CARLSBAD, Calif., Dec. 20 /PRNewswire-FirstCall/ -- The Immune Response Corporation , an immuno-pharmaceutical company focused on developing products to treat autoimmune and infectious diseases, announced today that its common stock is now trading under the symbol "IMRP" effective December 20, 2006 as a result of its previously approved one-for-100 reverse stock split. Also effective on December 20, 2006, the Company's publicly traded "Class B" warrants will trade under the symbol "IMRPZ."
"Next year has the potential to be a landmark year for our company as the strategic plan we implemented at the outset of 2006 continues to bear important results," said Dr. Joseph O'Neill, President and CEO. "Completing this planned reverse split is a key enabling step in realizing shareholder value from the clinical and scientific progress we have made with our multiple sclerosis as well as our HIV/AIDS program. These programs potentially offer important clinical advances that could benefit millions of patients around the world and position our products as leaders in the multi billion dollar MS and HIV markets. Normalizing our share price and restructuring the capitalization of our company is intended to enhance our visibility in the marketplace, make us more attractive to the broader investor and analyst community as well as position us to seek a listing for our common shares on one of the major stock exchanges or marketplaces. I firmly believe that Immune Response has the strategy, science, people and, now, the capital structure in place to deliver significant upside to our shareholders."
About The Immune Response Corporation
The Immune Response Corporation is an immuno-pharmaceutical company focused on developing products to treat autoimmune and infectious diseases. The Company's lead immune-based therapeutic product candidates are NeuroVax(TM) for the treatment of MS and IR103 for the treatment of HIV infection. Both of these therapies are in Phase II clinical development and are designed to stimulate disease pathogen-specific immune responses aimed at slowing or halting the rate of disease progression.
NeuroVax(TM), which is based on the Company's patented T-cell receptor (TCR) peptide vaccine technology, has shown potential clinical value in the treatment of relapsing forms of MS. NeuroVax(TM) has been shown to stimulate strong, disease-specific cell-mediated immunity in nearly all patients treated and appears to work by enhancing levels of FOXP3+ Treg cells that are able to down regulate the activity of pathogenic T-cells that cause MS. Increasing scientific findings have associated diminished levels of FOXP3+ Treg cell responses with the pathogenesis and progression of MS and other autoimmune diseases such as rheumatoid arthritis (RA), psoriasis and Crohn's disease. In addition to MS, the Company has open Investigational New Drug Applications (IND) with the FDA for clinical evaluation of TCR peptide-based immune-based therapies for RA and psoriasis.
IR103 is based on the Company's patented, whole-inactivated virus technology, co-invented by Dr. Jonas Salk and indicated to be safe and immunogenic in extensive clinical studies of REMUNE(R), the Company's first generation HIV product candidate. IR103 is a more potent formulation that combines its whole-inactivated antigen with a synthetic Toll-like receptor (TLR-9) agonist with the intent to create enhanced HIV-specific immune responses. The Company is currently testing IR103 in two Phase II clinical studies as a first-line treatment for drug-naÃ¯ve HIV-infected individuals not yet eligible for antiretroviral therapy according to current medical guidelines.
NeuroVax(TM) and IR103 are in clinical development by The Immune Response Corporation and are not approved by any regulatory agencies in any country at this time. Please visit The Immune Response Corporation at www.imnr.com.
This news release contains forward-looking statements. Forward-looking statements are often signaled by forms of words such as should, could, will, might, plan, projection, forecast, expect, guidance, potential and developing. Actual results could vary materially from those expected due to a variety of risk factors, including whether the Company will continue as a going concern and successfully raise proceeds from financing activities sufficient to fund operations and additional clinical trials of NeuroVax(TM) or IR103, the uncertainty of successful completion of any such clinical trials, the fact that the Company has not succeeded in commercializing any drug, the risk that NeuroVax(TM) or IR103 might not prove to be effective as either a therapeutic or preventive vaccine, whether future trials will be conducted and whether the results of such trials will coincide with the results of NeuroVax(TM) or IR103 in preclinical trials and/or earlier clinical trials. A more extensive set of risks is set forth in The Immune Response Corporation's SEC filings including, but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2005, and its subsequent Quarterly Reports filed on Form 10-Q. The Company undertakes no obligation to update the results of these forward-looking statements to reflect events or circumstances after today or to reflect the occurrence of unanticipated events.
REMUNE(R) is a registered trademark of The Immune Response Corporation. NeuroVax(TM) is a trademark of The Immune Response Corporation.
INVESTOR CONTACTS: COMPANY CONTACT:
Gene Marbach Michael K. Green, COO and CFO
Makovsky & Company The Immune Response Corporation
(212) 508-9645 (760) 431-7080
The Immune Response Corporation
CONTACT: Investors, Gene Marbach of Makovsky & Company, +1-212-508-9645,firstname.lastname@example.org; or Robert Giordano of ROI Associates,+1-212-495-0201, email@example.com, both for The Immune ResponseCorporation; or Michael K. Green, COO and CFO of The Immune ResponseCorporation, +1-760-431-7080, firstname.lastname@example.org