ViRexx Medical Corp.
TSX : VIR

ViRexx Medical Corp.

June 16, 2005 18:19 ET

ViRexx Announces Extension of Warrants

EDMONTON, ALBERTA--(CCNMatthews - June 16, 2005) - ViRexx Medical Corp., (TSX:VIR) a company focused on immunotherapy and embolotherapy treatments for cancer and chronic hepatitis B and C, today announced that its board of directors has agreed to extend the exercise term of 5,000,000 common share purchase warrants ("Warrants"), which comprised a part of a private placement that closed on January 2, 2004. The Warrants entitle the holder to purchase one additional common share of the Corporation at a price of $1.00 per common share and are due to expire on July 2, 2005. The exercise terms of the Warrants will be extended from July 2, 2005 to October 14, 2005 in order that the Warrants will coincide with the exercise date of additional common share purchase warrants which were issued in connection with an initial public offering that was completed on April 14, 2004. The 671,875 Warrants held by insiders of ViRexx will not be affected by this amendment.

In all other respects, the terms of the Warrants will remain unchanged in full force and effect.

About ViRexx Medical Corp. (www.virexx.com)

ViRexx is an Edmonton, Alberta based biotechnology company focused on the development of novel therapeutic products for the treatment of cancer and chronic viral infections. ViRexx's most advanced programs include drug candidates for the treatment of ovarian cancer, chronic hepatitis B & C and solid tumors.

ViRexx's lead product, OvaRex® MAb, a therapy for the treatment of late-stage ovarian cancer, is currently the subject of a Phase III clinical trial funded by ViRexx's licensing partner United Therapeutics Corporation.

This news release contains certain forward-looking statements that reflect the current views and/or expectations of the Company with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.

The TSX has not approved or disapproved of the information contained herein.

Contact Information

  • ViRexx Medical Corp.
    Rob Salmon
    Chief Financial Officer
    (780) 989-6708
    (780) 436-0068 (FAX)
    Email: rsalmon@virexx.com
    Website: www.virexx.com
    or
    The Equicom Group Inc.
    Ross Marshall
    Investor Relations
    (800) 385-5451 ext. 238
    (416) 815-0080 (FAX)
    Email: rmarshall@equicomgroup.com
    or
    Lippert/Heilshorn & Associates Inc.
    Kim Golodetz
    Investor Relations
    (212) 838-3777
    (212) 838-4568 (FAX)
    Email: kgolodetz@lhai.com