Healthcare Industry News: cachexia
News Release - May 15, 2007
President and CEO of Advanced Viral Research Corp. Signs on for an Additional Two Years
YONKERS, N.Y.--(HSMN NewsFeed)--Advanced Viral Research Corp. (OTC Bulletin Board: ADVR ) a bio-pharmaceutical company, announced today that Stephen M. Elliston, its current President and CEO, has entered into a new employment contract, which, among other things, extends his employment for an additional two years. Under the new employment agreement, Mr. Elliston has agreed to serve as ADVR's President and CEO through May 14, 2009, at an annual salary of $350,000. In addition, ADVR has granted Mr. Elliston options to acquire 40,000,000 shares of ADVR Common Stock. The options become exercisable in increments of 666,667 shares monthly, and are exercisable over a period of five years at prices ranging from $0.05 to $0.08 per option share."I am both pleased and excited to remain on board as Adviral's President and CEO. We have begun to clearly define a successful direction for our company, and I will continue to remain determined to see our goals come to fruition," said Stephen M. Elliston, President and CEO of Advanced Viral Research Corp.
"We are delighted that Steve will continue as our President and CEO in order to execute the plans he has put into place. With his extensive knowledge and experience in both big pharma and early stage drug discovery, the Board of ADVR remains confident that Steve will play an integral role in moving the company forward in his usual 'hands on' way," said Eli Wilner, Chairman of Advanced Viral Research Corp.
Advanced Viral Research Corp is a New York based biopharmaceutical company dedicated to improving patients' lives by researching, developing and bringing to market new and effective therapies for the control of symptoms associated with cancer and other serious diseases. ADVR's lead product, AVR118 represents a new class of complex cytoprotective agents that target among other things, cachexia related disorders. AVR118 has also shown to have topical wound healing properties in animal models. Various degenerative conditions associated with body wasting (cachexia) such as cancer, HIV/AIDS and chronic inflammation are potential disease targets for AVR118 therapy.
Note: This news release contains forward-looking statements that involve risks associated with clinical development, regulatory approvals, including application to the FDA, product commercialization and other risks described from time to time in the SEC reports filed by the Company. AVR118 is not approved by the U.S. Food and Drug Administration or any comparable agencies of any other countries. There is no assurance that the Company will be able to secure the financing necessary to continue and/or complete the clinical trials of AVR118 or satisfy certain other conditions relating to clinical trials including obtaining adequate insurance on terms acceptable to the Company. The Company undertakes no obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.
For further information regarding Advanced Viral Research Corp., please visit our website at http://www.adviral.com.
Source: Advanced Viral Research
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