ImmuneRegen BioSciences, Inc. Closes Round Of Funding

SCOTTSDALE, Ariz., Dec. 7 /PRNewswire-FirstCall/ -- ImmuneRegen BioSciences, Inc., a wholly owned subsidiary of IR BioSciences Holdings, Inc. , announced today that on December 6, 2006, it completed a round of private equity funding of common stock and warrants to purchase common stock. The Company received $5.5 million in gross proceeds at closing. The Company expects to use the net proceeds from this placement to fund its product development efforts.

The warrants issued to the investors in this transaction are exercisable for a period of five years commencing on December 6, 2006 and expiring on December 6, 2011. These warrants entitle the holder to purchase one share of common stock for every two shares of common stock purchased by the investor in the private placement and have an exercise price equal to $0.50 (subject to adjustment).

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The shares of common stock and warrants offered in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration requirements. The company expects to file its SB2 document registering the shares 180-days after the final closing date of December 6, 2006.

About ImmuneRegen BioSciences, Inc.

IR BioSciences Holdings, Inc., through its wholly owned subsidiary ImmuneRegen BioSciences, Inc., is a development stage biotechnology company focused on the research and development of Homspera(TM) and its derivatives Radilex(TM) and Viprovex(TM), which are under study as candidate therapeutic countermeasures for multiple homeland security bioterrorism threats. Homspera is derived from modified Substance P, a naturally occurring peptide immunomodulator. Radilex(TM) is the trade name used in referring to formulations of Homspera for potential indications for the possible treatment of the effects of exposure to ionizing radiation. Viprovex(TM) is the trade name used in referring to formulations of Homspera for potential indications for the possible treatment of the effects of viral and bacterial infections. Homspera is a generic name used by the Company to describe the synthetic peptide Sar9, Met (O2)11-Substance P. Sar9, Met (O2)11-Substance P is an analog of the naturally occurring human neuropeptide Substance P, which can be found throughout the body, including in the airways of humans and many other species. All of the Company's research and development efforts are early, pre-clinical stage and Homspera, as Viprovex(TM) and Radilex(TM), has only undergone exploratory studies to evaluate its biological activity in small animals. For more information, please visit the company's website at www.immuneregen.com.

Statements about the Company's future expectations, including statements about the potential for the Company's drug candidates, science and technology, and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. These future events may not occur as and when expected, if at all, and, together with the Company's business, are subject to various risks and uncertainties. The Company's actual results could differ materially from expected results as a result of a number of factors, including the fact that preliminary results involved only a small number of test mice, the subsequent investigations were limited in scope, the uncertainties inherent in research and development collaborations, pre-clinical and clinical trials and product development programs, (including, but not limited to the fact that future results or research and development efforts may prove less encouraging than current results or cause side effects not observed in current pre-clinical trials) the evaluation of potential opportunities, the level of corporate expenditures and monies available for further studies, capital market conditions, and others set forth in the Company's periodic report on Form 10-QSB for the three months ended June 30, 2006 and on Form 10-KSB for the twelve months ended December 31, 2005 as filed with the Securities and Exchange Commission. There are no guarantees that any of the Company's proposed products will prove to be commercially successful. The Company undertakes no duty to update forward-looking statements.

Contact: Investor relations: Tony Schor or Lindsay Kenoe Investor Awareness, Inc. 847-945-2222 www.investorawareness.com MEDIA CONTACT: W. Jason Grimley Spelling Communications 310-477-9500 jgrimley@spellcom.com

ImmuneRegen BioSciences, Inc.

CONTACT: Investor Relations, Tony Schor or Lindsay Kenoe, both of InvestorAwareness, Inc., +1-847-945-2222, for ImmuneRegen BioSciences, Inc.; orMedia, W. Jason Grimley of Spelling Communications, +1-310-477-9500,jgrimley@spellcom.com, for ImmuneRegen BioSciences, Inc.

Web site: http://www.immuneregen.com/