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First Quarter 2011 Financial Summary and Business Update Published on BELLUS Health

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bellus logo png formatAfter the close of business today, we at Crystal Research released an update to our base report on BELLUS Health Inc. (BLU-TSX). The primary report, a 44-page Executive Informational Overview, was published in December 2010. The 12-page update released today summarizes BELLUS Health’s first quarter 2011 financial results and provides an update of the Company’s current business activities. Highlights from the report are included after the jump.

  • BELLUS Health reported net income for the first quarter 2011 of roughly C$3.3 million, or C$0.01 per share, versus a net loss of nearly C$3.8 million, or (C$0.02) per share, for the first quarter 2010.
  • During the first quarter 2011, the Company began patient recruitment for the confirmatory Phase III trial of KIACTA™ as well as concluded a corporate reorganization designed to reduce burn rate and extend cash resources. BELLUS Health expects a burn rate of C$350,000 per month going forward.
  • Also during the first quarter 2011, BELLUS Health completed a Phase I trial of NRM8499, which demonstrated potential as an AD treatment.
  • To date, BELLUS Health has entered into three distribution partnerships for VIVIMIND™. Exclusive license to market the product is held by FB Health in Italy, Advanced Orthomolecular Research Inc. (“AOR”) in Canada, and the Agahan Group in the Middle East—targeting a combined market of over 500 million people. Combined, these transactions are valued at approximately C$2 million in upfront and other guaranteed payments, C$7.5 million in potential milestone payments over the next five years, and an agreed-upon transfer price representing approximately 15% of sales value.
  • At March 31, 2011, BELLUS Health’s cash position was approximately C$7.1 million, which the Company believed was sufficient to fund operations through the second quarter 2013.

For a complimentary copy of the report, please visit Crystal Research Associates’ Research Library, where you can download the Quarterly Update on BELLUS Health as well as complete business overviews of a number of other companies worldwide.