Helix private placement to total C$11.4M

Helix BioPharma has received subscriptions for the purchase, by way of a private placement, of a total of 6,800,000 units at $1.68 per unit, for gross proceeds totaling C$11.4 million ($11.0 million). The company anticipates closing the placement within the next 10 days.

Each unit consists of one common share and one-half of one common share purchase warrant, with each one of the latter entitling the holder to buy one common share at a price of $2.36 for up to three years after the closing date of the private placement.

"This is an exciting time for Helix as we open clinical trial sites in Germany for our trial of topical interferon alpha-2b for the treatment of ano-genital warts, prepare for additional clinical trials for this treatment and continue to progress towards clinical testing with L-DOS47," said John Docherty, president of Helix. "We plan to use the proceeds from the placement for working capital, primarily to support these research and development initiatives," he added.