Helix BioPharma Corp. Announces Selection of CEO; Plans to Voluntarily Delist From NYSE MKT
AURORA, ON -- (Marketwire) -- 06/25/12 -- Helix BioPharma Corp. (TSX: HBP) (NYSE MKT: HBP) (FRANKFURT: HBP), a biopharmaceutical company developing drug candidates for the prevention and treatment of cancer, today announced that its Board of Directors has approved the selection of Robert Verhagen as Chief Executive Officer. Mr Verhagen is currently a Director for Helix, he is a graduate of the University of Alberta with a Bsc and MBA and has extensive experience in the bio-tech industry. "I am pleased with the selection of Rob from our CEO search. Rob has already contributed significantly to Helix as a Director," said William White, Chairman and Interim CEO of Helix. "I look forward to his leadership of the company taking us forward."
"I have worked with Rob now as a Director and I have been impressed with his knowledge and experience in the industry and his work on the Board to focus Helix on our critical programs," said Marek Orlowski, Director, "I look forward to his leadership of the company to deliver results."
Mr. Verhagen is pleased with the opportunity to make Helix all it can be and said, "As a Board Member, I have seen the great potential of Helix and its programs. As CEO, I look forward to taking the responsibility in converting this potential into real value for all shareholders."
Helix also announced that the Board of Directors has approved the voluntarily delisting of Helix's common shares from the NYSE MKT and the voluntarily deregistration of its common shares under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), after which the company will cease filing reports with the Securities and Exchange Commission (the "SEC").
Helix's common shares will continue to trade on the Toronto Stock Exchange ("TSX") under the ticker symbol HBP and the company will continue to file the necessary reports with Canadian Securities Administrators at www.sedar.com, in addition to publishing financial and other material information on the company's website at www.helixbiopharma.com.
"After reviewing the relevant factors associated with the company's continued listing on the NYSE MKT, it was determined that Helix and its shareholders would be better served by its original TSX listing," said William White, Chairman.
The factors reviewed by the Board of Directors' primarily include:
- the high cost of preparing and filing periodic reports with the SEC,
- the added accounting, audit, legal and other costs and expenses associated with being a U.S. public company,
- the additional demands placed on management and company personnel to comply with applicable reporting requirements,
- Helix's low U.S. trading volume,
- the potential impact of delisting and deregistration on Helix's shareholders resident in the United States, and
- the fact that Helix will continue to be listed on the Toronto Stock Exchange and that financial and other material information will continue to be available on the company's website and on www.sedar.com.
Helix has provided written notice to NYSE MKT today of its intent to delist and plans to file a Form 25 with the SEC on or about July 9, 2012 to initiate the voluntary delisting. The company expects that the delisting will be effective ten days after such filing, which is expected to be on or about July 19, 2012. The company intends to also file a Form 15F with the SEC to deregister and terminate its reporting obligations under the Exchange Act after the delisting has become effective. The company's reporting obligations under the Exchange Act will be suspended immediately upon filing Form 15F and will terminate 90 days thereafter if there are no objections from the SEC.
Helix reported that its Board of Directors met in Poland last week after meeting with investors and touring academic and research institutions to learn of opportunities for future collaboration. "It was very productive for the board to meet in Warsaw to see first-hand the commitment of investors and the resources in Poland that could assist Helix," said Mr. White.
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