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Helix Biopharma Closes $11.4 Million Private Placement
Date:10/2/2008

AURORA, Ontario, Sept. 2 /PRNewswire-FirstCall/ -- Helix BioPharma Corp. (TSX; FSE: HBP) today announced that it has closed its private placement announced on September 30, 2008 of 6,800,000 units at $1.68 per unit, for gross proceeds totaling CDN$11,424,000.

Each unit consists of one common share and one-half of one common share purchase warrant, with each whole common share purchase warrant entitling the holder to purchase, subject to adjustment, one common share at a price of $2.36 until 5:00 pm Toronto time on October 1, 2011. Proceeds of the placement will be used for working capital, primarily to support Helix's research & development initiatives.

As a result of the placement, Dorota and Sylwester Cacek have become "insiders" of Helix as they now hold more than 10% of Helix's outstanding common shares. A separate news release is being issued by them in connection with this placement.

About Helix BioPharma Corp.

Helix BioPharma Corp. is a biopharmaceutical company specializing in the field of cancer therapy. The Company is actively developing innovative products for the prevention and treatment of cancer based on its proprietary technologies. Helix's product development initiatives include its Topical Interferon Alpha- 2b and its novel L-DOS47 new drug candidate. Helix is listed on the TSX under the symbol "HBP".

The Toronto and Frankfurt Stock Exchanges have not reviewed and do not accept responsibility for the adequacy or accuracy of the content of this News Release. This News Release contains forward-looking statements and information regarding its intended use of proceeds from the private placement the Company's activities, which statements and information can be identified by the words "will be", and "developing". Actual results or events could differ materially from these forward-looking statements and information due to numerous factors, including without limitation, the risk that proceeds of the placement may be used for purposes other than those currently anticipated; research & development risks and uncertainty whether the Company's drug candidates will continue to be developed; and Helix's need for additional future capital. These and other risks and uncertainties are further discussed in Helix's latest Annual Information Form at http://www.sedar.com. Forward-looking statements and information are based on the assumptions and expectations of Helix's management at the time they are made, and Helix does not assume any obligation, except as required by law, to update any forward-looking statement or information should those assumptions or expectations, or other circumstances change.

For further information contact:

Investor & Media Relations

Ian Stone

Russo Partners LLC

Tel: (619) 814-3510

Fax: (619) 955-5318

Email: ian.stone@russopartnersllc.com

David Schull

Russo Partners LLC

Tel: (212) 845-4271

Email: david.schull@russopartnersllc.com

http://www.russopartnersllc.com


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SOURCE Helix BioPharma Corp.
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