BELLUS Health reports results for first half of f...(k transaction research tax credits colla...),Health

Date:8/11/2009

k transaction, research tax credits, collaboration and research contracts, interest and other income. The future profitability of the Company is dependent upon such factors as the success of the clinical trials, the approval by regulatory authorities of products developed by the Company, the ability of the Company to successfully market, sell and distribute products, including its natural health products, and the ability of the Company to obtain the necessary financing to complete its projects. In January 2009, the Company delisted its shares from NASDAQ. Additionally, in May 2009, the Company deregistered its securities from the US Securities and Exchange Commission. The Company's shares trade on the Toronto Stock Exchange.

The Company has incurred significant operating losses and negative cash outflows from operations since inception and has an accumulated deficit of $372,018,000 as at June 30, 2009. As at that date, the Company has cash and cash equivalents in the amount of $13,326,000. The rights offering announced in July 2009 (see Subsequent Event section) is expected to generate between CDN$8 million and CDN$12 million and tax credits of approximately $2.2 million are expected to be received in the next months. In addition, credit facilities in the amount of approximately $1.1 million are currently available. As of June 30, 2009, based on the Company's committed cash obligations and expected level of expenses, the Company estimates that current liquidities and expected sources of funds should be sufficient to fund operations for approximately twelve months.

As at June 30, 2009, the Company's committed cash obligations and expected level of expenses for the upcoming twelve months may exceed the committed sources of funds, including the expected rights financing announced after June 30, 2009, and the Company's cash and cash equivalents on hand. The ability of the Company to continue as a going concern is dependent upon raising additional financi
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SOURCE BELLUS HEALTH INC. Copyright©2009 PR Newswire. All rights reserved

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