Hemispherx BioPharma Announces Establishment of Cash Conservation Plan

On November 25, 2024, Hemispherx BioPharma (NYSEAMERICAN: HEB) revealed the implementation of a Cash Conservation Plan. The plan, initiated by the Compensation Committee of the company’s Board of Directors, aims to preserve cash resources while advancing key clinical milestones in areas of critical unmet needs to enhance shareholder value.

Under this plan, independent directors will receive 100% of their director compensation in shares of the company’s common stock, with no cash payments involved. The directors will receive bi-monthly stock grants based on the closing price of the company’s common stock on the respective trading days. The Cash Conservation Plan will remain effective as per the discretion of the Committee in line with the company’s compensation policies.

Additionally, Hemispherx BioPharma’s Executive Vice Chairman of the Board, CEO & President Thomas K. Equels and Chief Operating Officer Peter W. Rodino have previously agreed to reduce the cash portion of their base salaries, substituted with shares of the company’s stock. Mr. Equels, notably, has purchased over 361,000 shares of the company between November 2023 and November 2024.

Dr. William M. Mitchell, Chairman of the Board, expressed the unanimous belief in the potential of Ampligen, Hemispherx BioPharma’s investigational drug, to address unmet medical needs and deliver enhanced value for all shareholders through the Cash Conservation Plan. The focus remains on advancing clinical pipelines, especially in oncology, to drive long-term value creation.

Investors are encouraged to back the company’s incumbent candidates at the upcoming Annual Meeting scheduled for December 17, 2024, by voting FOR the Board’s nominees. More information on voting procedures can be found at www.SafeguardAIM.com.

Hemispherx BioPharma, an immuno-pharma company, concentrates on developing therapeutics for various cancers, immune disorders, and viral diseases, including COVID-19. Ampligen (rintatolimod), the company’s lead product, is a first-in-class investigational drug showing promising results in clinical trials for cancer treatment and immune system disorders.

The company issued a Press Release on November 27, 2024, detailing the Cash Conservation Plan and emphasizing the commitment to shareholder value creation. Hemispherx BioPharma continues to uphold transparency and accountability in its operational and financial strategies to achieve its corporate objectives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Hemispherx BioPharma’s 8K filing here.

Hemispherx BioPharma Company Profile

Hemispherx Biopharma, Inc, a specialty pharmaceutical company, engages in the clinical development of drug therapies based on natural immune system enhancing technologies for the treatment of viral and immune based chronic disorders in the United States. The company's products include Alferon N Injection, an injectable formulation of natural alpha interferon to treat a category of genital warts, a sexually transmitted disease; and Ampligen for the treatment of chronic fatigue syndrome (CFS).