UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K


                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                Date of Report (Date of earliest event reported)
                                November 27, 2006

                           HEMISPHERX BIOPHARMA, INC.
             (Exact name of registrant as specified in its charter)

                           Delaware 0-27072 52-0845822
               (state or other juris- (Commission (I.R.S. Employer
           diction of incorporation) File Number) (Identification No.)

              1617 JFK Boulevard, Philadelphia, Pennsylvania 19103
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (215) 988-0080


          (Former name or former address, if changed since last report)


Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))








Section 1 - Registrant's Business and Operations

Item 1.01 Entry into a Material Definitive Agreement.

See Item 5.02 below.

Section 5 - Corporate Governance and Management
-----------------------------------------------

Item 5.02  Departure of Directors or Certain  Officers;  Election of  Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On  November  27,  2006,  we hired  Anthony A.  Bonelli as  President  and Chief
Operating Officer.

Mr.  Bonelli,  age 56,  has over  twenty-five  years of  diversified  healthcare
industry experience.  From September 2004 to August 2006, he served as President
of Optigenex,  an applied DNA sciences  company.  Mr. Bonelli also was the Chief
Operating Officer of Optigenex from September 2004 to October 2005 and the Chief
Executive  Officer of Optigenex  from  October 2005 until August 2006.  He was a
principal of Anthony Bonelli  Associates  between August 2006 and November 2006,
and between 1999 and 2004,  where he advised a number of  healthcare  companies,
including Parke-Davis,  Schering-Plough Company, Aventis,  Pharmacia and Pfizer.
From 1998 to 1999,  he was President  and Chief  Operating  Officer of Vitaquest
International,  Inc.,  a custom  developer  and  manufacturer  of  vitamins  and
nutritional supplements.  From 1995 to 1998, Mr. Bonelli was President and Chief
Operating Officer of Neuman Health Services, a healthcare/drug company. Prior to
that, he was President of Health  Economics  Research,  a consultancy,  and from
1993  to  1994,  he  was  President  and  Chief  Operating   Officer  of  Copely
Pharmaceuticals,  a generic drug manufacturer. As Vice President,  Institutional
Health  Care SBU of  Warner-Lambert's  Parke-Davis  Group from 1987 to 1993,  he
reported to the President, Parke-Davis North America, establishing an autonomous
organization  within the Parke-Davis Group with sales of over $500 million.  Mr.
Bonelli  is a  graduate  of Harvard  University  with a  Bachelor  of Science in
Biological  Sciences and holds an MBA from Rutgers University Graduate School of
Business and a JD from the University of San Francisco School Of Law.

Pursuant to his employment  agreement,  Mr. Bonelli is employed as our President
and Chief  Operating  Officer for an initial term of two years.  His  employment
automatically  renews  thereafter  for successive one year periods unless either
party gives written notice not to renew within 90 days of the termination date.

Mr.  Bonelli  will  receive an annual  salary at the rate of  $350,000  per year
through December 31, 2007 and, thereafter,  at the annual rate of $400,000.  His
salary  will be  subject to cost of living  increases.  He will be  entitled  to
annual  bonuses in the  discretion of our Chairman and Board of  Directors.  Mr.
Bonelli  received a $50,000 cash bonus and 100,000 options upon his execution of
his employment  agreement and his minimum cash bonus for the year ended December
31, 2007 will be $75,000.  Mr. Bonelli also is entitled to an additional  50,000
options upon his  successful  completion  of three months of  employment  and an
aggregate of up to an additional  950,000 options upon the happening of specific
business  milestones.  We have the right, in our sole discretion,  to modify the
time periods  within which the  milestones  must be met.  Each option vests upon
award,  expires  in ten years  and has an  exercise  price  equal to 110% of the
closing price of our common stock on the American  Stock Exchange on the date of
the award. Upon the happening of certain events,  such as our merger with and in
to another entity or our sale or transfer of assets or earning power aggregating
50% or more of our assets or earning  capacity,  provided  Mr.  Bonelli is still
employed by us, any of the foregoing options not granted to him will be granted.
He is also  entitled  to receive  fringe  benefits  generally  available  to our
executive  officers and we have agreed,  during his  employment  period,  to pay
premiums on a term life insurance policy in the face amount of $1,500,000 with a
beneficiary of Mr. Bonelli's choosing.

The employment  agreement  terminates upon Mr. Bonelli's death or disability and
is terminable by us for "cause" as defined in the  agreement,  or without cause.
Mr. Bonelli has the right to terminate the agreement upon not less than 60 day's
prior  notice.  In the event that the agreement  terminates  due to his death or
disability,  or by him, he will be entitled to fees due and payable  through the
last day of the month in which the termination occurs. If it is terminated by us
for cause,  he will be  entitled to fees due and payable to him through the date
of  termination.  If we terminate the agreement  without  cause,  Mr. Bonelli is
entitled to fees  depending  upon the amount of time he has been  employed by us
ranging from 12 months' of fees if he is  terminated  within the first 12 months
of  employment to three months' of fees if he is terminated in the 21st month of
employment. Mr. Bonelli is subject to confidentiality and non-compete covenants.

R. Douglas  Hulse,  who has been serving  part-time as our  President  and Chief
Operating  Officer of Hemispherx has resigned.  Mr. Hulse had been contracted to
us from The Sage Group. Mr. Hulse's various  responsibilities  to The Sage Group
have grown to preclude him from  dedicating  his time fully to  Hemispherx.  Mr.
Hulse intends to continue with Hemispherx in a capacity of Senior Advisor to our
Chairman and Board of Directors.







                                   SIGNATURES


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                                HEMISPHERX BIOPHARMA, INC.


November 30, 2006                           By: /s/  William A. Carter
                                                ------------------------
                                                William A. Carter M.D.,
                                                Chief Executive Officer