Immune Response exchanges promissory notes for mortgage note

By Sheri Kasprzak

Atlanta, May 5 - Immune Response Corp. said it has exchanged $5,740,928 in 8% convertible secured promissory notes for an 8% mortgage note for the same amount.

The note is held by Cheshire Associates LLC, and the investor converted a separate convertible note due May 3, 2005 for $1,467,178 in principal into 1,006,986 common shares at $1.457 each.

The mortgage note will mature May 31, 2007 and bear interest at 8% annually. The mortgage note will be convertible into common shares at $0.70 each.

Under the terms of the exchange, the exercise price of the warrants for 8,633,705 shares issued to Cheshire with the promissory note has been reduced to $0.70 per share from $1.41.

Based in Carlsbad, Calif., Immune Response develops immune-based therapies for the treatment of HIV, cancer and autoimmune diseases.

The company's stock closed up $0.02 at $0.77 on Thursday.

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