Date:5/5/2008

ial statements for the year ended December 31, 2007, which have been prepared in accordance with Canadian Generally Accepted Accounting Principles (GAAP). For discussion regarding related-party transactions, contractual obligations, disclosure controls and procedures, internal control over financial reporting, critical accounting policies and estimates, recent accounting pronouncements, and risks and uncertainties, refer to the Annual Report and the Annual Information Form for the year ended December 31, 2007, as well as registration statements and other public filings, which are available on SEDAR at http://www.sedar.com - or on EDGAR at http://www.sec.gov. This document contains forward-looking statements, which are qualified by reference to, and should be read together with the "Forward-Looking Statements" cautionary notice, which can be found at the end of this MD&A. This MD&A was prepared by management with information available as of May 5, 2008.

As previously reported, effective July 1, 2007, the Company adopted the US dollar as its functional and reporting currency, as a significant portion of its revenue, expenses, assets, liabilities and financing are denominated in US dollars. All currency figures reported in this document, including comparative figures, are reported in US dollars, unless otherwise specified.

Results of Operations

For the three-month period ended March 31, 2008, the net loss amounted to $12,902,000 ($0.26 per share), compared to $21,016,000 ($0.54 per share) for the corresponding period the previous year.

Revenue from collaboration agreement amounted to $205,000 for the current quarter, compared to $373,000 for the same period the previous year. This revenue was earned under the agreement with Centocor, Inc. (Centocor) in respect of eprodisate (KIACTA(TM)), an oral investigational product candidate for the treatment
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SOURCE BELLUS Health Inc. Copyright©2008 PR Newswire. All rights reserved

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