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.