In the news release, "ImmuneRegen BioSciences Completes Successful
Reduction of Debt," issued Wednesday, August 4, 2010, by
ImmuneRegen BioSciences, a wholly-owned subsidiary of IR
Biosciences Holdings Inc. (OTCBB: IRBS), we are advised by the
company that the original paragraphs 4, 7, 8, and their
corresponding headers have been removed. Additionally, the original
paragraph 5 has been revised. Complete corrected text follows.
ImmuneRegen BioSciences Completes Successful Reduction of
Debt
Reorganizes Nearly $10 Million Debt Into $6 Million Equity at 30
Cents and $3.6 Million of Restructured Convertible Debt
SCOTTSDALE, AZ--August 4, 2010 - ImmuneRegen BioSciences Inc.®,
a wholly-owned subsidiary of IR Biosciences Holdings Inc. (OTCBB:
IRBS), today announces the successful restructuring and reduction
of debt totaling nearly $10 million.
The successful reorganization consists of two parts. First,
approximately $3.6 million of debt with YA Global Investors, of
which $1.5 million was callable as of December 2009, is now redated
to December 31, 2011. Second, approximately $5.9 million of debt
with Brencourt Advisors has been exchanged for company preferred
stock, which is convertible to common stock at 30 cents per share,
representing a premium to today's market price.
"This conversion of debt to equity and convertible debt is a
huge demonstration of faith in our company's technology, team and
long-term strategy to provide a favorable return to shareholders,"
said ImmuneRegen BioSciences Chief Executive Officer Michael K.
Wilhelm. "Despite the company's limited funding, ImmuneRegen has
continued to press ahead on the development of Homspera toward
human studies and clinical development. We have been able to do so
as a result of the great relationships fostered with companies such
as MPI - the world's third largest contract research organization -
as well as other committed investigators such as Jack Finkelstein
of The University of Rochester. It has been a pleasure to work with
YA Global and Brencourt and I appreciate their continued support of
our company goals."
"The successful completion of this transaction allows the
company to initiate human testing of our lead drug," Wilhelm added.
"We are fortunate to have Brencourt and YA Global as shareholders.
We also believe this restructuring will help us continue to improve
our balance sheet and enable us to further our focus on pipeline
execution."
For more information about ImmuneRegen BioSciences, or their
development status for Homspera, please check out their website at
www.immuneregen.com
About MPI Research
MPI Research exists to provide comprehensive discovery, safety
evaluation, bioanalytical, and analytical services that meet the
requirements of biopharmaceutical, medical device, animal health,
and chemical companies as we partner globally to bring safer and
more effective products to the world. Our goal is to exceed the
expectations of our Sponsors and maintain the highest respect in
our industry by providing high-quality, on-time services that add
value to our Sponsors' efforts to discover, develop, and enhance
products in regulated international environments. We excel as a
high-performance, high-quality organization because of our
scientific knowledge and experience, integrity, trust, teamwork,
and dedication to strong and enduring Sponsor relationships.
About ImmuneRegen BioSciences, Inc.
ImmuneRegen BioSciences Inc., a wholly owned subsidiary of IR
BioSciences Holdings, Inc. (OTC BB: IRBS.OB), is a
development-stage biotechnology company focused on the research,
development and licensing of Homspera®.
Homspera is an adult stem cell active compound that in study
results has been shown to regenerate and strengthen the immune
system and enhance wound healing. It is being developed for
potential use against infectious diseases as a stand-alone or
combination therapy and as a vaccine adjuvant.
To advance its mission, the Scottsdale, Ariz.-based company has
forged numerous study partnerships with industry and academic
leaders, including University of Rochester, Radboud University,
National Cancer Institute, Celgene Cellular Therapeutics,
HemoGenix, Lovelace Respiratory Research Institute, University of
Pittsburgh and MPI Research. For more information about the company
please visit www.immuneregen.com.
Statements about the Company's future expectations, including
statements about the potential use and scientific results for the
Company's drug candidates, science and technology, and all other
statements in this press release other than historical facts, are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934, and as that term is defined in the Private Securities
Litigation Reform Act of 1995. The Company intends that such
forward-looking statements be subject to the safe harbors created
thereby. These future events may not occur as and when expected, if
at all, and, together with the Company's business, are subject to
various risks and uncertainties. The Company's actual results could
differ materially from expected results as a result of a number of
factors, including the uncertainties inherent in research and
development collaborations, pre-clinical and clinical trials and
product development programs (including, but not limited to the
fact that future results or research and development efforts may
prove less encouraging than current results or cause side effects
not observed in current pre-clinical trials), the evaluation of
potential opportunities, the level of corporate expenditures and
monies available for further studies, capital market conditions,
and others set forth in the Company's periodic report on Form 10-Q
for the three months ended March 31, 2010 as filed with the
Securities and Exchange Commission and report on Form 10-K for the
year ended December 31, 2009 as filed with the Securities and
Exchange Commission. There are no guarantees that any of the
Company's proposed products will prove to be commercially
successful. The Company undertakes no duty to update
forward-looking statements.
Media Contacts: Michael K. Wilhelm John Fermanis
ImmuneRegen BioSciences Inc. Phone: 480-922-3926 Email: Email
Contact Email: Email Contact
IR BioSciences (CE) (USOTC:IRBS)
Historical Stock Chart
From Aug 2024 to Sep 2024
IR BioSciences (CE) (USOTC:IRBS)
Historical Stock Chart
From Sep 2023 to Sep 2024