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BELLUS Health reports results for the fourth quarter of 2008
Date:2/26/2009

Health to operate in accordance with its 2009 budget. The commitments expire on March 23, 2009 and replace the commitments of Picchio Pharma Inc. announced by BELLUS Health on October 21, 2008.

The nature, terms, pricing and security to be granted (if applicable) in respect of such securities will be determined through negotiation between BELLUS Health and each of FMRC Family Trust and Victoria Square Ventures Inc., and will be based on transactions of a similar nature. FMRC Family Trust and Victoria Square Ventures Inc. are, directly and indirectly, shareholders of BELLUS Health.

The commitments of FMRC Family Trust and Victoria Square Ventures Inc. are subject to a number of conditions precedent in their favour, including: a revised business plan currently being finalized by BELLUS Health, which would include, among other things, a significant reduction of expenses in a manner acceptable to each of FMRC Family Trust and Victoria Square Ventures Inc.; the delivery by BELLUS Health to FMRC Family Trust and Victoria Square Ventures Inc. of a budget for the fiscal year ending December 31, 2009, acceptable to each; BELLUS Health having exhausted all other reasonable financing opportunities; successful negotiations with BELLUS Health's other stakeholders regarding the amendment of the terms of any outstanding agreements or instruments necessary to ensure that the revised business plan can be successfully implemented; the execution of definitive agreements; and the obtaining of all required approvals, including the approval of the board of directors of Victoria Square Ventures Inc. and the trustees of FMRC Family Trust of the terms and conditions set forth in definitive agreements.

BELLUS Health is also in discussions and due diligence with several other potential investors and pharmaceutical companies regarding potential financings or collaborations.

There can be no assurance that any transaction, including one with FMRC Family Trust and
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SOURCE BELLUS HEALTH INC.
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