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
Russo Partners LLC
Tel: (619) 814-3510
Fax: (619) 955-5318
Russo Partners LLC
Tel: (212) 845-4271
|SOURCE Helix BioPharma Corp.|
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