AURORA, Ontario, Oct. 29 /CNW/ --
Consolidated Statements of Operations
(thousand $, except for per share data)
2009 2008 2007
---- ---- ----
Revenue:
Product revenue 3,244 2,952 2,764
License fees & royalties 597 639 512
Research and development contracts - - 148
-- -- ---
3,841 3,591 3,424
Expenses:
Cost of sales 1,516 1,239 1,139
Research and development 10,322 5,064 4,116
Operating, general and admin 3,917 3,948 3,570
Sales and marketing 969 809 848
Amortization of intangibles 12 16 159
Amortization of capital assets 274 254 287
Stock-based compensation 1,023 44 47
Interest income (339) (645) (496)
Foreign exchange loss (gain) 133 (327) (9)
Impairment of intangibles 98 - 1,332
-- - -----
17,925 10,402 10,993
Loss before income taxes (14,084) (6,811) (7,569)
Income taxes 18 153 105
-- --- ---
Loss for the year (14,102) (6,964) (7,674)
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Loss per share:
Basic (0.27) (0.16) (0.22)
Diluted (0.27) (0.16) (0.22)
Consolidated Statements of Cash Flows (thousand $)
2009 2008 2007
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Cash provided by (used in):
Loss for the year (14,102) (6,964) (7,674)
Items not involving cash:
Amortization of capital
assets 274 254 287
Amortization of intangibles 12 16 159
Deferred lease credit 123 - -
Stock-based compensation 1,023 44 47
Impairment of intangibles 98 - 1,332
Foreign exchange loss (gain) 133 (327) (9)
--- ---- --
(12,439) (6,977) (5,858)
Change in non-cash working
capital (718) (20) (221)
---- --- ----
Operating activities (13,157) (6,997) (6,079)
Financing activities 9,659 14,614 6,480
Investing activities (932) (266) 6,577
Effect of exchange rate
changes on cash and cash
equivalents (133) 327 9
---- --- -
Cash and cash equivalents:
Increase/(decrease) in
the year (4,563) 7,678 6,987
Beginning of the year 19,057 11,379 4,392
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End of the year 14,494 19,057 11,379
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Consolidated Balance Sheet (thousand $)
2009 2008
---- ----
Current assets:
Cash and cash equivalents 14,494 19,057
Accounts receivable 1,053 349
Inventory 858 458
Prepaid and other 1,049 446
----- ---
17,454 20,310
Non current assets 1,865 1,356
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Total assets 19,319 21,666
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Current liabilities:
Accounts payable & accruals 1,299 598
Accrued liabilities 834 546
Deferred lease credit 25 -
-- --
2,158 1,144
Non current liabilities 98 -
-- --
Total liabilities 2,256 1,144
Shareholders' equity 17,063 20,522
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Total liabilities and
shareholders' equity 19,319 21,666
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The Company's complete 2009 Consolidated Financial Statements, Management's Discussion and Analysis and Annual Information Form are being filed today with Canadian securities regulatory authorities and will be available at SEDAR at www.sedar.com.
About Helix BioPharma Corp.
Helix BioPharma Corp. is a biopharmaceutical company specializing in the field of cancer therapy. The Company is actively developing innovative products for the prevention and treatment of cancer based on its proprietary technologies. Helix's product development initiatives include its novel L-DOS47 new drug candidate and its Topical Interferon Alpha- 2b. Helix is listed on the TSX and FSE under the symbol "HBP" and the OTCQX International Market under the symbol "HXBPF".
For further information contact:
Investor Relations
Robert Flamm, Ph.D.
Russo Partners LLC
Tel: (212) 845-4226
Email: robert.flamm@russopartnersllc.com
www.russopartnersllc.com
Media Relations
Ian Stone
Russo Partners LLC
Tel: (619) 814-3510
Fax: (619) 955-5318
Email: ian.stone@russopartnersllc.com
Forward-Looking Statements and Risks and Uncertainties
This News Release contains certain forward-looking statements and forward-looking information, within the meaning of applicable securities laws, regarding the Company's plans for future clinical trials for L-DOS47 and Topical Interferon Alpha-2b; the timing of completion of the Phase II pharmacokinetic study for the minimum 12 patients and of completion of enrolment for the Phase II AGW trial of Topical Interferon Alpha-2b; the timing of a future Phase I/II clinical study for L-DOS47 in Poland; sufficiency of the Company's cash reserves and expected cash flow from operations; and other information in future periods, which statements and information can be identified by the use of forward-looking terminology such as "plans", "expected", "intends"; "estimates", "next", "anticipated", "developing", "will" or variations thereon, or comparable terminology referring to future events or results. Although Helix believes that the expectations reflected in such forward-looking statements and information are reasonable, such statements and information involve risks and uncertainties, and undue reliance should not be placed on such statements and information. Certain material factors or assumptions are applied in making forward-looking statements and providing forward-looking information, including, but not limited to, patient recruitment rates and the timely and successful completion of ongoing clinical trials, GMP manufacturing and other activities; the timely provision of services by third parties; future revenue, costs and regulatory approvals. Important factors that could cause actual results to differ materially from these forward-looking statements and information include, without limitation, the Company's continuing need for additional capital, which may not be available in a timely manner or at all and which if not obtained will have a material adverse impact on the Company and its ability to continue, or if not obtained in a timely manner, may result in the Company's having to discontinue or delay one or more of its product development programs or other initiatives; uncertainty whether Topical Interferon Alpha-2b or L-DOS47 will be successfully developed and commercialized as a drug or at all; the risk that the FDA is not bound by its pre-IND meetings; uncertainty whether any of the timelines mentioned in this press release will be achieved; Helix's dependence on its third party service providers, including without limitation, contract research organizations, contract manufacturing organizations, clinical trial consultants, collaborative research consultants, regulatory affairs advisors, and others, whose performance and interdependence can critically affect the Company's performance and the achievement of its milestones; uncertainty whether any of the clinical trials referred to in this news release will be approved, initiated or completed as planned or at all or will achieve expected results; the need for additional clinical trials, the occurrence and success of which cannot be assured; product liability and insurance risks; research and development risks, including the possibility that further challenges may arise in connection with the scale-up manufacturing of L-DOS47 or Topical Interferon Alpha-2b, or in connection with the German pharmacokinetic study; the risk of obtaining negative findings or factors that may become apparent during the course of research or development which may result in the discontinuation or delay of the research or development projects; the risk of technical obsolescence; the need for further regulatory approvals, which may not be obtained in a timely matter or at all; intellectual property risks, including without limitation, the risk that three patents for Topical Interferon Alpha-2b will expire in 2013 and no additional patent may be issued, that patent applications may not result in issued patents, that issued patents may be circumvented or struck down, and the risk of potential claims of infringement by the Company of third party intellectual property rights; marketing/manufacturing and partnership/strategic alliance risks; the effect of competition; uncertainty of the size and existence of a market opportunity for Helix's products; the risk that the Company's supplier for Topical Interferon Alpha-2b may not continue to provide the Company with interferon alpha-2b or exercise its commercialization option, which would have a negative effect on the further development of the drug candidate and on the Company; Helix's dependence on its licensor of the L-DOS47 antibody; the need to secure new strategic relationships, which is not assured, to commercialize L-DOS47 and any other drug candidates which may arise out of DOS47; the risk of unanticipated expenses or failure to achieve expected revenue; and the risk of changes in business strategy or development plans. Certain of these risks and uncertainties, and others affecting the Company which could cause actual results to vary materially from current results or those anticipated in forward-looking statements and information, are more fully described in the Company's latest MD&A, Form 20-F and other reports filed with the Canadian Securities Regulatory Authorities and the U.S. SEC from time to time at www.sedar.com and www.sec.gov/edgar.shtml, respectively. Forward-looking statements and information are based on the beliefs, assumptions, opinions and expectations of Helix's management at the time they are made, and Helix does not assume any obligation to update any forward-looking statement or information should those beliefs, assumptions, opinions or expectations change, except as required by law.
