Business
Annual Meeting of Shareholders - BELLUS Health provides update on corporate and product developments
Annual Meeting of Shareholders - BELLUS Health provides update on corporate and product developments
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\n May 12, 2010 (Canada NewsWire Group) -- LAVAL, QC, May 12 /CNW Telbec/ - BELLUS Health Inc. (TSX: BLU) ("BELLUS Health" or the "Company") held its Annual and Special Meeting of Shareholders today. President and Chief Executive Officer Roberto Bellini provided shareholders with updates on the Company's new development-focused business model, on the status of products in the development pipeline, on VIVIMIND(TM) and on the finances of the Company.\n"I am pleased to lead BELLUS Health into its next business phase," said Roberto Bellini, President and Chief Executive Officer of BELLUS Health. "Our new development-focused business model emphasizes what the Company does best: bringing products from the pre-clinical phase through proof-of-concept Phase II studies.\n"In collaboration with our partner Celtic Therapeutics, we are advancing our product candidate KIACTA(TM) through a Phase III clinical trial at no development cost to BELLUS Health. In addition, we are targeting the development of a prodrug for Alzheimer's disease. We are optimistic that our expertise and experience in this field will help us succeed.\n"Both of these programs fit squarely in our new business strategy of developing product candidates until their safety and efficacy have been demonstrated; and then entering into partnerships to finance late-stage studies. Overall, we believe this strategy will result in less risk, and more benefit, for our shareholders," Mr. Bellini concluded.\n\nPharmaceutical Development Pipeline\n\nKIACTA(TM) (eprodisate)\n\nOn April 29, 2010, BELLUS Health signed definitive transaction agreements with global pharmaceutical fund Celtic Therapeutic pursuant to which Celtic Therapeutics acquired and licensed worldwide rights related to KIACTA(TM) (eprodisate) for upfront payments of US$10 million, and will fund 100% of KIACTA(TM)'s development costs through its confirmatory Phase III clinical study and other development activities, estimated at an additional US$20 million. Celtic Therapeutics will also complete all other requirements for KIACTA(TM)'s regulatory approval and will conduct an auction process for the commercialization rights of KIACTA(TM). The overall proceeds of the auction process are expected to be shared equally between the parties.\nKIACTA(TM) is being developed for ...