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Hemispherx Biopharma Reports First Quarter 2018 Financial Results and Provides Business Update
ORLANDO, Fla., May 16, 2018 (GLOBE NEWSWIRE) -- Hemispherx Biopharma, Inc. (NYSE American:HEB), an advanced specialty pharmaceutical company engaged in the treatment of serious and debilitating disorders through the development of its immunology products Ampligen® and Alferon®, today announced its financial results for the first quarter ended March 31, 2018.
“We made significant progress in the quarter that just ended, including significant improvements to our balance sheet, the production of the equivalent of more than 8,500 vials of Ampligen at our contract fill and finish manufacturer, the expansion of our Ampligen supply agreements for early access programs in Canada and Europe under the management of myTomorrows, and the continuation of our plans to start advanced clinical trials of Ampligen as a single agent and a combination immuno-oncology therapy,” said Thomas K. Equels, Hemispherx’s chief executive officer.
“During the quarter we added to our cash by booking Ampligen sales, the sale/leaseback of our manufacturing facility, the sale of non-strategic real estate, and the exercise of warrants and the sale of common stock,” he continued. “We believe that this will enable us to meet the current and anticipated needs of our commercial channels and clinical study programs, as we work with the FDA to identify a path toward approval for Ampligen for the treatment of Myalgic Encephalomyelitis/Chronic Fatigue Syndrome.”
First Quarter 2018 Financial Highlights
As of March 31, 2018, Hemispherx had $4.6 million in cash and cash equivalents, compared to $2.1 million at December 31, 2017. Cash used in operations was $2.5 million for the three months ended March 31, 2018, compared to $3.0 million in the same quarter in 2017. The net loss from operations was $2.7 million, or $0.70 per share, for the first quarter of 2018, compared to a net loss of $2.8 million, or $0.11 per share, for the first quarter of 2017.
About Hemispherx Biopharma
Hemispherx Biopharma, Inc. is an advanced specialty pharmaceutical company engaged in the clinical development of new drug entities for the treatment of serious and debilitating disorders. Hemispherx's flagship products include the FDA-approved drug Alferon N Injection® and the Argentina-approved drug rintatolimod (tradenames Ampligen® or Rintamod®). Rintatolimod is a double-stranded RNA being developed for globally important diseases and disorders of the immune system, including Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS). Because rintatolimod has not been designated safe and effective by the FDA for general use, it is legally available in the United States only through clinical trials. However, Ampligen® has been approved in Argentina for ME/CFS and the company is working toward legal access in other countries where early access programs exist for serious diseases with unmet medical needs, such as ME/CFS. Ampligen® is the only therapy approved anywhere in the world for ME/CFS. An Ampligen® Early Access Program (EAP) approval has also been obtained for therapeutic use in the Netherlands for pancreatic cancer.
Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at www.hemispherx.net. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.
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