Business
BELLUS Health reports results for first half of fiscal 2009
LAVAL, QC, Aug. 11 /CNW Telbec/ - BELLUS Health Inc. ("BELLUS Health" or the "Company") (TSX: BLU...
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, Aug. 11 /CNW Telbec/ - BELLUS Health Inc. ("BELLUS Health" or\nthe "Company") (TSX: BLU) reported results for the second quarter and first\nhalf ended June 30, 2009. All currency figures reported, including comparative\nfigures, are reported in US dollars, unless otherwise specified.\n\n\nFor the three-month period ended June 30, 2009, the net income amounted\nto $12,880,000 ($0.10 per share), compared to a net loss of $12,742,000 ($0.26\nper share) for the corresponding period the previous year. For the six-month\nperiod ended June 30, 2009, the net income amounted to $2,973,000 ($0.03 per\nshare), compared to a net loss of $25,784,000 ($0.52 per share) for the same\nperiod last year. Results for the periods ended June 30, 2009 include a gain\non extinguishment of debt in the amount of $17,020,000 resulting from\namendments to the terms of the $42,085,000 aggregate principal amount of 6%\nconvertible senior notes issued in November 2006, as well as on the $4,500,000\nprincipal amount of 6% senior convertible notes issued in May 2007. These\namendments took place at the time of a refinancing of the Company in April\n2009 and were a condition thereto. Results for the periods ended June 30,\n2009, also include a net credit for vacant space in the amount of $2,196,000\nin relation to the vacant portion of the Company's premises.\n\n\nAs at June 30, 2009, the Company had available cash, cash equivalents and\nmarketable securities of $13,326,000, compared to $10,595,000 at December 31,\n2008. The increase is primarily due to the completion of the CDN$20,500,000\nconvertible notes financing in April 2009, which amount is offset by funds\nused in operating activities.\n\n\nOn July 7, 2009, subsequent to the close of the second quarter of fiscal\n2009, BELLUS Health announced that it was filing a preliminary short form\nprospectus in each of the provinces of Canada for a CDN$12,080,018 million\nrights offering to holders of its common shares. Each of Victoria Square\nVentures Inc. and Vitus Investments III Private Limited, a corporation whose\nshares are beneficially owned by Mr. Carlo Bellini, have entered into separate\nstandby purchase commitments with BELLUS Health whereby they have agreed, on a\nseparate and individual and not solidary basis, to purchase such of the common\nshares that are not...