Business
BELLUS Health moves forward on nutraceutical and pharmaceutical fronts - Reports Results for First Half of 2008
LAVAL, QC, Aug. 5 /CNW Telbec/ - BELLUS Health Inc. (NASDAQ: BLUS; TSX: BLU) announced meaningful...
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, Aug. 5 /CNW Telbec/ - BELLUS Health Inc. (NASDAQ: BLUS;\nTSX: BLU) announced meaningful progress in both its nutraceutical and\npharmaceutical programs and reported results for the second quarter ended\nJune 30, 2008. The Company reported a net loss of $12,706,000 ($0.26 per\nshare) for the second quarter, compared to $30,484,000 ($0.75 per share) for\nthe same period the previous year. For the first half, the net loss amounted\nto $25,608,000 ($0.52 per share) compared to $51,500,000 ($1.30 per share) for\nthe first half of 2007. The net loss for the periods ended June 30, 2007\nincluded a non-cash accretion expense under Canadian GAAP of $10,430,000\nrelating to the $40 million 5% senior subordinated convertible notes issued in\nMay 2007. The decrease in the net loss is also due to a reduction in research\nand development expenses, before research tax credits and grants, which\namounted to $7,123,000 this quarter and $15,903,000 for the first six months,\ncompared to $14,741,000 for the second quarter the previous year and\n$31,569,000 for the first half of 2007. During the first six months of the\nyear, the Company also ramped up its expenditures in marketing and pre-launch\nactivities associated with VIVIMIND(TM) for the protection of memory function\nand with the creation in 2008 of its wholly owned subsidiary OVOS Natural\nHealth Inc.\n\n\nAs at June 30, 2008, the Company had available cash, cash equivalents and\nmarketable securities of $29,118,000, compared to $58,672,000 at December 31,\n2007. BELLUS Health expects to further reduce its burn rate during the\nremainder of fiscal 2008.\n\n\n"I am pleased to see the progress BELLUS Health is making in both its\nnutraceutical and pharmaceutical programs," said Dr. Francesco Bellini,\nChairman, President and CEO of BELLUS Health. "OVOS Natural Health, our\nnutraceutical subsidiary, is on track to launch VIVIMIND(TM) in Canada and on\nthe Internet during the third quarter of 2008. The launch will be supported by\nsynergistic advertising and public relations campaigns targeting major\nbroadcast, print and web electronic media. With respect to our pharmaceutical\nactivities, we are proceeding as planned for our second Phase III clinical\ntrial with KIACTA(TM) and our Phase II clinical trial with NC-503 for the\ntreatment of Type II diabetes and...