Anyone know of any negative surprises??? Down 3 1/2+ ... perhaps selling just prior to earnings report ... and possibly fully valued????
FYI: old news:
1/19 07:18 The Immune Response Corporation Announces a $5 Million Payment IMNR.O>[AGPH-news]
The Immune Response Corporation Announces a $5 Million Payment from Agouron CARLSBAD, Calif., Jan. 19 /PRNewswire/ -- The Immune Response Corporation
[IMNR-news] today announced the receipt of $5 million from Agouron
Pharmaceuticals, Inc. [AGPH-news] in conjunction with their collaboration
to complete the development and commercialize REMUNE(TM), an immune-based
therapy currently under investigation for the treatment of HIV infection. The
$5 million payment (the second in a series of up to six quarterly payments
Agouron is expected to make) consisted of a $3 million payment for research
and development expenses and a $2 million payment for the purchase of
149,911 shares of unregistered common stock. The stock was purchased at a
premium to the market. With this payment, Agouron's investments in Immune
Response will total $22 million. In addition, a $5 million milestone payment
is expected from Agouron within 30 days.
"Agouron is pleased to make this most recent investment in The Immune
Response Corporation, and a concurrent payment in support of IRC's development
activities, in keeping with our original agreement for co-development of
REMUNE," said Peter Johnson, Agouron's president and chief executive officer.
Under the terms of the collaboration, Immune Response may receive up to an
additional $50 million over the next two years. The two companies will share
all profits, if any, from the commercialization of REMUNE on a 50/50 basis.
Immune Response has exclusive rights to manufacture commercial supplies of
REMUNE; and Agouron has exclusive rights to market REMUNE in North America,
Europe, and certain other countries after receipt of regulatory approvals.
Immune Response has a 51,000 square-foot, GMP-validated manufacturing facility
in which clinical supplies are currently being produced for all clinical
trials including the pivotal, phase III, 2,500-patient clinical endpoint trial
currently underway at 74 centers in the United States. This trial is being
monitored by an independent group of HIV experts called Data Safety Monitoring
Board (DSMB) responsible for overseeing the trial and performing all of the
data review and analysis. Neither Immune Response nor Agouron is privy to the
data analyses nor any other results. The DSMB met in November 1998 and
recommended the clinical trial continue as planned. The next meeting of the
DSMB is expected to be held at the end of the first quarter 1999.
Approximately 4,000 patients have been enrolled in clinical trials which are
evaluating the effect of REMUNE alone and in combination with antiretroviral
drugs on virologic and immunologic markers in adults.
The Immune Response Corporation, a biopharmaceutical company based in
Carlsbad, California, develops immune-based therapies to induce specific
T cell responses for the treatment of HIV, autoimmune diseases, and cancer.
The Company is conducting clinical trials on immune-based therapies for HIV,
rheumatoid arthritis, psoriasis, multiple sclerosis, colon cancer and brain
cancer, and preclinical studies for melanoma and prostate cancers. In
addition, the Company is developing a delivery technology to enable
intravenously-injected genes to target the liver. This gene therapy program
includes preclinical studies for the treatment of hemophilia and hepatitis.
NOTE: The Immune Response Corporation news releases are available at no
charge through the Company's automated attendant 800 number at 800-491-0153.
News releases are also available through PR Newswire Company News On-Call fax
service. For a menu of available news releases or to retrieve a specific
release made by The Immune Response Corporation, please call 800-758-5804,
extension 434675. Please retain these numbers for future reference. Company
information can also be located on the Internet Web Site:
imnr.com.
This news release contains forward-looking statements. Actual results
could vary materially from those expected due to a variety of risk factors,
including but not limited to whether REMUNE or any of the Company's products
will have positive clinical results or will be approved for marketing by
regulatory authorities, whether any profits will be derived from any of the
Company's products even if they are successfully developed and approved for
marketing, and whether Immune Response will receive any payments beyond the
payments already made under the agreement with Agouron. Other risk factors
include but are not limited to the uncertainty of unsuccessful completion of
clinical trials and those risks set forth in The Immune Response Corporation's
SEC filings, including but not limited to its report on Form 10-K for the year
ended December 31, 1997. The Company undertakes no obligation to publicly
release the result of any revisions to these forward-looking statements which
may be made to reflect events of circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
REMUNE(TM) is a trademark of The Immune Response Corporation.
SOURCE The Immune Response Corporation
-0- 01/19/99
/CONTACT: Creighton W. Lawhead, Vice President, Head of Commercial
Affairs of The Immune Response Corporation, 760-431-7080/
/Company News On-Call: prnewswire.com or fax,
800-758-5804, ext. 434675/ |
