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August 19, 2002
Hemispherx Biopharma Receives Letter of Intent for Potential Multimillion-dollar Investment by Royal Family of United Arab Emirates
Understanding Announced at Annual Meeting in Philadelphia

Global Technology Expands as Company-held Patents Approach the 400 Mark

Clinical Trial for HIV and Hepatitis C Set to Start in Spain

Philadelphia, PA, Monday, August 19, 2002: 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. Hemispherx President and CEO William A. Carter, M.D. announced the understanding at the Company's annual shareholders' meeting, held last week in Philadelphia.

Dr. Carter announced that the number of patents held by the Company has neared the 400 mark, further expanding the reach of Hemispherx's global technology. 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.

The biopharmaceutical company focuses on the development of nucleic acids to enhance anti-viral defense systems. It is the leading company in the experimental-stage development of immune-based therapies primarily addressing the diseases of HIV AIDS and Chronic Fatigue Syndrome.

"The multimillion-dollar understanding, presented by a legal and banking representative of the Royal Family of the United Arab Emirates, could represent, through a series of steps called tranches, anticipated during calendar year 2002, the largest single investment to date in Hemispherx," said Dr. Carter. "Additionally, we welcome the collaboration of the UAE with a U.S.-based biotechnology company, in the interest of furthering medicine as well as commerce."

Hemispherx Biopharma, Inc. is a biopharmaceutical company that focuses on the innovative 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).

Hemispherx Biopharma, Inc., Investor Relations
(215) 988-1712, Fax: (215) 988-1554

Dianne Will, Investor Relations
(518) 398-6222, Fax: (518) 398-6223

Robert Giordano, MRB Institutional Investors, MRB
(212) 495-0200, Fax: (212) 495-0746

HEB's Web Site: 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 risk of competition, changing market conditions, change 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, 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.