PHILADELPHIA, March 18, 2008 (PRIME NEWSWIRE) -- Hemispherx Biopharma, Inc. (AMEX:HEB) announces its financial results for the fiscal year ended December 31, 2007. The net loss for the year (including non-cash charges) was approximately $18,139,000 or ($0.25) per share compared to a loss of $19,399,000 or ($0.31) per share in 2006. This $1,260,000 decrease in loss was primarily due to: 1) higher interest and other income of approximately $646,000 basically due to more funds being available for investing in marketable securities, 2) lower interest and financing costs relating to our convertible debentures that were retired completely in June, 2007 and 3) a gain of $346,000 in other income relating to penalties accrued for liquidating damages with respect to convertible debentures that were settled without charge at maturity.
In 2007, major expenditures were incurred for the production of Ampligen(r) for use in stability testing for commercial readiness as well as costs relating to the preparation and filing of the NDA with the FDA for use of Ampligen(r) to treat ME/CFS. The Company expects smaller losses and lower cash use in 2008 as much of the Ampligen(r) and related NDA preparation costs will be reduced.
With regulatory progress being made on the overall Ampligen(r) commercialization process, the Company believes it is well-positioned going into year 2008.
About Hemispherx Biopharma
Hemispherx Biopharma, Inc. is an advanced biopharmaceutical company engaged in the manufacture and clinical development of new drug entities for treatment of seriously debilitating disorders. Hemispherx's flagship products include Alferon N Injection(r) (FDA approved for a category of sexually transmitted diseases) and the experimental therapeutics Ampligen(r) and Oragens(r). Ampligen(r) and Oragens(r) represent experimental RNA nucleic acids being developed for globally important debilitating diseases and disorders of the immune system. Hemispherx's platform technology includes large and small agent components for potential treatment of various severely debilitating and life threatening diseases. Hemispherx has in excess of 90 patents comprising its core intellectual property estate and a fully commercialized product (Alferon N Injection(r)). The Company wholly owns and exclusively operates a GMP certified manufacturing facility in the United States for commercial products. For more information please visit www.hemispherx.net
Information contained in this news release other than historical information, should be considered forward-looking and is subject to various risk factors and uncertainties. For instance, the strategies and operations of Hemispherx involve risk of competition, changing market conditions, change in laws and regulations affecting these industries and numerous other factors discussed in this release and in the Company's filings with the Securities and Exchange Commission. Any specifically referenced investigational drugs and associated technologies of the Company (including Ampligen(r), Alferon LDO and Oragens) are experimental in nature and as such are not designated safe and effective by a regulatory authority for general use and are legally available only through clinical trials with the referenced disorders. The forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements. Clinical trials for other potential indications of the approved biologic Alferon N Injection(r) do not imply that the product will ever be specifically approved commercially for these other treatment indications; Similarly, the completion of NDA filing process with Ampligen(r) does not imply that the product will ever be approved commercially.