What "desperate efforts" to cut costs? Can someone please explain?
Equals made almost $800K last year including a $170K bonus for doing what? Pete Rodino made Executive Director of Government Relations, General Counsel and Secretary,Officer? Strayer and Pascquel (up 25%) salaries keep going up... Keeping around in exec VP Wayne Springate? Hiring of Carol Smith, Chief Manufacturing Officer and Deputy Chief Scientific Officer? The lawsuits again chewing up money.... Not cutting SG&A costs with a bloated HQ ....
The 10Q says "General and Administrative (“G&A”) expenses for the three months ended June 30, 2017 and 2016, were approximately $1,619,000 and $1,639,000, respectively, reflecting a decrease of approximately $20,000 or 1%. The G&A expenses were essentially flat during the three months ended June 30, 2017 compared to June 30, 2016, reflecting normal operational fluctuations."
10-Q HEB's cash situation is dire, and even with there desperate efforts, they may become illiquid sometime in the next 6-12 months.
"As of June 30, 2017, we had approximately $3,211,000 in cash, cash equivalents and marketable securities inclusive of approximately $1,989,000 in Marketable Securities, representing a decrease of approximately $2,657,000 from December 31, 2016. Cash used in operating activities for the six months ended June 30, 2017 was approximately $5,301,000 compared to approximately $2,292,000 for the same period in 2016, an increase of $3,009,000 or 131%. The primary reasons for this increase in cash used in operations in 2017 was the receipt of $1,561,000 in funds in 2016 from the sale of our New Jersey state net operating loss carryforwards; and $1,436,000 of insurance proceeds for the litigation settlements. There were no such receipt of funds in 2017. In addition, prepaid expenses and other current assets increased by approximately $298,000 as compared to the prior period as a result of a deposit paid to our contract manufacturer of approximately $320,000 in 2017.
Cash provided by investing activities for the six months ended June 30, 2017 was approximately $1,483,000 compared to cash used in investing activities of approximately $1,553,000 for the same period in 2016, representing a decrease of $70,000. The primary reason for the decrease was the sale of marketable securities of approximately $1,500,000 during the current period compared to $1,918,000 the six months ended June 30, 2016.
Cash provided by financing activities for the six months ended June 30, 2017 was approximately $2,632,000 compared to approximately $162,000 for the same period in 2016, an increase of $2,470,000. The primary reason for the increase can be attributable to the Company receiving net proceeds of $2,115,000 from the sale by us of 4,516,205 shares of our common stock at an average purchase price of $0.47 per share pursuant to a Securities Purchase Agreements (each, a “Purchase Agreement”) with certain investors entered into in February 2017 and June 2017(see below and “Note 8: Stockholders’ Equity”). The Company also received $606,000 from the note payable, net of $89,000 debt issuance costs (see “Note 13: Note payable”).
If we are unable to commercialize and sell Ampligen® and/or recommence material sales of Alferon N Injection®, our operations, financial position and liquidity may be adversely impacted, and additional financing may be required. In this regard, due to the high cost estimates to bring the facility back online, we most likely will need additional funds to reach our goals to finance the revalidation process in our facility and to initiate commercial manufacturing, thereby readying ourselves for an FDA Pre-Approval Inspection and to commercialize our products. However, there is no assurance that such financing will be available.
In an effort to conserve cash, effective with the semi-monthly period ended April 30, 2017, all of the members of the Company’s Board of Directors agreed to accept 100% of their directors’ fees in the form of options to purchase Company Common Stock until it was no longer necessary.
In addition, commencing with the semi-monthly period ended June 15, 2017, certain officers of the Company, and certain other employees of the Company, agreed to accept 20% of their salary in options to purchase Company Common Stock until it was no longer necessary."
"Hemispherx Biopharma, Inc. and its subsidiaries (collectively, “Hemispherx”, “Company”, “we” or “us”) are a specialty pharmaceutical company headquartered in Philadelphia, Pennsylvania and engaged in the clinical development of new drug therapies based on natural immune system enhancing technologies for the treatment of viral and immune based disorders. We were first formed in 1966 and in the early 1970s were doing contract research for the National Institutes of Health.
...The Company has incurred numerous years of substantial operating losses as it pursued its clinical and pre-clinical development activities and appropriate regulatory approval processes before any such products can be sold and marketed. As of June 30, 2017, our accumulated deficit was $304,581,000. The Company has not yet generated significant revenues from our products and may incur substantial losses in the future."
$304 million, much of it wasted on salaries and bonuses for Carter and other HEB insiders. Such a waste...
10-Q Sales of Ampligen through Early Access programs still less than the cost of production.
"Production costs were approximately $488,000...for the six months ended June 30, 2017"
"Revenues from our Ampligen® Cost Recovery Program were $213,000...for the three months ended June 30, 2017"
Seems to be the end of this scam ...
down almost 10% today ...
Perhaps a short-term pull back is more likely before the next rally on HEB? Ive been struggling with this stock lately. Some of my other trades have been from awesome*sto-cks which are working out pretty well.
finally today I understood that this stock is nothing but the trash after holding for more than 3/4 years. thought will get right direction after the reverse split but still heading underneath the ground which is completely disappointing. SO adieu HEB.... never ever look upon you ticker..Just my opinion
10-Q, Despite annoucing "approval" of Ampligen in Argentina a year ago, there are still no sales of Ampligen there and it does not appear that any sales are on the horizon.
"On August 18, 2016, we received approval of our NDA from Administracion Nacional de Medicamentos, Alimentos y Tecnologia Medica (“ANMAT”) for commercial sale of rintatolimod (U.S. tradename: Ampligen®) in the Argentine Republic for the treatment of severe ME/CFS. The product will be marketed by GP Pharm, our commercial partner in Latin America....ANMAT approval is only an initial, but important, step in the overall successful commercialization of our product. There are a number of actions that must occur before we could be able to commence commercial sales in Argentina. Commercialization in Argentina will require, among other things, an appropriate reimbursement level, appropriate marketing strategies, completion of manufacturing preparations for launch (including possible requirements for approval of final manufacturing) and we most likely will need additional funds to manufacture product at a sufficient level for a commercial launch. There are no assurances as to whether or when such multiple subsequent steps will be successfully performed to result in an overall successful commercialization and product launch. Approval of rintatolimod for ME/CFS in the Argentine Republic does not in any way suggest that the Ampligen® NDA in the United States will obtain commercial approval."
10-Q: Deal with Avrio has gone sour. I remember HEB pumpers on this board trying to make a big fuss over a deal with a third rate company. Here is the 10-Q's update on HEB's relations with Avrio:
"On May 4, 2017 Hemispherx filed a complaint in the Philadelphia County Court of Common Pleas Civil Trial Division against Nitto Avecia Pharma Services, Inc (“NAPS”), the successor to Avrio Biopharmaceuticals, LLC (“Avrio”), primarily for breach of contract. Pursuant to the agreement, Avrio was to provide fill and finish services of Ampligen®. Hemispherx is seeking damages in excess of $650,000 due to Avrio’s gross negligence and omissions during the fill and finish process which led to a significant loss of product. On June 29, 2017, NAPS filed an answer denying liability and counter claiming breach of contract by Hemispherx. The litigation is in the early stages and there can be no guarantee that Hemispherx will be successful."
If you want to see shorts being PLAYED watch HEB closely...
It appears to me that HEB management and institutions backing HEB are likely playing shorts.
Go back to summer of 2016. HEB was approved to sell Ampligen for CFS in Argentina. First approval for CFS in the world! Instititutions soon after bought shares at 1.50, in exchange for giving money to HEB..
Shorts hammered the stock way below the implied value of HEB, given the price of HEB when the announcement was made.
Shorts were so desperate to stop HEB from raising enough money to last until a commercial launch in 2018.
They hammered the stock to intraday low of .39 Feb 2. But that day...institutions seemed to block the death blow...and bought heavily. Massive volume....and a new record set for most purchases made on the ask (as opposed to the bid) (At least it appears likely to be a multi year record, from my records).
Now, if you were HEB and instiuttions buying HEB....what would you do to get as many shares as possible from crooks shorting?
Give them an incentive to short more!
First, there was the 2016 annual report....HEB stopped their usual practive of taking live questions during the conference call...and in fact the CEO sounded frustrated while speaking. It sounded like an act to me.
Then there was the quarterly report in May. They didn't host a conference call at all.
All along though, institutions have kept buying....buying more in another placement, and buying even more by exercising options. Likely even buying more on the open market, I would think.
July 10 had massive volume of 1/4 of the entire float....
Now, I believe HEB is delaying a money raise until close to the last possible day....to make it appear they may run out of money....allowing the shorts to push it down even further.....
and then BAM. I expect to see another money raise soon, perhaps the institutions exercising option to buy at .75. Those were exercisable starting August 2.
I think institutions are preparing to buy up massive amoutns of the float, in order to overwhelm shorts. (see the numbers below)
And the idiot shorts, who seem to be doubling down on their position (actually more than doubling down, given the July 10 trades), ignoring the red flags...are shorting at lower and lower levels. Almost like they feel they are so invested, they have got to continue their strategy of shorting, even though they know that, logically, someone with massive buying power is betting against them.
In fact, the daily reg SHO short reports show that about 52.5% of all trades since Feb 2 are short, at an average price of .553.
It appears that shorts are about to be ass fcked.
I would recommend putting in huge amoutns of capital in this, at this point (.39), even to the point of borrowing.
I could see this going to about $7-$8 within a year, easily, and maybe up to about $50 longer term.
As of June 12, institutions bought 7.52 million shares in placements:
3.33 M at $1.50 each 1.82 M at $0.55 each 2.37 M of optionally exercised warrants at $0.50 each
And they have options to exercise even more warrants:
1.37 M at $0.75 each, starting Aug 2, 2017 2.37 M at $0.60 each, starting Dec 1, 2017 7.584 M at $0.60 each, starting Dec 1, 2017 (but only have 3 months to exercise these)
If they exercise all warrants, they will own about 18.84 M out of 39.8 M total. That means they would own 47% of all shares outstanding.
And that DOESN'T EVEN include shares bought on the open market....how many did they buy on July 10, 2017, when 1/4 of the entire float traded...
10-Q shows that HEB's cash position is dire and continues to deteriorate:
"As of June 30, 2017, we had approximately $3,211,000 in cash, cash equivalents and marketable securities inclusive of approximately $1,989,000 in Marketable Securities, representing a decrease of approximately $2,657,000 from December 31, 2016. Cash used in operating activities for the six months ended June 30, 2017 was approximately $5,301,000 compared to approximately $2,292,000 for the same period in 2016, an increase of $3,009,000 or 131%."
At this rate, HEB has only a few more quarters left.
Management just found paperwork on all the purposes of Ampligen.... Maybe someone should read the annual 10k for the last twenty years.
"Our focus is on developing drugs for use in treating viral and immune based chronic disorders and diseases including ME/CFS, HIV, HPV, SARS and West Nile Virus. Our current R&D projects target treatment therapies for ME/CFS, HIV, HPV and other viral diseases, i.e.; SARS and Avian/Seasonal Influenza."
"Clinical trials already conducted by us include treatments of ME/CFS, Hepatitis B, HIV, and cancer patients with renal cell carcinoma and malignant melanoma. Certain of these will require additional clinical trials to support regulatory approval."
"In 2007, JNIID published, in two peer reviewed journals, the results of their studies to evaluate the ability of current seasonal influenza vaccine to confer cross-protection against highly pathogenic H5N1 influenza (Bird Flu) virus in mice. These studies indicate that, as a vaccine enhancer co-administered with their seasonal trivalent influenza vaccine, Ampligen® helps induce a protective effect against H5N1 influenza viruses. As such, Ampligen® as a toll-like receptor 3 agonist may aid in overcoming the problems protecting against mutated strains of the H5N1 virus and of limited supplies of H5N1 virus vaccines. Additional studies to support this conclusion are planned."
"In June 2007, we initiated a clinical trial in Australia using Ampligen® in combination with seasonal flu vaccine. This trial focuses on populations at risk for virulent cases of influenza, especially those over the age of 60 years who historically may have weakened immune systems. The Australian clinical trial was prompted by the results from the pre-clinical work conducted by the JNIID (see above). Thirty-eight subjects are anticipated to be enrolled in this study, which will utilize a two dose Ampligen® regimen of 2 mg per dose. Data on the first eight subjects is currently under review and enrollment of thirty additional subjects will recommence in March 2008. This study is being monitored by Clinical Network Services Pty. Ltd. located in Brisbane, Australia. The clinical trials center of St. Vincent’s Hospital, based in DarlingHurst, Australia, is conducting the trial. Prospective subjects will be screened to be included in the clinical trial."
10-Q Shows that the shares have been diluted by 41% since the reverse split in Aug 2016, going from 20,667,342 post-split shares in Aug 2016 to 29,169,300 shares in Aug 2017.
And remember, in an unusual moved, when HEB did the reverse-split, it was only for the outstanding shares. They did not reduce the number of authorized shares, which remains at 350,000,000 which means that they can continue to dilute their shares into oblivion.
From the current 10-Q: "29,169,300 shares of common stock were outstanding as of August 1, 2017."
It is amusing that just before releasing another disastrous 10-Q, they issued a humorous press release about a study that showed that giving Ampligen appeared to interfere with the efficacy of Flumist, but choosing now to tout it as showing that the Ampligen was well-tolerated.
Total eclipse of any hope that this garbage will ever close in the black.
10-Q: Alferon LDO is officially kaput
Alferon LDO was frequently pumped by the company and by the boiler room pumpers on this message board. They made a very bid deal of the FDA giving a green light to do a human study with Alferon LDO in 2010, but HEB never got around to it and decided to spend money on salaries and bonuses for Carter and Equels instead.
This is the only mention of Alferon LDO in the current 10-Q:
"We are no longer pursuing development of liquid natural interferon for oral administration, Alferon LDO (Low Dose Oral)."
10-Q Update on Manufacturing:
"The Company has minimal revenues streams which are insufficient to meet the funding needs for the cost of operations or construction at their manufacturing facility"
10-Q - Participation in AMP-511 continues to decline:
"In May 1997, the FDA authorized an open-label treatment protocol, (“AMP-511”), allowing patient access to Ampligen® for treatment in an open-label safety study under which severely debilitated CFS patients have the opportunity to be on Ampligen® to treat this very serious and chronic condition.... As of August 1, 2017, there are 18 patients participating in this open-label treatment protocol."
10-Q: Words not found
(Below are a list of keywords used in prior HEB pumps that are nowhere to be found in the current 10-Q)
Chronix BARDA CEEZAD New Zealand Australia Japan India XMRV Mikovits SARS West Nile United Arab Emirates China Africa