BELLUS Health Reports Results for Third Quarter of Fiscal 2008 and on EMEA Update

About this update from Bluenergies Ltd.

[{"type":"text","content":"\n\n\n\nLAVAL, QC, Nov. 10 /CNW Telbec/ - BELLUS Health Inc. (NASDAQ: BLUS; TSX:\nBLU) reports results for the third quarter ended September 30, 2008. For the\nthree-month period ended September 30, 2008, the net loss amounted to\n$11,095,000 ($0.22 per share), compared to $13,889,000 ($0.29 per share) for\nthe corresponding period the previous year. For the nine-month period ended\nSeptember 30, 2008, the net loss amounted to $36,703,000 ($0.74 per share),\ncompared to $65,389,000 ($1.54 per share) for the same period last year.\n\n\nThe net loss for the current third quarter included net sales of $153,000\nwhich represents one month of sales of VIVIMIND(TM), the Company's first\nnatural health brand launched in Canada and on the Internet on September 2,\n2008. The net loss for the nine-month period ended September 30, 2007,\nincluded a non-cash accretion expense under Canadian GAAP of $10,430,000\nrelating to the $40 million 5% senior subordinated convertible notes issued in\nMay 2007.\n\n\nResearch and development expenses, before research tax credits and\ngrants, amounted to $5,208,000 for the current quarter ($21,111,000 for the\nnine-month period), compared to $11,964,000 for the same period the previous\nyear ($43,533,000 for the nine-month period). The decrease in the current\nperiods compared to the same periods the previous year is mainly attributable\nto a reduction in expenses incurred in relation to the development of\ntramiprosate (ALZHEMED(TM); homotaurine) for the treatment of Alzheimer's\ndisease, following the Company's decision in November 2007 to terminate the\ntramiprosate (ALZHEMED(TM)) pharmaceutical drug development program.\n\n\nAs at September 30, 2008, the Company had available cash, cash\nequivalents and marketable securities of $20,595,000, compared to $58,672,000\nat December 31, 2007. The decrease is primarily due to funds used in operating\nactivities.\n\n\nEprodisate (KIACTA(TM)) for the treatment of Amyloid A (AA) amyloidosis\n\n\nWith respect to eprodisate (KIACTA(TM)), the Company submitted a proposed\nprotocol for the second Phase III clinical trial for consideration by the U.S.\nFood and Drug Administration (FDA) and the European Medicines Agency (EMEA).\nEMEA has agreed with the study design including the new primary endpoint\nfocusing on renal events and excluding death. In addition both t...

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