Proactive Investors - Run By Investors For Investors

Hemispherx Biopharma expects gross proceeds of $5.3M from rights offering

Closing of the transaction is expected on or about Friday March 8
Illustration of pancreatic cancer
Early access in the Netherlands for the company's pancreatic cancer treatment was recently extended

Hemispherx Biopharma Inc (NYSEAMERICAN:HEB) said Wednesday that it expects gross proceeds of $5.3 million from its recently expired rights offering.

Upon closing, the immune-pharma research company said shares and warrants will be distributed to holders of rights who exercised them and paid the subscription price in full.

Each right entitled the holder to purchase one unit, at a subscription price of $1,000 per unit, consisting of one share of Series B convertible preferred stock with a stated value of $1,000 and immediately convertible into shares of common stock at a conversion price of $0.20 per share as well as 5,000 warrants to purchase Hemispherx's common stock with an exercise price of $0.20 per share.

READ: Hemispherx Biopharma gets green light from Dutch health regulators to extend access program for Ampligen to pancreatic cancer patient

Shares of Hemispherx slipped $0.01 to $0.17 in Wednesday’s premarket trading.

The closing of the offering is expected on or about Friday, March 8, according to the Ocala, Florida, company. The warrants will be exercisable for five years after the date of issuance.

Hemispherx engaged Maxim Group LLC and Ascendiant Capital Markets LLC as dealer-managers. The rights offering expired Tuesday, and the rights are no longer exercisable, according to Hemispherx.

Last month, the company said that its early-access program at the Erasmus Medical Center in the Netherlands, which uses its flagship drug Ampligen for the treatment of pancreatic cancer, had been extended.

Contact Dennis Fitzgerald at [email protected]

View full HEB profile View Profile

Hemispherx Biopharma Timeline

Related Articles

Cancer cells
June 27 2018
The Nottingham-based privately-owned company has made an impressive fist of developing the OMIS (Opto-magnetic Imaging Spectroscopy) cancer detection system
child
February 08 2019
“If successful, this platform [AP103] has potential in other genetic skin conditions and beyond”
Vial of pills
June 25 2018
Cosmos is a modern company, but the trade routes it relies on are ancient
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use