EXHIBIT 99
                                                                      ----------
FOR IMMEDIATE RELEASE
- ---------------------


          Media Contact:         Laura A. Mastrangelo
                                 VIMRX Pharmaceuticals
                                 302-998-1734/Pager 800-916-8038

          Investor Contact:      Dian Griesel, Ph.D.
                                 The Investor Relations Group
                                 212-664-8489


         INNOVIR CLOSES NEW YORK OPERATIONS TO FURTHER REDUCE EXPENSES
                                        
NEW YORK, NY, October 14, 1998 - Innovir Laboratories, Inc. announced today its
decision to close its New York operations to further reduce operating expenses.
Innovir will move its management and core technology assets to the headquarters
of its majority owner, VIMRX Pharmaceuticals Inc., in Wilmington, Delaware.

Innovir continues to seek partners, investors or purchasers for its oligozyme
technology, including the lead EGS (External Guide Sequence) technology, the
recently discovered FRS/GSFRS (Functional Ribozyme Selection) technology, and
related research programs. Oligozyme technology uses catalytically interactive
oligomers, which are chemically modified RNA molecules that can selectively
destroy disease-causing RNA molecules. The target for Innovir's oligozyme
technology is to assist pharmaceutical researchers with drug discovery target
identification and validation.

In May 1998, Innovir announced a strategic refocusing to conserve limited
capital resources. Since that strategic refocusing, Innovir has begun the
process of closing its two European operations in Gottingen, Germany, and
Cambridge, England.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for certain forward-looking statements. The forward-looking statements contained
in this release are subject to certain risks and uncertainties. Actual results
could differ materially from current expectations. Among the factors which could
affect the Company's actual results and could cause results to differ from those
contained in the forward-looking statements contained herein are: the
development of competing therapies and/or technologies, the terms of any future
strategic alliances or dispositions of technology, the need for additional
capital, and any additional factors described from time to time in the Company's
periodic reports on Form 10-K and 10-Q, and any prospectus describing the
Company's securities.
# # #

NOTE TO INVESTORS AND EDITORS: VIMRX's press releases are available on the
Internet through www.vimrx.com and through BusinessWire's web site at
http://www.businesswire.com. The releases are also available at no charge
through BusinessWire's fax-on-demand service at 800-411-8792.

                                       1