VIMRX Stockholders Approve Formation of New Cell Therapy Company.WILMINGTON, Del.--(BUSINESS WIRE)--Dec. 16, 1997--At a special stockholders meeting today, VIMRX Pharmaceuticals 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 :VMRX) announced that its stockholders approved the formation of a new cell therapy company with Baxter Healthcare Corporation that will develop and market innovative treatments for cancer and other life-threatening diseases. Background information on the new company and a review of the transaction will be disclosed through a joint press release at the formal close of the transaction, which is expected this week. VIMRX Pharmaceuticals Inc. VIMRX Pharmaceuticals Inc.(NASDAQ: VMRX), a biotechnology company based in Wilmington, Delaware, is comprised of a diverse portfolio of companies, technologies and compounds. Through its majority-owned affiliate, Innovir Laboratories, Inc. (NASDAQ: INVR), VIMRX is developing oligozymes which control disease- triggering flaws in individuals' genetic chemistry for potential use as both therapeutic agents and as pharmaceutical research tools. A collaborative partnership with Columbia University's Genome Center, VIMRX Genomics Inc. is focused on the commercialization of gene discoveries in cancer and other genetically based diseases. Three VIMRX compounds are in development: VIMRXynr, chemically synthesized hypericin hy·per·i·cin n. A drug, produced synthetically or as an extract of Saint John's wort, used as an antidepressant and antiviral agent. hypericin , an antiviral and anticancer agent; VM201, a Factor IXa inhibitor for selective inhibition selective inhibition n. See competitive inhibition. of blood clotting blood clotting, process by which the blood coagulates to form solid masses, or clots. In minor injuries, small oval bodies called platelets, or thrombocytes, tend to collect and form plugs in blood vessel openings. to manage the bleeding risk associated with anti-coagulation; and VM301, a dermatological agent with wound healing wound healing Physiology The repair of a wound Steps Inflammation, repair and closure, remodeling, final healing; repair of incisions may be either simple–'clean' wounds with little loss of tissue heal by 'primary intention', or 'dirty' wounds heal by potential. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for certain forward-looking statements. The forward-looking statements contained in this release are subject to certain risks and uncertainties. Actual results could differ materially from current expectations. Among the factors which could affect the Company's actual results and could cause results to differ from those contained in the forward-looking statements contained herein are the success of the Company's clinical trials, delays in receiving FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. or other regulatory approvals and the development of competing therapies and/or technologies by other companies. -0- NOTE TO INVESTORS AND EDITORS: VIMRX's press releases are available on the Internet through www.vimrx.com and through BusinessWire's web site at http://www.businesswire.com. The releases also are available at no charge through BusinessWire's fax-on-demand service at 800-411-8792. CONTACT: Media Contact: VIMRX Pharmaceuticals Laura A. Mastrangelo 302/998-1734 or The Investor Relations Group Investor Contact: Dian Griesel, Ph.D. 212/664-8489 |
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