LAVAL, QC, Feb. 26 /PRNewswire-FirstCall/ - BELLUS Health Inc. (TSX: BLU) reported today its results for the fourth quarter ended December 31, 2008, and commented on the status of its efforts to secure additional financing.
For the fourth quarter, the Company reports a net loss of $11,520,000 ($0.23 per share), compared to $16,097,000 ($0.33 per share) for the corresponding period in the previous year. For the year ended December 31, 2008, the net loss amounted to $48,223,000 ($0.97 per share), compared to $81,486,000 ($1.85 per share) for the same period last year. The net loss for the year ended December 31, 2007 included a non-cash accretion expense under Canadian GAAP of $10,430,000 relating to the $40 million 5% senior subordinated convertible notes issued in May 2007.
As at December 31, 2008, the Company had available cash, cash equivalents and marketable securities of $10,595,000, compared to $58,672,000 at December 31, 2007.
Liquidity and economic environment
During the past year, capital markets have been characterized by significant volatility and by a marked reduction in the ability of companies, including biotechnology companies, to access markets for financing. In light of these conditions and given the Company's current cash position and the requirement to secure additional capital by the end of the first quarter of fiscal 2009 in order to continue its operations, Bellus Health is continuing to actively pursue additional financing.
In this regard, BELLUS Health has received letters from each of FMRC Family Trust, a trust of which Dr. Francesco Bellini is a beneficiary, and Victoria Square Ventures Inc., a subsidiary of Power Corporation of Canada, pursuant to which each has committed to subscribe for securities of BELLUS Health in an amount of up to $10 million ($20 million in the aggregate) or such lesser amount as is necessary to allow BELLUS
|SOURCE BELLUS HEALTH INC.|
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