Helix BioPharma Corp. (TSX: HBP; OTC PINK: HBPCF; FRANKFURT: HBP0), a clinical-stage oncology company, announced today the closing of a non-brokered private placement of unsecured convertible debentures, raising aggregate gross proceeds of C$3,673,000. The company issued 3,673 Convertible Debentures, each with a principal amount of C$1,000, to institutional and accredited investors.
The convertible debentures carry a 25.00% annual interest rate, calculated on a simple interest basis, and mature 14 months from the closing date. If the debentures are not repaid by the Maturity Date, holders may convert the outstanding principal into common shares at a conversion price of C$1.42 per share, representing the market price of the shares as of the price reservation date less the permitted 20% discount per TSX policies. Accrued but unpaid interest may also be converted into shares at the greater of the conversion price or the volume-weighted average trading price over the five trading days before the conversion date, less the TSX-permitted discount.
The net proceeds from the offering are intended to support general working capital and advance the company’s drug development programs, including its lead candidate L-DOS47 and earlier-stage assets. No finder’s fees were paid in connection with the offering. The debentures and any shares issuable upon conversion are subject to a statutory four-month hold period from closing.
This financing comes as Helix progresses its pipeline of oncology therapies. The company’s lead program, Tumor Defense Breaker™ L-DOS47, is a clinical-stage antibody-enzyme conjugate designed to target CEACAM6-expressing tumors, potentially increasing their sensitivity to existing treatments. L-DOS47 has completed Phase Ib studies in non-small cell lung cancer (NSCLC). Building on the same CEACAM6-targeting platform, Helix is developing next-generation bi-specific antibody-drug conjugates (ADCs) currently in the discovery phase.
In addition, Helix is advancing two pre-IND candidates: LEUMUNA™, an oral immune checkpoint modulator aimed at achieving durable remission in post-transplant leukemia relapse, and GEMCEDA™, a first-in-class oral gemcitabine prodrug with bioavailability comparable to intravenous administration, designed to expand treatment options for advanced cancers.
The successful placement provides Helix with additional capital to advance these programs through clinical development. For more information about Helix BioPharma Corp. and its pipeline, visit https://www.helixbiopharma.com/.
