BOTHELL, Wash., May 11 /PRNewswire-FirstCall/ -- Helix BioMedix, Inc.
(OTC Bulletin Board: HXBM), a developer of bioactive peptides, today
announced financial results for the first quarter ended March 31, 2007.
For the first quarter, Helix BioMedix reported a net loss of $812,489,
or $0.03 net loss per share, compared to a net loss of $822,269, or $0.04
net loss per share, for the first quarter of 2006. Revenue for the quarter
ended March 31, 2007, was $58,422, which was derived primarily from
royalties and the sale of peptides. Revenue for the first quarter of 2006
was $18,026.
On March 31, 2007, Helix BioMedix had cash, cash equivalents and
marketable securities of approximately $3.6 million. Shares outstanding at
March 31, 2007, were 25,653,512. In March 2007, the company closed a
private equity financing, receiving aggregate cash of approximately $2.1
million in exchange for 2,864,998 shares of common stock.
"We have made good progress toward meeting our first major 2007
objective of developing meaningful partnerships for product
commercialization," commented R. Stephen Beatty, President and Chief
Executive Officer. "In April, we announced the signing of two related
agreements to provide technology and services to DermaVentures, LLC, a
newly established personal care company. Our partnership with DermaVentures
is expected to produce the first commercial product seeking to apply the
Helix peptide technology in a higher margin application than is typical of
passive ingredient out-licensing transactions. DermaVentures' flagship
product, P.A.C. Perfect (peptide-powered acne control), is a new acne
treatment system to be marketed initially via Spanish language media
outlets. DermaVentures' initial clinical testing of this product has been
positive and they expect to complete consumer and media testing in time for
a market rollout in late 2007."
"We are also on track with our second objective, which is to further
the development of a new peptide-based cosmeceutical product scheduled for
introduction in 2008 through a joint venture with an exclusive marketing
partner. As of this date, a potential marketing partner has been identified
and we hope to move ahead with them in the coming months."
"In addition, we are encouraged with the progress of our specialty
materials marketing initiative. Our partner in this sector is aggressively
expanding the customer base for products that contain Helix BioMedix
licensed peptides."
Mr. Beatty concluded, "Finally, we are accelerating our entry into the
arena of topical pharmaceuticals with a focus on the large anti-infective
dermatology market, including indications such as acne and dermatitis. We
believe that the preclinical programs for our small molecule peptides
(lipohexapeptides) represent attractive early stage opportunities for a
range of regional pharmaceutical-dermatology companies. These peptides are
characterized by low toxicity and low-cost profiles as well as a growing
body of efficacy data from both bacterial and fungal infection models. We
believe that our pharmaceutical program could potentially generate
significant value for Helix BioMedix in the future. As we apply greater
resources in advancing our U.S. clinical programs, we are optimistic that
these efforts will lead to attractive licensing opportunities during the
year."
About Helix BioMedix
Helix BioMedix, Inc. is a biopharmaceutical company with an extensive
library of diverse bioactive peptides and patents covering six distinct
classes and hundreds of thousands of peptide sequences. Our mission is to
enrich clinical practice and the patient/consumer experience by developing
topically-applied products which offer the health, beauty and safety
benefits of advanced bioactive small molecule technology. Our vision is to
be recognized as the world leader in the identification, qualification and
commercialization of natural and synthetic peptide technology.
Our core competencies include peptide design, synthesis and
characterization together with assay development, screening, tissue culture
and microbiology. These areas of expertise are leveraged through
relationships with contract research organizations and peptide
manufacturers. We have the capability to take our product development
programs from theoretical concept to a validated and qualified skin care
active ingredient fully validated as to efficacy and safety. Applications
for Helix BioMedix peptides include anti- aging cosmeceutical skin care,
and acne treatment as well as other topical anti-infective pharmaceuticals
and wound healing applications. In addition to our primary focus on
peptides for dermatological applications, the Helix BioMedix peptide
library also holds promise for advancements in other therapeutic and
industrial areas such as oral care, biocides and animal health.
More information about Helix BioMedix and its proprietary peptides may
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 its 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 the company's reports and other
filings with the Securities and Exchange Commission. Such filings are
available on the company's 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:
Investor relations: Helix BioMedix, Inc.
Alison Ziegler, Cameron Associates David Kirske, CFO
(212) 554-5469 (425) 402-8400
Alison@cameronassoc.com dkirske@helixbiomedix.com
Helix BioMedix, Inc.
Statements of Operations
(unaudited)
Quarter Ended
December 31,
2007 2006
Revenue $58,422 $18,026
Operating expenses:
Cost of peptide sales -- 5,003
Research and development 205,497 226,206
Depreciation and amortization 44,422 44,923
Accounting, legal and professional 148,477 65,658
Consulting fees 405 3,048
General and administrative 494,513 509,918
Total operating expenses 893,314 854,756
Loss from operations (834,892) (836,730)
Other (income (expense):
Interest income 22,403 14,461
22,403 14,461
Net loss $(812,489) $(822,269)
Basic and diluted net loss per share $(0.03) $(0.04)
Weighted average shares outstanding 23,569,902 20,982,058
Balance Sheet Highlights (unaudited)
March 31, 2007 December 31, 2006
Cash and cash equivalents $2,645,285 $1,276,901
Marketable securities 1,000,000 980,000
Accounts receivable 34,047 --
Prepaid expenses and other current
assets 77,515 86,732
Property and equipment, net 171,778 194,728
Other assets 74,475 73,840
Patents pending and approved, net 425,689 441,733
Total assets 4,428,789 3,053,934
Total current liabilities 278,385 255,857
Total stockholders' equity 4,150,404 2,798,077
Total liabilities and stockholders'
equity 4,428,789 3,053,934
SOURCE Helix BioMedix, Inc.
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Related links:
http://www.helixbiomedix.com
CONTACT:
David Kirske, CFO of Helix BioMedix, Inc.,
+1-425-402-8400, dkirske@helixbiomedix.com; or Investors, Alison
Ziegler of Cameron Associates for Helix BioMedix, Inc.,
+1-212-554-5469, Alison@cameronassoc.com
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