File: '\\swfile\EmailIn\20240328 161800 Attachment 2024-03-28 - HBP - News Release re Update on Filing of FS (Final).doc'

March 28, 2024 Press Release

Bay Adelaide Centre - North Tower

40 Temperance Street, Suite 2700

Toronto, ON M5H 0B4

www.helixbiopharma.com

Helix BioPharma Corp. Provides Bi-Weekly Update on

Filing of Interim Financial Statements

(Toronto, Ontario - March 28, 2024) - Helix BioPharma Corp. (TSX: "HBP") ("Helix" or the "Company), a clinical-stage biopharmaceutical company developing unique therapies in the field of immune-oncology, based on its proprietary technological platform DOS47, provides an update to its news release dated March 1, 2024 (the "Default Announcement") and subsequent news release dated March 15, 2024, regarding the late filing of the Company's interim financial statements and accompanying management's discussion and analysis for the six months ended January 31, 2024 (the "Interim Filings").

The Company's principal regulator, the Ontario Securities Commission (the "Commission"), granted a management cease trade order (the "MCTO") on March 25, 2024, under National Policy 12-203 - Management Cease Trader Orders ("NP 12-203"). Pursuant to the MCTO, the Chief Executive Officer and Chief Financial Officer of the Company may not trade in securities of the Company until such time as the Company files the Interim Filings and the Commission revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities. The Company's Board of Directors and management confirm that they are continually working to file the Interim Filings as soon as possible.

Today the Company announced a private placement financing of 12,766,667 common shares of the Company ("Common Share") at a price of $0.15 per Common Share for gross proceeds of CAD$1,915,000 (the "Offering"). Other than the Offering, there are no material changes to the information contained in the Default Announcement. In addition: (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About Helix BioPharma Corp.

Helix BioPharma Corp. is a clinical-stage biopharmaceutical company developing unique therapies in the field of immune-oncology for the prevention and treatment of cancer based on our proprietary technological platform DOS47. Helix is listed on the TSX under the symbol "HBP".

For more information, please contact:

Helix BioPharma Corp.

Bay Adelaide Centre - North Tower

40 Temperance Street, Suite 2700

Toronto, ON M5H 0B4

Tel: 604-684-2181

Jacek Antas, CEO jantas@helixbiopharma.com

Forward-Looking Statements and Risks and Uncertainties

This news release contains forward-looking statements and information (collectively, "forward looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include statements regarding plans, goals, objectives, intentions and expectations with respect to the Company's anticipated filing of the Interim Filings, future business, operations, research and development, including the Company's activities relating to DOS47. Forward-looking statements can further be identified by the use of forward-looking terminology such as "will", "plans", "expects", or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions "will", "may", "could", or "should" occur or be achieved, or comparable terminology referring to future events or results. Forward-looking statements are statements about the future and are inherently uncertain and are necessarily based upon a number of estimates and assumptions that are also uncertain. Although the Company believes that the expectations reflected in such forward- looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Forward-looking statements are intended to provide information about management's current plans and expectations regarding future operations and may not be appropriate for other purposes. Certain material factors, estimates or assumptions have been applied in making forward-looking statements in this news release. The Company's actual results could differ materially from those anticipated in the forward-looking statements contained in this news release as a result of numerous known and unknown risks and uncertainties, including the risk factors discussed in the Company's continuous disclosure record filed under the Company's profile on SEDAR+ at www.sedarplus.ca from time to time. Forward-looking statements and information are based on the beliefs, assumptions, opinions and expectations of Helix's management on the date of this new release, and the Company does not assume any obligation to update any forward-looking statement or information should those beliefs, assumptions, opinions or expectations, or other circumstances change, except as required.