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Helix BioPharma Announces Q3 2009 Financial Results and Provides Product Development Update
Date:6/15/2009

p>Since inception, the Company has financed its operations from public and private sales of equity, the exercise of warrants and stock options, and, to a lesser extent, interest income from funds available for investment, government grants, investment tax credits, and revenues from distribution, licensing and contract services. Since the Company does not have net earnings from its operations, the Company's long-term liquidity depends on its ability to access the capital markets, which depends substantially on the success of the Company's ongoing research and development programs.

At April 30, 2009, the Company had cash and cash equivalents totaling $19,598,000 (July 31, 2008 - $19,057,000). The marginal increase in cash and cash equivalents is the result of a private placement completed on October 2, 2008 for gross proceeds of $11,424,000 and is offset by expenditures associated with research and development activities and other operating expenses. The Company issued 6,800,000 units at $1.68 per unit. Each unit consists of one common share and one-half common share purchase warrant with each whole common share purchase warrant entitling the holder to purchase, subject to adjustment, one common share at a price of $2.36 until 5pm (Toronto time) on October 1, 2011.

The total number of common shares issued as at April 30, 2009 was 53,175,335 (July 31, 2008 - 46,375,335).

At April 30, 2009, the Company's working capital was $18,695,000 (July 31, 2008 - $19,166,000).

Based on our planned expenditures and assuming no material unanticipated expenses, we believe that our cash reserves will be sufficient to meet our anticipated cash needs for working capital and capital expenditures for the next twelve months.

The Company will continue to seek additional funding, primarily by way of equity offerings, to carry out its business plan and to minimize risks to its operations. The market, how
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SOURCE Helix BioPharma Corp.
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