The American Red Cross and Viragen, Inc. Sign Letter of Intent.MIAMI--(BUSINESS WIRE)--June 12, 1996--Viragen, Inc. (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 : SmallCap: VRGN VRGN Virtual Reality Games Network ) today announced that The American Red Cross American Red Cross: see Red Cross. - Biomedical Services has signed a Letter of Intent to form a strategic alliance with the Company and its wholly-owned subsidiary, Viragen USA, Inc. The Letter of Intent commits The ARCBS ARCBS Australian Red Cross Blood Service ARCBS American Red Cross Biomedical Services and the Company to reach a Final Agreement later this year. Gerald Smith, the Company's Chairman and President, stated, "We look forward to completing a definitive agreement with The American Red Cross which would forge an important long term relationship between our two organizations." Charles F. Fistel, the Company's Executive Vice President, added, "We believe this association will increase the prospects of benefiting patients afflicted with life-threatening and debilitating de·bil·i·tat·ing adj. Causing a loss of strength or energy. Debilitating Weakening, or reducing the strength of. Mentioned in: Stress Reduction illnesses." Geoffrey J. Deutsch, Vice President, Business Development for The American Red Cross - Biomedical Services, stated "Because of technical sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. , stature and national presence, our Letter of Intent with Viragen represents the kind of collaborative effort the Red Cross can capitalize on for the sake of its blood recipients. It's yet another avenue for us to explore, in providing the safest possible blood and blood products to the American people." The ARCBS is the nation's preeminent provider of blood services, serving more than 3,000 hospitals through the generous donations of some 22,000 people daily. Viragen, Inc. is an emerging biopharmaceutical Company engaged in the research, development, manufacture and clinical study of natural human interferons for the treatment of various viral diseases and immune disorders, including HIV/AIDS HIV/AIDS Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome , hepatitis B & C and multiple sclerosis. The Company is currently conducting an investigational study of its natural human interferon for the treatment of HIV/AIDS in the hemophilia patient population under Florida's Investigational Drug Program. In addition, the Company's subsidiary, Viragen (Europe) Ltd., is currently constructing a manufacturing facility in Edinburgh, Scotland for the production of Omniferon, the Company's second generation natural human alpha interferon product. CONTACT: Viragen, Inc. Charles F. Fistel, 305/557-6000 or The American Red Cross - Biomedical Services H. John Wells, 703/312-5642 |
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