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Hemispherx Biopharma Announces Financial Results For The Three Months Ended September 30, 2013

PHILADELPHIA, Nov. 8, 2013 (GLOBE NEWSWIRE) -- Hemispherx Biopharma (NYSE MKT:HEB) announced its financial results for the three months ended September 30, 2013. The net loss (including non-cash effects) was approximately $5,136,000 or $(0.03) per share as compared to a net loss of $6,587,000 or ($0.05) per share for the same three month period in 2012. This Quarter-to-Quarter decrease in net loss of approximately $1,451,000 was predominantly caused by:
  • An approximate $509,000 reduction in overall operating expenses;
  • A non-cash impairment loss of approximately $800,000, recognized in the three-month period of 2013 to reflect the decline in the market value of our Marketable Securities (Mutual Bond Funds); and
  • The quarterly fiscal revaluation of certain redeemable warrants, resulting in a non-cash gain of approximately $2,006,000 in comparing same three month periods of 2013 to 2012.

Cash, cash equivalents and marketable securities were approximately $29,221,000 at September 30, 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 $22,170,000 at September 30, 2013.

We own and operate a 43,000 sq. ft. U.S. Food and Drug Administration ("FDA") approved facility in New Brunswick, NJ to produce the active pharmaceutical ingredient for Alferon® and raw materials and drug intermediates for the experimental product Ampligen®. We are currently in the Installation and Operation Qualification phase for Alferon® production of the enhancement project. Approximately $7,733,000 has been spent to date on facility upgrades that are intended to enhance our Alferon® manufacturing process without impacting 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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