The US-based biotechnology company Hemispherx Biopharma has received a letter of intent for a potential multimillion-dollar investment in the company by the royal family of the United Arab Emirates (UAE), stated Hemispherx President and CEO William Carter at the company's annual shareholders' meeting, held last week in Philadelphia.
"The multimillion-dollar understanding, presented by a legal and banking representative of the royal family of the UAE, could represent, through a series of steps called tranches, anticipated during calendar year 2002, the largest single investment to date in Hemispherx," said Carter.
Hemispherx Biopharma, Inc. is a biopharmaceutical company that focuses on the development of ribonucleic acid (RNA) drug technologies intended to enhance the natural anti-viral defense system of the human body, representing a potential new class of pharmaceutical products.
Its primary product, Ampligen, is in two-phase IIb clinical trials for HIV/AIDS, one experimental Salvage Therapy and one Strategic Treatment Intervention (STI), and a phase III clinical trial for Chronic Fatigue Syndrome (CFS).
The number of patents held by the company has neared the 400 mark. Additionally, clinical trials for HIV and Hepatitis C are set to begin in Spain, conducted by the Barcelona-based Laboratorios Del Dr. Esteve S.A. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
