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Helix BioMedix, Inc. (HXBM.OB) Reports First Quarter 2010 Financial Results

|Includes: Helix BioMedix, Inc. (HXBM)

Helix BioMedix Inc. is a biopharmaceutical company with an extensive library of diverse bioactive peptides and patents covering six distinct classes and hundreds of thousands of peptide sequences. Applications for the company’s peptides include anti-aging cosmeceutical skin care and acne treatment as well as other topical anti-infective pharmaceuticals and wound healing applications.

The company today announced financial results for its first quarter 2010, which ended March 31, 2010. Revenue for the first quarter of 2010 was approximately $70,000 compared to revenue of about $87,000 in the prior year first quarter. Gross margin improved to 64.9% in the first quarter compared to 44.6% in the same period a year ago. This reflects higher revenue contribution from license and development fees relative to peptide sales.

Net loss for the first quarter of 2010 was approximately $927,000 or ($0.04) per share versus a loss of $920,000 or ($0.04) per share a year ago. Helix BioMedix’s cash and cash equivalent balance on March 31, 2010 was approximately $3.6 million as compared to $1.3 million at the end of 2009. The company’s president and CEO, R. Stephen Beatty, commented, “While first quarter revenue was below our expectation due to the timing of certain customer shipments, we expect these orders to benefit our second quarter.”

Helix BioMedix continues to make significant progress in developing a diverse revenue base of consumer products utilizing its peptide technologies. With the recent economic improvements, the company’s licensed partners have increased their sales and marketing efforts to introduce new and existing products containing its proprietary peptides. The company also continues to make progress on its key pharmaceutical candidates.

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