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Hemispherx Biopharma Announced Financial Results for the Year Ended December 31, 2017
ORLANDO, Fla., April 02, 2018 (GLOBE NEWSWIRE) -- Hemispherx Biopharma, Inc. (NYSE American:HEB), focused on immuno-pharmaceutical research and the commercial development of its immunology products Ampligen® and Alferon®, announced its financial results for the year ended December 31, 2017. The net loss was approximately $8,259,000 or $0.29 per share compared to a net loss of $7,502,000 or $0.34 per share for the same 12-month period in 2016. Cash, cash equivalents and marketable securities were approximately $2,107,000 at December 31, 2017, compared to $5,868,000 as of December 31, 2016.
Since December 31, 2017, Hemispherx has grossed $7,730,000 from Ampligen (rintatolimod) product revenue, the sale of non-strategic real estate, conversion of warrants, and the sale of common stock. With these proceeds it paid off its mortgage in the amount of $1,956,803.
The company accomplished many set milestones in 2017 towards its goal of long term revenue. Most importantly, it initiated a commercial scale production plan for Ampligen with its primary contract manufacturer to meet anticipated future demands in both international programs as well as domestic programs with the first lot of Ampligen expected for sale in the 2nd quarter of 2018. In addition:
- The company delivered the first lot of Ampligen for sale in Europe utilizing the Early Access Program (EAP).
- The company amended its agreement with myTomorrows to treat pancreatic cancer patients beginning in the Netherlands utilizing EAP.
- The FDA approved a price increase for US-based Ampligen cost recovery program.
- The company is collaborating with Millions Missing Canada to bring medication to Canadians for myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS).
- The company commenced data analysis of an intranasal human safety study of Ampligen plus FluMist®. Top line results show intranasal Ampligen was generally well-tolerated.
- Continuing discussions with FDA to identify a path toward approval for Ampligen for ME/CFS.
The Company is looking forward to continuing to accomplish many more milestones in 2018 and to increase its revenues from $437,000 in 2017.
About Hemispherx Biopharma
Hemispherx Biopharma, Inc., is an advanced specialty pharmaceutical company engaged in the clinical development of new drug entities for treatment of seriously debilitating disorders. Hemispherx’s flagship products include Alferon N Injection® and the experimental therapeutic rintatolimod (trade names Ampligen® or Rintamod®). Rintatolimod is an experimental RNA nucleic acid being developed for globally important, debilitating diseases and disorders of the immune system, including myalgic encephalomyelitis/chronic fatigue syndrome. Hemispherx’s platform technology includes components for potential treatment of various severely debilitating and life-threatening diseases. Because rintatolimod is experimental in nature, it is not designated as safe and effective by the FDA for general use and is legally available only through clinical trials.
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.
Hemispherx Biopharma, Inc.
Phone Number: 800-778-4042