HEMISPHERX BIOPHARMA PLACEMENT AGENT CARDINAL CAPITAL LLC'S PEDIGREE INCLUDE BOILER ROOMS BARRED BY NASD JOSEPHTHAL LYON & BROSS AND BARRON CHASE SECURITES
Scott F. Koch, Partner & Senior Managing Director
Mr. Koch is the founder of Cardinal Capital and the driving force behind the firm's national expansion. Prior to founding Cardinal Capital, Mr. Koch was co-founder of Global Capital Advisors, an Atlanta based private equity firm, where he specialized in raising financing for publicly held technology and healthcare companies. Mr. Koch was previously a Vice President in International Institutional Sales with Josephthal & Co., a New York Stock Exchange member firm. Mr. Koch's career began in 1987 with an investment banker position at PaineWebber, Inc. He was awarded a B.S. in Business Administration from Southern Illinois University.
H. David Coherd, Partner & Managing Director
David joined Cardinal Capital in 1998 as a Partner of the Company. His move to Cardinal Capital followed his position as Co-Managing Partner at Perpetual Growth Advisors. In this capacity, Mr. Coherd provided counsel to public companies seeking to acquire funding for mergers and acquisitions.
Prior to joining PGA, Mr. Coherd was Vice President of the J.W. Charles Securities office in Atlanta. Responsible for managing institutional and corporate accounts, Mr. Coherd concurrently assisted in the development of the Corporate Finance Department. Mr. Coherd's credentials include a notable expertise in locating growth companies seeking capital for growth and acquisitions.
Mr. Coherd was previously Vice President at Josephthal, Lyon & Ross where he was instrumental in developing the local office from a staff of eight to one of the largest brokerage firms in Atlanta. Mr. Coherd graduated Cum Laude from Georgia State University with a degree in Economics.
Robert L. Rosenstein, Partner & Managing Director
Mr. Rosenstein co-founded Cardinal Capital in 1997. Prior to his partnership with the Company, he was an Account Executive with Josephthal, Lyon & Ross' Atlanta office, where he managed institutional and corporate accounts. Mr. Rosenstein was previously an investment advisor with Lehman Brothers Kuhn Loeb.
Robert graduated with a B.A. from Temple University in 1991.
David E. Pitt, Vice President
Mr. Pitt brings over 17 years of experience in the investment banking and brokerage businesses to Cardinal Capital. Prior to joining the Company in 1998, he was Vice President at Josephthal & Co., a New York Stock Exchange maker firm. He also spent two years at Prudential Securities. Mr. Pitt began his financial services career at Bear Stearns & Co., Inc. in 1983. The firm recognized his achievements by awarding Mr. Pitt the Alan “Ace” Greenberg Scholarship Award.
Mr. Pitt graduated with a B.A. in Marketing from Georgia State University.
Marc Tesio, Vice President
Mr. Tesio joined Cardinal Capital in 1999. Before joining the Company, he held a Senior Managing Director position at Barron Chase Securities in Boca Raton, Florida. In this capacity he was responsible for International Institutional sales. Mr. Tesio also managed institutional and private accounts while at Bear Sterns and Oppenheimer & Company.
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Hemispherx Completes $5,500,000 Private Placement; Second $5.5 Million Transaction in Four Months to Accelerate Market Development and Additional Commercial Approvals
PHILADELPHIA--(BUSINESS WIRE)--July 11, 2003--Hemispherx Biopharma, Inc. (AMEX:HEB) announced today that it completed an approximately $5.5 million transaction through an offering of senior convertible debentures due July 31, 2005. The debentures may be convertible into Hemispherx common stock at a price equal to the average closing price of the shares over the last seven days. The closing price of the stock on July 10 was $2.21. The Company also grants warrants to purchase an amount of shares of common stock equal to 20% of the shares issuable upon conversion of the debentures. The warrants are exercisable at a 15% premium over the conversion price.
The funds, with the diligent help of Cardinal Securities, LLC acting as placement agent, were raised through Ramius Capital Group (www.ramius.com) and Angelo Gordon and Co. (www.angelogordon.com). The Company has completed an identical transaction with these two institutional investors in March of this year.
The net proceeds of this transaction will go toward the further development and finalization of its clinical program with the experimental agent Ampligen(R) and the commercial program of Alferon(R), approved by the FDA for genital HPV and currently the only FDA approved natural interferon therapy. The funds also give momentum to meet the Company's year 2003 targets, including the commercial launch of Alferon N Injection(R) for genital HPV, securing strategic partners for sales and distribution of the Alferon(R) program worldwide, securing further licensing arrangements for the Ampligen(R) program in Europe, completion of the Phase III clinical trial with the experimental compound Ampligen(R) in Chronic Fatigue Syndrome (CFS) by year's end, finalization of the regulatory strategy for a NDA filing, acceleration of patient enrollment in the ongoing Phase IIb clinical studies for HIV, as well as further development of the Company's Bioterror National Security program and finalization of the regulatory filings and planning of clinical trials for SARS.
About Hemispherx
Hemispherx Biopharma, based in Philadelphia, is a biopharmaceutical company engaged in the manufacture and clinical development of new drug entities for treatment of viral and immune-based chronic disorders. Its flagship products include Alferon and the experimental immunotherapeutics/antivirals Ampligen and Oragens. These novel proteins, approved for a category of STD infection, and experimental nucleic acids are being developed for globally important chronic viral diseases and disorders of the immune system including HPV, HIV, CFS and Hepatitis. Its platform technology includes large and small agent components for potential treatment of various chronic viral infections. Hemispherx has approximately 400 patents comprising its core intellectual property estate, a fully commercialized product (Alferon N) and GMP certified manufacturing facilities for its novel pharma products. The Company plans global clinical trials in the SARS disease arena where it has a proprietary position and the disease represents a major threat to human welfare. 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) and Oragens(TM)) 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(R) do not imply that the product will ever be specifically approved commercially for these other treatment indications including SARS. The Alferon(R) asset for overseas sales for a category of STD is currently being acquired by the Company as part of a multi-step purchase contract of inventory, intellectual property, commercial licenses and GMP approved facilities, which house the biological operations.
CONTACT:
Hemispherx Biopharma, Inc.
Dianne Will, 518-398-6222
ir@hemispherx.net
www.hemispherx.net
SOURCE: Hemispherx Biopharma, Inc.
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07/11/2003 08:30 EASTERN |
