Sign up
Pharma Capital

Helix Biopharma shares rise despite posting $1.9 million loss in fiscal fiscal 2Q

The company is spending $1.3 million on research and development for its innovative cancer therapy
Lab tech looking in a microscope
The biopharmaceutical company is currently conducting Phase I trials for its cancer-fighting drug

Helix Biopharma Corp (TSE:HBP) pushed ahead its research-and-development spending in the fiscal second quarter of 2019, despite recording a net loss of $1.9 million, according to financial results released Monday.

The company posted a net loss of $1.9 million, or $0.02 loss per common share, in the three months ended January 31, compared with a $2.6 million, or $0.03 loss, a year earlier.

Shares of Helix rose $0.03 on Monday to $0.54, a gain of 5.9%.

READ: Leap Therapeutics shares pop thanks to promising trial for cancer drug DKN-01

Helix, a clinical-stage biopharmaceutical company that is developing innovative therapies for cancer treatment, spent $1.3 million in research and development in fiscal 2Q and $2.3 million for the six-month period, the bulk of which was directed toward its L-DOS47 technology, which promises to act upon naturally-occurring substances in the human body to treat cancer.

The company spent $788,000 in the quarter, primarily on its Phase 1 clinical study in the US. It also conducting clinical studies in Poland, Ukraine and Hungary.

The Polish subsidiary, which is focusing on the V-DOS47 clinical program, spent $102,000 and $232,000 over the three-month period ending January 2019 and 2018, respectively. Grant-funding for the V-DOS4 program is the result of an agreement with the Polish National Centre for Research and Development.

Helix also reported a working capital deficiency of $2 million, a shareholders’ deficiency of $1.7 million and a deficit of $167 million. The company’s cash reserves of $306,000 are insufficient to meet its working capital and capital expenditures for the next 12 months, as well as its R&D expenditures, it reported.

--Contact Angela Harmantas at [email protected]

--Follow her on Twitter @AHarmantas



Register here to be notified of future HBP Company articles
View full HBP profile View Profile
View All

Related Articles

Social media use
Social first has allowed sites like UNILAD to amass a huge audience with very little capital injection, but what is social first publishing and how is it changing the nature of content and advertising?

© biotech Capital 2019

Biotech Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed biotech companies to interact with institutional and highly capitalised investors.
Headquartered in London, Biotech Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Biotechnology market.