Canada NewsWire
LAVAL, QC, Feb. 21, 2019
- Reports Financial and Operating Results for the Year Ended December 31, 2018 -
LAVAL, QC, Feb. 21, 2019 /CNW/ - BELLUS Health Inc. (TSX: BLU) ("BELLUS Health" or the "Company"), a clinical-stage biopharmaceutical company developing novel therapeutics for conditions with high unmet medical need, today presented its 2018 achievements and corporate priorities for 2019. The Company also reported its financial and operating results for the year ended December 31, 2018. All currency figures reported in this press release are in Canadian dollars, unless otherwise specified.
"The positive Phase 1 data reinforces our position that our lead drug candidate BLU-5937 has the potential to be a best-in-class therapeutic for the treatment of chronic cough," said Roberto Bellini, President and CEO of BELLUS Health. "The $35 million financing completed in December also positions us for another year of important milestones including the start of our Phase 2 study in mid-2019."
2019 Corporate Plan
BELLUS Health priorities for 2019 will be focused on achieving the following:
2018 Highlights
Summary of Financial Results
Year ended December 31, 2018 | Year ended December 31, 2017 | |||
(in thousands of dollars, except per share data) | ||||
Revenues | $ | 35 | $ | 165 |
Research and development expenses, net | (6,532) | (3,321) | ||
General and administrative expenses | (3,409) | (2,529) | ||
Net finance income | 741 | 19 | ||
Change in fair value of contingent consideration receivable | 81 | — | ||
Realized gain on sale of investment in FB Health | — | 1,909 | ||
Gain on sale of subsidiary | — | 1,944 | ||
Deferred tax expense | — | (61) | ||
Net loss for the year | $ | (9,084) | $ | (1,874) |
Basic and diluted loss per share | $ | (0.08) | $ | (0.03) |
As at December 31, 2018, the Company had available cash, cash equivalents and short-term investments totalling $48,906,000, compared to $23,888,000 as at December 31, 2017.
The Company's full audited consolidated financial statements and accompanying management's discussion and analysis for the year ended December 31, 2018 will be available shortly on SEDAR at www.sedar.com.
About BELLUS Health (www.bellushealth.com)
BELLUS Health is a clinical-stage biopharmaceutical company developing novel therapeutics for conditions with high unmet medical need. The Company's lead drug candidate is BLU-5937 being developed for the treatment of chronic cough. BLU-5937, a highly selective P2X3 antagonist, has the potential to be a best-in-class therapeutic for chronic cough patients who do not respond to current therapies.
Chronic cough is a cough that lasts more than eight weeks and is associated with significant adverse social, psychosocial and physical effects on quality of life. A recent commercial assessment performed by Bluestar BioAdvisors (formerly known as Torreya Insights) on behalf of the Company concluded that, in the United States alone, more than 26 million adults have chronic cough and more than 2.6 million of these patients suffer from refractory chronic cough lasting for more than a year.
Forward-Looking Statements
Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute "forward-looking statements" within the meaning of Canadian securities legislation and regulations. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown, many of which are beyond BELLUS Health Inc.'s control. Such risks factors include but are not limited to: the ability to expand and develop its project pipeline, the ability to obtain financing, the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which BELLUS Health Inc. does business, stock market volatility, fluctuations in costs, changes to the competitive environment due to consolidation, achievement of forecasted burn rate, potential payments/outcomes in relation to indemnity agreements and contingent value rights, achievement of forecasted pre-clinical and clinical trial milestones and that actual results may vary once the final and quality-controlled verification of data and analyses has been completed. In addition, the length of BELLUS Health Inc.'s drug candidates' development process, their market size and commercial value, as well as the sharing of proceeds between BELLUS Health Inc. and its potential partners from potential future revenues, if any, are dependent upon a number of factors. Consequently, actual future results and events may differ materially from the anticipated results and events expressed in the forward-looking statements. BELLUS Health Inc. believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and BELLUS Health Inc. is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable legislation or regulation. Please see BELLUS Health Inc.'s public filings with the Canadian securities regulatory authorities, including the Annual Information Form, for further risk factors that might affect BELLUS Health Inc. and its business.
SOURCE BELLUS Health Inc.
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