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 Redemption priceSee: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $0.05 per warrant. VIMRx received net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). 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 Dunning The process of communicating with customers to ensure the collection of accounts receivable. Notes: Dunning can start with gentle reminders and then progress to nearly threatening letters as accounts become more past due. , 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 Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. , specializes in therapies to fight viral and retroviral diseases, as well as cancer. Additional efforts are being focused on the development of 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 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 therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. 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 psoriasis (sôrī`əsĭs), occasionally acute but usually chronic and recurrent inflammation of the skin. The exact cause is unknown, but the disease appears to be an inherited, possibly autoimmune disorder that causes the . CONTACT: Walter G. Montgomery or Mary Ann Dunnell (212) 484-6721 |
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