BOTHELL, Wash., March 28 /PRNewswire-FirstCall/ -- Helix BioMedix, Inc.
(OTC Bulletin Board: HXBM.OB), a developer of bioactive peptides, today
announced financial results for the year ended December 31, 2005.
For 2005, Helix BioMedix reported a net loss of $3,277,239, or $0.18 per
diluted share, compared to a net loss of $3,109,274, or $0.23 per diluted
share, in the comparable prior year period. Revenue for 2005 was $108,408
compared to $93,661 for 2004. Revenue for 2006 will be dependent on the sales
of products that incorporate the company's peptides as well as Helix
BioMedix's ability to enter into collaborative or licensing agreements with
third parties.
On December 31, 2005, Helix BioMedix had cash and cash equivalents of
approximately $2.8 Million compared to approximately $1.9 Million at December
31, 2004. Shares outstanding at December 31, 2005 were 20,190,514. In the
first quarter of 2006, the company received proceeds from a private placement
of common stock, raising approximately $2.6 Million in additional cash in
exchange for 2,598,000 shares of common stock and warrants to purchase an
additional 259,800 shares of common stock.
"We have made significant progress during 2005 to take the company beyond
the discovery and development phase and transitioning into a revenue-
generating commercial entity," commented R. Stephen Beatty, President and
Chief Executive Officer. "Today, one of our leading proprietary peptides,
Oligopeptide-10, is incorporated in Levlad's Nature's Gate(R) Organics Natural
Results(TM) Acne Treatment System and in a new skin care product from American
Global Health Group. As we stated last quarter, while revenues were not
expected to be material in the fourth quarter, we do look forward to these
products' potential success in the market as well as the introduction of
additional products that contain our peptides in 2006 and beyond."
"In January we outlined our strategic milestones which were formulated to
further build our business for the long-term. Our goals for 2006 are as
follows:
-- anticipate five additional peptide-based products launched into the
personal care markets,
-- deliver two newly developed peptide-based ingredients to our personal
care marketing and formulation partners,
-- expand the use of our peptides into additional markets such as
anti-aging, oral care and deodorants,
-- file additional patents and improve our technology platform and product
portfolio, and
-- advance preclinical testing of our "small molecule peptide" dermatology
application.
"I am pleased to report that we have already begun to make progress
towards these goals. In early 2006, we filed a patent application related to
a new generation of small molecule anti-microbial hexapeptides. These new
hexapeptides resemble therapeutic drugs in structure and have been found in
our initial laboratory testing to be stable and active in biological
environments. They also appear to have low toxicity and will be
cost-effective to manufacture, all key qualities needed for future commercial
success. We currently believe there could be exciting opportunities for these
small peptides in dermatological applications such as acne, dermatitis,
roseacia and fungus. We are also very enthusiastic about the prospective flow
of new products resulting from our recently announced relationship with Grant
Industries. The products being co-developed with Grant Industries primarily
rely upon our established portfolio of peptides. This combination of our
existing peptides and our new generation of hexapeptides should position us to
generate near-term revenue in the personal care markets, and makes us very
optimistic about our prospects in 2006 and beyond."
About Helix BioMedix
Helix BioMedix, Inc. is a biopharmaceutical company that has a portfolio
of issued patents that covers six distinct classes of peptides, including over
100,000 unique peptide sequences. The company's mission is to become the
industry leader in developing and commercializing small proteins known as
bioactive peptides. The antimicrobial and wound healing properties of these
peptides qualify them for inclusion in a wide range of both pharmaceutical and
consumer products. The company is currently focused on the development of
selected peptides as topical anti-infectives and in wound healing
applications. Non-pharmaceutical applications being pursued by Helix BioMedix
include adjuvants for cosmetics/cosmeceuticals, personal care, plant health,
animal health and wide-spectrum biocides. More information about the company
and its proprietary peptides can be found on the company's website at
http://www.helixbiomedix.com.
Important Notice
This press release contains forward-looking statements (statements which
are not historical facts) within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include
statements regarding activities, events or developments that the company
expects, believes or anticipates may occur in the future, including statements
related to our potential growth, product development and commercialization and
revenue. A number of factors could cause actual results to differ from those
indicated in the forward-looking statements, including the company's ability
to successfully raise additional capital, enter into revenue generating
license agreements, continue its research and development efforts, including
pre-clinical and clinical studies, and general economic conditions.
Additional assumptions, risks and uncertainties are described in detail in our
reports and other filings with the Securities and Exchange Commission. Such
filings are available on our website or at http://www.sec.gov. Readers are cautioned
that such forward-looking statements are not guarantees of future performance
and that actual results or developments may differ materially from those set
forth in the forward-looking statements. The company undertakes no obligation
to publicly update or revise forward-looking statements to reflect subsequent
events or circumstances.
Contact:
Helix BioMedix, Inc.
David H. Kirske, 425-402-8400
dkirske@helixbiomedix.com
or:
Investor Relations:
Cameron Associates
Alison Ziegler 212-554-5469
alison@cameronassoc.com
Helix BioMedix, Inc.
Financial Highlights
Statement of Operations
Years Ended
December 31,
2005 2004
Revenue $ 108,408 $ 93,661
Operating expenses 3,431,733 3,231,498
Interest Income 46,086 22,110
Net Loss (3,277,239) (3,109,274)
Basic and diluted net
loss per share (0.18) (0.23)
Balance Sheet
December 31,
2005 2004
Cash and cash equivalents $2,827,959 $1,908,028
Property and equipment, net 168,063 211,716
Patents pending and approved 505,908 547,018
Total assets 3,741,940 2,867,080
Total current liabilities 224,359 188,046
Total stockholders' equity 3,517,581 2,679,034
Total liabilities and
stockholders' equity 3,741,940 2,867,080
SOURCE Helix BioMedix, Inc.
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Related links:
http://www.helixbiomedix.com
CONTACT:
David H. Kirske of Helix BioMedix, Inc.,
+1-425-402-8400, or dkirske@helixbiomedix.com; or, investors,
Alison Ziegler of Cameron Associates, +1-212-554-5469, or
alison@cameronassoc.com, for Helix BioMedix, Inc.
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