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

ompany's ongoing research and development programs.

At October 31, 2007, the Company had cash and cash equivalents totaling $9,578,000 (July 31, 2007 - $11,379,000), a decrease of $1,801,000 and working capital of $9,859,000 (July 31, 2007 - $11,468,000).

After taking into consideration the Company's anticipated revenue, planned research and development expenditures and assuming no unanticipated expenses, the Company expects that its working capital will be sufficient to finance operations through to September 2008. On the assumption that the private placement referred to below closes as planned, and then based on the same factors, the Company expects that it will have sufficient working capital to finance operations beyond the 2009 fiscal year.

Subsequent to the first quarter of fiscal 2008, the Company received subscriptions for the purchase, by way of private placement, of a total of 10,040,000 common shares at $1.68 per share, for gross proceeds totalling CDN$16,867,200. The Company anticipates closing the private placement before the end of December 2007.

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, however, for equity financings for companies such as Helix is challenging, and there can be no assurance that additional funding by way of equity financing will be available. The failure of the Company to obtain additional funding on a timely basis may result in the Company reducing or delaying one or more of its planned research, development and marketing programs and reducing related personnel, any of which could impair the current and future value of the business. Any additional equity financing, if secured, may result in significant dilution to the existing shareholders at the time of such financing. The Company may also seek additional funding from other sources, including technology licensing, co-develop
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SOURCE Helix BioPharma Corp.
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