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Hemispherx Biopharma, Inc. 1st Quarter 2009 Financial Results
Operating Cash Requirements Reduced 49%
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.
