LAVAL, QC, Jan. 9, 2018 /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 that it has received
from Taro Pharmaceuticals Inc. ("Taro") a milestone payment of
$400,000 in relation to the sale of
its wholly-owned subsidiary Thallion Pharmaceuticals Inc.
("Thallion") in March 2017.
On March 16, 2017, BELLUS Health
entered into a share purchase agreement with Taro for the sale of
Thallion, including all the rights to the drug candidate Shigamab™.
As consideration, BELLUS Health received a cash payment of
$2.3 million on closing and was
entitled to receive a payment of $0.4 million upon the completion of a
pre-established milestone event. In addition, BELLUS Health will
receive a portion of certain potential future post-approval
revenues related to the Shigamab™ program.
Payment to Thallion CVR Holders
In accordance with the terms of the agreements of the 2013
Thallion acquisition, 5% of the milestone payment received by
BELLUS Health from the sale of Thallion, including the Shigamab™
technology (Shigamab™ Consideration), is payable to Contingent
Value Rights (CVR) holders.
Accordingly, on January 26, 2018,
a net amount of $14,721 ($0.00041 per CVR) will be paid to CVR holders of
record on January 9, 2018, which
consists of the Shigamab™ Consideration of $20,000 less $5,279
for CVR agent costs. CVR agent costs were deducted from the
Shigamab™ Consideration in conformity with the terms of the
agreements of the 2013 Thallion acquisition by BELLUS Health.
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 the Company's lead drug
candidate BLU-5937 for chronic cough and several other partnered
clinical-stage drug development programs. BLU-5937, a 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 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.