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VIMRx PHARMACEUTICALS REDEEMS CLASS A WARRANTS; 99.5 Percent of Class A Warrants Exercised; VIMRx Received Net Proceeds of Approximately $18.0 Million.

STAMFORD, Conn.--(BUSINESS WIRE)--May 22, 1996--VIMRx Pharmaceuticals Inc. (Nasdaq SmallCap: VMRX (Common Stock), VMRXZ (Class B Warrants)) announced today that 12,469,125, or 99.5 percent, of the Redeemable Class A Warrants outstanding at April 9, 1996, the date of the announcement of the call for redemption of the Class A Warrants, were exercised prior to May 10, 1996, the date fixed for redemption of the warrants. The remaining 56,585 Class A Warrants are redeemable at a redemption price of $0.05 per warrant. VIMRx received net proceeds of approximately $18.0 million from the Class A Warrants exercised.

"The funds from warrant exercises will enhance VIMRx's ability to achieve our basic business objectives and to pursue a variety of growth opportunities in biotechnology," said Richard L. Dunning, president and chief executive officer of VIMRx Pharmaceuticals Inc.

On April 25, 1996, VIMRx announced that its Redeemable Class B Warrants will be redeemed on June 14, 1996. VIMRx would receive net proceeds of approximately $30.0 million in the event that all Class B Warrants outstanding on the date of the announcement of redemption are exercised. Through May 21, 1996, VIMRx has received approximately $4.0 million from the exercise of Class B Warrants.

As a result of the warrant exercises, the number of outstanding shares of VIMRx Common Stock has increased to approximately 33.8 million shares.

VIMRx, based in Stamford, Connecticut, specializes in therapies to fight viral and retroviral diseases, as well as cancer. Additional efforts are being focused on the development of hypericin for use in improving the safety of blood supplies. VIMRx currently is pursuing both indications for hypericin. VIMRx recently expanded its product line by acquiring the rights to develop and market compounds based on RILON technology. In contrast to conventional medicines, the RILON technology may lead to the next generation of significant therapeutics which allow treatment and prevention of diseases via control of their basic genetic mechanisms. VIMRx is initially developing the RILON technology for drug resistance in cancer chemotherapy and for psoriasis.

CONTACT: Walter G. Montgomery or Mary Ann Dunnell

(212) 484-6721
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:May 22, 1996
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