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Helix BioPharma Corp. Announces Fiscal 2008 Results
Date:10/28/2008

d to Topical Interferon Alpha-2b reflect additional costs in preparation to open additional sites in Germany for the AGW clinical trial and the expected Phase IIb/III IND/CTA filings for LSIL to occur before the end of the Company's fiscal fourth quarter ending July 31, 2009.

Operating, general and administration expenses in fiscal 2008 totaled $4,757,000 and represent an increase of $339,000 or 7.7% when compared to fiscal 2007. Operating, general and administration expenses reflect higher audit and consulting fees and a one time charge of $434,000 relating to the resignation of the Company's Chairman. Offsetting these cost were lower marketing promotional costs and legal fees associated with the 2008 Annual General Meeting.

Amortization of intangible assets in fiscal 2008 totaled $16,000 and represented a decrease of $143,000 when compared to fiscal 2007. Certain intangible assets were fully amortized in fiscal 2007 and prior, resulting in the lower amortization expense in fiscal 2008 and on a go forward basis. Amortization of capital assets in fiscal 2008 decreased marginally when compared to fiscal 2007.

Stock-based compensation expense in fiscal 2008 totaled $44,000 and represents a decrease of $3,000 when compared to fiscal 2007. The Company did not issue any stock options in fiscal 2008 and the stock-based compensation expense during the year represents the ongoing amortization of compensation costs of stock options granted on June 30, 2005, over their vesting period.

Interest income totaled $645,000 in fiscal 2008 and $496,000 in 2007. The increase is mainly the result of higher on hand cash balances in fiscal 2008 versus fiscal 2007.

The Company realized a foreign exchange gain of $327,000 in fiscal 2008, which compares favorably to the foreign exchange gain of $9,000 which was realized in fiscal 2007. The Canadian dollar's strength over the last three fiscal years has moderated in fiscal 2008 and was range bound while the
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SOURCE Helix BioPharma Corp.
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