BELLUS Health reports results for first half of f...(ustments may include but would not be li...),Health

Subsequent event

On July 15, 2009, the Company filed a CDN$12,080,018 rights offering allowing eligible holders of its Common Shares to purchase new Common Shares at CDN$0.185 (the Subscription Price). The Subscription Price represents a 25% discount off the volume weighted average price of the Company's Common Shares on the Toronto Stock Exchange during the five (5) trading days immediately preceding the filing. Each of VSVI and Vitus have entered into separate standby purchase commitments with the Company whereby they have committed, on a separate and individual and not solidary basis, to purchase such of the Common Shares that are not otherwise purchased under the rights offering up to a maximum subscription price of CDN$4,000,000 each for an aggregate amount of CDN$8,000,000. The rights offering will result in the reduction of the conversion price of the 2006 Notes and render such notes immediately convertible, result in the reduction of the conversion price of the 2009 Notes and the reduction of the exercise price of the outstanding warrants.

Forward-looking statements

Certain statements included in this Management's Discussion and Analysis may constitute "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 and Canadian securities legislation and regulations, and are subject to important risks, uncertainties and assumptions. This forward-looking information includes among other things, information with respect to the Company's objectives and the strategies to achieve those objectives, as well as information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. Fo
'/>"/>