3mo results
Helix Biopharma Corp HBP
Shares issued 13,743,415 Feb 2 close $0.36
Tue 3 Feb 98 Company Review
An anonymous director reviews the company
During the first three months of 1997 revenues were $974,430, compared with
$898,138 for the corresponding period in 1996. This increase in revenues
reflects continued growth in the company's DNA identity testing operations
and increased sales of the company's pharmaceutical products. Research and
development expenditures increased from $267,350 to $346,129 because of
increasing costs as the company's three major research and development
projects progress through clinical trials and laboratory testing. The
increase in marketing and administration expenses from $653,085 to $981,341
reflects an increase in pharmaceutical marketing costs as the company's
marketing staff broadens its marketing and sales efforts, and costs
associated with the company's move toward offering genetic testing services
for disease predispositions. The company had $2,488,341 in cash and
treasury bills as at October 31 1997, compared with $6,260,342 as at
October 31 1996. As anticipated, the company has spent a significant
portion of its capital raised in 1996 in developing its business operations
and in acquiring and developing new technologies, resulting in the decrease
in cash position.
THe company will focus its efforts on introducing genetic disease testing,
as well as continuing to support its three major R&D programs in the second
quarter of 1998 and beyond.
THe company is involved in negotiations for the Canadian rights to several
gene sequences, and expects to begin offer genetic disease testing services
after these agreements have been signed.
Helix's Dermal Drug Delivery systems and its anti-infective compounds are
being subjected to significant testing: the Dermal Drug Delivery systems
will enter phase 1 human trials for the topical delivery of two well known
pharmaceutical compounds, and the anti-infective compounds will undergo
further pre clinical animal studies, as initial animal results have been
favourable.
Comprehensive laboratory testing now underway on the company's first
biosensor prototype is expected to pave the way for significant progress in
developing the company's platform biosensor technology.
STATEMENT OF EARNINGS
Three months ended October 31
1997 1996
Revenue $ 974,430 $ 898,138
---------- ----------
Expenses
Amortization 43,766 42,695
Interest and
bank charges, net 959 (46,162)
Interest on long
term debt 1,774 4,373
Marketing and
administration 981,341 653,085
Production 371,663 297,954
Rent 32,550 20,438
Research and
development 346,129 267,350
Royalties 71,964 80,738
---------- ----------
1,850,147 1,320,470
Earnings (loss)
before the
undernoted (875,717) (422,332)
---------- ----------
Loss on
discontinuation
of operation - 57,668
Earnings (loss)
before income
taxes (875,717) (480,000)
Income taxes - -
---------- ----------
Net loss $ (875,717) $ (480,000)
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