BELLUS Health reports results for first half of f...(t not limited to the estimated amounts t...),Health

Date:8/11/2009

t not limited to, the estimated amounts to be recovered, the yield of the financial instruments and the timing of future cash flows, and the market for these types of instruments. The resolution of these uncertainties could be such that the ultimate fair value of these investments may vary significantly from the Company's current estimate. Changes in the near term could require significant changes in the recognized amount of these assets. As the Company records the New ABCP Notes at current fair value each period, such adjustments will directly impact earnings.

As at June 30, 2009, the Company's workforce comprised 52 employees compared to 104 employees as at December 31, 2008. During the first quarter of fiscal 2009, the Company reduced further its research activities and associated workforce to focus on its key projects. Specifically, on March 12, 2009, the Company announced the reduction of its workforce by approximately 45%, effective as of such date. In addition, three members of senior management stepped down from their positions, but will remain consultants to BELLUS Health. The current programs related to the Company's existing product and product candidates are not expected to be affected by the cuts, which were made primarily in basic research and research-related functions, as well as support and administrative functions.

The reduction of the Company's research activities and associated workforce resulted in vacant space in the Company's premises. During the current quarter, the Company recorded a net credit for vacant space in the amount of $2,196,000. As part of the modifications to the lease agreement, the Company has options to terminate the lease in April 2011 or March 2012, as discussed before. The Company has determined that these termination options constitute a material modification to the terms of the original lease. It has concluded that the lease should continue to be classified as operating and that the lease term for accounti
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