Some news hit the wire today March 4
NEW YORK, March 4 /PRNewswire/ -- Advanced Viral Research Corp.
(Nasdaq-BB: ADVR) today announced the completion of a private placement in the
form of a 7% ten year convertible debenture to the RBB Bank of Austria. The
debenture is convertible into shares of common stock at 70 percent of the
average closing prices for the five consecutive trading days before the
conversion date. In addition, the company issued to RBB Bank warrants to
purchase an aggregate of 535,134 common shares (approximately 2/10 of
1 percent of outstanding shares) at prices ranging from $.29 to $.84 per
share, in an offshore transaction pursuant to Regulation S of the Securities
Act of 1933. The financing, in the amount of $1 million (gross), will be used
to help fund the company's ongoing research and development programs for its
drug RETICULOSE.
The company today also announced it has leased new office and laboratory
space for a new corporate headquarters located in Yonkers, New York. The
space contains 6,100 rentable square feet and will be divided into both
offices and modern scientific research laboratories. The company expects to
move into the new facilities in the next few months.
"We plan to use the facilities to perform basic scientific research with
RETICULOSE as part of our efforts at gaining regulatory approvals," said Dr.
Shalom Z. Hirschman, President and CEO of Advanced Viral Research Corp. "We
continue to be optimistic about the long term prospects of RETICULOSE and its
broad antiviral activity."
Advanced Viral Research Corp. is a biotechnology company specializing in
the new pharmacology of peptide nucleic acids. RETICULOSE, the company's
peptide nucleic acid preparation being developed as a non-toxic, broad
spectrum anti-viral drug, is currently under clinical study for the treatment
of AIDS. |
