Helix BioMed Q1 net loss narrows to $919,743

Helix BioMed, a developer of peptide molecules, has reported a net loss of $919,743 or $0.04 per share for the first quarter of 2009, compared to a net loss of approximately $1.27m, or $0.05 per share, for the first quarter of 2008.

The improvement in the net loss was primarily attributable to a reduction in operating expenses of approximately $83,000 and a reduction of $366,000 in non-operating expenses primarily resulting from declines in convertible notes payable discount accretion and derivative instrument fair value adjustments.

For the first quarter of 2009, the company has reported a revenue of $87,251 compared to $240,370 in the first quarter of 2008.

Stephen Beatty, president and CEO of Helix BioMedix, said: Our first quarter results were directly impacted by the current weakness in the global economic environment, which has resulted in a slower than expected ramp for several of our key product initiatives.

As a result, we have continued tight controls on spending and have reduced operating expenses accordingly. The combination of tightly controlling spending and closing the approximately $3.5 million convertible debt financing is currently providing us the liquidity required to continue the advancement of the commercialization of our proprietary bioactive peptides and consumer products.