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by Jon C. Ogg
24/7 Wall St.



Hollis Eden (HEPH), a micro-cap drug development company, is up roughly 7% at $2.68 pre-market after the company announced it was officially shelving its Neumune radiation treatment development because of the government's withdrawal of support. The company's loss of $7.9 million for the quarter equates to a -$0.29 EPS loss after a $200,000 stock option charge.

Hollis Eden's CEO discussed with CNBC's Mike Huckman about the drop of the government program on its radiation treatment called Neumune. The company believes they were the only one that should have received approval and the drop of the government advance purchase contract so that it could afford the proper trials in its Project Bioshield. The CEO said that their drug product Neumune was something that was believed to be implemented and the drop from the government has caused the company to shelve this initiative. As far as what else they have in development the company has a steroid hormone and arthritis and cancer studies it is undergoing. So it claims that Project Bioshield was not its only product. Shares were actually down ahead of the CEO interview on thin pre-market activity.

Cash used in operations for full-year 2006 totaled $26.6 million (versus $26.3 million for 2005). Year-end 2006 cash and equivalents totaled $67.1 Million, compared to $45.1 million at December 31, 2005 because it completed two sales of shares of its common stock and warrants of approximately $52.0 million. The Company is not providing financial guidance at this time for 2007, but expects to be in a position to provide annual guidance with the release of its first quarter financial results in May. After going through the company's other programs they are in pre-clinical studies for breast and prostate cancer as well as investigating diabetes treatment.

The 52-week range for HEPH is $2.46 to $7.49


Source: 247WallSt.com



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- Project BioShield Has Given Biotechs Little Motivation to Protect Americans
- Three Biotech Drugs Have Potential to Treat Polonium-210 Radiation
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