Stock Update (NYSEMKT:HEB): Hemispherx BioPharma, Inc Announces $5 Million Registered Direct Offering
Hemispherx BioPharma, Inc (NYSE:HEB) that it has entered into definitive agreements with two healthcare focused institutional investors for an offering of shares of common stock with gross proceeds of approximately $5 million in a registered direct offering. The closing of the offering is expected to take place on or about September 6, 2016, subject to the satisfaction of customary closing conditions.
In connection with the offering, the Company will issue registered shares of common stock at a purchase price of $1.50 per share. Concurrently in a private placement, for each share of common stock purchased by an investor, such investor will receive from the Company an unregistered warrant to purchase 0.75 shares of common stock. The warrants have an exercise price of $2.00 per share, will be exercisable six months after issuance and will expire five years from the initial exercise date. (Original Source)
Shares of Hemispherx are tumbling nearly 10% to $1.59 in pre-market trading. 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 $0.14 and its 200-day moving average is $0.13.
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.