Upfront payment of CA$1.7M
received
LAVAL, QC, July 3, 2017 /CNW/ - BELLUS Health Inc.
(TSX: BLU) (BELLUS Health or the Company), a biopharmaceutical
development company advancing novel therapeutics for conditions
with high unmet medical need, today announced the closing of the
sale of its equity interest in FB Health S.p.A. (FB Health) as
previously announced on June 19,
2017.
For its share, BELLUS Health will receive a potential total
consideration of approximately CA$2.5 million, consisting of an
upfront payment of CA$1.7 million received on closing and a
contingent revenue-based milestone payment of up to CA$0.8 million,
which will be determined in one year.
"The proceeds from this transaction will support the development
of BLU-5937, our lead drug candidate for the treatment of chronic
cough while extending our cash runway to the first quarter of
2019," said Roberto Bellini,
President and Chief Executive Officer of BELLUS Health.
About FB Health (www.fb-health.com)
FB Health is an Italy-based
specialty pharma company focused on neurology and psychiatry that
distributes more than ten nutraceutical and pharmaceutical products
in Italy.
About BELLUS Health
(www.bellushealth.com)
BELLUS Health is a biopharmaceutical development company
advancing novel therapeutics for conditions with high unmet medical
need. Its pipeline of projects includes BLU-5937 for chronic cough
and several other partnered clinical-stage drug development
programs.
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, including with regards to the payment of the contingent
milestone consideration and the timing of such payment, 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. The Company 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.