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

due to adjustments in relation to forfeitures of stock options during 2008, which occurred as a result of reductions in workforce.

Depreciation, amortization and patent cost write-off amounted to $852,000 for the current quarter ($1,884,000 for the year), compared to $611,000 for the same quarter the previous year ($1,698,000 for the previous year). The increase in 2008 is mainly attributable to patent cost of $505,000 written off during the current quarter, for which no future benefit was expected to be realized. In 2007, $239,000 of patent costs was written off.

Interest income amounted to $51,000 for the current quarter ($907,000 for the year), compared to $756,000 for the same quarter the previous year ($3,341,000 for the year). The decrease is mainly attributable to lower average cash balances and lower interest rates during the current periods, compared to the same periods in the previous year.

Accretion expense amounted to $1,262,000 for the current quarter ($4,937,000 for the year), compared to $1,183,000 for the same quarter the previous year ($15,751,000 for the year). Accretion expense represents the imputed interest under GAAP on the $42,085,000 aggregate principal amount of 6% convertible senior notes issued in November 2006 (2006 Notes), as well as on the $40,000,000 6% senior convertible notes (Senior Notes) and $40,000,000 5% senior subordinated convertible notes (Junior Notes) issued in May 2007. The Company accretes the carrying values of the convertible notes to their face value through a charge to earnings over their expected life of 60 months, 54 months and 1 month, respectively. The decrease in the current year, compared to the same period the previous year is mainly due to accretion expenses of $10,430,000 recorded during the second quarter of 2007 on the Junior Notes, which were fully converted during that quarter. As of December 31, 2008, $42,085,000 of the 2006 Notes remains outstanding as well as $4,500,000 of the S
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SOURCE BELLUS HEALTH INC.
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