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Biotech / Medical : Agouron Pharmaceuticals (AGPH) -- Ignore unavailable to you. Want to Upgrade?

To: Henry Niman who wrote (5906)	1/20/1999 1:25:00 PM
From: FNS	Read Replies (1) \| Respond to of 6136

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/