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Helix BioPharma Corp. Announces Fiscal 2008 Results

re, for gross proceeds of $16,867,200.

At July 31, 2008, 2007 and 2006, the total number of common shares issued and outstanding was 46,375,335, 36,335,335 and 32,685,335, respectively, and the Company's working capital was $19,144,000, $11,468,000 and $10,900,000, respectively.

On October 2, 2008, the Company announced the completion of a private placement, issuing 6,800,000 units at $1.68 per unit, for gross proceeds of $11,424,000. 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 one common share at a price of $2.36 until October 1, 2011.

Based on our planned expenditures and assuming no unanticipated expenses, we believe that our cash reserves and expected cash from operations will be sufficient to meet our anticipated cash needs for working capital and capital expenditures for the next 12 months. The Company has no external sources of liquidity such as lines of credit. At present, the Company considers that it will be necessary to conclude one or more debt or equity financings in the near term to be able to continue with its existing business plan. There can be no assurance that any such financing will be available on acceptable terms or at all.

The Company's consolidated fiscal 2008, 2007 and 2006 financial statements are summarized below:

Consolidated Statements of Operations

(thousand $, except for per share data)


2008 2007 2006



Product revenue 2,952 2,764 3,012

License fees & royalties 639 512 773

Research and

Development contracts - 148 180



SOURCE Helix BioPharma Corp.
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