Helix BioPharma Announces Q2 2009 Financi...(Ireland. The net assets in Ireland cons...)

Date:3/16/2009

Ireland. The net assets in Ireland consist mainly of cash and cash equivalents, denominated in Euro dollars, which are used to fund clinical trials of Topical Interferon Alpha-2b in Europe. In addition, U.S. dollar purchases of inventory for distribution in Canada also contributed to the foreign exchange loss.

Income taxes

Income tax expense in the three and six months ended January 31, 2009 totaled $24,000 and $54,000 respectively (three and six month periods ended January 31, 2008: $30,000 and $62,000 respectively). All income taxes are attributable to the Company's operations in Ireland.

cash flow

Operating activities

For the three month period ended January 31, 2009 and 2008, cash used in operating activities totaled $3,256,000 and $1,073,000, respectively. For the six month period ended January 31, 2009 and 2008, cash used in operating activities totaled $4,874,000 and $2,716,000, respectively. The increase in cash used in operating activities for the three and six month periods ended January 31, 2009 compared to 2008, is mainly the result of higher research and development expenditures along with slightly higher operating, general and administrative expenditures.

Financing activities

Financing activities in the three and six month periods ended January 31, 2009 totaled $nil and $9,659,000 (three and six month periods ended January 31, 2008: $14,614,000 and $14,614,000 respectively). All financing activities relate to two separate private placements in the given periods.

Investing activities

Use of cash in investing activities for the three and six month periods ended January 31, 2009 totaled $37,000 and $74,000 (2008 - $9,000 and $59,000 respectively). All use of funds in investing activities represents capital acquisitions in the particular period.

Liquidity, Capital Resources and
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SOURCE Helix BioPharma Corp. Copyright©2009 PR Newswire. All rights reserved

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