Hemispherx Biopharma (HEB) Jumps On Expansion News

September 16, 2009 · Filed Under R&D, flu 

Hemispherx Biopharma (HEB) is posted a very modest rise of 7% to $2.18 on newsd of manufacturing expansion. The trading in the shares looks as if some investors are taking profits.

HEB said its Board of Directors has just approved up to $4.4 Million (U.S.) for full engineering studies, capital improvements, system upgrades, and introduction of building management systems to enhance production of three products: Alferon N(R) (its FDA licensed biologic), Alferon LDO and Ampligen(R). Alferon LDO and Ampligen(R) (Poly I : Poly C12U) are experimental therapeutics being developed for multiple clinical indications including prevention, prophylaxis and treatment of both seasonal and pandemic influenza.

On August 10, Hemispherx announced its financial results for the three months ended June 30, 2009. The net loss (including non-cash expenses) for the fiscal quarter was approximately $3,870,000 or $0.04 per share compared to a loss of approximately $2,802,000 or $0.04 per share for the same period in 2008. Cash, cash equivalent and short-term investments were $41,657,000 as of June 30, 2009 reflecting an increase of $35,538,000 since year end 2008. This increase primarily reflects the net proceeds of two equity placements in May, 2009 as well as proceeds derived from an equity financing agreement.

Douglas A. McIntyre

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