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ADVR News CORRECTING and REPLACING Advanced Viral Research Enters Into Financing Agreement

YONKERS, N.Y.--(BUSINESS WIRE)--First graph, third sentence of release should read: $1,000,000 of the debentures and the warrants were sold on January 5, 2007... (sted $1,000,000 of the debentures and the warrants were sold on January 5, 2006).

The corrected release reads:

ADVANCED VIRAL RESEARCH ENTERS INTO FINANCING AGREEMENT

Advanced Viral Research Corp. (OTC Bulletin Board: ADVR) a bio-pharmaceutical company, announced today the Company entered into a financing agreement on December 31, 2006 with Cornell Capital Partners providing for Cornell to purchase for gross proceeds of $1.5 million, three year 9% secured convertible debentures in the aggregate principal amount of $1.5 million, and five year warrants to acquire 48,076,923 shares of Advanced Viral common stock at a per share purchase price of $.0312. At any time while the debentures are outstanding, Cornell may convert the principal amount of the debentures plus accrued interest into Advanced Viral common stock at a conversion price equal to the lesser of $0.0312 or 95% of the lowest volume weighted average price of the Company’s common stock during the thirty consecutive trading days immediately preceding the applicable conversion date. $1,000,000 of the debentures and the warrants were sold on January 5, 2007 and the remaining $500,000 of the debentures is obligated to be sold on the date a registration statement covering the resale of the shares underlying the debentures and warrants is filed with the Securities and Exchange Commission. Additionally, the financing agreement provides, that, at the Company’s option, Cornell will purchase up to an additional $750,000.00 principal amount of debentures and additional warrants on similar terms that have been mutually agreed upon and subject to the satisfaction of certain conditions, including Advanced Viral’s enrollment of the first patient in its planned dermatological study and the effectiveness of the registration statement.

“The primary use of these proceeds will be used to sponsor clinical programs in cancer as well as in certain dermatological conditions, such as wound healing, where activity has been previously documented in animal models,” says Stephen Elliston, CEO of Advanced Viral Research. “Additionally, with financing in place we will seek to supplement our product pipeline with new products and technologies,” added Elliston.

Advanced Viral Research Corp is a New York based biopharmaceutical company dedicated to improving patients' lives by researching, developing and bringing to market new and effective therapies for the systematic control of symptoms associated with cancer and other serious diseases. ADVR's lead product, AVR118 represents a new class of complex cytoprotective agents that target among other things, cachexia related disorders. AVR118 has also shown to have topical wound healing properties in animal models. Various degenerative conditions associated with body wasting (cachexia) such as cancer, HIV/AIDS and chronic inflammation are potential disease targets for AVR118 therapy.

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.

For further information regarding Advanced Viral Research Corp., please Visit our website at http://www.adviral.com.