Business Services Industry
Advanced Viral Research Corp. Announces Private Placement
Business Wire, Oct 17, 1997
YONKERS, N.Y.--(BUSINESS WIRE)--Oct. 14, 1997--Advanced Viral Research Corp. (NASDAQ BB:ADVR) of Yonkers, Tuesday announced a private placement of a 7% ten year convertible debenture to a European financial institution.
The debenture is convertible into common stock at 70% of the average closing prices for the five consecutive trading days before the conversion date. In addition, the company issued warrants to purchase an aggregate of 1,800,000 common shares at a price ranging from $.20 to $.27 per share pursuant to Regulation S of the Securities Act of 1933.
The financing, in the amount of $3 million (gross), will be used to help fund the company's ongoing research and development program for its drug RETICULOSE, as well as the appointment of qualified scientists and initiating the formal process for seeking governmental approvals to market RETICULOSE.
Advanced Viral Research Corp. is a biotechnology company specializing in the new pharmacology of peptide nucleic acids. RETICULOSE, the company's peptide nucleic acid preparation, is a non-toxic, broad spectrum anti-viral drug, currently under clinical study for the treatment of AIDS.
CONTACT: Advanced Viral Research Corp.
Phone: 954/458-7636 Fax: 954/458-4715
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