PHILADELPHIA, May 12, 2009 (GLOBE NEWSWIRE) -- Hemispherx Biopharma, Inc. (NYSE Amex:HEB) announced its financial results for the three months ended March 31, 2009. Cash used in operating activities was $1,434,000 in 2009 versus $2,806,000 in 2008 or a reduction of 49% primarily due to the 2009 implementation of a cash/expense reduction program that was initiated in the fall of 2008. The net loss for the fiscal quarter (including non-cash charges) was approximately $3,087,000 or $0.04 per share compared to a net loss of $3,165,000 or $0.04 per share in 2008. The lower loss was primarily the result of a combination of expense elements consisting of lower general and administrative expenses, increased R&D costs (related to New Drug Application for Ampligen(r), an experimental immuno therapeutic) and non-cash financing expenses. The increase in financing costs were related to common stock commitment warrants provided to certain officers of the Company in consideration of their providing a Standby Financing Agreement to assist the Company going forward.
