Advanced Viral Research Corp. Announces Private Placement.YONKERS, N.Y.--(BUSINESS WIRE)--Oct. 14, 1997--Advanced Viral Research Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on BB:ADVR ADVR Association of Directors of Volunteer Resources (Canada) ) of Yonkers, Tuesday announced a private placement of a 7% ten year convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. to a European financial institution. The debenture is convertible into common stock at 70% of the average closing prices for the five consecutive trading days before the conversion date. In addition, the company issued warrants to purchase an aggregate of 1,800,000 common shares at a price ranging from $.20 to $.27 per share pursuant to Regulation S of the Securities Act of 1933. The financing, in the amount of $3 million (gross), will be used to help fund the company's ongoing research and development program for its drug RETICULOSE, as well as the appointment of qualified scientists and initiating the formal process for seeking governmental approvals to market RETICULOSE. Advanced Viral Research Corp. is a biotechnology company specializing in the new pharmacology of peptide nucleic acids Nucleic acids The cellular molecules DNA and RNA that act as coded instructions for the production of proteins and are copied for transmission of inherited traits. . RETICULOSE, the company's peptide nucleic acid nucleic acid, any of a group of organic substances found in the chromosomes of living cells and viruses that play a central role in the storage and replication of hereditary information and in the expression of this information through protein synthesis. preparation, is a non-toxic, broad spectrum anti-viral drug, currently under clinical study for the treatment of AIDS. CONTACT: Advanced Viral Research Corp. Phone: 954/458-7636 Fax: 954/458-4715 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion