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BELLUS Health reports results for first half of fiscal 2009
Date:8/11/2009

LAVAL, QC, Aug. 11 /PRNewswire-FirstCall/ - BELLUS Health Inc. ("BELLUS Health" or the "Company") (TSX: BLU) reported results for the second quarter and first half ended June 30, 2009. All currency figures reported, including comparative figures, are reported in US dollars, unless otherwise specified.

For the three-month period ended June 30, 2009, the net income amounted to $12,880,000 ($0.10 per share), compared to a net loss of $12,742,000 ($0.26 per share) for the corresponding period the previous year. For the six-month period ended June 30, 2009, the net income amounted to $2,973,000 ($0.03 per share), compared to a net loss of $25,784,000 ($0.52 per share) for the same period last year. Results for the periods ended June 30, 2009 include a gain on extinguishment of debt in the amount of $17,020,000 resulting from amendments to the terms of the $42,085,000 aggregate principal amount of 6% convertible senior notes issued in November 2006, as well as on the $4,500,000 principal amount of 6% senior convertible notes issued in May 2007. These amendments took place at the time of a refinancing of the Company in April 2009 and were a condition thereto. Results for the periods ended June 30, 2009, also include a net credit for vacant space in the amount of $2,196,000 in relation to the vacant portion of the Company's premises.

As at June 30, 2009, the Company had available cash, cash equivalents and marketable securities of $13,326,000, compared to $10,595,000 at December 31, 2008. The increase is primarily due to the completion of the CDN$20,500,000 convertible notes financing in April 2009, which amount is offset by funds used in operating activities.

On July 7, 2009, subsequent to the close of the second quarter of fiscal 2009, BELLUS Health announced that it was filing a preliminary short form prospectus in each of the provinces of Canada for a CDN$12,080,018 million rights offering to holders of its common shares. Each of Victoria
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SOURCE BELLUS HEALTH INC.
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