Income tax expense totaled $105,000 in fiscal 2007, $108,000 in
2006 and $191,000 in 2005. Income taxes are attributable to the
company's operations in Europe. Lower royalty revenue from the
reduced royalty rate on sales of Klean-Prep(TM), resulted in lower
income and therefore lower income tax expense in fiscal 2007 and 2006
when compared to 2005.
In the first quarter of fiscal 2007, the company completed a
private placement by issuing 3,650,000 common shares with net proceeds
of $6,480,000.
At July 31, 2007, the company had cash and cash equivalents,
comprised of short-term investments totaling $11,379,000 (2006 -
$11,032,000). Short-term investments include highly liquid financial
instruments issued by financial institutions with an original maturity
of 90 days or more and are carried at cost and accrued interest
receivable, which approximates their fair value.
At July 31, 2007 the total number of common shares issued and
outstanding was 36,335,335 (2006 - 32,685,335) and working capital was
$11,468,000 (2006 - $10,900,000).
After taking into consideration the company's anticipated
revenue, planned research and development expenditures and assuming no
unanticipated expenses, the company expects that its working capital
will be sufficient to finance operations through to September 2008. The
company has no external sources of liquidity such as lines of credit. At
present, the company considers that it will be necessary to conclude one
or more debt or equity financings in the near term to be able to
continue with its existing business plan. There can be no assurance that
any such financing will be available on acceptable terms or at all.
The company's complete 2007 Consolidated Financial Statements,
Management's Discussion and Analysis and Annual Information Form
are being filed with Canadian securities regulatory authorities and will
be available at SEDAR at http://www.sedar.com.
About Helix BioPharma Corp.
Helix BioPharma Corp. is a biopharmaceutical company specializing
in the field of cancer therapy. The company is actively developing
innovative products for the prevention and treatment of cancer based on
its proprietary technologies. Helix's product development
initiatives include its Topical Interferon Alpha-2b and its novel
L-DOS47 new drug candidate. Helix is listed on the TSX under the symbol
"HBP".
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