Business
BELLUS HEALTH reports results for first quarter of fiscal 2008
LAVAL, QC, May 5 /CNW Telbec/ - BELLUS Health Inc. (NASDAQ: BLUS; TSX: BLU, formerly known as Neu...
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, May 5 /CNW Telbec/ - BELLUS Health Inc. (NASDAQ: BLUS; TSX:\nBLU, formerly known as Neurochem Inc.) reported results for the first quarter\nended March 31, 2008. The Company reported a net loss of $12,902,000\n($0.26 per share) for the quarter, compared to $21,016,000 ($0.54 per share)\nfor the same period the previous year. The decrease in the net loss is mainly\ndue to a reduction in research and development (R&D) expenses, before research\ntax credits and grants, which amounted to $8,780,000 this quarter, compared to\n$16,828,000 for the same period the previous year. The decrease in R&D\nexpenses is mainly attributable to a reduction in expenses incurred in\nrelation to the development of tramiprosate (ALZHEMED(TM); homotaurine) for\nthe treatment of Alzheimer's disease, following the Company's decision in\nNovember 2007 to terminate the tramiprosate (ALZHEMED(TM)) pharmaceutical drug\ndevelopment program and to take steps to commercialize homotaurine\n(VIVIMIND(TM)) as a branded nutraceutical.\n\n\nAs at March 31, 2008, the Company had available cash, cash equivalents\nand marketable securities of $43,448,000, compared to $58,672,000 at December\n31, 2007. BELLUS Health is expecting to further reduce its burn rate during\nfiscal 2008.\n\n\nConsolidated Financial Results Highlights\n\n\nThe shareholders of Neurochem Inc. approved the change of its name to\n"BELLUS Health Inc." at the Annual and Special Shareholders' Meeting on April\n15, 2008. The new stock ticker symbols, BLUS (NASDAQ) and BLU (TSX), came into\nuse on April 21, 2008.\n\n\nThe Management's Discussion and Analysis (MD&A) provides a review of the\nCompany's operations, performance and financial position for the quarter ended\nMarch 31, 2008, compared with the quarter ended March 31, 2007. It should be\nread in conjunction with the Company's unaudited consolidated financial\nstatements for the three-month period ended March 31, 2008, as well as the\nCompany's audited consolidated financial statements for the year ended\nDecember 31, 2007, which have been prepared in accordance with Canadian\nGenerally Accepted Accounting Principles (GAAP). For discussion regarding\nrelated-party transactions, contractual obligations, disclosure controls and\nprocedures, internal control over financial reporting, critical accounting\npoli...