Hemispherx to Host Conference Call On First Quarter Results and New HIV/AIDS Activity; Call Scheduled For Thursday, May 16, 2002 At 10 AM.

Business Editors

PHILADELPHIA--(BUSINESS WIRE)--May 15, 2002

Hemispherx Biopharma, Inc. (AMEX: HEB), a leading company in the experimental- stage development of immune based therapies primarily addressing the diseases of HIV AIDS and Chronic Fatigue Syndrome, announced today that it will be hosting a conference call on Thursday May 16, 2002 at 10 AM.

During the call the Company will discuss It's results for the quarter ending March 30th 2002. It will also discuss recent developments in the treatment of HIV AIDS as these developments relate to the Company's technology and it will describe preparations for companies making regarding the upcoming international AIDS conference in Barcelona Spain during the first week in July 2002.

With regard to "Strategic Therapeutic Interruptions" (STIs) -AMP 720- the trial will study whether Ampligen(R), an experimental agent, can assist the immune systems response to a carefully monitored interruption of the widely used Highly Active Anti Retroviral Treatments (commonly known as "HAART" or "Cocktail" treatments).

With regard to "Salvage Therapy" -AMP 719 -- the trial will study whether Ampligen(R), as an experimental agent, can resensitize the immune system to certain of the HAART or cocktail regimens to which it has become desensitized by reason of the HIV virus having mutated into a drug resistant strain.

Dr. Jerome Ernst, MD, Medical Director of ACRIA, commented on the Strategic Interruption study as follows, "Ampligen(R) is an immunomodulator with a low incidence of side effects. It can stimulate interferon and other cytokines, as well as other intracellular antiviral defense mechanisms. The theory is that Ampligen(R) will lengthen the HAART-free time interval with a resultant decrease in HAART-induced toxicities. The hope is that Ampligen(R) may maximize STIs to the point that the cell -- mediated immune system responses might be sufficient to eliminate the need for HAART."

Regarding the "salvage" study Dr. Ernst added, "Here again because of Ampligen(R)'s ability to stimulate interferon, other cytokines and other intracellular antiviral defense mechanisms, the hope is that Ampligen(R) may resensitize the immune systems of individuals who are failing on certain of the HAART regimens because the virus has mutated to a form that is resistant to the HAART regimen. This possibility is highly significant since approximately 50 percent of all patients currently on HAART have developed a virus strain which is resistant to two or more of the HAART regimens"

Commenting on the timing of enrollment and the number of participants, Dr. Ernst concluded by saying, "ACRIA is a highly respected independent, nonprofit, community - based AIDS research and treatment education organization. We are dedicated to improving the length and quality of life for people living with HIV/AIDS. In this capacity we are eager to study new treatments for HIV and related diseases through Clinical research and the conduct of comprehensive treatment education programs. Because of our long-standing reputation in the HIV/AIDS community we are confident that we will rapidly enroll a large number of persons for the studies and successfully assist a very high percentage of these persons through to the completion of the trials."

Dr. William Carter, CEO and Chief Scientific Officer of Hemispherx, added "The addition of ACRIA to our six existing HIV/AIDS clinical trial sites represents a landmark achievement regarding our activities in the HIV/AIDS arena. It is our first HIV/AIDS clinical trial based directly in New York City. Moreover it associates us with a premier nonprofit organization serving the HIV/AIDS community. We believe that not only will ACRIA rapidly enroll and guide to successful completion a large number of trial participants, but that ACRIA's participation in the trials will accelerate the enrollment in our existing clinical trial sites and the securing of further new clinical trial sites."

About ACRIA

The AIDS Community Research Initiative of America (ACRIA) is a non-profit community-based AIDS research and treatment education center. Since 1991, ACRIA has been dedicated to developing effective treatments for HIV disease and to examining therapies which minimize toxic side effects of antiretroviral drugs. ACRIA works closely with prominent researchers at teaching hospitals and other community based clinics nationwide to conduct innovative independent protocols as well as with the pharmaceuticals industry to test new experimental treatments in Phase III trials In conjunction with recognized leaders in AIDS research and treatment, primary-care providers, and people living with HIV disease; ACRIA:

- identifies scientifically promising therapies for AIDS and

HIV-related illness, designs and implements studies on these

interventions, and submits the findings for publication;

conducts research geared towards the further understanding of

HIV disease, treatment, and prevention; and

- provides education about AIDS treatments and research to the

communities affected by HIV/AIDS.

About Hemispherx

Hemispherx Biopharma, based in Philadelphia, is a bio-pharmaceutical company engaged in the manufacture and global clinical development of new drug entities in the nucleic acid (NA) class for chronic viral diseases and disorders of the immune system including, HIV, CFS and Hepatitis. Its platform technology includes large and small agent components for potential treatment of various chronic viral infections. For more information visit the company's Web site at www.hemispherx.net

Information contained in this news release other than historical information, should be considered forward-looking and is subject to various risk factors and uncertainties. For instance, the strategies and operations of Hemispherx involve risks of competition, changing market conditions, changes in laws and regulations affecting these industries and numerous other factors discussed in this release and in the Company's filings with the Securities and Exchange Commission. Accordingly, actual results including financial results may differ materially from those in any forward-looking statements. Additionally, all the referenced investigational drugs and associated technologies of the company are experimental in nature and as such are not designated safe and effective by a regulatory authority for general use and are legally available only through clinical trials with the referenced disorders. The forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.