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BELLUS HEALTH reports results for first quarter of fiscal 2008
Date:5/5/2008

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Share of loss in a company subject to significant influence amounted to nil for the current quarter, compared to $327,000 for the corresponding quarter the previous year. Non-controlling interest amounted to nil for the current quarter, compared to $109,000 for the corresponding quarter the previous year. These items result from the consolidation of the Company's interest in a holding company (Innodia Holding) that owns shares of Innodia Inc., for which BELLUS Health is the primary beneficiary. The share of loss recorded last year has reduced the Company's long-term investment in Innodia Holding to a nominal value. Innodia Inc. is a private, development-stage company engaged in developing novel drugs for the treatment of Type II diabetes and underlying diseases.

Liquidity and Capital Resources

As at March 31, 2008, the Company had available cash, cash equivalents and marketable securities of $43,448,000, compared to $58,672,000 at December 31, 2007. The decrease is primarily due to funds used in operating activities.

On May 2, 2007, the Company issued $80,000,000 aggregate principal amount of convertible notes, consisting of $40,000,000 6% senior convertible notes due in 2027 and $40,000,000 5% senior subordinated convertible notes due in 2012. The 6% senior convertible notes have an initial conversion price equal to the lesser of $12.68 or the 5-day weighted average trading price of the common shares preceding any conversion, subject to adjustments in certain circumstances. The Company will pay interest on the 6% senior convertible notes until maturity on May 2, 2027, subject to earlier repurchase, redemption or conversion. The 5% senior subordinated convertible notes were subject to mandatory conversion into common shares under certain circumstances. In connection with this transaction, the Company issued warrants to purchase an aggregate of 2,250,645 common shares until May 2, 2012, at an initial purchase price of $12.68 per share
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SOURCE BELLUS Health Inc.
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