EXHIBIT 99.1

FOR IMMEDIATE RELEASE                                 CONTACT:  Ronnie Welch or
                                                                Kelly Cinelli
                                                                CWR & Partners
                                                                508/222-4802

                       ADVR SECURES $12 MILLION FINANCING

YONKERS, NY, FEBRUARY 4, 2004 -- Advanced Viral Research Corp. (OTC Bulletin
Board: ADVR) today announced that it entered into an agreement with James Dicke
II and his son James Dicke III whereby ADVR shall sell to the two purchasers an
aggregate of (i) 120,000,000 shares of its Common Stock; and (ii) warrants to
purchase 15,000,000 shares of its Common Stock at a purchase price of $0.20 per
share, for an aggregate purchase price of $12 million. The funding shall take
place in four equal stages of $3 million each, once every 90 days with the first
$3 million funding to occur February 5, 2004. Mr. Dicke is the Chairman and CEO
of Crown Equipment Corporation and a former member of the Board of Directors of
Advanced Viral.

Advanced Viral shall use the proceeds from the funding to fund clinical trials
of its drug AVR 118. ADVR has completed a Phase I clinical trial in the U.S. to
evaluate the safety of the topical application of AVR118 in healthy volunteers.
There were no local adverse reactions to the application of AVR118 to the skin
of these subjects. The recent funding will allow ADVR to plan a Phase II trial
for the topical use of AVR118.

"I am pleased that with this funding, we can pursue our clinical trials in both
Israel and the United States," said Eli Wilner, Chairman of the Board of ADVR.

ADVR's AVR118 represents a biopolymer chemistry that possesses novel
immunomodulator activity. This peptide-nucleic acid, which to date has shown no
indication of human toxicity, appears to stimulate the proinflammatory responses
required to combat viral infections such as AIDS and human papillomavirus (HPV)
and to dampen aberrant autoimmune-type inflammatory responses, such as occur in
patients with rheumatoid arthritis. AVR118 is in clinical trials in Israel for
the treatment of cachexia (body wasting) in patients with AIDS.

For further information regarding Advanced Viral Research Corp., please visit
our website at www.adviral.com. Advanced Viral Research Corp.,
based in Yonkers, New York, is a biopharmaceutical firm dedicated to improving
patients' lives by researching, developing and bringing to market new and
effective therapies for viral and other diseases.

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.