Helix Biopharma Corp (TSE:HBP) pushed ahead its research-and-development spending in the fiscal second quarter of 2019, despite recording a net loss of $1.9 million, according to financial results released Monday.
The company posted a net loss of $1.9 million, or $0.02 loss per common share, in the three months ended January 31, compared with a $2.6 million, or $0.03 loss, a year earlier.
Shares of Helix rose $0.03 on Monday to $0.54, a gain of 5.9%.
Helix, a clinical-stage biopharmaceutical company that is developing innovative therapies for cancer treatment, spent $1.3 million in research and development in fiscal 2Q and $2.3 million for the six-month period, the bulk of which was directed toward its L-DOS47 technology, which promises to act upon naturally-occurring substances in the human body to treat cancer.
The company spent $788,000 in the quarter, primarily on its Phase 1 clinical study in the US. It also conducting clinical studies in Poland, Ukraine and Hungary.
The Polish subsidiary, which is focusing on the V-DOS47 clinical program, spent $102,000 and $232,000 over the three-month period ending January 2019 and 2018, respectively. Grant-funding for the V-DOS4 program is the result of an agreement with the Polish National Centre for Research and Development.
Helix also reported a working capital deficiency of $2 million, a shareholders’ deficiency of $1.7 million and a deficit of $167 million. The company’s cash reserves of $306,000 are insufficient to meet its working capital and capital expenditures for the next 12 months, as well as its R&D expenditures, it reported.
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