Dow Jones 12510.30 +128.00 5:03 am PDT, April 4, 2007 NASDAQ 2450.33 +0.00 For info, visit access.smallcapnetwork.com S & P 500 1437.77 +0.00 Change your subscription status here Russell 2000 811.77 +0.00 VOLUME 07: ISSUE 36 Immune Response: New Name, New Company  For all of you waiting for an update on Immune Response (OTCBB: IMRP), today's your day. We think this latest round of news is ultimately a very good move for investors, as it may end up being a catalyst for the stock. Before we get to it though, we just wanted to give you a heads-up on a brand new trading idea that could possibly be coming out as early as tomorrow. We can't spill all the beans just yet, but we can say this - we think you're gonna' be very excited....we know we were when we first started examining the opportunity. Stay tuned. In the meantime, Immune Response just made a major announcement....though you won't be calling them 'Immune Response' for much longer. Going forward, the biotech company has decided to focus entirely on autoimmune diseases, and intends to cease directing valuable resources towards HIV treatment trials. To reflect the monumental shift in focus - and to better reflect the medical philosophy behind their work - Immune Response will soon be known as Orchestra Therapeutics Inc.  No, that wasn't a typo - and we did something of a double-take as well. But, it didn't take us long at all to agree with the decision...we feel it just makes good sense in terms of maintaining maximum shareholder value now, while at the same time setting up maximum shareholder value later.  Trust us....you'll want to keep reading.   Where It All Began  You probably haven't heard of a FOXP3+ cell before. We didn't either, until our contacts at Immune Response started explaining what they were a few weeks ago. However, it may be a term worth remembering if they're even half as important as Immune Response's research indicates they are. In fact, it may not be too far off base for us to say FOXP3+ cells were the reason behind today's drastic news. Not to turn this into a science lesson, but a great number of illnesses and diseases we're all familiar with actually fall into one broad category, called autoimmune diseases. In layman's terms, an autoimmune condition is simply a case where a person's own immune system 'thinks' it's attacking a pathogen, when it's actually attacking part of a person's own body.  The root cause in most autoimmune conditions - for lack of a better way we can say it - is misdirected T-cells. Normally, T-cells make up a body's self-regulated immune system, but if one or more of the T-cell groups don't function properly, it can create obvious complications. Immune Response's research to-date has shown that FOXP3+ Regulatory T-cells may play a critical role in controlling those misdirected T-cells that are causing harm. And? The 'and' is not only the break-through work the company has done so far, but in the widespread impact the work may have in the future. Back in early March we highlighted how a Phase II trial milestone had been met as the first multiple sclerosis patient had been injected with NeuroVax(tm) - Immune Response's investigational therapy based on FOXP3+ research. What we didn't mention was the sheer number of common autoimmune conditions that could potentially be targeted by NeuroVax or a similar FOXP3+ platform. Take a look at just these few well-known conditions, each of which is an autoimmune disease.... Multiple sclerosis (MS) Rheumatoid arthritis (RA)  Crohn's disease  Psoriasis Lupus  Type-1 diabetes And according to Immune Response, there are as many as 60 autoimmune conditions. Even if only a handful of them can be treated with FOXP3+ technology, we'd still have to consider the opportunity an enormous one.   Bottom Line  What's our view? No song and dance here - we think this is ultimately a good move for everyone, and shareholders in particular.  In our opinion, biotech is one of the trickiest pieces of the market. These stocks trade unlike anything else out there....and perhaps for good reason. The time it takes to develop a drug and get it approved can be years, and biotech research can be expensive, with companies spending millions and millions in the drug development phase while not bringing in one red cent. And, there's no guarantee a therapy will ever get approved by the FDA. If it does, a company may have a few years to reap some gigantic rewards before a patent expires. Yet, we've seen stocks of these developmental companies sky-rocket just on news - well before a drug was actually bearing any revenue. It's just something we bring up now to make this point.....the time to start collecting any future rewards for Immune Response's work could actually be sooner than you think, with 'now' perhaps being one of those windows of opportunity. And what could draw out the buyers now as opposed to later? In a word, potential. The potential upside of owning IMRP in the future could mean waiting for the 'sure thing' actually means you end up paying a highly-bloated price later.  Anyway, see if the estimated numbers we found associated with some of the major autoimmune conditions impress you as much as they impressed us. Or more importantly, ask yourself if they'll impress other potential buyers in the meantime: Multiple sclerosis - A $5 billion annual market, and it's growing fast  Diabetes (type 1) - Though notably different than 'developed' type 2 diabetes, analysts estimate an effective treatment for type 1 diabetes could mean annual sales in excess of $1 billion per year  Lupus - Biotech analysts are forecasting up to a potential $4 billion market for other lupus therapies currently in development  Chron's disease - Potentially a $500 million annual market, at least See what we mean? While healthcare isn't always about dollars, eventually somebody has to pay the bills...which may well be shareholders if appropriate care isn't given to the venture.  Certainly it wasn't an easy decision to make, but we agree the fiscally responsible - and fruitful - thing for Immune Response to do was focus on the best opportunity, and pare the projects that weren't aligned with the company's new vision. We expect the result to be a streamlined operation - and one that makes very good progress with FOXP3+ therapy research. The benefit to shareholders is tremendous, in our view. We're sure we'll have more details soon; look for them in the blog or in an upcoming newsletter. In the meantime, the press release below discusses a few more things we didn't even mention.   THE IMMUNE RESPONSE CORPORATION ANNOUNCES REBRANDING TO REFLECT EXPANDED FOCUS ON TREATMENT OF AUTOIMMUNE DISEASES  -- HIV Clinical Trials Terminated in Order to Redirect Resources -- CARLSBAD, California, April 4, 2007 - The Immune Response Corporation (OTCBB: IMRP) announced today that effective April 16 the company will be known as Orchestra Therapeutics, Inc. This new corporate identity reflects the Company's expanded focus on the treatment of autoimmune diseases. The Company will announce a new ticker symbol prior to April 16. "This is a transformative moment in the Company's history," said Dr. Joseph O'Neill, President and CEO of The Immune Response Corporation. "We believe we have a substantial opportunity to benefit patients living with autoimmune diseases by concentrating our resources and further leveraging the scientific technology pioneered with our investigational MS therapy NeuroVax(tm)."  Autoimmune processes are implicated in more than 60 conditions, including multiple sclerosis (MS), rheumatoid arthritis (RA), Crohn's disease, psoriasis, lupus and type-1 diabetes. Orchestra Therapeutics' unique approach to controlling autoimmune diseases uses small peptide vaccines that appear to stimulate FOXP3+ Regulatory T-cells; a component of the immune system that is now recognized as being key in autoimmune pathogenesis. In MS, for example, a specific subset of a patient's own white blood cells, pathogenic T-cells, attack myelin, a fatty tissue in the central nervous system, which surrounds and protects nerve fibers. This pathologic process creates multiple areas of inflammation that ultimately lead to scarring (sclerosis) and that interfere with normal transmission of nerve impulses. This nerve damage, in turn, leads to a variety of chronic and often debilitating neurological symptoms, ranging from serious movement and balance problems to vision impairment. NeuroVax(tm), an investigational T-Cell Receptor peptide vaccine for the treatment of relapsing-remitting forms of MS, appears to work by enhancing levels of FOXP3+ Regulatory T-cells within the immune system, which may help control levels of pathogenic T-cells in MS patients. Data from the Company's most recent Phase II clinical trial in MS showed that reduced levels of FOXP3 can be restored to normal levels after repeated vaccinations with NeuroVax(tm). The Company recently announced the injection of the first patient in a large multi-center Phase II study to assess the safety and efficacy of NeuroVax(tm).  Recognizing that a growing base of scientific research has demonstrated the potential significance of the role of FOXP3+ Regulatory T-cells in the prevention and treatment of a variety of autoimmune diseases, the Company has made a strategic decision to emphasize this program and will redirect its resources toward the execution and expansion of product development in this area. The Company is in discussions with several academic institutions to conduct pre-clinical work on therapeutic vaccines to treat psoriasis and RA. Based on findings to be derived from these product development programs, the Company plans to initiate Phase I trials in one of these new autoimmune areas in 2008.  The transition to the new name coincides with the Company's decision to terminate the HIV clinical trials to fully focus the weight of the Company's resources on the autoimmune program. The 52-week data from the first large cohort of HIV clinical-trial participants have already been gathered, and analysis of the data will be completed and disclosed in the second quarter of 2007. Based on this data, the Company will consider strategic alternatives for the HIV program. Additionally the Company has decided to scale back operations at its manufacturing facility in King of Prussia, Pennsylvania, effective immediately. This decision will reduce costs by approximately $3 million per year, while allowing the Company to maintain the facility pending strategic decisions about the HIV program.  The Company raised $902,000, gross, from the exercise of warrants in the last week of March 2007. These were from the second tranche of warrants issued in the Company's spring 2006 Private Placement. Under special amended terms, each exercising warrant holder received 2.5 common shares for each $2 of exercise price paid. A total of 5,530,125 second tranche warrants expired on March 30, thereby significantly reducing the Company's overhang. Orchestra Therapeutics, which will soon be the new name of The Immune Response Corporation (OTCBB: IMRP), is an immuno-pharmaceutical company focused on the discovery and development of novel treatments for autoimmune diseases. The Company's lead immune-based therapeutic product candidate is NeuroVax(tm) for the treatment of MS. In addition to MS, the Company has proprietary technology and prior clinical experience for clinical evaluation of TCR peptide-based immune-based therapies for RA and psoriasis. The targeted strategy behind the Company's autoimmune therapies is reflected in the name Orchestra. Rather than disrupting the function of the entire immune system, these therapeutic vaccines are designed to elicit a very specific response - akin to correcting one instrument in an orchestra that is out of tune - to help control disease.  This news release contains forward-looking statements. Forward-looking statements are often signaled by forms of words such as should, could, will, might, plan, projection, forecast, expect, guidance, potential and developing. Actual results could vary materially from those expected due to a variety of risk factors, including whether the Company will continue as a going concern and successfully raise proceeds from financing activities sufficient to fund operations and clinical trials of NeuroVax(tm), REMUNE(r) or IR103, the uncertainty of successful completion of any such clinical trials, the fact that the Company has not succeeded in commercializing any drug, the risk that NeuroVax(tm), REMUNE(r) or IR103 might not prove to be effective as either a therapeutic vaccine, whether future trials will be conducted and whether the results of such trials will coincide with the results of NeuroVax(tm), REMUNE(r) or IR103 in preclinical trials and/or earlier clinical trials and the unresolved status of the Company's HIV program. A more extensive set of risks is set forth in The Immune Response Corporation's SEC filings including, but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2005, and its subsequent Quarterly Reports filed on Form 10-Q. The Company's Annual Report on Form 10-K for the year ended December 31, 2006 will be filed soon and the set of risks set forth there should also be studied. The Company undertakes no obligation to update the results of these forward-looking statements to reflect events or circumstances after today or to reflect the occurrence of unanticipated events.  REMUNE(r) is a registered trademark of The Immune Response Corporation. NeuroVax(tm) is a trademark of The Immune Response Corporation. MEDIA CONTACT:  Rachel Kessler Chamberlain Communications Group Inc. (212) 389-9155  rkessler@chamberlainpr.com INVESTOR CONTACTS: Robert Giordano ROI Associates (212) 495-0201  rgiordano@roiny.com Gene Marbach Makovsky & Company (212) 508-9645 gmarbach@makovsky.com COMPANY CONTACT: Michael K. Green, COO The Immune Response Corporation (760) 431-7080  info@imnr.com    We Value Your Feedback   Got comments, questions or suggestions? Send 'em on over: Email the Editor If you wish to send a written request or inquiry, please send it to our physical address: TGR Group, LLC 4653 Carmel Mtn Rd Suite 308 #402 San Diego, CA 92130 Is It Time For Biotech? Though not necessarily our usual 'small cap' fare, we still think we have to point out something most of the market seems to be missing....a mini-bull market may be starting - or perhaps we should say restarting - in the biotech arena.  The AMEX Biotech Index (BTK) is up 9.5% from lows hit in early March, which easily tops the S&P 500's 4.5% gain during the same period. On a six-month basis, biotech's 9.5% rally tops the SPX's 6.4% gain. Over the last two years, the biotech index is up by 52.9%, versus the S&P 500's 22.6% run.  The point is, we see a distinct advantage in biotech stocks right now....an advantage we don't think is likely to go away anytime soon. So what's the deal? Is it cyclical? Well, yes and no. It's cyclical in the sense that biotech can come and go over time, but biotech rarely moves in tandem with the market's overall bull/bear cycles. However, knowing biotech how we know biotech, it is indeed cyclical....just on a different schedule than almost all other stocks. From that perspective, it looks like a secular bull market for biotech.  To read more about our view on biotech, complete with a handful of specific biotech stock ideas, just click here.    Titan Global Is Really Becoming 'Global' You may have missed this late Friday, but we sure didn't....Titan Global Holdings (OTCBB: TTGL) announced a joint venture that will put them into the Asian market.  Not content with just dominating the United States/Latin American telecom market, Titan will be managing Prism System's (an Asian telecom service provider) facility in Hong Kong. Titan will give Prism a per-minute fee; Titan keeps the rest.  Presumably, the venture - as far as Titan is concerned - will mirror the Oblio (Latin American telecom) venture, which is largely the sale of pre-paid calling cards. Instead of Central/South America, the new venture's service will focus on U.S.-to-Pacific Rim connections.  Considering Titan has done 'off-the-charts' well with the Hispanic market and service, we have no reason to believe success with a different target audience would be any less impressive. So, this is a big deal for the company, and ultimately a big deal for shareholders.  Better still, if the concept proves to be viable, we can see more partnerships like this being forged in the short-term as well as the long-term. That was, after all, the plan all along.  For more details on the Prism/Asian market deal, click here.  Subscribe Information is power and timely information is profitable. Become informed and profit from Small Cap Network Profiles and Trading Alerts by becoming a Preferred Member today. There is no cost associated with your email subscription. Add your email address below and make sure to check your email inbox and confirm your opt-in request to start receiving the Small Cap Network Email Newsletter on a regular basis. To ensure newsletter delivery, you can add any additional email addresses you may have to the Small Cap Network Member List. Receiving the Small Cap Network Newsletter in multiple locations is the best way of making sure you don't miss the next investing or trading opportunity! For web based email addresses, the Small Cap Network recommends @yahoo.com or @aol.com for timely and reliable email newsletter delivery. Subscribe Here Note: Your email address will be kept strictly confidential, and will not be shared with any other entity for any purpose at any time. If you no longer wish to receive the Small Cap Network Newsletter, simply follow the instructions located at the bottom of every Small Cap Network Newsletter Edition. Unsubscribe Here D I S C L A I M E R: The Small Cap Network, its website and email newsletter (hereafter, cumulatively referred to as "SCN") , is an independent electronic publication committed to providing its readers with factual information on select publicly traded companies. SCN is owned and operated by TGR Group, LLC ("TGR"). All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward maximizing the upside potential for investors while minimizing the downside risk, whenever possible. Moreover, as detailed below, TGR accepts compensation from third party consultants and/or companies, which it features in the publication and circulation of SCN. To the degrees enumerated herein, SCN should not be regarded as an independent publication.  Click Here or go to http://access.smallcapnetwork.com/compensation_disclosure.html to view our compensation on every company we have ever covered, or visit the following web address: http://access.smallcapnetwork.com/profile_disclosure.html for our full profiles and http://access.smallcapnetwork.com/short_term_alerts.html for Trading Alerts.  TGR Group LLC has been paid a fee of $30,000 cash by Titan General for coverage of the company. In addition, TGR Group LLC has been pledged a fee of 100,000 warrants convertible at $1 into restricted shares by Trilogy Capital for coverage of the company.  TGR Group, LLC has been paid a fee of $30,000 cash and 100,000 shares (reverse split adjusted 12/20/06) of newly issued restricted stock by Immune Response Corp. for coverage of the Company. From time to time TGR sells shares received as compensation for coverage of client companies. Shares received are sold in the open market. Since the shares are received as compensation for services as previously disclosed, and not for investment purposes, TGR does not view the sale of the shares as contradictory to any opinions delivered in the content. This should be viewed as a conflict of interest by shareholders or prospective shareholders of the client companies.  TGR, its Members and Members' families, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication unless specifically disclosed.  All statements and expressions are the sole opinions of TGR and are subject to change without notice. A profile, description, or other mention of a company within SCN is neither an offer nor solicitation to buy or sell any securities mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein.  The profiles, critiques, and other editorial content of SCN may contain statements that appear foward relating to the expected capabilities of the companies mentioned herein.  THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN CONSENT OF TGR.  We encourage our readers to invest carefully and read the investor information available at the web sites of the Securities and Exchange Commission ("SEC") at http://www.sec.gov and/or the National Association of Securities Dealers ("NASD") at http://www.nasd.com. We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at http://www.sec.gov/consumer/cyberfr.htm. Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site.