BELLUS Health reports results for first half of f...(mpany's functional and reporting currenc...),Health

Date:8/11/2009

mpany's functional and reporting currency, such net monetary assets consisting primarily of assets and liabilities denominated in Canadian dollars. Foreign exchange gains for the comparative six-month period include $924,000 of gain recognized on the reclassification of the refundable amount ($6,000,000) due to Centocor, Inc., from deferred revenue (non-monetary liability) to accrued liability (monetary liability) following the recovery by the Company of ownership rights in and control of eprodisate (KIACTA(TM)).

Other income amounted to $231,000 for the current quarter ($760,000 for the six-month period), compared to $256,000 for the same quarter the previous year ($534,000 for the six-month period). Other income consists of non-operating revenue, such as sub-lease revenue and other items. The increase in the six-month period is attributable to a gain realized during the first quarter of 2009 on the settlement of a dispute with a supplier.

Liquidity and capital resources

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 the completion of the CDN$20,500,000 convertible notes financing in April 2009, discussed below, which amount was substantially consumed in operating activities.

On April 16, 2009, the Company announced the completion of the first tranche of a CDN$20,500,000 convertible notes (2009 Notes) financing with Vitus Investments III Private Limited (Vitus), a corporation whose shares are beneficially owned by Mr. Carlo Bellini, and Victoria Square Ventures Inc. (VSVI), a subsidiary of Power Corporation of Canada (together with Vitus, the Investors). On that date, BELLUS Health received gross proceeds of CDN$10,000,000 for the issuance of 2009 Notes (CDN$5,000,000 from each Vitus and VSVI). On June 3, 2009, BELLUS Health received a second tranche of CDN$10,500,000 (CDN$5,00
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SOURCE BELLUS HEALTH INC. Copyright©2009 PR Newswire. All rights reserved

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