Hemispherx BioPharma, Inc (NYSEMKT:HEB) announced that the Court of Chancery of the State of Delaware has issued an order granting final approval of a settlement of the derivative and class action case captioned Kastis, et al. v. Carter, et al.
At a final settlement hearing on September 19, 2016, the Court approved the settlement and awarded the plaintiffs’ counsel $1.25 million in attorneys’ fees. No Company funds were used to pay the settlement or attorneys’ fees award; the settlement was funded by Hemispherx’s insurance companies which paid to Hemispherx $3.5 million in settlement of several policy disputes, in part related to this claim, that were in policy mediation. The final settlement does not constitute any admission of fault or wrongdoing by Hemispherx or any of the individual defendants.
“We are pleased to close this chapter and move forward toward continued success in accomplishing our important corporate goals of developing and commercializing Ampligen and Alferon,” said Tom Equels, Hemispherx’s CEO. “The net result of this order is that substantial funds and management time are now free for business purposes, rather than litigation, and we have settled all pending material litigation.” (Original Source)
Shares of Hemispherx Biopharma closed yesterday at $1.33, up $0.01 or 0.76%. HEB has a 1-year high of $2.64 and a 1-year low of $0.72. The stock’s 50-day moving average is $1.73 and its 200-day moving average is $1.58.
Hemispherx Biopharma, Inc. is a biopharmaceutical company, which engages in the clinical development of new drug therapies based on natural immune system enhancing technologies for the treatment of viral and immune based disorders. Its products include Alferon N Injection and the experimental immunotherapeutic/antiviral Ampligen. Alferon N Injection is a purified, natural source, glycosylated, multispecies alpha interferon product, composed of eight forms of high-purified alpha interferon. Ampligen includes application as a treatment for Chronic Fatigue Syndrome and as a vaccine enhancer for therapeutic and/or preventative development related to influenza and cancer treatments.