Helix BioPharma Announces Q2 2009 Financi...(s challenging and there can be no assura...)

Date:3/16/2009

s challenging, and there can be no assurance that additional funding by way of equity financing will be available. The failure of the Company to obtain additional funding on a timely basis may result in the Company reducing, delaying or cancelling one or more of its planned research, development and marketing programs and reducing related personnel, any of which could impair the current and future value of the business. Any additional equity financing, if secured, may result in significant dilution to the existing shareholders at the time of such financing. The Company may also seek additional funding from other sources, including technology licensing, co-development collaborations, and other strategic alliances, which, if obtained, may reduce the Company's interest in its projects or products. There can be no assurance, however, that any alternative sources of funding will be available.

The Company's unaudited interim consolidated balance sheet as at January 31, 2009, and audited consolidated balance sheet as at July 31, 2008, are summarized below:

    Consolidated Balance Sheets as at
    ($ thousands)
                         31-Jan  31-Jul                        31-Jan 31-Jul
                           2009    2008                          2009   2008
    Current assets:                       Current liabilities:
     Cash and cash                          Accounts payable    1,752    598
      equivalents        23,636  19,057     Accrued liabilities   412    546
     Accounts receivable    606     349                         2,164  1,144
     Inventory              700     458
     Prepaid and other      164     446
                         25,106  20,310

    Non current assets    1,218   1,356   Shareholders'
                         26,324  21,666       equity           24,160 20,522
                                                               26,324 21,666

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

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