Viral Research Corp. Announces the Resignation of Its Chief Financial
20 April 2004, 07:20am ET
YONKERS, N.Y., April 20 /PRNewswire
keepin' a current web site ;)
the ASCO meeting. "IF" the company has "exclusive"
news NOW concerning AVR118, and is choosing to withhold this
"news" from its shareholders, in order to abide by the rules
of the ASCO, which stipulate silence is golden until and priviledged
until the meeting, then I think the company better re-evaluate its
thinking in this regard.
I find your statement...."THE WORLD WILL FIND OUT ABOUT THE DRUG AT THE ASCO MEETING" is a little tough for me to swallow, for two reasons:
1) As a long-term shareholder, who doesn't trade ADVR, I find withholding ANY POSITIVE information concerning AVR118 a slap in the face.
2) The idea that the world would not find out about AVR118 via any other means other than a "revelation" at the ASCO meeting is a theory about which I disagree. If the drug is as good as everyone says it is, then why doesn't the world already know.
How many long-term shareholders have to sell their shares, because their hope and faith in a drug and in a company have been shattered -- SIMPLY BECAUSE IT HAS TAKEN TOOOOOO LONG TO GET THIS DRUG INTO THE HANDS OF THOSE WHO MAY POSSIBLY BENEFIT???????
JMHO, of course!
engineer is a master of hyperbole. The ASCO is nothing but a poster
presentation, that is NOT how major news is broken as we all know.
But hey, how about that AG CFO leaving- that shoud save a little money I hope.
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probably the only one here who didn't realize there was an Assistant
Controller...."Mr. Martin Bookman, who has been with ADVR as
Assistant Controller since March of 2001, has been appointed Acting
Chief Financial Officer."
IMO....any "new" CFO hired by the company in the future, will probably come in at a higher salary than Alan's or equivalent....LOL
us hope no Pray that the new CFO can do a better job, eom
- - - - -
biotech article from Amgen. At least it's realistic about the time
frames. I copied and pasted it below.
Investor's Business Daily
Biotech Key: Breakthroughs
Monday April 19, 11:03 am ET
By Gloria Lau
Today's Americans will live longer and healthier than their parents and grandparents.
Half of all baby boomers will reach their 85th birthdays. By 2020, there will be 6.4 million centenarians. Even Hallmark Cards sells 85,000 100th birthday cards a year.
Still, nearly 1.3 million people die from heart disease and cancer every year. Obesity is a growing problem with no obvious solution. Other diseases kill hundreds of thousands a year.
Developing safe and effective treatments is the next challenge for drug makers such as Amgen. (NasdaqNM:AMGN - News)
For more than two decades, Amgen has established itself as a leading biotechnology company, with treatments based on advances in cellular and molecular biology.
Success in the pharmaceutical world has translated into success on Wall Street.
Amgen's stock was a dominant market leader during the last half of the 1980s and most of the 1990s. Even though it last hit a high in 2000, Amgen remains the biggest gainer of the past 20 years, soaring more than 47,000%.
Chief Executive Kevin Sharer recently spoke with IBD.
IBD: Where does the biotech industry go from here?
Sharer: Biotechnology is still young. Amgen itself is just 25 years old. We'll see breakthroughs for disease that heretofore were seen as permanent fixtures, inevitable in the human condition. In some of the neurological diseases, we'll see progress. In osteoporosis, we'll see progress.
As the biology of the body continues to reveal its secrets, biotechnology will continue to capitalize on that. The first 25 years were just the beginning. The next 25 years will be even more productive.
IBD: How close are we to finding treatments for cancer, Parkinson's and Alzheimer's?
Sharer: Cancer is going to be something we attack element by element. Maybe in 50 to 100 years, we'll be able to say we can deal with most cancers.
We don't really know with complete certainty all the biology that causes Alzheimer's and Parkinson's. So I'd hope in the next 25 to 50 years we'll have made dramatic progress.
IBD: Which of your pipeline drugs address these conditions?
Sharer: We have our Glial cell derived neurotrophic factor (GDNF) in phase two placebo-controlled clinical studies in patients with advanced Parkinson's.
In an earlier open-label study (of five patients), it showed dramatic benefit. An open-label study means patients know if they're getting the drug or placebo. We're hopeful about our product.
In the business, many people tend to be very optimistic about how fast their technology will progress. I'm realistic. I think science and medicine moves in 10-year increments, so 25 years is only 2.5 cycles.
A cycle is 10 years of scientific work, and 10 years of industrial work: lab work, clinical testing, build factories, getting the FDA to approve a product. So for a scientific discovery to translate into medicine in 20 years is actually fast.
We focus on five to six disease categories. Pipelines are notoriously difficult to make predictions around. But we have potential drugs for various types of cancer, for pain and other grievous illnesses.
In most pipelines, more things don't work than do work. That will be true of our pipeline as well. But ours is broad enough and deep enough . . . that we should have more than our share of successes.
IBD: Biologics can provide tremendous benefit, but they're pricey. How will Americans afford biologics when they cost $15,000 to $300,000 per person per year? Who will pay?
Sharer: These things are expensive - I know it. Let's say you're a human being with advanced rheumatoid arthritis. I've talked to some of these patients. They're unable to get out of bed, literally. They really don't have a life and Enbrel came along and now they can play golf, climb mountains and have a life.
This drug's expensive. It costs $10,000 to $14,000 a year, but for the person who has the choice between being an invalid and living a full and active life, that's not a bad deal. That doesn't mean everyone's got $10,000 to $14,000 a year to pay for it, but (Amgen) have programs that help pay and insurers help pay.
Hopefully insurance will help. (How patients will pay for drugs) is a serious question and I don't have an easy answer. It's a societal concern that hasn't really been addressed.
The average cost to develop a biologic is on the order of $1 billion. Most drugs (fail in clinical trials). So the prices we charge help us recoup research and development costs and provide enough money for us to keep investing in R&D.
Amgen invests 20 cents on every dollar back into R&D. We're not talking about marketing; we're talking about hard science and clinical trials.
How much will individuals, the government and insurers (each) pay? That will be sorted out in the political environment.
I believe drugs that are first-in-class will get and do deserve a premium because that's an encouragement of science. If we didn't reward innovation we'd be in a hard place in terms of the national economy, job creation and economic vitality.
IBD: How does the Medicare drug plan address biologics?
Sharer: It's a complex, deeply detailed concept deep in the technical section of the bill. It affects how some cancer drugs are reimbursed.
There's a (years-long) demonstration project. Hundreds of millions of dollars have been allocated to pay for inflammation injectables for the Medicare population.
Data will be collected on the usage and effect, with the thought that in the future the benefit will be made permanent. But it's a very small part of the Medicare bill's overall tab.
The policy-makers were struggling with a (limited) budget. Cancer is covered. Inflammation products are partially covered.
IBD: What percent of all biologics on the market will Medicare pay for?
Sharer: I don't know. It's a meaningful amount.
IBD: Will the Medicare drug plan help biotechs grow overall sales? Or will the presence of such a large payer - Medicare - end up forcing biotechs to charge private payers more per drug to make up for lower profits on the Medicare business?
Sharer: The pathway for Amgen and other biologic companies to be successful is to introduce breakthrough drugs for major illnesses. If the drugs are good enough, the money will be found to pay for them because it'll be worth it.
Now that's independent of the Medicare bill. Certainly as the government becomes a larger payer . . . the government will have more influence on what the prices are.
I think as long as the biotechnology companies are going to be able to develop and introduce truly innovative medicines, I'm optimistic the government and other payers will continue to reward innovation.
a better job of what? I don't think you can hold the CFO responsible for
where or what this company's been doing. He's responsible for getting
and allocating the money, and he's done a good job IMO. At least ADVR is
V. GALLANTAR has been Chief Financial Officer since October 1999 and
Treasurer since December 2001.
Salary - year ended 2003 - $206,000
Options unexercised - year ended 2003 - 4-1/2 million shares
wonder if Alan's departure was a result of friction with the new queen
bee, Elma. Perhaps the drone was made to leave
the hive. As long as there's no friction between the queen bee and the few technical drones left in the Advanced Viral Research hive. Because if they depart too, there will be no AVR118 honey produced and the queen may be left ruling an empty hive.
news! Finally ADVR has cleaned house of Hirschman's personal overpaid
Bookman did all the accounting work for ADVR while the overpaid parasite Gallantar blessed it. Sheesh!
Dig up Big Al's contract when he was hired....it's all in the SEC filings and you will see what a bogus waste he was.
Hirshman and Gallantar cost shareholders a bundle over the past 3 years. Shame they can't be sued and held accountable. Let them turn in their options or mak'em exercisable within 90 days!
(Voluntary Disclosure: Position- Long)
Viral Research Corp. Announces the Resignation of Its Chief Financial
TUESDAY, APRIL 20, 2004 7:20 AM
YONKERS, N.Y., Apr 20, 2004 /PRNewswire-FirstCall via COMTEX/ -- Advanced Viral Research Corp. (ADVR) announced today that Mr. Alan Gallantar has resigned as Chief Financial Officer and Treasurer effective April 19th, 2004. Mr. Gallantar informed the Company that he is leaving ADVR to attend to a personal matter.
Mr. Martin Bookman, who has been with ADVR as Assistant Controller since March of 2001, has been appointed Acting Chief Financial Officer.
Advanced Viral Research Corp., based in Yonkers, New York, is a biopharmaceutical firm dedicated to improving patients' lives by researching, developing and bringing to market new and effective therapies for viral and other diseases. ADVR's lead product, AVR118 (formerly known as Product R), represents a biopolymer that possesses novel immunomodulator activity. This peptide-nucleic acid complex, which to date has shown a very favorable safety profile, appears to stimulate the proinflammatory responses required to combat viral infections such as AIDS and human papilloma virus and to dampen aberrant autoimmune-type inflammatory responses, such as occur in patients with rheumatoid arthritis. AVR118 is in clinical trials in Israel for the treatment of cachexia (body wasting) in patients with AIDS.
For further information regarding Advanced Viral Research Corp., please visit our website at www.adviral.com.
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 (Product R) 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 or that if completed, clinical trials performed outside the United States will assist the Company in obtaining FDA or other regulatory approval. 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.
Contact: Ronnie Welch or
CWR & Partners
SOURCE Advanced Viral Research Corp.
Ronnie Welch or Kelly Cinelli, both of CWR & Partners,
+1-508-222-4802, for Advanced Viral Research Corp.
/Company News On-Call: http://www.prnewswire.com/comp/903002.html
on out !!!.....HONK, HONK !!!
Off to the ADVR Road Show.....
represents an excellent....
BUY under say .081
DOWN, ONE TO GO
the last 10-K...."As of December 31, 2003, Mr. Gallantar held
options to purchase 4,547,880 shares of common stock at $0.24255 per
share, all of which were exercisable as of such date."
I believe I also read he has until 2009 to exercise (the options are vested). But, don't quote me on that. I don't feel like looking up any more "stuff"!!...LOL
and ALL i emailed advr your post and they got right back to me i also
put a few points of my own like in 20 years its up .04!!!! they said
advr is in a holding pattern till isreal results in june and there are
changes happening that will be seen then it was bla bla bla stuff we no
from prs. never answered 1 ?? that you had in your post. so if no big
news till june were heading to .05 or worse theres nothing to hold this
pps heck whats another 10 years go advr....
Im gonna have to say I agree. Without solid news were gonna dip. Ill buy more and gamble on news in june if we go lower than .1. Although I believe that right now we should be trading around .02. I think that would be a fair price and that the number now is based on hype.
time an abstract or poster session or paper has been accepted at ANY
meeting over the last 8 years we get that same comment, "The fact
that the abstract was accepted for presentation at the (YOU FILL IN THE
BLANK HERE) meeting indicates there must be something important in the
If this is SO important, why is it so '"secret" - I'll offer you a little side bet - that 2 weeks after the ASCO meeting, the PPS of ADVR shares will be once again in the same vicinity that it is now!