Helix BioMedix announces additional funding of $2.9M through convertible promissory notes

Mar 10 2010

Helix BioMedix, Inc. (OTCBB: HXBM), a developer of bioactive peptides, announced additional funding in the amount of $2.9 million through convertible promissory notes. The company also announced the addition of Lawrence Blake Jones to its board of directors.

“Blake brings to Helix BioMedix extensive experience in law, finance, and business. His complementary skill set and experience add further depth to our board.”

“We continue to receive strong support from our investor base in what has been a tough economic climate,” stated R. Stephen Beatty, President and Chief Executive Officer of Helix BioMedix, Inc. “The proceeds will be utilized for general corporate purposes, including continued Rx product development and the launch of additional consumer products based on our SmartPeptide™ technology. Helix BioMedix peptides can now be found in a wide range of skin care, blemish control and cosmeceutical products marketed through a variety of channels, including prestige and mass market retailers and catalogues.”

The sale and issuance of convertible promissory notes was in the aggregate principal amount of $2.9 million and also included warrants to purchase 725,000 shares of the company’s common stock at an exercise price equal to $0.80 per share. The notes accrue interest at 8 percent per annum and are due and payable on July 1, 2013, unless converted into common stock at an earlier date, as described in the company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 8, 2010.

“We are also pleased to welcome Lawrence Blake Jones to our board of directors,” continued Beatty. “Blake brings to Helix BioMedix extensive experience in law, finance, and business. His complementary skill set and experience add further depth to our board.”

“Helix BioMedix appears to be at an inflection point with respect to its SmartPeptide™ platform,” stated Lawrence Blake Jones. “This is an exciting time to join the company, and I look forward to working with Mr. Beatty, his management team and my fellow board members.”

Jones is currently a managing partner of Scheuermann & Jones, LLC, a Louisiana-based law firm that practices throughout much of the United States. In addition, he serves on various organizations including the board of directors of First NBC Bank where he is a member of the audit committee, the board of directors of First Commerce Holding Company where he is a member of the mergers and acquisitions committee, and the national board of directors for St. Judes Ranch for Children where he is a member of the finance committee. He holds a Juris Doctorate from Tulane Law School and a bachelor’s degree from the Louisiana State University.