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Advanced Viral Research Corp. (ADVR) Secures Financing


6/12/2008 9:42:49 AM

YONKERS, NY--(Marketwire - June 12, 2008) - Advanced Viral Research Corp. (OTCBB: ADVR), a cancer therapeutics company, announced today that it had reached an agreement with YA Global Investments, L.P. to amend the terms of its previously announced Securities Purchase Agreement dated July 24, 2007. The amendment provides for the sale of the remaining $1,250,000 principal amount of the Company's 9% Series B Convertible Debentures (the "Debentures") in four equal installments, the first of which closed on June 6, 2008. The Debentures have a conversion price equal to the lesser of $0.0262 or 95% of the lowest volume weighted average price of the Company's common stock during the thirty consecutive trading days immediately preceding the applicable conversion date.

Read at BioSpace.com


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