The Immune Response Corporation Completes $8 Million Financing

The Immune Response Corporation (OTCBB:IMNR) announcedtoday that it has completed a private placement of $8.0 million ofsecured notes which are convertible into 400,000,000 shares of commonstock at $0.02 per share. The secured convertible notes accrueinterest at 8% per year and mature on January 1, 2008. Investors alsoreceived warrants to purchase an aggregate of 1,200,000,000 shares ofcommon stock at $0.02 per share which have the potential to generatean additional $24 million in gross proceeds. The first tranche ofthese warrants (600,000,000) expires the later of May 31, 2006, or 45days following the registration of the shares underlying the warrants.The second tranche of these warrants (600,000,000) become exercisable70 days after the expiration of the first tranche of the warrants andexpire 45 days after they become exercisable. None of these derivativesecurities will be able to be converted into or exercised for commonstock until the Company obtains stockholder approval to significantlyincrease its authorized number of shares of common stock.

"This offering puts us in a much stronger financial position,giving us immediate capital to pursue our business and clinicalstrategy," said Michael K. Green, Chief Operating Officer and ChiefFinancial Officer. "More importantly, the $24 million potentialadditional proceeds from the two tranches of warrant exercises during2006 could provide us with long-term capital to complete importantphase II clinical trials over the next two years."

Proceeds from the financing will be used to fund the Company'songoing and planned clinical activities and for general corporatepurposes. Spencer Trask Ventures, Inc., an affiliated entity of two ofthe Company's directors, served as the exclusive placement agent forthe transaction.

About The Immune Response Corporation

The Immune Response Corporation (OTCBB:IMNR) is animmuno-pharmaceutical company focused on developing products to treatautoimmune and infectious diseases. The Company's lead immune-basedtherapeutic product candidates are NeuroVax(TM) for the treatment ofmultiple sclerosis (MS) and IR103 for the treatment of HIV infection.Both of these therapies are in Phase II clinical development and aredesigned to stimulate pathogen-specific immune responses aimed atslowing or halting the rate of disease progression.

NeuroVax(TM), which is based on the Company's patented T-cellReceptor (TCR) peptide technology, has shown potential clinical valuein the treatment of relapsing forms of MS. NeuroVax(TM) has been shownto stimulate strong disease-specific cell-mediated immunity in nearlyall patients treated and appears to work by enhancing levels of FOXP3+Regulatory T-cells that are able to down regulate the activity ofpathogenic T-cells that cause MS. Increasing scientific findings haveassociated diminished levels of FOXP3+ Regulatory T-cells responseswith the pathogenesis and progression of MS and other autoimmunediseases such as rheumatoid arthritis (RA), psoriasis and Crohn'sdisease. In addition to MS, the Company has open Investigational NewDrug Applications (IND) with the FDA for clinical evaluation of TCRpeptide-based immune-based therapies for RA and psoriasis.

IR103 is based on the Company's patented whole-inactivated virustechnology, co-invented by Dr. Jonas Salk and demonstrated to be safeand immunogenic in extensive clinical studies of REMUNE(R), theCompany's first generation HIV product candidate. IR103 is a morepotent formulation that combines its whole-inactivated antigen with asynthetic Toll-Like Receptor (TLR-9) agonist to create enhancedHIV-specific immune responses. The Company is currently testing IR103in two Phase II clinical studies in Europe and Canada as a first-linetreatment for drug-naive HIV-infected individuals not yet eligible forantiretroviral therapy according to current medical guidelines.

Please visit The Immune Response Corporation at www.imnr.com

This news release contains forward-looking statements.Forward-looking statements are often signaled by forms of words suchas should, could, will, might, plan, projection, forecast, expect,guidance, potential and developing. Actual results could varymaterially from those expected due to a variety of risk factors,including whether the Company will continue as a going concern andsuccessfully raise proceeds from financing activities sufficient tofund operations and additional clinical trials of NeuroVax(TM) orIR103, the uncertainty of successful completion of any such clinicaltrials, the fact that the Company has not succeeded in commercializingany drug, the risk that NeuroVax(TM) or IR103 might not prove to beeffective as either a therapeutic or preventive vaccine, whetherfuture trials will be conducted and whether the results of such trialswill coincide with the results of NeuroVax(TM) or IR103 in preclinicaltrials and/or earlier clinical trials. A more extensive set of risksis set forth in The Immune Response Corporation's SEC filingsincluding, but not limited to, its Annual Report on Form 10-K for theyear ended December 31, 2004, and its subsequent Quarterly Reportsfiled on Form 10-Q. The Company undertakes no obligation to update theresults of these forward-looking statements to reflect events orcircumstances after today or to reflect the occurrence ofunanticipated events.

REMUNE(R) is a registered trademark of The Immune ResponseCorporation. NeuroVax(TM) is a trademark of The Immune ResponseCorporation.