Business
BELLUS Health reports results for first quarter ended March 31, 2010
BELLUS Health reports results for first quarter ended March 31, 2010
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") reported today its financial results for the first quarter ended March 31, 2010.\n"The last few months have been satisfying for BELLUS Health as we advanced the products in our pipeline while continuing to focus on controlling costs," said Roberto Bellini, President and Chief Executive Officer of BELLUS Health. "Our new partnership with Celtic Therapeutics on KIACTA(TM) and the advancement of NRM8499 development program for the treatment of Alzheimer's disease demonstrate the value in our product pipeline. Also, our decision to discontinue trials on NC-503 (eprodisate) for the treatment of Type II diabetes due to lack of efficacy in the Phase II clinical trial enables us to focus our finances more readily on projects that create value for shareholders," he added.\n\nFinancial Results\n\nAs previously reported, effective January 1, 2010, the Company adopted the Canadian dollar as its functional and reporting currency as a significant portion of its expenses, assets, liabilities and financing are denominated in Canadian dollars. All currency figures reported in this press release, including comparative figures, are in Canadian dollars, unless otherwise specified.\nFor the first quarter ended March 31, 2010, the Company recorded a net loss of $4,193,000 ($0.02 per share), compared to $12,345,000 ($0.25 per share) for the corresponding quarter the previous year.\nThe decreased loss for the first quarter of 2010 compared to the same period in 2009 is mainly due to a reduction in research and development (R&D) expenses, in general and administrative expenses due to measures implemented by the Company to reduce its burn rate, and in marketing expenses following the Company's decision to cease its marketing and sales activities for VIVIMIND(TM). Reduced R&D expenses are in relation to the Phase II clinical trial for NC-503 (eprodisate) for the treatment of Type II diabetes and certain features of metabolic syndrome, which concluded during the first quarter of 2010.\nAs at March 31, 2010, the Company had available cash and cash equivalents of $11,245,000, compared to $14,017,000 at December 31, 2009. The decrease is primarily due to funds used in operati...