Annual Meeting Webcast Scheduled for May 18
BOTHELL, Wash., May 12 /PRNewswire-FirstCall/ -- Helix BioMedix, Inc.
(OTC Bulletin Board: HXBM.OB), a developer of bioactive peptides, today
announced financial results for the first quarter ended March 31, 2006.
For the first quarter of 2006, Helix BioMedix reported a net loss of
$822,300, or $0.04 per diluted share, compared to a net loss of $765,800,
or $0.05 per diluted share, in the comparable prior year period. Included
in the net loss for 2006 is $124,800 of incremental expense for stock based
compensation due to the company's adoption of SFAS 123R "Share Based
Payment." Revenue for the first quarter was $18,000 compared to no revenue
in the first quarter of 2005. 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 March 31, 2006, Helix BioMedix had cash and cash equivalents of
approximately $4.7 million compared to approximately $2.8 million at
December 31, 2005. Shares outstanding at March 31, 2006 were 22,788,514. In
the first quarter of 2006, the company received proceeds from a private
placement of common stock, raising $2,598,000 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 begun to make progress in achieving the strategic milestones
that we announced in January," commented R. Stephen Beatty, President and
Chief Executive Officer. "With our first two licenses in place, we are
actively seeking new product and market opportunities for our peptides. We
are particularly optimistic about the potential for new personal care
products resulting from our recently announced relationship with Grant
Industries. Grant is currently marketing four proprietary pre-mixed product
additives that contain our HB64 and HB168 peptides to cosmetics and
consumer product companies. In addition, HB168, one of our anti-aging
peptides, has been delivered to potential commercial partners for testing."
"The development and introduction of new peptide-based ingredients is
integral to our goal of launching new Helix BioMedix peptide-based
products. We are well on our way to meeting our stated objective of
delivering two newly developed peptide-based ingredients to our personal
care marketing and formulation partners. To date, we have delivered our
first proprietary ingredient developed for use in therapeutic moisturizers.
This new peptide, which is capable of reducing skin redness, is currently
in formulation development. We are also on track to deliver our second
peptide-based ingredient later in the year -- most likely an anti-aging
peptide."
"Finally, we continue to make progress in strengthening and expanding
our intellectual property and technology platform. We remain optimistic
about the potential for our next generation of small molecule peptides
("hexapeptides"), which are particularly applicable to the treatment of
acne, dermatitis and rosacea. In addition to being smaller, more stable and
active in biological environments, these new peptides exhibit many
characteristics of therapeutic drugs, and some of these molecules are
capable of combating the increasing number of drug-resistant bacterial and
fungal infections. These new hexapeptides have also been shown to have low
toxicity and are expected to be more cost-effective to manufacture than
even the shortest of antimicrobial peptides currently in development. This
combination of our existing peptides and our new generation of hexapeptides
should help the company to continue to attract the attention of strategic
partners, which is key to our future growth," concluded Mr. Beatty.
Annual Meeting and Webcast
Helix BioMedix's Annual Stockholders Meeting is scheduled for 11:00
a.m. PT on May 18, 2006 at the Washington Athletic Club in Seattle,
Washington. The meeting, which will include a presentation and overview of
the company's 2005 results, 2006 milestones and other corporate
developments, will be webcast live. Interested parties are invited to
listen at http://www.helixbiomedix.com . Copies of the slides will be
posted to the website just prior to the start of the meeting. A replay of
the webcast will also be available on the company's website.
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. Investor Relations:
David H. Kirske, 425-402-8400 Cameron Associates
dkirske@helixbiomedix.com Alison Ziegler 212-554-5469
or: alison@cameronassoc.com
Helix BioMedix, Inc.
Statements of Operations
(Unaudited)
Three Months Ended
March 31,
2006 2005
Revenue:
Licensing $5,026 $--
Peptide sales 13,000 --
Total revenue 18,026 --
Operating expenses:
Cost of peptide sales 5,003 --
Research and development 226,206 190,041
Depreciation and amortization 44,923 42,026
Accounting, legal and professional 65,658 109,965
Consulting fees 3,048 22,009
General and administrative 509,918 408,861
Total operating expenses 854,756 772,902
Loss from operations (836,730) (772,902)
Interest income (14,461) (7,117)
Net loss $(822,269) $(765,785)
Basic and diluted net loss per share $(0.04) $(0.05)
Weighted average shares outstanding 20,982,058 14,112,941
Balance Sheet Highlights
March 31, December 31,
2006 2005
Cash and cash equivalents $4,704,879 $2,827,959
Property and equipment, net 179,591 168,063
Patents pending and approved, net 489,864 505,908
Total assets 5,703,676 3,741,940
Total current liabilities 237,759 224,359
Total stockholders' equity 5,465,917 3,517,581
Total liabilities and
stockholders' equity 5,703,676 3,741,940
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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