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Biotech / Medical : HEB, Hemispherx Biopharma (AMEX)NEW -- Ignore unavailable to you. Want to Upgrade?

To: LORD ERNIE who wrote (654)	3/25/1999 7:48:00 AM
From: LORD ERNIE	Read Replies (1) \| Respond to of 857

news News article received, Thursday, March 18, 1999 7:44:17 AM EST HEMISPHERX CIVIL SUIT AGAINST ASENSIO CONTINUES IN FEDERAL COURT PHILADELPHIA, March 18 /PRNewswire/ -- Hemispherx Biopharma, Inc. (Amex: HEB) today said that a federal judge refused to dismiss the fraud, misrepresentation and defamation charges against Asensio & Company and Manuel P. Asensio that were part of a civil suit that Hemispherx brought against Asensio & Co., Mr. Asensio, his agents and co-conspirators. Today's ruling affirms Hemispherx's right to continue to use the federal court to vigorously pursue these charges, which are based on the defendants' alleged unlawful manipulation and illegal short selling of Hemispherx stock. The civil litigation will continue in the United States District Court for the Eastern District of Pennsylvania in Philadelphia, and the Company is seeking punitive and compensatory damages from the defendants. Hemispherx is aware of at least three similar lawsuits against Asensio in California, Texas and Arizona. Hemispherx said that while the federal judge in Philadelphia also ruled that the RICO and Federal Securities Act portion of its charges could not be pursued in federal court because Hemispherx is not eligible to be an aggrieved party under the narrowly defined federal guidelines for applying these statutes in corporate securities cases, it is working with federal and state authorities who do have jurisdiction to bring these charges against Asensio et al. Hemispherx said that it is also aware of five other suits that have been brought by independent parties against Mr. Asensio and/or Asensio & Co., in the 1986-97 period, three were filed in Florida courts and two in New York courts. Hemispherx Biopharma, which is based in Philadelphia, is a pharmaceutical 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 including CFS, hepatitis B and hepatitis C. 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.