TSE & VSE: "HBP"
JULY 10, 1998
HELIX BIOPHARMA CORP. NEWS RELEASE
215 - 7080 RIVER ROAD
RICHMOND, B.C.
CANADA V6X 1X5
PHONE: (604) 270-7468
FAX: (604) 270-8208
TOLL FREE: 1-800-563-4363
HELIX BIOPHARMA CORP. ANNOUNCES THE SALE OF DNA TESTING BUSINESS
(Aurora, Ontario) - Mr. Jerome F. McElroy, Chairman of the Board of
Directors of Helix BioPharma Corp. (TSE, VSE - HBP) today announced the
sale of the Company's DNA Identity Testing business to Lifecodes
Corporation of Stamford, Connecticut.
Lifecodes has agreed to pay the Company a combination of 34,000 common
shares and cash payments totaling US $650,000 payable in monthly
installments of US $25,000 for 26 months. Additional monthly payments of
US $57,000 will be due to the Company if Lifecodes has not gone public by
August 30, 2000. These payments of US $57,000 will continue until the
earlier of the date on which Lifecodes has gone public and August 30, 2003.
Total aggregate consideration is anticipated to be between US $990,000 and
US $3,042,000. Lifecodes is the leading worldwide manufacturer and supplier
of DNA products for human identity testing and transplantation and had
previously licensed DNA technology to the Company. Helix will own
approximately 5% of Lifecodes.
This transaction benefits the Company in that it provides capital which
will allow the Company to focus on its strength as a technology development
company. Management is confident that the Company will benefit in the long
run from this strategic redeployment of capital toward its patented and
proprietary drug technologies and its advanced molecular sensing technology.
Dr. Terrance Owen will continue to be responsible for the DNA Testing
business under the new ownership of Lifecodes, and will step down from his
current position as President of Helix BioPharma Corp. Dr. Owen remains a
significant shareholder of Helix and will continue to serve as a Director
of the Company.
Dated at Aurora, Ontario this 10th Day of July, 1998.
The Toronto and Vancouver Stock Exchanges have not reviewed and do not
accept responsibility for the adequacy or accuracy of the content of this
News Release.
Helix BioPharma trades on the TSE and VSE under the symbol "HBP"
For further information contact: Jason Van Bergen, Investor Relations
Helix BioPharma Corp.
Tel: (604) 270-7468
(800) 563-4363
Fax: (604) 270-8208
E-mail: invrelations@helixbiopharma.ca
Jason Van Bergen
Phone: (604) 517-0599
E-mail: vanberg@ican.net |
