PHILADELPHIA, Dec. 10, 2007 (PRIME NEWSWIRE) -- Hemispherx Biopharma, Inc. (AMEX:HEB) announced that it has notified Laboratorios Del Dr. Esteve, S.A. (“Esteve”) of its intention to terminate the license agreement that gives Esteve the right to market Ampligen(r) for CFS in Spain, Portugal and Andorra. The basis of the termination was non-performance by Esteve of certain contractually required clinical trials. Negotiations were ongoing but amicable resolution could not be reached.
As is its right under the license agreement, Esteve has applied for arbitration, seeking damages. Hemispherx believes the Esteve claim is without merit and intends to counterclaim, seeking damages.
About Hemispherx Biopharma
Hemispherx Biopharma, Inc. is a biopharmaceutical company engaged in the manufacture and clinical development of new drug entities for treatment of seriously debilitating disorders. Hemispherx’s flagship products include Alferon N Injection(r) and the experimental therapeutics Ampligen(r), Alferon LDO and Oragens(r). Alferon N Injection(r) is approved for a category of STD infection, and Ampligen(r) and Oragens(r) represent a large portfolio of experimental RNA nucleic acids being developed for globally important viral diseases, severely debilitating disorders and biodefense applications. Hemispherx’s platform technology includes large and small agent components for potential treatment of various severely debilitating and life threatening diseases. Hemispherx has in excess of 90 issued patents comprising its core intellectual property estate, a fully commercialized product (Alferon N Injection(r)) and a GMP certified manufacturing facility for its novel pharma products. The Company is actively engaged in further expansion of its intellectual property on a world wide basis to reflect the global distribution of the various disorders which its platform technology addresses. 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), Alferon LDO and Oragens) 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 N Injection(r) do not imply that the product will ever be specifically approved commercially for these other treatment indications.
CONTACT: Hemispherx Biopharma, Inc. Investor Contact: Dianne Will 518-398-6222 ir@hemispherx.net CCG Investor Relations Sean Collins, Sr. Partner 310-477-9800
