Document:

<PAGE>

EXHIBIT 4.39

         THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE
OF THIS WARRANT (COLLECTIVELY, THE "SECURITIES") HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE
SECURITIES ACT.

                               WARRANT TO PURCHASE

                               _________ SHARES OF

                   COMMON STOCK, PAR VALUE $0.00001 PER SHARE

                                       OF

                          ADVANCED VIRAL RESEARCH CORP.

         This certifies that, for value received, Alfredo Velez, or registered
assigns ("Holder"), is entitled to purchase from ADVANCED VIRAL RESEARCH CORP.
(the "Company") ______ shares of the Company's Common Stock, par value $0.00001
per share ("Warrant Shares") subject to the terms and conditions stated herein,
from time to time until 5:00 p.m. Eastern Standard Time on February 4, 2009 (the
"Expiration Date").

         This Warrant is subject to the following terms and conditions:

1.       EXERCISE OF WARRANT.

         (a)      Exercise Price. Holder shall be entitled to acquire the
Warrant Shares at an exercise price of $.16 for each Warrant Share (the
"Exercise Price") at any time and from time to time through the Expiration Date.

         (b)      Upon delivery of this Warrant at the offices of the Company or
at such other address as the Company may designate by notice in writing to the
registered holder hereof with the Subscription Form annexed hereto duly
executed, accompanied by payment of the Exercise Price multiplied by the number
of Warrant Shares purchased (in cash, by certified, cashier's or other check
acceptable to the Company, or any combination of the foregoing), the registered
holder of this Warrant shall be entitled to receive a certificate or
certificates for the Warrant Shares so purchased. Such certificate or
certificates shall be promptly delivered to the Holder. Upon any partial
exercise of this Warrant, the Company shall execute and deliver a new Warrant of
like tenor for the balance of the Warrant Shares purchasable hereunder.

         (c)      The Warrant Shares deliverable hereunder shall, upon issuance,
be fully paid and non-assessable and the Company agrees that at all times during
the term of this Warrant it shall cause to be reserved for issuance such number
of shares of its Common Stock as shall be required for issuance and delivery
upon exercise of this Warrant.

<PAGE>

2.       TRANSFER OR ASSIGNMENT OF WARRANT.

         This Warrant is not assignable without the prior written consent of the
Company.

3.       ADJUSTMENT OF EXERCISE PRICE AND WARRANT SHARES

         (a)      In case the Company shall at any time subdivide or combine the
outstanding shares of Common Stock, the Exercise Price shall forthwith be
proportionately decreased in the case of the subdivision or proportionately
increased in the case of combination to the nearest one cent. Any such
adjustment shall become effective at the close of business on the date that such
subdivision or combination shall become effective.

         (b)      In the event that the number of outstanding shares of Common
Stock is increased by a stock dividend payable in shares of Common Stock or by a
subdivision of the outstanding shares of Common Stock, which may include a stock
split, then from and after the time at which the adjusted Exercise Price becomes
effective pursuant to the foregoing Subsection (a) of this Section by reason of
such dividend or subdivision, the number of shares issuable upon the exercise of
this Warrant shall be increased in proportion to such increase in outstanding
shares. In the event that the number of outstanding shares of Common Stock is
decreased by a combination of the outstanding shares of Common Stock, then, from
and after the time at which the adjusted Exercise Price becomes effective
pursuant to such Subsection (a) of this Section by reason of such combination,
the number of shares issuable upon the exercise of this Warrant shall be
decreased in proportion to such decrease in outstanding shares.

         (c)      In the event of an adjustment of the Exercise Price, the
number of shares of Common Stock (or reclassified stock) issuable upon exercise
of this Warrant after such adjustment shall be equal to the number determined by
dividing:

                  (1)      an amount equal to the product of (i) the number of
shares of Common Stock issuable upon exercise of this Warrant immediately prior
to such adjustment, and (ii) the Exercise Price immediately prior to such
adjustment, by

                  (2)      the Exercise Price immediately after such adjustment.

         (d)      In the case of any reorganization or reclassification of the
outstanding shares of Common Stock (other than a change in par value, or from
par value to no par value, or from no par value to par value, or as a result of
a subdivision or combination) or in the case of any consolidation of the Company
with, or merger of the Company with, another corporation, or in the case of any
sale, lease or conveyance of all, or substantially all, of the property, assets,
business and goodwill of the Company as an entity, the holder of this Warrant
shall thereafter have the right upon exercise to purchase the kind and amount of
shares of stock and other securities and property receivable upon such
reorganization, reclassification, consolidation, merger or sale by a holder of
the number of shares of Common Stock which the holder of this Warrant would have
received had all Warrant Shares issuable upon exercise of this Warrant been
issued immediately prior to such reorganization, reclassification,
consolidation, merger or sale, at a price equal to the Exercise Price then in
effect pertaining to this Warrant (the kind, amount and price of such stock and
other securities to be subject to adjustment as herein provided).

         (e)      In case the Company shall, at any time prior to the expiration
of this Warrant and prior to the exercise thereof, dissolve, liquidate or wind
up its affairs, the Holder shall be entitled, upon the exercise hereof, to
receive, in lieu of the Warrant Shares of the Company which it would have been
entitled to receive, the same kind and amount of assets as would have been
issued, distributed or paid to it

<PAGE>

upon such Warrant Shares of the Company, had it been the holder of record of
shares of Common Stock receivable upon the exercise of this Warrant on the
record date for the determination of those entitled to receive any such
liquidating distribution. After any such dissolution, liquidation or winding up
which shall result in any distribution in excess of the Exercise Price provided
for by this Warrant, the Holder may at its option exercise the same without
making payment of the aggregate Exercise Price and in such case the Company
shall upon the distribution to said Holder consider that the aggregate Exercise
Price has been paid in full to it and in making settlement to said Holder, shall
deduct from the amount payable to such Holder an amount equal to the aggregate
Exercise Price.

         (f)      In case the Company shall, at any time prior to the expiration
of this Warrant and prior to the exercise thereof make a distribution of assets
(other than cash) or securities of the Company to its stockholders (the
"Distribution") the Holder shall be entitled, upon the exercise thereof, to
receive, in addition to the Warrant Shares it is entitled to receive, the same
kind and amount of assets or securities as would have been distributed to it in
the Distribution had it been the holder of record of shares of Common Stock
receivable upon exercise of this Warrant on the record date for determination of
those entitled to receive the Distribution.

         (g)      Irrespective of any adjustments in the number of Warrant
Shares and the Exercise Price or the number or kind of shares purchasable upon
exercise of this Warrant, this Warrant may continue to express the same price
and number and kind of shares as originally issued.

4.       OFFICER'S CERTIFICATE.

         Whenever the number of Warrant Shares and the Exercise Price shall be
adjusted pursuant to the provisions hereof, the Company shall forthwith file at
its principal executive office a statement, signed by the Chairman of the Board,
President, or one of the Vice Presidents of the Company and by its Chief
Financial Officer or one of its Treasurers or Assistant Treasurers, stating the
adjusted number of Warrant Shares and the new Exercise Price calculated to the
nearest one hundredth of a cent and setting forth in reasonable detail the
method of calculation and the facts requiring such adjustment and upon which
such calculation is based. Each adjustment shall remain in effect until a
subsequent adjustment hereunder is required. A copy of such statement shall be
mailed to the Holder.

5.       CHARGES, TAXES AND EXPENSES.

         The issuance of certificates for Warrant Shares upon any exercise of
this Warrant shall be made without charge to the Holder for any tax or other
expense in respect to the issuance of such certificates, all of which taxes and
expenses shall be paid by the Company, and such certificates shall be issued
only in the name of the Holder.

6.       MISCELLANEOUS.

         (a)      The terms of this Warrant shall be binding upon and shall
inure to the benefit of any successors or assigns of the Company and of the
holder or holders hereof and of the shares of Common Stock issued or issuable
upon the exercise hereof.

         (b)      No holder of this Warrant, as such, shall be entitled to vote
or receive dividends or be deemed to be a stockholder of the Company for any
purpose, nor shall anything contained in this Warrant be construed to confer
upon the holder of this Warrant, as such, any rights of a stockholder of the
Company or any right to vote, give or withhold consent to any corporate action,
receive notice of meetings, receive dividends or subscription rights, or
otherwise.

<PAGE>

         (c)      Receipt of this Warrant by the holder hereof shall constitute
acceptance of an agreement to the foregoing terms and conditions.

         (d)      The Warrant and the performance of the parties hereunder shall
be construed and interpreted in accordance with the laws of the State of
Delaware and the parties hereunder consent and agree that the State and Federal
Courts which sit in the State of New York and the County of New York shall have
exclusive jurisdiction with respect to all controversies and disputes arising
hereunder.

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer and its corporate seal to be affixed hereto.

Dated: February 5, 2004                 ADVANCED VIRAL RESEARCH CORP.

                                        By: /s/ Eli Wilner
                                            Eli Wilner, Chief Executive Officer<PAGE>

EXHIBIT 4.40

         NEITHER THE COMMON STOCK OPTION REPRESENTED BY THIS AGREEMENT NOR THE
SHARES OF COMMON STOCK ISSUABLE HEREUNDER HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE LAWS OF ANY OTHER
JURISDICTION AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR
OTHERWISE DISPOSED OF IN ANY MANNER (1) WITHOUT REGISTRATION UNDER THE ACT AND
IN COMPLIANCE WITH THE LAWS OF ANY APPLICABLE JURISDICTIONS; OR (2) AN OPINION
OF COUNSEL (IN FORM AND SUBSTANCE ACCEPTABLE TO ADVANCED VIRAL RESEARCH CORP.)
THAT REGISTRATION IS NOT REQUIRED.

                          ADVANCED VIRAL RESEARCH CORP.

                        COMMON STOCK OPTION AND AGREEMENT

         THIS COMMON STOCK OPTION (the "Option") for a total of up to 40,000,000
shares (the "Option Shares") of common stock, par value $.00001 per share (the
"Common Stock"), of Advanced Viral Research Corp., a Delaware corporation (the
"Company"), is hereby granted by the Company to Elma S. Hawkins (the
"Optionee"), at the price and subject to the terms and conditions hereunder and
that certain Employment Contract dated February 10, 2004 between the Company and
Optionee (the "Employment Agreement"). Capitalized terms not otherwise defined
herein shall be defined as set forth in the Employment Agreement.

1.       EXERCISE OF OPTION.

         (a)      Exercise Prices; Vesting Schedule. Optionee shall be entitled
to acquire the Option Shares from time to time in accordance with the vesting
schedule and exercise prices listed below:

<TABLE>
<CAPTION>
  OPTION SHARES                EXERCISE PRICE PER OPTION SHARE                  VESTING SCHEDULE
  -------------                -------------------------------                  ----------------
<S>                            <C>                                      <C>
First 8,000,000                             $ .12                       1/60th of the Option Shares
Second 8,000,000                            $.129                       (666,667) shall become exercisable
Third 8,000,000                             $.139                       every 30 days commencing on the
Fourth 8,000,000                            $.149                       Commencement Date (each date shall
                                                                        be referred to as an "Exercise
                                                                        Date") and are exercisable through
Fifth 8,000,000                             $.160                       the date which is five years from an
                                                                        Exercise Date (the "Expiration
                                                                        Date").
</TABLE>

         (b)      Termination of Employment. Notwithstanding anything contained
herein to the contrary:

                  (i)      Upon the termination of Optionee's employment with
                           the Company (A) by the Company for Cause; or (B) due
                           to Optionee's voluntary unilateral decision to
                           terminate her employment without Cause, the Option
                           shall expire for all Option Shares which have as of
                           such date not become exercisable but shall survive
                           with respect to Option Shares that have become
                           exercisable as of such date, (the "Surviving
                           Options"), provided, however, notwithstanding
                           anything contained herein to the contrary, Optionee
                           shall have 90 days to exercise the Surviving Options.

<PAGE>

                  (ii)     Upon the termination of Optionee's employment with
                           the Company for reasons other than (A) by the Company
                           for Cause; or (B) due to Optionee's voluntary
                           unilateral decision to terminate her employment
                           without Cause, including without limitation, the
                           death or Disability of Optionee, the Option shall
                           immediately become exercisable for that number of
                           Option Shares equal to the number of Option Shares
                           which would have been subject to exercise by Optionee
                           during the then current term of the Employment
                           Agreement (without giving effect to any extensions
                           thereof).

         (c)      Method of Exercise. The Option granted hereunder shall be
deemed exercised when Optionee indicates her decision to do so in writing to the
Company and shall at the same time tender to the Company payment in full for the
Option Shares as follows:

                  (i)      Notice of Exercise. The Option shall be exercisable
                           by a written notice which shall: (1) state the
                           election to exercise the Option, the person in whose
                           name the stock certificate(s) for such shares of
                           Common Stock is to be registered, his or her address
                           and social security number (or if more than one, the
                           names, addresses and social security numbers of such
                           persons); (2) be signed by the person or persons
                           entitled to exercise the Option and, if the Option is
                           being exercised by any person(s) other than the
                           Optionee, be accompanied by proof, satisfactory to
                           counsel for the Company, of the right of such
                           person(s) to exercise the Option; and (3) be
                           delivered in person or by certified mail to the
                           Company.

                  (ii)     Payment. Payment of the purchase price for the Option
                           Shares shall be by certified or bank cashier's check
                           payable to the Company.

         (d)      Restriction on Exercise. Notwithstanding anything contained
herein to the contrary, this Option may not be exercised if the issuance of the
Option Shares would constitute a violation of any applicable federal or state
securities laws or other applicable laws or regulations. As a condition to the
exercise of the Option, the Company may require the person exercising the Option
to make such representations and agree to such covenants as may be required by
any applicable law or regulation.

2.       OPTIONEE'S OR SUCCESSOR'S RIGHTS AS STOCKHOLDERS. Neither the Optionee
nor his or her successor(s) in interest, as permitted hereunder, shall have any
rights as a stockholder of the Company with respect to any Option Shares until
Optionee or his or her successors in interest becomes a beneficial holder of the
Option Shares and receives from the Company or its duly authorized agent a
certificate or certificates representing the Option Shares. At the time of the
exercise of the Option, Optionee shall execute the letter attached hereto as
EXHIBIT A.

3.       NO REGISTRATION. Neither the Option granted hereby nor the Option
Shares issuable upon exercise of the Option have been registered under the
Securities Act of 1933 (the "Act") or any other applicable state's securities
laws in reliance upon applicable exemptions from such registration and may be
transferred only pursuant to such securities laws. Notwithstanding this Section
3, the Company and Optionee acknowledge the Company's obligation with respect to
the registration of the resale of the Option Shares as set forth in the
Employment Agreement.

4.       TRANSFER RESTRICTIONS. Neither the Option nor the Option Shares may be
transferred, offered or sold except in compliance with this Agreement, the Act
and the laws of any applicable jurisdiction.

                                       2
<PAGE>

         (a)      Transfer of Option. Optionee may not transfer all or any
portion of this Option without the Company's prior written consent.
Notwithstanding anything contained herein, Optionee may sell or otherwise
assign, with or without consideration, all or a portion of this Option to any
spouse or member of such Optionee's immediate family, or to a custodian, trustee
(including a trustee of a voting trust), executor, or other fiduciary for the
account of such Optionee's spouse or members of the Optionee's immediate family,
or to a trust for the Optionee's own self, or a charitable remainder trust,
provided however, that each such transferee or assignee, prior to the completion
of the sale, transfer, or, assignment shall have executed documents assuming the
obligations of the Optionee under this Agreement with respect to the transferred
securities.

         (b)      Legend on Option Shares. The Company shall cause a legend in
substantially the form that follows to be set forth on the certificate
representing each Option Share:

         "THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT
         BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
         "ACT"), OR THE LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE SOLD,
         TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN ANY
         MANNER (1) WITHOUT REGISTRATION UNDER THE ACT AND IN COMPLIANCE WITH
         THE LAWS OF ANY APPLICABLE JURISDICTIONS; OR (2) AN OPINION OF COUNSEL
         (IN FORM AND SUBSTANCE ACCEPTABLE TO ADVANCED VIRAL RESEARCH CORP.)
         THAT REGISTRATION IS NOT REQUIRED."

5.       REPRESENTATIONS OF OPTIONEE. Optionee hereby warrants to the Company as
follows:

         (a)      Investment Intent. The Option and the Option Shares
contemplated to be acquired pursuant to the exercise of the Option are being and
shall be acquired by Optionee solely for investment purposes and not for the
account of any other person and not for distribution, assignment or resale to
others. No other person has a direct or indirect beneficial interest in the
Option or the Option Shares. Optionee has not subdivided the beneficial
ownership of the Option or the Option Shares with any other person.

         (b)      Review and Evaluation. Optionee has, together with his or her
financial advisors, if any, had access to any relevant information and documents
desired; has had the opportunity to ask questions of and receive answers from
any person authorized to act on behalf of the Company concerning any aspect of
the Company, including, but not limited to, the merits of accepting the Option;
is in receipt of (i) the Company's Annual Reports as filed with the Securities
and Exchange Commission; (ii) the Company's Quarterly Reports as filed with the
Securities and Exchange Commission; and (iii) all other requested documents and
information regarding the Company (collectively, the "Information"). Optionee,
together with his or her financial advisors, if any, represent that they have
carefully read, are familiar with and fully understand the Information,
including all documents referred to therein; and have consulted with such other
advisors as they have deemed necessary and appropriate in making the decision to
acquire the Option. Optionee fully represents that, after a careful review of
the Information, including all documents referred to therein, Optionee accepts
the Option.

         (c)      Financial Experience. Optionee is sufficiently experienced in
financial and business matters to be capable of evaluating the merits and risks
of his or her acceptance of the Option, or if Optionee has utilized the services
of a financial advisor, together they are sufficiently experienced in financial
and business matters that they are capable of evaluating the merits and risks of
Optionee's acceptance of the Option.

         (d)      Accredited Investor. Unless this section is crossed out,
Optionee is an "accredited investor" as such term is defined at Rule 501
promulgated under the Act, a copy of which definition is attached hereto and
incorporated by reference hereby as EXHIBIT B.

                                       3
<PAGE>

         (e)      Residency. Optionee is a resident of the State of New York

6.       MISCELLANEOUS.

         (a)      Entire Agreement. This Agreement (including the exhibits and
schedules hereto) constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and supersedes all prior negotiations,
understandings, agreements, arrangements and understandings, both oral and
written, among the parties hereto with respect to such subject matter.

         (b)      Amendment. This Agreement may not be amended or modified in
any respect, except by the mutual written agreement of the parties hereto.

         (c)      No Third Party Beneficiary. Nothing expressed or implied in
this Agreement is intended, or shall be construed, to confer upon or give any
person, firm, corporation, partnership, association or other entity, other than
the parties hereto and their respective successors and assigns, any rights or
remedies under or by reason of this Agreement.

         (d)      Waivers and Remedies. The waiver by any of the parties hereto
of any other party's prompt and complete performance, or breach, or violation,
of any provision of this Agreement shall not operate nor be construed as a
waiver of any subsequent breach or violation, and the waiver by any of the
parties hereto to exercise any right or remedy which it may possess hereunder
shall not operate nor be construed as a bar to the exercise of such right or
remedy by such party upon the occurrence of any subsequent breach or violation.

         (e)      Severability. The invalidity of any one or more of the words,
phrases, sentences, clauses, sections or subsections contained in this Agreement
shall not affect the enforceability of the remaining portions of this Agreement
or any part hereof, all of which are inserted conditionally on their being valid
in law, and, in the event that any one or more of the words, phrases, sentences,
clauses, sections or subsections contained in this Agreement shall be declared
invalid by a court of competent jurisdiction, this Agreement shall be construed
as if such invalid word or words, phrase or phrases, sentence or sentences,
clause or clauses, section or sections, or subsection or subsections had not
been inserted.

         (f)      Descriptive Headings. Descriptive headings contained herein
are for convenience only and shall not control or affect the meaning or
construction of any provision of this Agreement.

         (g)      Counterparts. This Agreement may be executed in any numbers of
counterparts and by the separate parties hereto in separate counterparts, each
of which shall be deemed to be one and the same instrument.

         (h)      Notices. All notices, consents, requests, instructions,
approvals and other communications provided for herein and all legal process in
regard hereto shall be in writing and shall be deemed to have been duly given,
when delivered by hand or three (3) days after deposited in the United States
mail, by registered or certified mail, return receipt requested, postage
prepaid, as follows:

                  If to the Company:     Advanced Viral Research Corp.
                                         200 Corporate Boulevard South
                                         Yonkers, New York 10701
                                         Attn: Alan V. Gallantar, CFO

                  If to Optionee:        Elma S. Hawkins
                                         84 Foxhollow Lane
                                         South Hampton, NY 11968

or to such other address as any party hereto may from time to time designate in
writing delivered in a like manner.

                                       4
<PAGE>

         (i)      Successors and Assigns. This Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their respective
successors and assigns. None of the parties hereto shall assign any of its
rights or obligations hereunder.

         (j)      Each of the parties hereto agrees to pay all of the respective
expenses incurred by it in connection with the negotiation, preparation,
execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby.

         (k)      Attorneys' Fees. In the event any suit or other legal
proceeding is brought for the enforcement of any of the provisions of this
Agreement, the parties hereto agree that the prevailing party or parties shall
be entitled to recover from the other party or parties upon final judgment on
the merits reasonable attorneys' fees (and sales taxes thereon, if any),
including attorneys' fees for any appeal, and costs incurred in bringing such
suit or proceeding.

         (l)      Agent. Neither party is hereby constituted an agent or legal
representative of the other party hereto and neither is granted any right or
authority hereunder to assume or create any obligation, express or implied, or
to make any representation, covenant, warranty, or guaranty, except as expressly
granted or made in this Agreement.

         (m)      Other Documents. The parties hereto shall cooperate in the
effectuation of the transactions contemplated hereby and shall execute any and
all additional documents and shall take such additional actions as shall be
reasonably necessary or appropriate for such purposes.

         (n)      Waiver of Jury Trial. The parties hereto each knowingly,
voluntarily and intentionally waive their respective rights to a trial by jury
in respect of any litigation related to or arising from this Agreement, or any
course of conduct, course of dealing, statement or actions of any of the parties
hereto.

         (o)      Applicable Law and Venue. This Agreement shall be construed in
accordance with and be governed by the laws of the State of Delaware and the
parties hereto agree that any suit brought hereunder shall be brought only in
New York, New York.

THE PARTIES TO THIS AGREEMENT HAVE READ THIS AGREEMENT, HAVE HAD THE OPPORTUNITY
TO CONSULT WITH INDEPENDENT COUNSEL OF THEIR OWN CHOICE, AND UNDERSTAND EACH OF
THE PROVISIONS OF THIS AGREEMENT.

Date of Grant: February 10, 2004                 ADVANCED VIRAL RESEARCH CORP.

                                                 By: /s/ Eli Wilner
                                                 Name: Eli Wilner
                                                 Title: Chief Executive Officer

OPTIONEE:

Agreed and Accepted as of February 10, 2004

/s/ Elma S. Hawkins

                                       5

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