Immune Response completes $8M financing

US firm Immune Response says that it has completed a private placement of $8.0 million of secured notes which are convertible into 400 million shares of common stock at $0.02 each. The secured convertible notes accrue interest at 8% per year and mature on January 1, 2008. Investors also received warrants to purchase an aggregate of 1.2 million shares at $0.02 each which have the potential to generate an additional $24.0 million in gross proceeds.

"This offering puts us in a much stronger financial position, giving us immediate capital to pursue our business and clinical strategy," commented Michael Green, chief operating and financial officer. "More importantly, the $24.0 million potential additional proceeds from the two tranches of warrant exercises during 2006 could provide us with long-term capital to complete important Phase II clinical trials over the next two years," he said.