EXHIBIT 99.1


              HOLLIS-EDEN COMPLETES $11.5 MILLION PRIVATE PLACEMENT

     SAN DIEGO, Dec. 13 -- Hollis-Eden Pharmaceuticals, Inc. (Nasdaq:HEPH)
announced today that it has raised $11.5 million in gross proceeds from the sale
of 1.28 million shares of newly issued Hollis-Eden common stock in a private
placement at a price of $9.00 per share. Hollis-Eden also issued to the
investors warrants to purchase up to 128,000 shares of common stock having an
exercise price of $12.00 per share. The warrants are exercisable in cash for a
period of two years. The investors are comprised of a group of qualified
institutional buyers and institutional accredited investors. The Company intends
to use these funds primarily to conduct clinical trials with its immune
regulating hormones in a number of indications.

     Hollis-Eden Pharmaceuticals, Inc. is a development-stage pharmaceutical
company based in San Diego, California, engaged in the development of products
for the treatment of infectious diseases and immune systems disorders.

     The securities sold in this offering have not been registered under the
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements. Statements made in this press release may constitute forward-
looking statements and are subject to numerous risks and uncertainties,
including the failure to successfully complete clinical trials and other risks
detailed from time to time in the Company's filings with the Securities and
Exchange Commission. The actual results may differ materially from those
contained in this press release.