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: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, an antiviral and anticancer agent; VM201, a Factor IXa inhibitor for selective inhibition of blood clotting to manage the bleeding risk associated with anti-coagulation; and VM301, a dermatological agent with wound healing potential.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" 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 or other regulatory approvals and the development of competing therapies and/or technologies by other companies. -0-

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Laura A. Mastrangelo

302/998-1734

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The Investor Relations Group

Investor Contact: Dian Griesel, Ph.D.

212/664-8489