Business
BELLUS Health reports results for first quarter of fiscal 2009
LAVAL, QC, May 6 /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, May 6 /CNW Telbec/ - BELLUS Health Inc. ("BELLUS Health" or\nthe "Company") (TSX: BLU) reported results for the first quarter ended March\n31, 2009. The Company reported a net loss of $9,907,000 ($0.20 per share) for\nthe quarter, compared to $13,042,000 ($0.27 per share) for the same period the\nprevious year. The decrease in the net loss is mainly due to a reduction in\nresearch and development (R&D) expenses, before research tax credits and\ngrants, which amounted to $3,610,000 for the current quarter, compared to\n$8,780,000 for the same period the previous year. The decrease is mainly\nattributable to a reduction in the research and development of tramiprosate\n(ALZHEMED(TM); homotaurine) for the treatment of Alzheimer's disease following\nthe Company's decision in November 2007 to terminate the tramiprosate\n(ALZHEMED(TM)) pharmaceutical drug development program. The Company is also\ndeveloping NC-503 (eprodisate) for the treatment of Type II diabetes and\ncertain features of metabolic syndrome.\n\n\nAs at March 31, 2009, the Company had available cash, cash equivalents\nand marketable securities of $3,187,000, compared to $10,595,000 at December\n31, 2008. The decrease is primarily due to funds used in operating activities.\n\n\nOn April 16, after the end of the first quarter of 2009, the Company\nannounced the completion of the first tranche of its previously announced\n$20.5 million CAD convertible notes (see Liquidity and capital resources\nsection for further details). BELLUS Health received gross proceeds of $10\nmillion CAD for the issuance of new convertible notes. A second tranche of\n$10.5 million CAD is expected to be funded by June 2009. In March 2009, the\nCompany announced a reduction in the workforce and other related measures\nwhich are expected to result in annual savings of approximately $3.5 million\nCAD, and the restructuring of the lease of the Company's main premises and the\n2006 and 2007 convertible notes, which are expected to result in annual cash\nsavings of approximately an additional US$4.1 million on an annual basis.\n\n\nBELLUS Health also announced today that, in a cost-saving measure, it is\ntaking steps to remove its common shares from registration under the U.S.\nSecurities Exchange Act of 1934, as amended, by filing a Form 15 with U.S.\nSecuriti...