BOTHELL, Wash., May 13 /PRNewswire-FirstCall/ -- Helix BioMedix
(OTC Bulletin Board: HXBM.OB), a developer of synthetic bioactive peptides,
today announced financial results for the first quarter ended March 31, 2005.
For the first quarter of 2005, the company reported a net loss of
$765,785, or $0.05 per diluted share, compared to a net loss of $795,126, or
$0.06 per diluted share in the prior year period. The company reported no
revenue in the current quarter compared to revenue of $20,787 for the
comparable period in 2004. Revenue for the remainder of 2005 will be dependent
on Helix BioMedix's ability to enter into collaborative or licensing
agreements with third parties.
On March 31, 2005, Helix BioMedix had cash and cash equivalents of
$3.8 million compared to $1.9 million at December 31, 2004. Proceeds from a
private placement of common stock and warrants of $2.5 million closed in the
first quarter of 2005.
"We have made solid progress in the first quarter to simplify and
strengthen our balance sheet and advance our commercialization strategy,"
commented R. Stephen Beatty, President and CEO. "In addition to raising
$2.5 million from the private placement, we initiated a warrant exchange
tender offer in an attempt to materially reduce the number of outstanding
warrants.
"On the product front, during the quarter we entered into a licensing
agreement with American Global Health Group, LLC (AGHG). AGHG is including
certain Helix peptide technology in skin care products expected to be launched
this summer in Asia. Helix peptides are currently being tested in a variety of
skin care products as well as in consumer products such as deodorant and
mouthwash, among others and we continue to expect additional license
opportunities in the remainder of 2005. On the pharmaceutical side, we signed
a memorandum of understanding with Smith & Nephew, one of the world's leaders
in advanced wound management. Smith & Nephew will be providing input on the
pre-clinical and clinical development of HB50, our topical anti-infective for
use in wound care. We are excited about advancing several pharmaceutical
applications through the pre-clinical stage and creating a new class of
anti-infectives, which are being developed to replace existing products that
have become ineffective against certain antibiotic-resistant pathogens,"
concluded Mr. Beatty.
About Helix BioMedix
Helix BioMedix, Inc. is an early-stage biotechnology company that has a
portfolio of issued patents that covers six distinct classes of peptides,
covering over 1 million 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. 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 involve risks
and uncertainties, including activities, events or developments that the
company expects, believes or anticipates will or may occur in the future. 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 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.
Helix BioMedix, Inc.
Statement of Operations
(Unaudited)
Three Months Ended
March 31,
2005 2004
Revenue $ -- $ 20,787
Operating expenses:
Research and development 190,041 242,903
Depreciation and amortization 42,026 38,621
Accounting, legal and professional 109,965 90,797
Consulting fees 22,009 64,477
General and administrative 408,861 383,050
Total operating expenses 772,902 819,848
Loss from operations (772,902) (799,061)
Other (income) expense:
Interest income (7,117) (3,935)
(7,117) (3,935)
Net loss $ (765,785) $ (795,126)
Basic and diluted net loss per share $(0.05) $(0.06)
Balance Sheet Highlights
March 31, 2005 Dec. 31, 2004
Cash and cash equivalents $ 3,763,637 $ 1,908,028
Total current assets 3,944,808 2,009,299
Property and equipment, net 191,175 211,716
Patents pending and approved 539,494 527,018
Total assets 4,770,848 2,867,080
Total current liabilities 302,056 188,046
Total stockholders' equity 4,468,792 2,679,034
Total liabilities and stockholders' equity 4,770,848 2,867,080
CONTACT:
Helix BioMedix, Inc.
David Kirske
+1-425-402-8400
dkirske@helixbiomedix.com
Investor Relations:
Cameron Associates
Alison Ziegler
+1-212-554-5469
alison@cameronassoc.com
SOURCE Helix BioMedix, Inc.
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Related links:
http://www.helixbiomedix.com
CONTACT:
David 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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