BELLUS Health reports results for first quarter of f...( LAVAL QC May 6 / BELLUS Health Inc. (...),Health

LAVAL, QC, May 6 /PRNewswire-FirstCall/ - BELLUS Health Inc. ("BELLUS Health" or the "Company") (TSX: BLU) reported results for the first quarter ended March 31, 2009. The Company reported a net loss of $9,907,000 ($0.20 per share) for the quarter, compared to $13,042,000 ($0.27 per share) for the same period the previous year. The decrease in the net loss is mainly due to a reduction in research and development (R&D) expenses, before research tax credits and grants, which amounted to $3,610,000 for the current quarter, compared to $8,780,000 for the same period the previous year. The decrease is mainly attributable to a reduction in the research and development of tramiprosate (ALZHEMED(TM); homotaurine) for the treatment of Alzheimer's disease following the Company's decision in November 2007 to terminate the tramiprosate (ALZHEMED(TM)) pharmaceutical drug development program. The Company is also developing NC-503 (eprodisate) for the treatment of Type II diabetes and certain features of metabolic syndrome.

As at March 31, 2009, the Company had available cash, cash equivalents and marketable securities of $3,187,000, compared to $10,595,000 at December 31, 2008. The decrease is primarily due to funds used in operating activities.

On April 16, after the end of the first quarter of 2009, the Company announced the completion of the first tranche of its previously announced $20.5 million CAD convertible notes (see Liquidity and capital resources section for further details). BELLUS Health received gross proceeds of $10 million CAD for the issuance of new convertible notes. A second tranche of $10.5 million CAD is expected to be funded by June 2009. In March 2009, the Company announced a reduction in the workforce and other related measures which are expected to result in annual savings of approximately $3.5 million CAD, and the restructuring of the lease of the Company's main premises and the 2006 and 2007 convertible notes, which are expect
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