The gross proceeds from the offering of the notes will be deposited into an escrow account at Capital One Bank. The net proceeds will be used for general corporate purposes, and used for working capital and to advance the clinical pipeline, build a manufacturing plant in Virginia for REMUNE an HIV/AIDS Vaccine and to file an NDA New Drug Application for REMUNE, and begin Phase 2 Dose Ranging Trial for NeuroVax MS vaccine.
The Equity Units consist of a $1000 note which carry a 10% distribution rate and are mandatory convertible into 40 common shares of Immune Response BioPharma, Inc. The Equity Units are a contract to purchase shares at $25 per share. The Equity Units automatically convert into common shares on 12/31/2015. The equity units will initially consist of a contract to purchase IRBP common shares. The Equity Units represent a 100% beneficial ownership interest in a $1,000 principal amount senior note with a 10% distribution rate due December 31, 2015. Under the purchase contract, holders are required to purchase Immune Response BioPharma, Inc. common stock no later than on December 31st 2015.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Equity Units will not be registered under the Securities Act of 1933 or any state securities laws and, unless so registered, may not be offered or sold except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.
A circular and prospectus of the private offering of $100 million 10% Equity Units is available from Immune Response BioPharma, Inc. at info@immuneresponsebiopharma.com
www.immuneresponsebiopharma.com
Forward-Looking Statement
Some of the statements made in this press release are forward looking in nature. These statements are based on management’s current expectations or beliefs. These forward looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside Immune Response BioPharma, Inc.’s control, which could cause actual events to differ materially from those expressed or implied by the statements. The most important factors that could prevent Immune Response BioPharma, Inc. from achieving its stated goals include, but are not limited to: the current uncertainty in the global financial markets and the global economy. Including but not limited to the uncertainties regarding the approval of biopharmaceutical products in a highly regulated market.
Full Press Release Available @ www.immuneresponsebiopharma.com
