Immune Response Corporation Receives $5 Million from Agouron Pharmaceuticals for REMUNE Therapy

Strategic Insights -

The Immune Response Corporation, a biopharmaceutical company based in Carlsbad, California, has announced the receipt of $5 million from Agouron Pharmaceuticals, Inc. in conjunction with their collaboration to develop and commercialize REMUNE, an immune-based therapy for the treatment of HIV infection. This payment consists of $3 million for research and development costs and $2 million for the purchase of 126,758 shares of unregistered common stock, purchased at a premium to the market. This is the first in a series of quarterly payments Agouron is expected to make, with the potential for Immune Response to receive as much as $77 million over the next two years.

Key Takeaways:

  • The Immune Response Corporation has received $5 million from Agouron Pharmaceuticals for the development and commercialization of REMUNE, an immune-based therapy for the treatment of HIV infection.
  • The payment consisted of $3 million for research and development costs and $2 million for the purchase of 126,758 shares of unregistered common stock.
  • This is the first in a series of quarterly payments, with Immune Response potentially receiving as much as $77 million over two years, including license and milestone payments of $45 million, development support payments of $18 million, and the purchase of $14 million of common stock.
  • Immune Response will manufacture commercial supplies of REMUNE, while Agouron will have exclusive rights to market REMUNE in North America, Europe, and certain other countries after receipt of regulatory approvals.
  • The two companies will share profits from the commercialization of REMUNE on a 50/50 basis.
  • The Immune Response Corporation is a biopharmaceutical company developing immune-based therapies for HIV, autoimmune diseases, and cancer.

Statistics:

  • $5 million: The amount received from Agouron Pharmaceuticals.
  • $3 million: The amount paid for research and development costs.
  • $2 million: The amount paid for the purchase of 126,758 shares of unregistered common stock.
  • 126,758: The number of shares purchased by Agouron Pharmaceuticals.
  • $77 million: The potential amount Immune Response may receive over the next two years.
  • $45 million: The potential license and milestone payments.
  • $18 million: The potential payments to support development.
  • $14 million: The potential purchase price for common stock.
  • 50/50: The profit-sharing ratio between Immune Response and Agouron Pharmaceuticals.

Sources:

  • PR Newswire: "The Immune Response Corporation Announces Receipt of $5 Million from Agouron Pharmaceuticals"
  • The Immune Response Corporation's news releases are available at no charge through the company's automated attendant 800 number at 800-491-0153.