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Helix BioPharma Corp. announces fiscal 2006 results
Helix BioPharma Corp. announces fiscal 2006 results.
About this update from Helix Biopharma Corp.
[{"type":"text","content":"\n\n\n\n\nAURORA, ON, Oct. 26 /CNW/ - Helix BioPharma Corp. (TSX, FSE: \"HBP\") today\nannounced financial results for the year ended July 31, 2006.\nDuring the 2006 fiscal year, the Company continued to make progress with\nboth its clinical (Topical Interferon Alpha-2b) and pre-clinical (L-DOS47)\nprograms, and strengthened its financial position by successfully raising\nadditional capital, via private placements.\n\n>\n\nFor the year ended July 31, 2006, the Company recorded a net loss of\n$6,939,000 or $0.22 per common share and represents a decrease of $686,000\nwhen compared to the fiscal year ended July 31, 2005, when the Company\nrecorded a net loss $7,625,000 or $0.28 per common share.\nOverall revenues increased in fiscal 2006 and were mainly the result of\nhigher product revenues of Orthovisc(R) sales in Canada and increased research\nand development contract services for Apotex Inc. (\"Apotex\"). Higher product\nrevenues and research and development contract revenue were offset by lower\nroyalty revenues from the rate reduction for Klean-Prep(TM) sales in Europe\nand lower revenues from the Company's sub-licensing arrangement of its Biochip\ntechnology to Lumera Corporation (\"Lumera\"). Product cost of sales benefited\nfrom the continuously improving Canadian dollar in fiscal 2006, resulting in\nimproved product margins.\nOverall expenses in fiscal 2006, were marginally higher than those in\nfiscal 2005, with higher research and development, operating expenses and\nstock based compensation being offset by reductions in income taxes,\namortization for intangible and capital assets and a write-down of intangibles\nin the previous year versus nil in fiscal 2006.\n\nFINANCIAL REVIEW\n----------------\n\nRevenues for the year ended July 31, 2006 totalled $3,965,000 and\nrepresent an increase of $233,000 or 6.2% when compared to total revenues for\nthe previous year ended July 31, 2005 of $3,732,000.\nProduct revenues totalled $3,012,000 in fiscal 2006 and represent 76.0%\n(2005 - 65.8%) of revenues. When compared to fiscal 2005, product revenues\nincreased by $556,000 or 22.6% in fiscal 2006. As in the previous year, the\nincrease in product revenues in fiscal 2006 is mainly the result of increased\nOrthovisc(R) revenues. Cost of sales totalled $1,341,000 in fiscal 2006 (2005\n- $1,190,000) and were higher in the year by ...