http://www.thestreet.com/story/11730475/1/hemispherx-atm-withdrawals-raise-a-red-flag.htmlI can hardly believe that!
Hemispherx used a Friday night SEC filing to disclose the sale of 10.9 million shares of stock at an average price of 92 cents per share. After expenses and commissions, Hemispherx net $9.5 million from the sale.
You said this stock sale was stealthy. Why?
An FDA advisory panel is scheduled to review the chronic fatigue syndrome drug Ampligen on Dec. 20. Presumably, a positive panel vote will push Hemispherx shares much higher than where they trade today. Yet, Hemispherx is rushing to raise money now. That's not a good sign.
Maybe Hemispherx wants to raise a small amount of money now and then plans to raise more money later, hopefully at a higher share price if the Ampligen panel votes to recommend approval.
Ha! That's funny. The FDA rejected Ampligen as a chronic fatigue syndrome therapy in late 2009. Yet for the past three years, Hemispherx has done nothing to advance Ampligen, including refusing to run a new clinical trial that FDA asked for. Hemispherx has plenty of cash to develop Ampligen. The problem is that management is hoarding cash to pay its outrageously high salaries, not to spend on Ampligen.
How much does Hemispherx CEO Bill Carter earn?
Carter was paid $1 million in salary in 2011. With bonuses, stock options and other perks, his total compensation for the year was $1.5 million. Carter's salary alone has doubled since 2009 -- the year that Ampligen was rejected.
It must be a lie!
Surely the invisible hand of the free markets will intervene! Let us all pray to the invisible hand of the free markets! Capitalism, in whom I trust, praised be your name, blessed be your trickle-down-economy!