June 16, 2008
Hemispherx Biopharma, Inc. Announces Settlement of Arbitration With Laboratorios Del Dr. Esteve; Hemispherx Regains Licensing Rights in Spain, Portugal and Andorra
PHILADELPHIA, June 16, 2008 (PRIME NEWSWIRE) -- Hemispherx Biopharma, Inc. (AMEX:HEB) today announced that the arbitration proceeding between Hemispherx and Laboratorios del Dr. Esteve ("Esteve") has been settled and is being dismissed by mutual agreement of the parties.
In March 2002 Hemispherx entered into an agreement with Esteve for the sale and distribution of Ampligen(r) in the treatment of patients with Chronic Fatigue Syndrome in Spain, Portugal and Andorra.
Under the terms of the settlement the March 2002 agreement is terminated, Hemispherx regains all licensing rights to Ampligen(r) in Spain, Portugal and Andorra, and Hemispherx and Esteve waive all claims for damages.
A Hemispherx spokesperson said, "Resolution of this dispute with Esteve, wherein Hemispherx regains all licensing right to Ampligen(r) in Spain, Portugal and Andorra, occurs at an opportune time in view of the Company's recent submission of its new drug application with the United States Food & Drug Administration for the use of Ampligen(r) to treat patients with Chronic Fatigue Syndrome."
About Hemispherx Biopharma
Hemispherx Biopharma, Inc. is an advanced 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) (FDA approved for a category of sexually transmitted diseases) and the experimental therapeutics Ampligen(r) and Oragens(r). Ampligen(r) and Oragens(r) represent experimental RNA nucleic acids being developed for globally important debilitating diseases and disorders of the immune system. 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 patents comprising its core intellectual property estate and a fully commercialized product (Alferon N Injection(r)). The Company wholly owns and exclusively operates a GMP certified manufacturing facility in the United States for a commercial product. For more information please visit http://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(r)) 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; Similarly, the completion of NDA filing process with Ampligen(r) does not imply that the product will ever be approved commercially.
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CONTACT: Hemispherx Biopharma, Inc. Dianne Will 518-398-6222 [email protected] CCG Investor Relations Sean Collins, Sr. Partner 310-477-9800