AURORA, Ontario, Dec. 9 /CNW/ --
Consolidated Statements of Operations for the three month period ended October 31 (thousand $, except for per share data) ---------------------------------------
2009 2008
---- ---- Revenue: Product revenue 903 921 License fees & royalties 117 198
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1,020 1,119
Expenses: Cost of sales 418 447 Research and development 2,925 1,641 Operating, general and admin 677 1,060 Sales and marketing 261 250 Amortization of capital assets 98 64 Amortization of intangible assets - 3 Stock-based compensation 160 - Interest income (14) (205) Foreign exchange loss (gain) (42) 150
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4,483 3,410
Loss before income taxes (3,463) (2,291)
Income taxes 10 30
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Loss for the year (3,473) (2,321)
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Loss per share:
Basic (0.06) (0.05)
Diluted (0.06) (0.05)
Consolidated Statements of Cash Flows for the three month period ended October 31 (thousand $, except for per share data) ---------------------------------------
2009 2008
---- ---- Cash provided by (used in):
Loss for the year (3,473) (2,321) Items not involving cash: Amortization of capital assets 98 64 Amortization of intangibles - 3 Deferred lease credit (8) - Stock-based compensation 160 - Foreign exchange loss (gain) (42) 150
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(3,265) (2,104) Change in non-cash working capital 917 486
--- --- Operating activities (2,348) (1,618)
Financing activities 11,597 9,659
Investing activities (245) (37)
Effect of exchange rate changes on cash and cash equivalents 42 (150)
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Cash and cash equivalents: Increase/(decrease) in the year 9,046 7,854 Beginning of the year 14,494 19,057
------ ------ End of the year 23,540 26,911
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Consolidated Balance Sheets as at --------------------------------- (thousand $) ------------
31-Oct 31-Jul 31-Oct 31-Jul
2009 2009 2009 2009
---- ---- ---- ---- Current assets: Current liabilities: Cash and cash equivalents 23,540 14,494 Accounts payable 1,984 1,299 Accounts receivable 1,178 1,053 Accrued liabilities 843 834 Inventory 867 858 Deferred lease credit 25 25
--- --- Prepaid and other 692 1,049 2,852 2,158
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26,277 17,454 Non current liabilities 90 98
--- --- Non current assets 2,005 1,865 Total liabilities 2,942 2,256
Shareholders' equity 25,340 17,063
----- ----- ------ ------
Total liabilities & Total assets 28,282 19,319 Shareholders' Equity 28,282 19,319
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The Company's unaudited interim consolidated financial statements and management's discussion and analysis of financial condition and results of operations have been 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 Media Relations Robert Flamm, Ph.D. Ian Stone Russo Partners LLC Russo Partners LLC Tel: (212) 845-4226 Tel: (619) 814-3510 Email: Fax: (619) 955-5318 robert.flamm@russopartnersllc.com Email: www.russopartnersllc.com ian.stone@russopartnersllc.com
Forward-Looking Statements and Risks and Uncertainties
This News Release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), within the meaning of applicable securities laws, regarding the Company's plans for future clinical trials for L-DOS47 and Topical Interferon Alpha-2b and its expected timing of filing its IND and CTA applications necessary to conduct the trials; the timing of completion of the Phase II pharmacokinetic study of Topical Interferon Alpha-2b for the minimum 12 patients; sufficiency of the Company's cash reserves and expected cash flow from operations; and other information in future periods, which statements can be identified by the use of forward-looking terminology such as "plans", "project", "expected", "intends"; "next", "anticipated", "developing", "will" or variations thereon. Although Helix believes that the expectations reflected in such forward-looking statements are reasonable, such statements and information involve risks and uncertainties, and undue reliance should not be placed on such statements. Forward-looking statements, including financial outlooks, are intended to provide information about management's current plans and expectations regarding future operations, including without limitation, future financing requirements, and may not be appropriate for other purposes. Certain material factors or assumptions have been applied in making forward-looking statements, including, but not limited to, assumptions regarding the patient recruitment rate for the ongoing Phase II pharmacokinetic study for Topical Interferon Alpha-2b (cervical dysplasia) and the sufficiency of data from the minimum 12 patients; the timely and successful completion of all activities leading up to the Company's planned IND and CTA filings for both L-DOS47 and Topical Interferon Alpha-2b (cervical dysplasia), including without limitation, GMP manufacturing; the timely provision of services and supplies by third parties; future revenue and costs; and the receipt of required regulatory approvals and necessary financing. Important risk factors that could cause actual results to differ materially from these forward-looking statements 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; the risk that the FDA is not bound by its pre-IND meetings and the need for further regulatory approvals, which may not be obtained in a timely manner or at all; uncertainty whether any of the timelines mentioned in this press release will be achieved; Helix's dependence on its contract research organizations, contract manufacturing organizations, clinical trial consultants, collaborative research consultants, regulatory affairs advisors, and other service providers, 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 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 manufacturing of L-DOS47 or Topical Interferon Alpha-2b, or in connection with the pharmacokinetic study; the risk of obtaining negative findings or factors that may become apparent during the course of research or development, including during the course of clinical trials, which may result in the discontinuation or delay of the research or development projects; 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; the risk that Schering Corporation, the Company's supplier of interferon alpha-2b for the Company's Topical Interferon Alpha-2b drug candidate, 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 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, are more fully described in the Company's latest MD&A, Form20-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.
