Helix BioPharma Corp. Provides Corporate Update
02 April 2020 - 1:30PM
Helix BioPharma Corp. (TSX: HBP) (“Helix” or the “Company”), an
immuno-oncology company developing innovative drug candidates for
the prevention and treatment of cancer, today provides a corporate
update.
COVID-19
As countries across the globe face an
unprecedented public health crisis due to COVID-19, Helix has taken
various measures to protect the health and well-being of our staff
while maintaining business continuity.
The office and laboratory of Helix in Canada
have been following the recommendations of federal, provincial and
regional authorities. This includes operating a safe and
clean working environment, providing work at home facility and
observing latest public health guidance such as ‘social
distancing’. Except for a limited number of staff at the
laboratory to maintain critical infrastructure operation, all Helix
personnel are working from remote locations.
Clinical Development initiatives
The Company’s U.S. Phase I L-DOS47 lung cancer
study in combination with pemetrexed and carboplatin (LDOS001) has
completed patient recruitment. Study reports are being
compiled and an abstract has been submitted to a conference.
As previously reported in the Company’s recently filed Q2 fiscal
2020 filings, the Company’s European Phase II L-DOS47 lung cancer
study in Poland and Ukraine (LDOS003) no longer requires patient
enrollment. The Company indicated that the first stage of the
study related to dose escalation would be concluded and
progression to the second stage of the study would only proceed if
a third-party was willing to partner with the Company on the study
and upon a confirmatory medical review.
The Company’s U.S. Phase 1b/II pancreatic study
of L-DOS47 in combination with doxorubicin (LDOS006) continues to
enroll patients and has dosed two patients. Given the
COVID-19 crisis however, the Company expects patient enrollment
will be impacted. Helix is working closely with the clinical
trial site and the hospital to ensure best care is being provided
to patients while ensuring Helix complies with their COVID-19
protocols.
Corporate initiatives
COVID-19 has created significant uncertainty and
has materially impacted equity markets globally at a time when the
Company was in the planning process of up-listing to the U.S. and
raising additional capital. Nevertheless, the Company continues to
engage both U.S. and Canadian investment bankers and is preparing
for a capital raise in combination with an up-listing on the
NASDAQ. Though the Company previously expected to conduct
road shows and face-to-face meetings with potential investors
during the month of April 2020, COVID-19 has made it impossible to
do so. Instead, the Company expects to conduct online
meetings and conference calls.
The Company recently closed a $6,000,000 private
placement which included the disposition of a 15.5% stake in the
Company’s Polish subsidiary, Helix Immuno-oncology S.A.
(“HIO”). As previously disclosed, the Company intends to
fully divest its remaining 51.0% interest in HIO to raise
additional capital to further fund the Company’s clinical
development programs while retaining a licensing arrangement for
future royalties and milestone payments.
As a result of the recent private placement the
Company is in a sound financial position allowing management to
operate as normally as possible, in light of COVID-19. Given that
the duration and magnitude of the impact on the economy and the
Company’s business from COVID-19 is unknown, the Company has
implemented a review of operations in order to reduce or defer
spending where possible, while maintaining key clinical and
business program priorities.
The Company thanks all its staff who responded
quickly and professionally as well as all our stakeholders who
continue to support our Company during these challenging times.
About Helix BioPharma Corp.
Helix BioPharma Corp. is an immuno-oncology
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 novel L-DOS47 new drug
candidate and Chimeric Antigen Receptor (“CAR”) based cell
therapies. Helix is currently listed on the TSX under the symbol
“HBP”.
Investor Relations
Helix BioPharma Corp.9120 Leslie Street, Suite
205Richmond Hill, Ontario, L4B 3J9Tel: 905-841-2300Email:
ir@helixbiopharma.com
Cautionary Statements
This news release may contain forward-looking
statements with respect to Helix, its operations, strategy,
financial performance and condition, including its activities
relating to its drug development program, any anticipated timelines
for the commencement or completion of certain activities such as
raising sufficient capital, merger and acquisition activity,
listing on a U.S. exchange and other information in future periods.
These statements generally can be identified by use of
forward-looking words such as “aims”, “transform”, “should”, “may”,
“will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or
“continue” or the negative thereof or similar variations. The
actual results and performance of discussed herein could differ
materially from those expressed or implied by such statements. Such
statements are qualified in their entirety by the inherent risks
and uncertainties surrounding future expectations, including: (i)
Helix’s ability to operate as a going concern being dependent
mainly on securing sufficient additional financing in order to fund
its ongoing research and development and other operating
activities; (ii) the generally inherent uncertainty involved in
scientific research and drug development and those specific to
Helix’s pre-clinical and clinical development programs (DOS47,
L-DOS47, V-DOS47 and CAR-T); (iii) that any transactions
contemplated herein are completed; and (iv) those risks and
uncertainties affecting Helix as more fully described in Helix’s
most recent Annual Information Form, which is available at
www.sedar.com (together, the “Helix Risk Factors”). Certain
material factors and assumptions are applied in making the
forward-looking statements, including, without limitation, that
sufficient financing will be obtained in a timely manner to allow
Helix to continue operations and implement its clinical trials in
the manner and on the timelines anticipated and that the Helix Risk
Factors will not cause Helix’s actual results or events to differ
materially from the forward-looking statements. These cautionary
statements qualify all such forward-looking statements.
Forward-looking statements and information are
based on the beliefs, assumptions, opinions, plans and expectations
of Helix’s management on the date of this news release, and the
Company does not assume any obligation to update any
forward-looking statement or information should those beliefs,
assumptions, opinions, plans or expectations, or other
circumstances change, except as required by law.
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