Business
BELLUS Health reports results for third quarter of fiscal 2009
BELLUS Health reports results for third quarter of fiscal 2009
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nNov. 10, 2009 (Canada NewsWire Group) -- LAVAL, QC, Nov. 10 /CNW Telbec/ -- BELLUS Health Inc. (TSX: BLU) (the Company) reports financial results for the third quarter and nine-months ended September 30, 2009. The Company reported a reduced net loss, compared to the corresponding period in the previous year, and an increased cash position for the quarter, due largely to Management's efforts to reduce overhead expenses and its cash burn rate, as well as a successful rights offering during the third quarter.Quarterly Highlights:The following highlights and financial results should be read in conjunction with the company's financial statements, notes to the financial statements, and Management's Discussion and Analysis for the third quarter and nine-month period ended September 30, 2009. These documents will be available in the coming days on the Company's web site at www.BellusHealth.com, and on SEDAR at www.sedar.com.All currency figures reported in this press release, including comparative figures, are reported in US dollars, unless otherwise specified.- For the three-month period ended September 30, 2009, BELLUS Healthreported a net loss of $5,840,000 ($0.04 per share), compared to a netloss of $11,175,000 ($0.22 per share) for the corresponding period theprevious year. For the nine-month period ended September 30, 2009, thenet loss amounted to $2,867,000 ($0.02 per share), compared to a netloss of $36,959,000 ($0.75 per share) for the same period last year.- The decrease in the current periods compared to the same periods theprevious year is mainly due to a reduction in research anddevelopment activities and related workforce, as well as to otheradditional measures implemented by the Company to reduce its burnrate.- In addition, results for the nine-month period ended September 30,2009, include a gain on extinguishment of debt in the amount of$17,020,000 resulting from amendments to the terms of BELLUS Health's2006 and 2007 convertible notes, following the previously announcedrefinancing of the Company in April 2009.- Results for the nine-month period ended September 30, 2009, alsoinclude a net credit for vacant space in the amount of $2,196,000 inrelation to the vacant portion of the Company's premises.- As at September 30, 2009, the Company had available cash and cashequivalents of $17,217,000, compared to $10,595,00...