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Helix BioPharma announces Q1 2008 financial results
Date:12/17/2007

AURORA, ON, Dec. 17 /PRNewswire-FirstCall/ - Helix BioPharma Corp. (TSX, FSE: "HBP") today announced financial results for the first quarter of fiscal 2008, ended October 31, 2007.

HIGHLIGHTS

----------

- Subsequent to the first quarter, the Company announced a

CDN$16.9 million private placement of common shares, subject to

closing

- Announced management changes, with Dr. Donald H. Segal remaining the

Company's Chief Executive Officer and Mr. John Docherty assuming the

role of President

- Announced University of Arizona professor, Kenneth D. Hatch, MD, as

medical advisor

- Jerome F. McElroy resigned as chairman and director of the Company

RESULTS FROM OPERATIONS

Three month period ended October 31, 2007 compared to the same period in

the previous year

Revenues were higher in the first quarter of fiscal 2008 when compared to the first quarter of 2007 with margins remaining relatively flat. Overall expenses in the first quarter of fiscal 2008 were higher when compared to fiscal 2007 and are mainly attributable to a one time charge related to the resignation of the Company's Chairman which is reflective of the higher loss for the period. The Company adopted four new accounting standards in the first quarter of fiscal 2008, of which one impacted the Company resulting in a net unrealized gain on an available-for-sale investment.

Loss for the period

During the first quarter of fiscal 2008, the Company recorded a loss of $1,644,000 or $0.05 per common share, resulting in an increase of $302,000 when compared to the first quarter of fiscal 2007. The Company recorded a loss of $1,342,000, or $0.04 per common share in the first quarter of fiscal 2007.

Revenues

Total revenues in the first quarter of fiscal 2008 totaled $885,000 (2007 - $826,000), resulting in an increase of $59,000 or 7.1%.

Product Revenue
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SOURCE Helix BioPharma Corp.
Copyright©2007 PR Newswire.
All rights reserved

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