Helix BioPharma announces Q1 2008 financial results

About this update from Helix Biopharma Corp.

[{"type":"text","content":"\n\n\n\nAURORA, ON, Dec. 17 /CNW/ - Helix BioPharma Corp. (TSX, FSE: "HBP") today\nannounced financial results for the first quarter of fiscal 2008, ended\nOctober 31, 2007.\n\n\nHIGHLIGHTS\n----------\n- Subsequent to the first quarter, the Company announced a\n CDN$16.9 million private placement of common shares, subject to\n closing\n\n- Announced management changes, with Dr. Donald H. Segal remaining the\n Company's Chief Executive Officer and Mr. John Docherty assuming the\n role of President\n\n- Announced University of Arizona professor, Kenneth D. Hatch, MD, as\n medical advisor\n\n- Jerome F. McElroy resigned as chairman and director of the Company\n\n\nRESULTS FROM OPERATIONS\n\n\nThree month period ended October 31, 2007 compared to the same period in\n\n\nthe previous year\n\n\nRevenues were higher in the first quarter of fiscal 2008 when compared to\nthe first quarter of 2007 with margins remaining relatively flat. Overall\nexpenses in the first quarter of fiscal 2008 were higher when compared to\nfiscal 2007 and are mainly attributable to a one time charge related to the\nresignation of the Company's Chairman which is reflective of the higher loss\nfor the period. The Company adopted four new accounting standards in the first\nquarter of fiscal 2008, of which one impacted the Company resulting in a net\nunrealized gain on an available-for-sale investment.\n\n\nLoss for the period\n\n\nDuring the first quarter of fiscal 2008, the Company recorded a loss of\n$1,644,000 or $0.05 per common share, resulting in an increase of $302,000\nwhen compared to the first quarter of fiscal 2007. The Company recorded a loss\nof $1,342,000, or $0.04 per common share in the first quarter of fiscal 2007.\n\n\nRevenues\n\n\nTotal revenues in the first quarter of fiscal 2008 totaled $885,000\n(2007 - $826,000), resulting in an increase of $59,000 or 7.1%.\n\n\nProduct Revenue\n\n\nProduct revenues totaled $754,000 in the first quarter of fiscal 2008 and\nrepresent 85.2% of total revenues. When compared to the first quarter of\nfiscal 2007, product revenues increased by $58,000 or 8.3% and are primarily\ndriven by Klean-Prep(TM) product sales.\n\n\nLicense fees and royalty revenue\n\n\nLicense fees and royalties totaled $131,000 in the first quarter of\nfiscal 2008 and represent 14.8% of revenues. When compared to the first\nq...

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