PHILADELPHIA, May 12, 2009 (GLOBE NEWSWIRE) -- Hemispherx Biopharma, Inc. (NYSE Amex:HEB) announced its financial results for the three months ended March 31, 2009. Cash used in operating activities was $1,434,000 in 2009 versus $2,806,000 in 2008 or a reduction of 49% primarily due to the 2009 implementation of a cash/expense reduction program that was initiated in the fall of 2008. The net loss for the fiscal quarter (including non-cash charges) was approximately $3,087,000 or $0.04 per share compared to a net loss of $3,165,000 or $0.04 per share in 2008. The lower loss was primarily the result of a combination of expense elements consisting of lower general and administrative expenses, increased R&D costs (related to New Drug Application for Ampligen(r), an experimental immuno therapeutic) and non-cash financing expenses. The increase in financing costs were related to common stock commitment warrants provided to certain officers of the Company in consideration of their providing a Standby Financing Agreement to assist the Company going forward.
The Company's core technologies include Ampligen(r) (Poly I: Poly C12U), an experimental drug which has completed Phase III testing and Alferon N, an FDA approved antiviral, for which new treatment indications are being actively pursued. The recent outbreak of Swine Flu (H1N1) has exposed the limitations of global pandemic preparedness and highlights the scientific, technological and commercial opportunities for a more public response to the threat of pandemic influenza. One opportunity involves development of novel adjuvants to substantially expand the vaccine supplies and provide cross protection against new flu virus strains.
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.