Helix' fiscal 3rd-qtr loss grows 7% to $1.5M

Canadian drugmaker Helix BioPharma recorded a loss of C$1.5 million ($1.41 million), or C$0.04 per common share, for the third quarter of its fiscal year, ended April 30, 2007, an increase of 7% on the deficit it reported for the year-earlier comparable period. The firm said that costs associated with a shareholder proxy dispute, increased R&D expenditure and the higher operating costs were responsible for the growing loss.

Helix also reported that its revenues for the period were C$864,000, down 21.4%, which it attributed to a reduction in the sale of the osteoarthritis treatment Orthovisc (hyaluronic acid) and the lack of license fees from its biochip technology. Despite the decline, the firm said that a reduction in the cost of sales, down 12.3% to C$249,000 and favorable exchange rates, had allowed it to maintain its overall margins.

In addition, Helix's operating general and administration costs for the period fell 6.8% to C$1.0 million due to lower sales commissions and a drop in its expenditure on wages, travel and marketing.