Helix BioPharma Reports Fiscal 2015 Third Quarter Financial Results

Helix BioPharma Corp. (TSX:HBP) announced its financial results for the fiscal 2015 third quarter for the period ended April 30, which showed a net loss of $1,821,000. The company’s research and development costs for the same period totaled $1,285,000.

Highlights:

• Closed two private placements for net proceeds totalling $8,243,000. The terms of the private placements, which closed on April 1 and April 29, 2015, respectively, included the purchase of units at $1.10 per unit. Each unit consists of one common share and one share purchase warrant with an exercise price of $1.54 and an expiry of five years from the date of issue.
• The European Phase I/II clinical study in Poland completed enrolment of its 40th patient and is currently enrolling patients in the 12th dosing cohort.
• The Central Ethics Committee overseeing the Phase I clinical study in Poland approved an additional four cohort dose levels which would permit the Company to dose escalate patients up to cohort 16. The additional four cohort approved dose levels (cohorts 13 to 16) include 5.76, 7.66, 10.19 and 13.55 µg/kg.
• The Company’s U.S. Phase I study initiated three clinical centre sites: The University of Texas, M.D. Anderson Cancer Centre; Penn State Milton S. Hershey Medical Center; and University Hospitals Case Medical Center

As quoted in the press release:

The Company recorded a net loss and total comprehensive loss of $1,821,000 and $6,611,000, respectively for the three and nine-month periods ended April 30, 2015 for a loss per common share of $0.03 and $0.09, respectively. For the comparative three and nine-month periods ended April 30, 2014, the Company recorded a net loss and total comprehensive loss of $2,109,000 and $6,878,000, respectively for a loss per common share of $0.03 and $0.10, respectively.

Research and development costs totaled $1,216,000 and $3,902,000, respectively for the three and nine-month periods ended April 30, 2015. For the three and nine-month periods ended April 30, 2014, research and development costs totaled $1,285,000 and $4,266,000, respectively.

Operating, general and administration expenses for the three and nine-month periods ended April 30, 2015 totaled $687,000 and $2,754,000, respectively ($829,000 and $2,666,000 respectively for the three and nine-month periods ended April 30, 2014). Lower operating, general and administration expenses for the three-month period ended April 30, 2015 when compared to the three-month period ended April 30, 2014, is mainly the result of lower stock-based compensation expense, expenditures related to investor relations and financial advisory services.

Click here to read the full Helix BioPharma Corp. (TSX:HBP) press release.