Helix BioPharma Announces Q2 2009 Financi...(of the higher research and development c...)

Date:3/16/2009

of the higher research and development costs in the three and six month periods ended January 31, 2009, reflect costs associated with the ongoing AGW Phase II clinical trial in Sweden and Germany. The residual increase in the three and six month periods ended January 31, 2009, is split relatively equally, between research and development activities associated with LSIL and L-DOS47.

Operating, general & administration

Operating, general & administration expenses totaled $1,440,000 and $2,623,000 respectively for the three and six month periods ended January 31, 2009 (three and six month periods ended January 31, 2008: $1,165,000 and $2,380,000 respectively).

Operating, general and administration expenses were higher for both the three and six month periods ended January 31, 2009. Legal and audit fees associated with the Company's filing of a Form 20-F registration statement with the U.S. Securities and Exchange Commission reflect the majority of the increase. Also impacting the quarter were higher sales commissions, costs associated with the implementation of a new financial reporting system and expenditures associated with capital raising and investor relations services. Capital raising services in the comparative three and six month periods ended January 31, 2008 relate to the December 19, 2007 private placement and were accounted for as share issue costs (applied against proceeds from the private placement as part of share capital). Offsetting in part, the aforementioned increases in expenditures are lower wages and benefits due to a one-time charge relating to the resignation of the Company's Chairman and management bonuses paid in the three and six month periods ended January 31, 2008. Also contributing to the lower wages and benefits in the current quarter was the foregoing of accrued vacation days by management.

Amortization of intangible and capital assets

Amortiz
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SOURCE Helix BioPharma Corp. Copyright©2009 PR Newswire. All rights reserved

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