Helix BioPharma Corp (TSE:HBP) (OTCMKTS:HBPCF) (FRA:HBP) told investors that it spent around C$1.9 million on research and development (R&D) costs in its fiscal third quarter to April 30, 2021 as the biopharma continues to develop drugs to treat cancer using immuno-oncology.
The company has developed an immune-oncology drug platform (DOS47) to treat cancer, which is designed to turn the tumor's environment to alkaline from acid, which, in turn, corrects an impaired immune system.
R&D costs for the three months to April 30 were C$1.933 million, up from C$1.523 million in the same period a year earlier, the company said, as it reported three and nine-month figures.
READ: Helix BioPharma closes first tranche of previously announced private placement with Lind Global Macro Fund for gross proceeds of C$3.5M
In terms of clinical development, the company said that for the LDOS001 study (a US Phase I L-DOS47 in combination with pemetrexed and carboplatin for lung cancer), it aims for a final clinical study report to be completed in September 2021.
Elsewhere, a Phase II combination therapy study in lung cancer (LDOS003) will not be advancing without third-party partner funding, and so far, no third-party partner has been identified, the firm added.
For the company's L-DOS47 immunotherapy chemo combination study in lung cancer, Helix said it was engaging key opinion leaders on the feasibility and design of the trial, and depending on this, among other factors, plans to submit an Investigational New Drug (IND) application by December 2021.
On the corporate side and post this reporting period, Helix noted that in May this year, it had closed a C$3.5 million first tranche financing after a convertible security financing agreement with Lind Global Macro Fund LP.
A C$6.5 million second tranche financing is also available provided both parties agree to close the second tranche.
Helix also noted it was deferring plans for a Nasdaq listing to prioritize having its shares trade on the OTC Markets.
The net loss for the three months to April 30 was C$2.554 million, compared to a loss of C$2.594 million loss it posted in the third quarter of fiscal 2020.
Contact the author at giles@proactiveinvestors.com