Helix BioPharma Corp.oday provides a corporate update.
RICHMOND HILL, Ontario, April 02, 2020 (GLOBE NEWSWIRE) -- 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 205
Richmond Hill, Ontario, L4B 3J9
Tel: 905-841-2300
Email: 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.
