-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KwacbwS/QHHpr6Qauc5fA9xxJHrXPLEX8dwXpw+LTnRBZgdp0Bja4EI+bKkjBjXY FhopDKpztiKmy4WvPznGYg== 0000946644-04-000004.txt : 20040315 0000946644-04-000004.hdr.sgml : 20040315 20040315134509 ACCESSION NUMBER: 0000946644-04-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040315 ITEM INFORMATION: Other events FILED AS OF DATE: 20040315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEMISPHERX BIOPHARMA INC CENTRAL INDEX KEY: 0000946644 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 520845822 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13441 FILM NUMBER: 04668775 BUSINESS ADDRESS: STREET 1: 1617 JFK BLVD #660 STREET 2: ONE PENN CENTER CITY: PHILADELPHIA STATE: PA ZIP: 19104 BUSINESS PHONE: 2159880080 MAIL ADDRESS: STREET 1: 1617 JFK BLVD STREET 2: ONE PENN CENTER CITY: PHILADELPHIA STATE: PA ZIP: 19103 8-K 1 r8k_031504.txt FORM 8K 3-15-2004 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 15, 2004 (March 15, 2004) HEMISPHERX BIOPHARMA, INC. (Exact name of registrant as specified in its charter) Delaware 0-27072 52-0845822 (state or other juris- (Commission (I.R.S. Employer diction of incorporation) File Number) (Identification No.) 1617 JFK Boulevard, Philadelphia, Pennsylvania 19103 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (215) 988-0080 ------------------------------------------------------------ (Former name or former address, if changed since last report) ITEM 7. Financial Statements And Exhibits. (c) Exhibits. The following exhibits are filed herewith: The following exhibit is filed herewith: Exhibit No. Exhibit Title 99.1 Press Release, dated March 15, 2004 issued by us* - ------------------------------- * This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Exchange Act of 1934 or the Securities Act of 1933, whether made before or after the date hereof and irrespective of any general incorporation language in any filings. ITEM 12. Results of Operations and Financial Condition. On March 15, 2004, we issued a press release announcing our results for the fiscal year ended December 31, 2003. A copy of the press release is attached as Exhibit 99.1 to this report. The information contained in this report and exhibit attached hereto are being furnished pursuant to Item 12 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Exchange Act of 1934 or the Securities Act of 1933, whether made before or after the date hereof and irrespective of any general incorporation language in any filings. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HEMISPHERX BIOPHARMA, INC. March 15, 2004 By: /s/ William A Carter -------------------------------- William A. Carter, M.D., President EX-1 3 r031504.txt PRESS RELEASE 3-15-2004 Exhibit 99.1 HEMISPHERX BIOPHARMA, INC. NEWS One Penn Center 1617 JFK Boulevard Philadelphia, PA 19103 Phone: (215) 988-0080 Fax: (215) 988-1739 CONTACT: Investor Relations Dianne Will (518) 398-6222 ir@hemispherx.net www.hemispherx.net Cormac Glynn (212) 732-4300 CEOcast, Inc. cglynn@ceocast.com HEMISPHERX BIOPHARMA REPORTS 2003 YEAR-END RESULTS Cash Position and Total Shareholder's Equity Increases Philadelphia, PA, March 15, 2004 - Hemispherx Biopharma, Inc. (AMEX: HEB) announced today results for its year-ended December 31, 2003. The Company reported a loss of $14,770,000, or $0.42 per share, compared to a loss of $7,424,000 or $0.23 per share for the same period in 2002. The loss in 2003 included $7,345,000 in non-cash expenses related to financing charges associated with the March, July, and October 2005, 6% Senior Convertible Debentures. Excluding these non-cash charges, the loss for the year ended December 31, 2003 was $7,425,000, or $0.21 per share, which included $957,000 in expenses relating to the operation of the Company's new Alferon division. At December 31, 2003, total assets increased $7,364,000 and Stockholder's Equity increased $5,618,000 or approximately 155% over prior year levels.. The increase in total assets and stockholder's equity is primarily due to shares issued in connection with the March, July, and October 2005, 6% Senior Convertible Debentures and the acquisition of the Alferon N Injection(R) business. Cash, cash and equivalents, and short-term investments were $5,259,000 at December 31, 2003 for an increase of $2,448,000 since December 31, 2002. Subsequent to year-end, the Company completed the placement of additional convertible debentures on January 26, 2004, raising additional operating funds of approximately $3,695,000. R & D Phase Nearing Completion Research and Development costs were $3,150,000 during the year ended December 31, 2003 as compared to $4,946,000 for the same period in 2002. This represents a decrease of $1,796,000 or 36% compared to 2002, primarily due to the Phase III ME/CFS Clinical Trial nearing completion, which resulted in lower related costs in 2003. Subsequently, the double-blind segment of the Company's AMP 516 ME/CFS Phase III clinical trial for use of Ampligen(R) in the treatment of ME/CFS was completed in February 2004. General & Administrative G&A expenses were $4,257,000 during the year ended December 31, 2003, including the expense related to the new Alferon division totaling $957,000. G&A expenses of $3,300,000 for the Company's Ampligen operations were 64% higher than for the same period in 2002. The primary reason for the increase in G&A expenses was due to the one time recovery of certain legal expenses in 2002 of approximately $1,050,000 due to a successful outcome in litigation with the Company's insurance carrier. 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, Hepatitis and SARS. Its platform technology includes large and small agent components for potential treatment of various chronic viral infections. Hemispherx has approximately 350 patents comprising its core intellectual property estate, a fully commercialized product (Alferon N) and GMP certified manufacturing facilities for its novel pharma product. 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. -----END PRIVACY-ENHANCED MESSAGE-----