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AIM ImmunoTech Inc. (AIM)

Q2 2016 Earnings Call· Fri, Aug 19, 2016

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Transcript

Operator

Operator

Good morning, everyone, and thank you for joining us today to review Hemispherx's financial results for the 6 months ended June 30, 2016. Representing the company today is Mr. Thomas Equels, Chief Executive Officer. The company is advised by law to provide certain legal and binding disclaimers before we begin. Words such as intends, plans, potential, believes, potentially, possible and similar expressions are intended to identify forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by Hemispherx that its plans will be achieved. These forward-looking statements are neither promises nor guarantees of future performance and are subject to a variety of risks and uncertainties, many of which are beyond Hemispherx's control, which could cause actual results to differ materially from these contemplated in these forward-looking statements. For example, because numerous risks and uncertainties exist, despite our efforts and belief regarding approvals, we cannot assure Ampligen will ever be commercially approved for any treatment or that Alferon N Injection will ever be commercially approved for potential new treatment indications for the new manufacturing procedures under way. Examples of such risks and uncertainties include the risks described in Hemispherx's filings with the Securities and Exchange Commission, including the most recent reports on Forms 10-K, 10-Q and 8-K. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and Hemispherx undertakes no obligation to update or revise the information discussed on this conference call whether as a result of new information, future events or circumstances or otherwise revise or update this information to reflect events or circumstances after the date hereof. With that covered, it's now my pleasure to turn the floor over to your host, Mr. Thomas Equels, President and Chief Executive Officer of Hemispherx Biopharma. Sir, the floor is yours.

Thomas Equels

Management

Good morning, everyone. This is Tom Equels, your CEO. Welcome to Hemispherx Second Quarter 2016 Conference Call. Our objective is to build a successful biopharmaceutical company. We have spent this last quarter focusing on building our operational and physical infrastructure to enable us to do so. We've engaged in an all-out effort as well to advance our Ampligen ME/CFS programs. I will review a number of those activities on this call. I think that you will see that we have made progress, demonstrating our commitment to the company, to its stockholders and to all those who suffer from ME/CFS. On our last call, we spent a fair amount of time discussing our austerity initiatives, which we put in place during our reorganization efforts, with the goal to preserve capital. We continue to maintain a clear focus on extending our cash runway. In the second quarter, we recorded a near 19% reduction in our cash burn from $2.6 million in the first quarter to $2.1 million in the second quarter. This is also illustrated by our significant reduction in operating expenses, which were reduced over 24% from the first quarter of 2016. These measures will help us to stretch our capital into next year. Shifting now to our manufacturing activities and our facility in New Brunswick, New Jersey, which, as you may recall, was flooded in January of this year. While the flooding of our facility was clearly a major setback, we have made great progress in repairing the damage. At this point, we have almost completed all repair works. All that remains in the process is the HVAC Air Balancing and Qualification testing, which will be completed in the near future. Once final repairs are completed, all pumps will need to be qualified prior to the validation process required for…

Dianne Will

Management

Thank you, Tom. Although we invited stockholders to submit questions for this call, we did not receive any. I will now turn the call back to you, Tom.

Thomas Equels

Management

Again -- thank you, Dianne. Again, I want to emphasize to our stockholders that we are focused on building Hemispherx into a successful biopharmaceutical company. On one side, we are stringently focused on controlling our costs. On the other, we are aggressively working both internally and externally with partners and regulators to move our programs forward. We look forward to updating you at our next quarterly call. Thank you, everyone. Have a great day.

Operator

Operator

Thank you very much, ladies and gentlemen. This concludes today's presentation. You may disconnect your lines, and have a wonderful day. Thank you for your participation.