PHILADELPHIA, Aug. 10, 2009 (GLOBE NEWSWIRE) -- Hemispherx Biopharma, Inc. (NYSE Amex:HEB) announced its financial results for the three months ended June 30, 2009. The net loss (including non-cash expenses) for the fiscal quarter was approximately $3,870,000 or $0.04 per share compared to a loss of approximately $2,802,000 or $0.04 per share for the same period in 2008. The increase in loss was primarily due to 1) non-cash R&D expenses related to employee compensation, 2) bonus awards to certain executives for achieving certain 2008 corporate goals and 3) expenses related to preparing the New Brunswick facility in anticipation of expanded production of Ampligen(r) and Alferon N Injection(r). Cash used in operating activities for the first 6 months was reduced 21.8% relative to the same period in year 2008.
Cash, cash equivalent and short-term investments were $41,657,000 as of June 30, 2009 reflecting an increase of $35,538,000 since year end 2008. This increase primarily reflects the net proceeds of two equity placements in May, 2009 as well as proceeds derived from an equity financing agreement.
Major influenza vaccine enhancement programs are underway with the Japanese National Institute of Infectious Diseases as the Company is focused on both the potential prevention and treatment of seasonal influenza and pandemic influenza.
The Company is engaged in other geographic areas in expanded experimental studies assessing the efficacy of its proprietary products (Ampligen(r), Alferon N Injection(r) and Alferon(r) LDO) against influenza viruses both as adjuvants and as broad spectrum antiviral agents. The Company's NDA for using Ampligen(r) to treat Chronic Fatigue Syndrome remains under review by the FDA.
About Hemispherx Biopharma
Hemispherx Biopharma, Inc. is an advanced specialty pharmaceutical company engaged in the manufacture and clinical development of new drug entities for treatment of seriously debilitating disorders. Hemispherx's flagship products include Alferon N Injection(r) (FDA approved for a category of sexually transmitted diseases) and the experimental therapeutics Ampligen(r) Oragens(r), and Alferon LDO. Ampligen(r) and Oragens(r) represent experimental RNA nucleic acids being developed for globally important debilitating diseases and disorders of the immune system. Hemispherx's platform technology includes large and small agent components for potential treatment of various severely debilitating and life threatening diseases. Hemispherx has in excess of 50 patents comprising its core intellectual property estate and a fully commercialized product (Alferon N Injection(r)). The Company wholly owns and exclusively operates a GMP certified manufacturing facility in the United States for commercial products. For more information please visit www.hemispherx.net.
Information contained in this news release other than historical information, should be considered forward-looking and is subject to various risk factors and uncertainties. For instance, the strategies and operations of Hemispherx involve risk of competition, changing market conditions, change in laws and regulations affecting these industries and numerous other factors discussed in this release and in the Company's filings with the Securities and Exchange Commission. Any specifically referenced investigational drugs and associated technologies of the Company (including Ampligen(r), Alferon(r) LDO and Oragens(r)) are experimental in nature and as such are not designated safe and effective by a regulatory authority for general use and are legally available only through clinical trials with the referenced disorders. The forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements. Clinical trials for other potential indications of the approved biologic Alferon N Injection(r) do not imply that the product will ever be specifically approved commercially for these other treatment indications; Similarly, the completion of NDA filing process with Ampligen(r) does not imply that the product will ever be approved commercially.