BELLUS Health Reports Results for Third Quarter of Fiscal 2008 and on E...(er income amounted to $276000 for the cu...),Health
er income amounted to $276,000 for the current quarter ($810,000 for the nine-month period), compared to $270,000 for the same quarter the previous year ($987,000 for the nine-month period). Other income consists of non-operating revenue, primarily sub-lease revenue.
Liquidity and capital resources
As at September 30, 2008, the Company had available cash, cash equivalents and marketable securities of $20,595,000, compared to $58,672,000 at December 31, 2007. The decrease is primarily due to funds used in operating activities. The Company also has short-term bank indebtedness of $8,466,000, including $5,963,000 incurred in relation to the refund to Centocor. As previously discussed, during the second quarter of 2008, the Company refunded the refundable portion of the upfront payment received from Centocor in 2005. Since this obligation was secured by Asset-Backed Commercial Paper (ABCP), the market for which is currently being restructured as discussed later in this section, the Company entered into a credit facility, with the chartered bank that sold the Company the ABCP, in order to finance the repayment. Bank indebtedness bears interest at the bank's prime rate minus 1%. This bank indebtedness is expected to be refinanced by long term bank facilities upon the successful restructuring of the ABCP discussed below.
On July 17, 2008, the Company acquired 100% of the remainder of the
outstanding capital stock that it did not already own of Innodia Inc.
(Innodia), a private company engaged in developing compounds for the
treatment of diabetes, obesity and related metabolic conditions and
diseases. Prior to the acquisition, the Company indirectly held 23% of
Innodia's capital stock. The Company acquired all of the business of
Innodia including the intellectual property assets related to its diabetes
and obesity projects and now holds the exclusive rights to BELLUS Health's
diabetes platform and all related compounds. The purchase price, in the
amount
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| SOURCE BELLUS Health Inc. Copyright©2008 PR Newswire. All rights reserved |
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