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The Immune Response Corporation Signs a $15 Million Financing Agreement.

CARLSBAD, Calif. -- The Immune Response Corporation (Nasdaq: IMNR), a biopharmaceutical company dedicated to becoming a leading immune-based therapy company in HIV and multiple sclerosis, today announced that it has entered into a Standby Equity Distribution Agreement (SEDA) with Cornell Capital Partners, LP, to support the continued development of the Company's product candidates. Under the agreement, which is generally referred to as an equity line of credit, Cornell Capital has committed to provide up to $15 million of funding to be drawn down over a 24-month period at the Company's discretion, subject to an effective registration. There are no minimum requirements on the draw downs in the SEDA agreement. The funds may be used in whole or in part as The Immune Response Corporation chooses.

John N. Bonfiglio, Ph.D., President and CEO of The Immune Response Corporation, said, "We are enthusiastic about entering into this agreement with Cornell Capital. The flexibility and control afforded by this capital structure will enable us to access capital at times when we believe the appropriate value is reflected in our stock price, as development milestones are achieved or when additional liquidity is necessary. The SEDA allows us to make financing decisions that we believe will be in the best interest of the Company and its shareholders."

Under Nasdaq rules, the Company will be required to obtain stockholder approval before drawing down the bulk of the SEDA funding. The Company will promptly seek such stockholder approval.

About The Immune Response Corporation

The Immune Response Corporation (Nasdaq: IMNR) is a biopharmaceutical company dedicated to becoming a leading immune-based therapy company in HIV and multiple sclerosis (MS). The Company's HIV products are based on its patented whole-killed virus technology, co-invented by Company founder Dr. Jonas Salk to stimulate HIV immune responses. REMUNE(R), currently in Phase II clinical trials, is being developed as a first-line treatment for people with early-stage HIV. We have initiated development of a new immune-based therapy, IR103, which incorporates a second-generation immunostimulatory oligonucleotide adjuvant and is currently in Phase I/II clinical trials in Canada and the United Kingdom.

The Immune Response Corporation is also developing an immune-based therapy for MS, NeuroVax(TM), which is currently in Phase II clinical trials and has shown potential therapeutic value for this difficult-to-treat disease.

Please visit The Immune Response Corporation at www.imnr.com

This news release contains forward-looking statements. Forward-looking statements are often signaled by forms of words such as should, could, will, might, plan, projection, forecast, expect, guidance, potential and developing. Actual results could vary materially from those expected due to a variety of risk factors, including whether the Company will continue as a going concern and successfully raise proceeds from financing activities sufficient to fund operations and additional clinical trials of REMUNE(R), NeuroVax(TM)or IR103, the uncertainty of successful completion of any such clinical trials, the fact that the Company has not succeeded in commercializing any drug, the risk that REMUNE(R), NeuroVax(TM)or IR103 might not prove to be effective as either a therapeutic or preventive vaccine, whether future trials will be conducted and whether the results of such trials will coincide with the results of REMUNE(R), NeuroVax(TM)or IR103 in preclinical trials and/or earlier clinical trials. These risks, among others, are set forth in The Immune Response Corporation's SEC filings including, but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2004, and its subsequent Quarterly Reports filed on Form 10-Q. The Company undertakes no obligation to update the results of these forward-looking statements to reflect events or circumstances after today or to reflect the occurrence of unanticipated events.

REMUNE(R) is a registered trademark of The Immune Response Corporation. NeuroVax(TM) is a trademark of The Immune Response Corporation.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 18, 2005
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