Advanced Viral Research Corp. Announces Suspension of Operations Due to Inability to Secure Financing
Published: Jan 26, 2009
ADVR is communicating with YA Global regarding the default as well as actively seeking sources of financing. If ADVR fails to secure sufficient capital in the next several days, the Company may be forced to face the consequences of a default on its debt obligations under the debentures and transaction documents which may include, the transfer, conveyance and assignment to YA Global of all of ADVR's right, title and interest to and possession of the Company's assets, properties and business. There can be no assurances that the Company will obtain financing on terms favorable to ADVR, if at all.
About Advanced Viral Research Corp.
Advanced Viral Research Corp. is a biopharmaceutical company dedicated to the discovery and development of small molecule anti-cancer drugs. Its initial compounds, AVR118 and AVR123, represent a new class of cytoprotective agent that targets, among other things, some of the most problematic symptoms associated with clinical cachexia or the so called wasting syndrome. In addition, AVR118 and AVR123 have also been shown to possess topical wound healing properties in animal models. Various degenerative conditions associated with cachexia such as cancer, HIV-AIDS and chronic inflammation are potential disease targets for AVR118 and AVR123 therapies. For further information regarding Advanced Viral Research Corp., please visit the website at http://www.adviral.com.
This news release contains forward-looking statements that involve risks associated with clinical development, regulatory approvals, including application to the FDA, product commercialization and other risks described from time to time in the SEC reports filed by the Company. AVR118 and AVR123 are not approved by the U.S. Food and Drug Administration or any comparable agencies of any other countries. There is no assurance that the Company will be able to secure the financing necessary to continue and/or complete the clinical trials of AVR118 or AVR123 or satisfy certain other conditions relating to clinical trials or that if completed, will assist the Company in obtaining FDA or other regulatory approval. The Company undertakes no obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.
For further information regarding Advanced Viral Research Corp., please visit our website at http://www.adviral.com. Contact:
Contact: Leslie Wolf-Creutzfeldt T: +1 (646) 284-9400 E: firstname.lastname@example.org