Business
Bellus Health reports results for second quarter ended June 30, 2010
Bellus Health reports results for second quarter ended June 30, 2010
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\n Aug. 9, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nAnnouncement of new initiatives to reduce burn rate\n\nLAVAL, QC, Aug. 9 /CNW Telbec/ - BELLUS Health Inc. (TSX: BLU) ("BELLUS Health" or the "Company") reported today its financial results for the second quarter ended June 30, 2010. The Company also announced new initiatives to reduce its annual expenditures ("burn rate") by focusing its efforts on existing products and on supporting current and future strategic partnerships. All currency figures reported in this press release, including comparative figures, are in Canadian dollars, unless otherwise specified.\n\nFinancial Results\n\nFor the three-month period ended June 30, 2010, the net loss amounted to $5,816,000 ($0.03 per share), compared to a net income of $14,270,000 ($0.11 per share) for the corresponding period the previous year. For the six-month period ended June 30, 2010, the net loss amounted to $10,009,000 ($0.05 per share), compared to net income of $1,925,000 ($0.02 per share) for the same period last year.\nThe significant variation between the 2010 net loss and the 2009 net income is attributable to unusual items recorded in the second quarter of 2009. During that quarter, the Company recorded a gain on extinguishment of debt in the amount of $19,173,000 resulting from amendments to the terms, in April 2009, of the convertible notes issued in 2006 and 2007, as well as a net credit for vacant space in the amount of $2,474,000 in relation to the vacant portion of the Company's premises.\nAs at June 30, 2010, the Company had available cash and cash equivalents of $11,770,000, compared to $14,017,000 at December 31, 2009. This excludes US$5 million that the Company will receive on October 29th, 2010 in connection with the KIACTA(TM) Asset Purchase and License Agreement. The decrease in the six-month period is primarily due to funds used in operating activities, offset by the f...