Helix BioMedix closes $2.37 million financing

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Biotechnology company Helix BioMedix has announced that on 3 May
2004 it conducted the final closing under a private placement
equity financing, which raised a total of US$2.37 million (€1.95 m)
including US$1.1 million (€0.9 m) from the initial closing,
writes Louise Sheridan.

This financial news follows a recent announcement from Helix BioMedix​, as reported by cosmeticsdesign.com, of the promising results of an independent 12-week consumer product test conducted on the company's anti-wrinkle peptide, HB168.

In this financing the company sold units, each of which were comprised of 50,000 shares of common stock and a warrant to purchase 17,500 shares of common stock. Units were priced at US$100,000 (€82,200), which equates to US$2.00 (€1.64) per share of stock and 0.35 warrant share. The company will issue 1,184,000 shares of common stock and associated warrants to purchase an additional 414,400 shares of common stock.

"We are very pleased to close this round of financing," stated David Kirske, Vice President, Finance and Administration. "The US$2.37 million gross proceeds, together with our existing cash, ensure that the company will continue to execute its current business plan well into FY2005."

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