SOURCE: HEMISPHERX BIOPHARMA, INC.
Company Press Release
Friday September 25, 12:01 pm Eastern Time
HEMISPHERX Asserts that Northern Trust Shares
Were Properly Redeemed Under Contracts in Place
PHILADELPHIA, Sept. 25 /PRNewswire/ -- HEMISPHERX BIOPHARMA, INC. (Amex: HEB - news) announced today,
in response to a recent lawsuit filed in Chancery Court, Delaware, that the shares held by Northern Trust in its preferred stock
had been properly redeemed, and that Northern Trust was not contractually able to effectuate a proper conversion into
common shares. Specifically, on July 15, 1998, and September 8, 1998, after having provided prior adequate notices to
Northern Trust or its fiduciary agent, HEMISPHERX provided checks of $1,875,000.00 which reflected fulfillment of the full
contractual terms of complete redemption of the Northern Trust position. HEMISPHERX stated that it would be represented
by the firms of Choate, Hall & Stewart of Boston, MA, and Ashby & Geddes of Wilmington, DE, in answering the unmerited
complaint.
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.
SOURCE: HEMISPHERX BIOPHARMA, INC.
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