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

d drawdown within five trading days of the end of the applicable settlement period or (ii) after it has drawn down at least $15,000,000 under the ELOC. As at March 31, 2008, the Company had not drawn any funds under the ELOC.

"Restricted Cash" presented on the Consolidated Balance Sheet is composed of short-term investments pledged to a bank as collateral for three letters of credit (LC); the first LC is in the amount of $6,000,000 and was issued in connection with the refundable upfront payment received under the collaboration agreement with Centocor. The second and third LC total $769,000 (CDN$790,000) and were issued in relation to leases.

As at March 31, 2008, the Company held $6,633,000 principal amount of third party Asset-Backed Commercial Paper (ABCP). These investments were due to mature in August 2007, but, as a result of a disruption in the credit markets, particularly in the ABCP market, they did not settle on maturity and currently remain outstanding. There are currently no market quotations available for these ABCP. On April 25, 2008, the restructuring plan announced by the Pan-Canadian Investors Committee (the Committee) in December 2007 was approved by the ABCP holders and will result into the conversion of the ABCP into longer term financial instruments. As at March 31, 2008, the Company estimated the fair value of these ABCP at approximately $5,065,000, which is presented in Restricted Cash. During the quarter ended March 31, 2008, the Company recorded an additional write-down of $375,000, due to changes in assumptions as derived from information provided by the Committee's restructuring plan. For the year ended December 31, 2007, the Company had recorded a write-down of $1,184,000. The Company estimated the fair value of the ABCP using a probability weighted discounted cash flow approach, based on its best estimates of the time period over which the assets are going to generate cash flows ranging from 8 to 28 years based on the propo
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SOURCE BELLUS Health Inc.
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