Helix BioPharma Corp (TSX:HBP) (OTCMKTS:HBPCF) has said it will now close the planned divestment of its remaining shares in Polish subsidiary, Helix Immuno-Oncology SA (HIO) in September
The transaction was scheduled to close on August 31 but has now been pushed back to September 30, the company said in a statement.
Under the term sheet, in June, Helix accepted a non-binding offer from CAIAC Fund Management AG in its capacity as designated trustee of an Alternative Investment Fund that is currently in the process of being established and authorized by the Financial Market Authority in Liechtenstein (FMA).
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The terms of the offer provide for Helix to sell its remaining holdings in HIO - about 51% of the issued and shares - for gross proceeds of up to PLN6,700,000 (C$2.3 million).
Helix said the transaction is subject to a number of conditions, including the approval of the Alternative Investment Fund by the FMA; the raising of a minimum PLN7,300,000 (C$2.5 million) by the Fund as well as regulatory approval of the transaction, if required.
The company said discussions are ongoing and that both parties have agreed to push out the closing date of the transaction.
Helix, based in Toronto, is a biopharmaceutical company developing unique therapies in the field of immuno-oncology for the prevention and treatment of cancer, based on its proprietary technology platform DOS47.
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