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

In the first quarter of fiscal 2008, the Company recorded comprehensive income of $16,000 and accumulated other comprehensive income totaling $148,000. The total amount of $164,000 represents an adjustment to fair value of available-for-sale financial instruments, which in this case, represent shares in Orchid Cellmark Inc., a Nasdaq listed company.

CASH FLOW

Operating activities

Net loss from operations totaled $1,644,000 in the first quarter of fiscal 2008 (2007 - $1,342,000) for an increase of $302,000. Excluding non-cash and working capital items, the cash used in the first quarter of fiscal 2008 totaled $1,836,000 (2007 - $1,602,000) and represents an increase of $234,000.

Financing activities

Financing activities in the first quarter of fiscal 2008 were nil (2007 - $6,480,000). In the first quarter of fiscal 2007, the Company completed a private placement with net proceeds of $6,480,000.

Investing activities

Investing activities in the first quarter of fiscal 2008 used cash of $50,000 while in the first quarter of fiscal 2007 investing activities provided a source of cash totaling $6,625,000. The majority of the reduction in investing activities reflects the redemption of $6,640,000 in short term investments in the first quarter of fiscal 2007. Capital purchases were negligible in both the first quarters of fiscal 2008 and 2007 totaling $50,000 and $15,000, respectively.

LIQUIDITY AND CAPITAL RESOURCES

Since inception, the Company has financed its operations from public and private sales of equity, the exercise of warrants and stock options, interest income on 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 C
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SOURCE Helix BioPharma Corp.
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