Mr. Thomas Mehrling reports

HELIX BIOPHARMA CONCLUDES REVIEW, WILL NOT PROCEED WITH PROPOSED EQUITY DRAW-DOWN SUBSCRIPTION FACILITY WITH GEM

Helix BioPharma Corp. has elected not to proceed with the previously announced equity draw-down subscription facility with GEM Global Yield LLC SCS and GEM Yield Bahamas Ltd. (together, GEM).

The company entered into a non-binding term sheet dated Oct. 15, 2024, with GEM, and disclosed the proposed subscription facility in news releases dated Feb. 24, 2025, and March 26, 2025, and in the company's management and information circular dated Jan. 31, 2025.

The company received shareholder approval of the financing arrangement at the company's annual general and special meeting on March 26, 2025. However, following a thorough evaluation of market conditions and long-term corporate objectives, Helix determined that the GEM facility no longer aligns with its capital strategy or its commitment to maximizing long-term shareholder value. The letter of intent expired in accordance with its terms and the company has elected not to proceed to execution of the binding agreements or pursue the financing with GEM.

Independently of this decision, Helix continues to engage in constructive discussions with financial partners to explore alternative financing structures that may better align with the company's needs and strategic direction. The company remains steadfast in its commitment to securing the capital required to advance its clinical programs and achieve its corporate objectives.

About Helix BioPharma Corp.

Helix BioPharma is an oncology company that innovates from strength to bring near-term solutions for today's hardest-to-treat cancers. The company's pipeline is led by tumour defence breaker L-DOS47, a clinical-stage antibody-enzyme conjugate designed to prime CEACAM6-expressing tumours for increased sensitivity to therapy and augment the effectiveness of today's front-running anti-cancer treatments. L-DOS47 has completed phase 1b studies in non-small-cell lung cancer and shares its CEACAM6-targeting foundation with Helix's next-generation bispecific antibody-drug conjugates currently in discovery. The company also advances two preinvestigational new drug candidates: (i) Leumuna, an oral immune checkpoint modulator aimed at achieving durable remission in posttransplant leukemia relapse; and (ii) Gemceda, a first-in-class oral gemcitabine prodrug with bioavailability on a par with IV, designed to expand treatment options for advanced cancers.

We seek Safe Harbor.