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

enior Notes. Refer to the Liquidity and Capital Resources section for more details on the convertible notes.

Change in fair value of embedded derivatives amounted to a loss of $59,000 for the current quarter (gain of $86,000 for the year) compared to a gain of $28,000 for the same quarter the previous year (loss of $870,000 for the year) and represents the variation in the fair value of the embedded derivatives, including the embedded derivative related to the $80,000,000 aggregate principal amount of Senior and Junior Notes issued in May 2007.

The fair value of third party Asset-Backed Commercial Paper increased by $684,000 for the quarter ended December 31, 2008 (increase of $309,000 for the year), compared to a decrease of $1,184,000 for the same quarter the previous year (decrease of $1,184,000 for the year). This represents adjustments recorded on the valuation of asset-backed commercial paper held by the Company. The increase recorded during the fourth quarter of 2008 is due to increased valuation of certain assets recognized as part of the Innodia transaction. See the Liquidity and Capital Resources section for more details.

Foreign exchange loss amounted to $357,000 for the current quarter (gain of $287,000 for the year), compared to a loss of $54,000 for the same quarter the previous year (gain of $1,130,000 for the year). Foreign exchange gains or losses arise on the movement in foreign exchange rates in relation to the Company's net monetary assets denominated in currencies other than US dollars, which is its functional and reporting currency, and consists primarily of monetary assets and liabilities denominated in Canadian dollars. Foreign exchange gains for the current year include $924,000 of gains recognized on the reclassification of the refundable amount ($6,000,000) due to Centocor, during the first quarter of 2008, from deferred revenue (non-monetary liability) to accrued liability (monetary liability), following the recove
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SOURCE BELLUS HEALTH INC.
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