Business
BELLUS Health reports results for fourth quarter and year ended December 31, 2009
BELLUS Health reports results for fourth quarter and year ended December 31, 2009
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nFeb. 24, 2010 (Canada NewsWire Group) -- LAVAL, QC, Feb. 24 /CNW Telbec/ -- BELLUS Health Inc. (TSX: BLU) (the \"Company\") reported today its financial results for the fourth quarter and year ended December 31, 2009. All currency figures reported in this press release, including comparative figures, are in US dollars, unless otherwise specified.\"We continue to focus on effectively developing and adding value to the products in our pipeline,\" said Roberto Bellini, President and Chief Executive Officer. The Company continues to be extremely cost-conscious and our substantially reduced loss in 2009 reflects that vigilance.\"For the fourth quarter ended December 31, 2009, the Company recorded a net loss of $5,360,000 ($0.03 per share), compared to $11,136,000 ($0.22 per share) for the corresponding quarter the previous year. For the year ended December 31, 2009, the net loss amounted to $8,227,000 ($0.06 per share), compared to a net loss of $48,095,000 ($0.97 per share) for the same period last year.The decreased loss in current periods compared to the same periods the previous year is mainly due to a reduction in research and development activities, reduction in marketing activities in relation to VIVIMIND(TM), reduction in the workforce in March 2009, as well as other additional measures implemented by the Company to reduce its burn rate. In addition, results for the year ended December 31, 2009, include a gain on extinguishment of debt in the amount of $17,020,000 and a net credit for vacant space in the amount of $2,009,000 recorded in the second quarter of 2009.As at December 31, 2009, the Company had available cash and cash equivalents of $13,393,000, compared to $10,595,000 at December 31, 2008.The Company's consolidated financial statements and accompanying Management's Discussion and Analysis for year ended December 31, 2009 will be available in the coming days on SEDAR at www.sedar.com and on the Company's web site at www.bellushealth.com.2009 Highlights:During the year, the Company raised more than CDN$30 million with the issuance of CDN$20.5 million of convertible notes in April and June 2009, and a rights offering totaling approximately CDN$9.7 million in September 2009.In addition, BELLUS Health took significant steps to reduce its burn rate. In April 2009, the Company restructured the convertible notes due...