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Helix BioPharma Corp. Announces Fiscal Q1 2010 Results
Date:12/9/2009

icology studies.

Operating, general and administration expenses in the first quarter of fiscal 2010 totalled $677,000 (2009 - $1,060,000), for a decrease of $383,000. The reduction in operating, general and administration expenditures is the result of higher costs in the first quarter of fiscal 2009 associated with the filing of a Form 20-F registration statement with the SEC which became effective during the third quarter of fiscal 2009, the implementation of a new financial reporting system which was completed early in the second quarter of fiscal 2009, investor relations initiatives and associated marketing materials and consulting services which have since been terminated.

Amortization of intangible assets in the first quarter of fiscal 2010 totalled $nil (2009 - $3,000). Management determined the carrying value of intangible assets was impaired and wrote down the balance at July 31, 2009. Amortization of capital assets in the first quarter of fiscal 2010 totalled $98,000 (2009 - $64,000).

Stock-based compensation expense in the first quarter of fiscal 2010 totalled $160,000 (2009 - $ nil). The stock-based compensation expense in the first quarter of fiscal 2010 relates to the ongoing amortization of compensation costs of stock options granted on December 17, 2008, over their vesting period.

Interest income in the first quarter of fiscal 2010 totalled $14,000 (2009 - $205,000). The decrease in interest income in fiscal 2010 reflects lower interest rates earned on deposits resulting from the global financial crisis.

Foreign exchange gains in the first quarter of fiscal 2010 totalled $42,000 (2009 - loss of $150,000). Foreign exchange gains are mainly the result of the foreign currency translation of the Company's integrated foreign operation in Ireland. The net assets in Ireland consist mainly of cash and cash equivalents, denominated in Euro dollars, which are used to fund clinical trials of Topical In
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SOURCE Helix BioPharma Corp.
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