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Helix BioPharma Corp. Announced Fiscal 2020 Year-End Results
RICHMOND HILL, ON / ACCESSWIRE / October 29, 2020 / Helix BioPharma Corp. ( TSX:HBP ), (" He...
About this update from Helix Biopharma Corp.
[{"type":"text","content":"Helix BioPharma Corp. Announced Fiscal 2020 Year-End ResultsRICHMOND HILL, ON / ACCESSWIRE / October 29, 2020 / Helix BioPharma Corp. (TSX:HBP), (\"Helix\" or the \"Company\"), a clinical-stage biopharmaceutical company developing unique therapies in the field of immuno-oncology based on its proprietary technological platform DOS47, today announced its financial results for the 2020 fiscal year ended July 31, 2020.OVERVIEWThe Company reported a consolidated net loss and total comprehensive loss of $9,174,000 or $0.07 loss per common share for fiscal 2020 (2019 - $7,526,000 or $0.07 loss per common share. This includes a net loss from discontinued operations in fiscal 2020 of $613,000 (2019 - $719,000) related to the Company's planned divestiture of Helix Immuno-Oncology S.A. (\"HIO\").The Company began the year with a working capital deficiency of $3,534,000 until August 21, 2019 when the Company closed a series of private placements in fiscal 2020 for total gross proceeds of approximately $16,000,000. A portion of these private placement financings included the disposition of a 49.0% stake in HIO. On July 8, 2020 HIO completed a direct Series B private placement which resulted in a dilution of the Company's holding in HIO down to 42.51% as at July 31, 2020 and subsequently on September 3, 2020, HIO closed a direct Series C private placement which further diluted the Company's holding in HIO down to 29.89%.On June 26, 2020, the Company announced that it had entered into agreements with HIO, pursuant to which the Company cancelled an aggregate amount of approximately $2,700,000 of intercompany debt owed to the Company by HIO. As a result, all transferred assets related to Biphasix and V-DOS47 have been automatically reassigned and transferred from HIO back to the Company without any formality. In addition, the Company also ceased financing HIO with immediate effect.Also, on June 26, 2020, the Company announced the receipt of a non-binding offer for PLN6,700,000 from CAIAC Fund Management AG (\"CAIAC\") to purchase the Company's remaining shares in HIO. The transaction was initially expected to close no later than August 31, 2020 but has since been deferred to the end of October 30, 2020, subject to the satisfaction of certain conditions. As of the filing date of this press release the Company has not yet closed the transaction wi...