Helix BioPharma announces $16.9 million private placement of common shares

    AURORA, Ontario, Dec. 17 /CNW/ - Helix BioPharma Corp. (TSX, FSE: "HBP")
today announced that it has received subscriptions for the purchase, by way of
private placement, of a total of 10,040,000 common shares at $1.68 per share,
for gross proceeds totaling CDN$16,867,200. Proceeds from the placement will
be used for working capital, primarily to fund the Company's research and
development initiatives.
    The Company expects to close the private placement within the next ten

    About Helix BioPharma Corp.

    Helix BioPharma Corp. is a biopharmaceutical company specializing in the
field of cancer therapy. The Company is actively developing innovative
products for the prevention and treatment of cancer based on its proprietary
technologies. Helix's product development initiatives include its Topical
Interferon Alpha-2b and its novel L-DOS47 new drug candidate. Helix is listed
on the TSX under the symbol "HBP" and quoted on the Frankfurt, Berlin, Munich
and Stuttgart Stock Exchanges under the same symbol.

    The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this News
Release. This News Release contains forward-looking statements regarding a
proposed private placement and the Company's activities, which statements can
be identified by the words "will", "anticipates", and "developing". Actual
results or events could differ materially from these forward-looking
statements due to numerous factors, including without limitation, the risk
that the proposed placement may not close as anticipated or at all, research &
development risks, Helix's need for additional future capital, the risk of
unanticipated expenses, and possible changes in business strategy or plans.
These and other risks and uncertainties are contained in Helix's latest Annual
Information Form at www.sedar.com. Forward-looking statements and information
are based on the assumptions and expectations of Helix's management at the
time they are made, and Helix does not assume any obligation, except as
required by law, to update any forward-looking statement or information should
those assumptions or expectations, or other circumstances change.

For further information:

For further information: Investor Relations, Christina Bessant, The
Equicom Group Inc., Tel: (416) 815-0700 ext. 269, (800) 385-5451, Fax: (416)
815-0080, Email: cbessant@equicomgroup.com; Media Relations, David Schull,
Russo Partners LLC, Tel: (212) 845-4271, Fax: (212) 845-4260, Email:
David.Schull@russopartnersllc.com, www.russopartnersllc.com

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