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Hemispherx Biopharma Announces Financial Results For The Three Months Ended March 31, 2013

PHILADELPHIA, May 8, 2013 (GLOBE NEWSWIRE) -- Hemispherx Biopharma (NYSE MKT:HEB) announced its financial results for the three months ended March 31, 2013. The net loss (including non-cash effects) was approximately $3,611,000 or $(0.02) per share as compared to a net loss of $2,308,000 or ($0.02) per share for the same three month period in 2012. This First Quarter-to-Quarter increase in net loss of approximately $1,303,000 was predominantly caused by:

  • an increase of approximately $671,000 related to continued efforts to seek FDA approval of the Ampligen® NDA for Chronic Fatigue Syndrome and preparations for commercial manufacturing at our New Brunswick, NJ facility;
  • approximately $95,000 in higher non-cash stock compensation to strategic consultants supporting the overall Ampligen® commercialization effort; and
  • a decrease of approximately $642,000 from sales of New Jersey State Net Operating Loss carry forwards.

Cash, cash equivalents and marketable securities were approximately $37,835,000 at March 31, 2013 as compared to $43,953,000 as of December 31, 2012. Cash, cash equivalents and marketable securities, net of the Margin Loan used for the facility enhancement project at our 43,000 sq. ft. FDA approved New Brunswick facility, was approximately $30,784,000 at March 31, 2013.

Our facility in New Brunswick, NJ produces the active pharmaceutical ingredient for Alferon® and raw materials and drug intermediates for the experimental product Ampligen®. The facility enhancement project is in its final stage with construction complete. Approximately $7,494,000 has been spent to date on the project through March 31, 2013.  While facility upgrades are intended to enhance the Alferon® manufacturing process, this project has not impacted our capability to manufacture Ampligen® raw materials and drug intermediates.  Our overall objectives include our plans to continue seeking approval for commercialization of Ampligen® in the United States and abroad as well as to widen existing commercial therapeutic indications of Alferon N. Injection® presently approved in the United States and Argentina.

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