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Hemispherx Biopharma Inc (HEB) filed Quarterly Report for the period ended 2011-09-30.
Hemispherx Biopharma Inc. has a market cap of $34.6 million; its shares were traded at around $0.2556 with and P/S ratio of 256.5.
This is the annual revenues and earnings per share of HEB over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of HEB.
Highlight of Business Operations:
Revenues from our Ampligen® Cost Recovery Program increased $10,000 or 29% for the third quarter of 2011 as compared to the same time period of 2010. The number of patients increased 27% in the three months ended September 30, 2011. As previously stated, we have no Alferon N Injection® product to commercially sell pending identification of a Fill and Finish FDA approved vendor and all revenue was generated from the Ampligen® cost recovery clinical treatment programs. We expect this revenue to increase in coming months based on the screening of patients in the queue and the opening of new clinical sites.Production/Cost of Goods Sold was approximately $217,000 and $181,000, respectively, for the three months ended September 30, 2011 and 2010. This increase of $36,000 or 20% was primarily due to lower facility costs in 2010 resulting from the recognition of insurance proceeds received in 2010 for storm building damages along with an increase in costs related to the transfer existing Alferon N Injection® and Ampligen® inventory to a new vendor (Bio Ridge Pharma, LLC) in coordination with the sales, marketing and education effort to be undertaken by Armada Healthcare, LLC for Alferon N Injection®.
Revenues from our Ampligen® Cost Recovery Program increased $15,000 or 14% for the first nine months of 2011 as compared to the same time period of 2010 due to a 55% increase in the number of patients participating in the program offset by a number of shipments being made to patients on compassionate care. As previously stated, we have no Alferon N Injection® product to commercially sell at this time and all revenue was generated from the Ampligen® cost recovery clinical treatment programs. We expect this revenue to increase in coming months based on the screening of patients in the queue and the opening of new clinical sites.
Production/Cost of Goods Sold was approximately $614,000 and $649,000, respectively, for the nine months ended September 30, 2011 and 2010. This decrease of $35,000 or 5% was primarily due to the lower cost to maintain existing Alferon N Injection® and Ampligen® inventory including storage, stability testing, transport and reporting costs due to our efforts to reduce the production costs of Alferon N Injection® for potential future commercial sales. These savings achieved in 2011 were somewhat offset by comparison to 2010 due to last year s recognition of insurance proceeds received for storm building damages and September 2011 costs related to the transfer of existing Alferon N Injection® and Ampligen® inventory to a new vendor (Bio Ridge Pharma, LLC) in coordination with the sales, marketing and education effort to be undertaken by Armada Healthcare, LLC for Alferon N Injection®.
Pursuant to our May 28, 2010 Equity Distribution Agreement (the “Agreement”) with Maxim Group LLC (“Maxim”), we established an At-The-Market (“ATM”) Equity Program pursuant to which we may sell up to 32,000,000 shares of our Common Stock from time to time through Maxim as our sales agent (the “Agent”). Under the Agreement, the Agent is entitled to a commission at a fixed commission rate of 4.0% of the gross sales price per Share sold, up to aggregate gross proceeds of $10,000,000, and, thereafter, at a fixed commission rate of 3.0% of the gross sales price per Share sold. We have no obligation to sell any shares under this program, and may at any time terminate the Agreement. During the nine months ended September 30, 2011, we sold no shares through this program and received no net cash proceeds. As of September 30, 2011, we sold an aggregate of 520,000 shares through the ATM that resulted in net cash proceeds of approximately $293,000 and commissions paid to Maxim of approximately $12,000.
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