Re: 6/2/00 - Hemispherx: Price Waterhouse Submits Findings on Short Seller Damages
Hemispherx: Price Waterhouse Submits Findings on Short Seller Damages
PHILADELPHIA, June 2 /PRNewswire/ -- Hemispherx Biopharma, Inc. (Amex: HEB; HEBws) said that independent accounting firm Price Waterhouse is submitting its report to federal court today regarding its findings of the magnitude of damages owed to Hemispherx by short sellers against whom Hemispherx has brought civil suits.
Hemispherx said that Price Waterhouse conducted the study under commission from Hemispherx and is submitting its findings to the Eastern District Federal Court of Pennsylvania in Philadelphia. The report is based on Price Waterhouse's determination of the extent to which the short sellers' allegations, which were published in numerous press releases and documents that the short sellers called research reports, were materially false and misleading. Price Waterhouse also examined detailed data comparing the short sellers' trading in Hemispherx's stock to the dates that they issued materially false and misleading publications. The damages are expected to reach into the tens of millions of dollars.
Hemispherx's lead drug, Ampligen, is the only new drug product being developed world-wide at the Phase III clinical level for severely debilitating forms of CFS, a disease estimated to afflict more than 1 million people worldwide.
For North American clinical programs, the Ampligen(R) product is presently manufactured utilizing the Schering-Plough facilities in Puerto Rico. Polyadenur and Ampligen raw materials have both been produced at Ribotech, in Capetown, South Africa as a joint venture company of Hemispherx and Bioclones. Finished drug product is also produced at F.H. Faulding Limited, the largest Australian pharma company, to supplement ongoing global clinical programs.
Contact(s):
William A. Carter, M.D., CEO & Chairman, HEMISPHERx BIOPHARMA, INC.,
215-988-0080
Dianne Will, Investor Relations, 214-954-9300, Fax: 214-954-9333
Mark Kollar, Institutional Investors, 212-232-2222, Fax: 212-232-3232
HEB's Web Site: hemispherx.com
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 risks of competition, changing market conditions, changes 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. Accordingly, actual results may differ materially from those in any forward looking statements.
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SOURCE: Hemispherx Biopharma, Inc.
CONTACT: William A. Carter, M.D., CEO & Chairman, HEMISPHERx BIOPHARMA, INC., 215-988-0080, Dianne Will, Investor Relations, 214-954-9300, fax 214-954-9333, or Mark Kollar, Institutional Investors, 212-232-2222, fax 212-232-3232
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