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BELLUS Health is Preparing to Voluntarily Delist from the NASDAQ Capital Market
Date:12/5/2008

BELLUS Health Receives NASDAQ Deficiency Notice Relating to Market Value

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LAVAL, QC, Dec. 5 /PRNewswire-FirstCall/ - BELLUS Health Inc. (NASDAQ: BLUS; TSX: BLU) announces that in light of continuing significant fluctuations in world capital markets, the Company is preparing to voluntarily delist from the NASDAQ Capital Market, while continuing to maintain a full listing on the Toronto Stock Exchange (TSX: BLU). In connection with its NASDAQ listing, the Company received a Deficiency Letter dated December 1, 2008, from the NASDAQ Staff stating that, for 10 consecutive trading days, the market value of the Company's listed securities had been below the minimum $35,000,000 requirement for continued inclusion on the NASDAQ Capital Market under Marketplace Rule 4310(c)(3)(B), and that the Company would have until December 31, 2008 to regain compliance. The Company's listing on the Toronto Stock Exchange is not affected by the notice received from NASDAQ, nor by the decision to voluntarily delist from this U.S. exchange. The Company expects the delisting to take effect in early January 2009. The Company will continue to be subject to the filing and other obligations of the U.S. securities laws applicable to non-U.S. reporting companies during 2009.

The decision to voluntarily delist is reinforced by extreme short-term volatility in stock markets and accordingly, in the Company's market value. Daily fluctuations in the price of BELLUS Health shares have resulted in the Company moving in and then out of compliance with NASDAQ requirements over the past weeks. In light of the recent correspondence with NASDAQ, BELLUS Health has determined that the perceived benefit of being listed on NASDAQ no longer merits the capital and human investment involved in maintaining the
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