel to identify the key issues and possible solutions.
NEAR-TERM AND LONG-TERM CAPITAL NEEDS. A detailed assesment of
your Company's capital requirements for ongoing research activities and current
operations is underway. Evaluations of alternative funding sources and methods are
being conducted.
NEW CORPORATE HEADQUARTERS AND IN HOUSE RESEARCH
FACILITIES. Attractive,
efficient, and cost effective space has been identified. Lease negotiations have
commenced and are now in the final stages.
PRE-EXSISTING RESEARCH ACTIVITIES. I am personally involving myself in
these activities in order to maximize their productivity. I desire to identify any
opportunities for "value enhancing" synergy and research and development
coordination.
PRE-EXISTING CORPORATE RELATIONSHIPS. Details of commitments,
contracts, and agreements are being assessed. How your company may be
constrained, impacted or can benefit is being evaluated. Planning for the future will then
be carried out more productively and efficiently.
PERSONNEL AND OUTSIDE ADVISORS. The evaluation of your Company's
personnel requirements is being completed. The need for qualified internal additions as
well as outside professionals is being assessed. Our goal is to develop a productive
and efficient mix of scientific and executive talent that will serve the company and its
shareholders.
Other major challenges remain before me and I recognize that the days ahead will be
long. I also recognize that few significant goals are easily attained. I am hopeful that my
efforts on behalf of you and your Company will prove fruitful. It is my sincere desire
that your Company's lead compound, RETICULOSE, will in time become an
important product in treating diseases. You may be assured of my total devotion to this
goal. As progress is made on these various fronts, we will communicate the information
to shareholders in a timely and professional manner.
My fellow board members join me in expressing our appreciation for your support and
patience. We look foward to the coming months and years being both challenging and
rewarding. Please direct your questions to Brad Miles at Ted Klein & Co. at
212-477-9007.
Sincerely yours,
Shalom Z. Hirschman, MD.
"On the other side of the letter is the Dec 10, news release of the double blind test results. |
