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Hemispherx Biopharma Announces Financial Results For The Three Months Ended June 30, 2012

Resources Directed at Ampligen ® New Drug Application and Enhancements to Manufacturing Facility Continue

Net Comprehensive Loss Reduced

PHILADELPHIA, Aug. 8, 2012 (GLOBE NEWSWIRE) -- Hemispherx Biopharma (NYSE MKT:HEB) announced its financial results for the three months ended June 30, 2012. The net loss for the period (including non-cash effects) was $3,000,000 or $(0.02) per share as compared to a net loss of $2,294,000 or ($0.02) per share for the same period in 2011. The net comprehensive loss for the period (net loss calculation including the impact of investments) was $2,786,000, as compared to a net comprehensive loss of $3,389,000 for the same period in 2011. 

This year-to-year increase in net loss for the three month period of $706,000 (31%) was predominantly impacted by:
  • The fair value revaluation of the estimated liability related to certain redeemable warrants resulting in a non-cash loss of $387,000 in 2012 as compared to a non-cash gain of $643,000 for the same period in 2011, resulting in an increased non-cash loss of $256,000; and
  • An increase in Research and Development costs of $112,000 related to our efforts towards the Ampligen ® New Drug Application ("NDA") and Alferon ® LDO preclinical testing; and
  • An increase in General and Administrative expenses of $282,000, due primarily to legal fees related to the Cato Capital, LLC litigation and efforts to domesticate our judgment against Johannesburg Consolidated Investments in South Africa.

Net Cash used in operating activities for the three months ended June 30, 2012 was approximately $3,813,000, as compared to $2,984,000 for the same period in 2011, an increase of $829,000 or 28%. 

As of June 30, 2012, we had approximately $28,955,000 in Cash, Cash Equivalents and Marketable Securities (restricted and unrestricted), a decrease of approximately $5,436,000 from December 31, 2011.

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