Contact:
Hemispherx
William A. Carter M.D., F.A.C.P.
CEO and Chairman
215/988-0080
Sharon Will
Investor Relations
212/572-0762
212-572-0764 (fax)
Pages created by The Wired Rose
Send mail to webmaster with questions or comments about this web site.
Copyright ¸ 1998 Hemispherx Biopharma
Last modified: July 27, 1998
HEMISPHERx BIOPHARMA, Inc. Announces Fourth Quarter Results
March 27, 11:31 AM ET
PHILADELPHIA, March 27 /PRNewswire/ -- Hemispherx Biopharma, Inc. (Amex: HEB - news, HEBws - news) today announced its financial results for the fourth quarter ended December 31, 1997. The net loss for the fourth quarter of 1997 was $1,227,574 or $.06 per share, compared to a net loss of $1,287,544 or $.08 per share reported in the fourth quarter of 1996. The net loss for total year 1997 was $6,106,860 or $.35 per share compared to the net loss in 1996 of $4,554,489 or $.29 per share. The net loss for 1997 included non-operating expenses of $1,249,527.
Revenues were up substantially for the fourth quarter in 1997 due to increased cost recovery treatment proceeds from the clinical program approved by the Food and Drug Administration (FDA) and initiated in the United States in May 1997. The Cost Recovery Treatment revenues recorded in 1996 were only realized in Europe. Cost Recovery Treatment Clinical Programs allow the Company to provide Ampligen to certain severely ill Chronic Fatigue Syndrome (``CFS') patients at a price of approximately $7,200 for a 6 month treatment period.
On a quarter to quarter basis, research and development costs increased slightly in the fourth quarter of 1997 due primarily to costs associated with the expanding clinical trials including the U.S. CFS Cost Recovery Treatment Program.
General and administrative expenses in 1997 decreased by $815,649 due to lower legal and consulting fees, and the reduction of various other administration expenses.
Interest income increased in the fourth quarter in 1997 compared to the same period in 1996 due to more cash and cash equivalents available for short term investments. In October 1997, the Company completed a private placement of common stock with an aggregate gross proceeds of approximately $10 million which increased book value approximately 67% per share.
A spokesman for the Company states, ``the losses experienced in the fourth quarter were expected as the Company continues its aggressive research and development effort in pursuit of obtaining approval of our lead drug in major markets including the United States and Europe. Significant progress was made toward that overall effort in 1997.'
Hemispherx is a biopharmaceutical company engaged in the manufacture and global clinical development of new drug entities in the nucleic acid (NA) class for chronic viral diseases and disorders of the immune system.
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 their 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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HEMISPHERx BIOPHARMA, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars In Thousands, Except Share Data)
NOTE: THE 1996 FIGURES ARE LISTED BEFORE THE 1997 FIGURES.
For The Three Months Ended December 31, 1997
1996 1997
Revenues $4 $103
Operating Expenses 1,373 1,456
Operating Loss (1,369) (1,353)
Interest Income 82 125
Net Loss $(1,287) $(1,228)
Net Loss Per Share $(0.08) $(0.06)
Weighted Average of Shares Outstanding 16,116,421 19,887,821
For The Fiscal Year Ended December 31, 1997
1996 1997
Revenues $32 $259
Operating Expenses 4,926 5,382
Operating Loss (4,894) (5,123)
Extraordinary Charge -- (1,250)
Interest Income 339 267
Net Loss $(4,555) $(6,106)
Net Loss Per Share $(0.29) $(0.35)
Weighted Average of Shares Outstanding 15,718,136 17,275,994
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Contact:
Hemispherx
William A. Carter M.D., F.A.C.P.
CEO and Chairman
215/988-0080
Sharon Will
Investor Relations
212/572-0762
212-572-0764 (fax)
Pages created by The Wired Rose
Send mail to webmaster with questions or comments about this web site.
Copyright ¸ 1998 Hemispherx Biopharma
Last modified: July 27, 1998 |
