By Sheri Kasprzak
New York, July 11 - Hemispherx Biopharma, Inc. said it has entered into an equity line agreement with Fusion Capital Fund II, LLC for up to $20 million.
Under the terms of the agreement, Fusion may buy shares of Hemispherx at a price equal to the lower of the lowest trade price of the company's stock on the date of a draw or the average of the three lowest closing trade prices during the 12 trading-day period before a draw. The term of the agreement is for 25 months.
The proceeds will be used to extend the company's New Brunswick production facility for Ampligen and Alferon injections. The remainder will be used for general corporate purposes.
Based in Philadelphia, Hemispherx is a biopharmaceutical company that develops RNA-based treatments for chronic fatigue syndrome, HIV and other disorders.
| Issuer: | Hemispherx Biopharma, Inc.
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| Issue: | Equity line
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| Amount: | $20 million (maximum)
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| Price: | The lesser of the lowest trading price on the date of a draw or the average of the three lowest closing trade prices in the 12 trading-day period before a draw
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| Tenor: | 25 months
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| Warrants: | No
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| Investor: | Fusion Capital Fund II, LLC
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| Settlement date: | July 8
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| Stock price: | $1.86 at close July 8
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