Finance

Biopharmaceutical corporation plans $12 million private placement financing

Published in AIDS Weekly, November 10th, 2003

The Immune Response Corporation (IMNR) has entered into agreements to sell, through a private placement, approximately 6 million shares of common stock at $2.02 per share to a number of unaffiliated institutional investors, for approximately $12.0 million in gross proceeds.

Investors will also receive 5-year warrants to purchase an aggregate of approximately 3 million shares of common stock at $3.32 per share.

Proceeds from the financing are expected to be used to fund the company's ongoing activities with Remune, an immune-based therapeutic vaccine being evaluated in phase II clinical studies for treatment of human immunodeficiency virus (HIV), as...

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Source: AIDS Weekly (2003-11-10)

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