BOTHELL, Wash., Aug. 12 /PRNewswire-FirstCall/ -- Helix BioMedix
(OTC Bulletin Board: HXBM.OB), a developer of synthetic bioactive peptides,
today announced financial results for the second quarter ended June 30, 2005.
For the second quarter of 2005, the company reported a net loss of
$838,284, or $0.05 per diluted share, compared to a net loss of $677,344, or
$0.05 per diluted share in the prior year period. Revenue in the current
quarter was $55,414, comprised of $15,000 in licensing fees and $40,414 in
peptide sales. Peptide sales in the quarter were related to providing
peptides at cost to certain companies that are researching the potential
development of new products that would incorporate the company's peptides.
This compares to revenue of $45,274 for the comparable period in 2004, all of
which was licensing revenue.
For the six month period ended June 30, 2005, Helix BioMedix reported a
net loss of $1,604,069, or $0.10 per share, compared to a net loss of
$1,472,470, or $0.11 per share, in the prior year period. Revenue for the
first six months of 2005 was $55,414 compared to $66,061 in the first six
months of 2004.
On June 30, 2005, Helix BioMedix had cash and cash equivalents of $4.3
million compared to $1.9 million at December 31, 2004. A private placement of
common stock and warrants, which closed in the first quarter of 2005, raised
$2.5 million and a tender offer to redeem certain outstanding warrants in the
second quarter of 2005 raised total proceeds of an additional $1.3 million.
Shares outstanding at June 30, 2005 were 20,175,594. Commenting on the recent
warrant exchange, R. Stephen Beatty, President and CEO, said, "We were pleased
with the strong level of shareholder participation in our warrant exchange
program, which substantially reduced the warrant overhang in our stock while
enabling us to raise additional capital."
Mr. Beatty continued, "We continue to have solid opportunities in both the
consumer and pharmaceutical sides of our business and are excited to see that
our technology is ready to move beyond the development stage. We expect the
first commercial launch of one of our proprietary peptides in a skin care
product by the end of calendar 2005. We are optimistic that this will be the
first in a variety of skin care and consumer products to include our
peptides."
"On the pharmaceutical side, we look forward to beginning our
collaboration with Smith & Nephew, one of the world's leaders in advanced
wound management on the pre-clinical and clinical development of HB50, our
topical anti-infective for use in wound care. We have an exciting opportunity
to create a new class of anti-infectives to replace existing products that
have become ineffective against certain antibiotic-resistant pathogens. A
recently published study on the Company's peptides and the pathogens
associated with significant disease in patients with cystic fibrosis
demonstrated some of the important benefits of our technology. Helix BioMedix
peptides were shown to be fast acting, bactericidal and active against
multidrug-resistant bacteria and also exhibited anti-inflammatory properties
in addition to antimicrobial activity. This is just another example of the
broad range of pharmaceutical applications for which our proprietary peptides
have shown early-stage promise," 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.
Contact:
Helix BioMedix, Inc.
David Kirske, 425-402-8400
dkirske@helixbiomedix.com
or:
Investor Relations:
Cameron Associates
Alison Ziegler, 212-554-5469 or alison@cameronassoc.com
Paul Henning, 212-554-5462 or paul@cameronassoc.com
Helix BioMedix, Inc.
Statement of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
Revenue
Licensing $15,000 $45,274 $15,000 $66,061
Peptide sales 40,414 -- 40,414 --
Total sales 55,414 45,274 55,414 66,061
Operating expenses:
Cost of peptide
sales 40,414 -- 40,414 --
Research and
development 231,090 240,212 421,131 483,115
Depreciation and
amortization 42,743 38,623 84,769 77,244
Accounting, legal
and professional 92,202 76,705 202,167 167,502
Consulting fees 27,110 32,893 49,119 97,370
General and
administrative 471,394 341,000 880,255 724,050
Total operating
expenses 904,953 729,433 1,677,855 1,549,281
Loss from operations (849,539) (684,159) (1,622,441) (1,483,220)
Other (income) expense:
Interest income (11,255) (6,815) (18,372) (10,750)
Net loss $(838,284) $(677,344) $(1,604,069) $(1,472,470)
Basic and diluted
net loss per share $(0.05) $(0.05) $(0.10) $(0.11)
Weighted average
shares
outstanding 16,851,669 13,363,172 15,489,871 12,888,249
Balance Sheet Highlights
June 30, 2005 December 31, 2004
Cash and cash equivalents $4,336,431 $1,908,028
Property and equipment, net 219,721 211,716
Patents pending and approved 537,996 527,018
Total assets 5,310,509 2,867,080
Total current liabilities 266,312 188,046
Total stockholders' equity 5,044,197 2,679,034
Total liabilities and
stockholders' equity 5,310,509 2,867,080
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, +1-212-554-5469, or alison@cameronassoc.com, or
Paul Henning, +1-212-554-5462 or, paul@cameronassoc.com, both of
Cameron Associates, for Helix BioMedix, Inc.
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