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Hemispherx Biopharma Announces Financial Results For The Year Ended December 31, 2012

PHILADELPHIA, March 18, 2013 (GLOBE NEWSWIRE) -- Hemispherx Biopharma (NYSE MKT:HEB) announced its financial results for the fiscal year ended December 31, 2012. The net loss for 2012's twelve month period (including non-cash effects) was approximately $17,354,000 or $(0.12) per share as compared to a net loss of $9,015,000 or ($0.07) per share for the same period in 2011. This year-to-year increase in net loss of approximately $8,339,000 (93%) was predominantly caused by:
  • the cost of our continued efforts to seek FDA approval of the Ampligen® NDA for Chronic Fatigue Syndrome and preparations for FDA inspections of our New Brunswick, NJ manufacturing facility;
  • the cost of fill, finish and packaging of Alferon N Injection® Work-In-Process inventory along with a related valuation write-down of existing inventory to the lower of cost or market; and
  • the fair value revaluation of the estimated liability related to certain redeemable warrants resulting in a non-cash gain of $85,000 in 2012 as compared to a gain of $2,425,000 for the same period in 2011 for an increased loss of $2,340,000 comparing the two years.

If the non-cash effect of the revaluation of the estimated liability related to the warrants, the inventory write-down and the other non-cash items were excluded from the financial results, the net cash used in operating activities for the twelve month period of 2012 would be approximately $13,136,000 as compared to $10,096,000 for 2011, resulting in an increase in cash used for operations of approximately $3,040,000 or 30%.

Cash, cash equivalents and marketable securities were approximately $43,953,000 as of December 31, 2012 compared to $34,391,000 as of December 31, 2011. Cash, cash equivalents and marketable securities, net of the Margin Loan used for the facility enhancement project at our New Brunswick facility, was approximately $36,902,000 as of December 31, 2012 as compared to $32,696,000 as of December 31, 2011, an increase of approximately $4,206,000 in available cash and marketable securities.

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