BELLUS Health reports results for first half of f...(n be found at the end of this MD A. All ...),Health

Date:8/11/2009

n be found at the end of this MD A. All currency figures reported in this document, including comparative figures, are reported in US dollars, unless otherwise specified. This MD A was prepared by Management with information available as at August, 11, 2009.

Results of operations

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 (2006 Notes), as well as on the $4,500,000 principal amount of 6% senior convertible notes (2007 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. Refer to the Liquidity and Capital Resources section for details.

Gross sales amounted to $82,000 for the current quarter ($196,000 for the six-month period) and net sales amounted to negative $189,000 for the current quarter (negative $105,000 for the six-month period). These sales represent the sales of VIVIMIND(TM) (also known as tramiprosate and homotaurine), the Company's first natural health brand launched on September 2, 2008, in Canada and also globally on the Internet. VIVIMIND(TM) is commercialized by OVOS Natural Health Inc., a wholly owned subsidiary of BELLUS Health. VIVIMIND(TM), to p
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SOURCE BELLUS HEALTH INC. Copyright©2009 PR Newswire. All rights reserved

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