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BELLUS Health Reports Results for Third Quarter of Fiscal 2008 and on EMEA Update
Date:11/10/2008

al 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. All currency figures reported in this document, including comparative figures, are reported in US dollars, unless otherwise specified. This MD&A was prepared by Management with information available as at November 10, 2008.

Results of operations

For the three-month period ended September 30, 2008, the net loss amounted to $11,095,000 ($0.22 per share), compared to $13,889,000 ($0.29 per share) for the corresponding period the previous year. For the nine-month period ended September 30, 2008, the net loss amounted to $36,703,000 ($0.74 per share), compared to $65,389,000 ($1.54 per share) for the same period last year. The net loss for nine-month period ended September 30, 2007, included a non-cash accretion expense under Canadian GAAP of $10,430,000 relating to the $40 million 5% senior subordinated convertible notes issued in May 2007.

Net sales amounted to $153,000 for the current quarter and nine-month period and represent the initial sales of VIVIMIND(TM), the Company's first natural health brand launched in Canada and on the Internet on September 2, 2008. VIVIMIND(TM), to protect memory function, is based on the naturally occurring ingredient, homotaurine, found in certain seaweed. Targeted at h
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SOURCE BELLUS Health Inc.
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