VIMRx Pharmaceuticals holds annual meeting

VIMRx Pharmaceuticals holds annual meeting

STAMFORD, Conn.–(BUSINESS WIRE)–June 21, 1996–VIMRx Pharmaceuticals Inc. (Nasdaq SmallCap: VMRX) yesterday held its Annual Meeting of Stockholders at the Hotel Intercontinental in New York City. President and Chief Executive Officer Richard L. Dunning told the gathering of VIMRx’s continued progress in research centering on VIMRxyn, an antiviral agent, and RILONs, compounds that may hold the key to controlling diseases at an early stage. In addition, Dunning said that VIMRx hopes to broaden the scope of its activities by seeking out and acquiring other new technologies.

“Our lead product-in-development is VIMRxyn, a synthesized version of hypericin,” Mr. Dunning stated. “According to our findings, hypericin may be an effective agent in treating AIDS, malignant brain tumors and hepatitis C, as well as in destroying viruses to improve the safety of the world’s blood supply.” Concerning AIDS-related applications, Mr. Dunning said that encouraging results from a Phase I clinical trial of VIMRxyn had led the Company to conduct a combined Phases I and II trial in Thailand to determine what dose of VIMRxyn would be effective in fighting the HIV virus while not causing excess photosensitivity. Results from this trial are expected in the next few months and will be followed up by a larger Phase II trial in the United States.

Mr. Dunning also stated that VIMRx would begin a combined Phases I and II trial for the hepatitis C indication during the fourth quarter of 1996, with interim results expected early next year. He added that VIMRxyn showed potential in treating brain tumors known as malignant gliomas and noted that since gliomas are a fairly rare disease the drug could qualify for orphan drug status, which normally leads to accelerated regulatory approval.

Stating that VIMRxyn may be effective in sterilizing blood to prevent the spread of viruses during transfusions, Mr. Dunning said, “This indication addresses an important need. At present, over 30 million units of blood are transfused worldwide each year. And despite improved screening methods, the chances of transmitting HIV and hepatitis B and C viruses remain way too high.” The company expects to begin a Phase I safety assessment trial later this year concerning this use of VIMRxyn.

Mr. Dunning also updated stockholders on VIMRx’s research concerning synthetic catalytic oligoneucleotides, trademarked under the name “RILONs.” He explained that this technology, still in an early state of development, holds potential to control diseases at a very early stage by killing off a specific RNA molecule that acts as a disease’s chief messenger. At present, VIMRx is pursuing research to assess whether a synthetic RILON can be used to block resistance to cancer chemotherapy and whether a RILON can be used to treat psoriasis.

In addition, Mr. Dunning stated that VIMRx will apply to have its shares listed on the Nasdaq National Market following the release of its results for the quarter ending June 30. He said the company expects its application will be effective mid-September.

At the meeting, stockholders elected the slate of eight directors presented for their approval, voted to increase the authorized number of shares of VIMRx common stock from 60 million to 120 million shares, approved an amendment to the company’s stock option plan, authorized a restricted stock award plan for non-employee directors and ratified the reappointment of the company’s outside auditors.

Founded in 1986, VIMRx Pharmaceuticals Inc. is a biopharmaceutical company based in Stamford, Connecticut. -0- NOTE TO INVESTORS AND EDITORS: VIMRx’s press releases are available on the Internet through BusinessWire’s web site at http://www.businesswire.com/cnn. The releases also are available at no charge through BusinessWire’s fax-on-demand service at 800-411-8792.

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