- Issuance of 6,350,638 common shares of BELLUS
Health to Pharmascience upon conversion -
- BELLUS Health's fully diluted number of common
shares unchanged at 65.9 million -
LAVAL, QC, June 2, 2016 /CNW/ - BELLUS Health Inc. (TSX:
BLU) ("BELLUS Health" or the "Company"), a drug development company
focused on rare diseases, and Pharmascience Inc. ("Pharmascience"),
a leading manufacturer of generic drugs, today announced the
exercise of Pharmascience's right to convert its 10.4% interest
(the "Units") in BHI Limited Partnership ("BHI LP") into 6,350,638
common shares of the Company. Following the transaction, BHI LP
will be wholly-owned by BELLUS Health.
"This conversion is the final step to the completion of our
capital structure's simplification that started in 2012", said
Roberto Bellini, President and Chief
Executive Officer of BELLUS Health. "The next milestone in our
business plan this year is the KIACTA™ Phase 3 Confirmatory Study
top-line results, which are expected before the end of June".
Following the transaction, the Company will have approximately
61.1 million common shares outstanding and will continue to have
approximately 65.9 million common shares on a fully diluted basis,
taking into account approximately 4.8 million common shares
issuable under the Company's stock option plan.
Following the transaction, Pharmascience will hold 6,350,638
common shares of the Company, representing 10.4% of the Company's
issued and outstanding common shares (9.6% on a fully diluted
basis).
Pharmascience first acquired the Units in connection with the
strategic partnership entered into with BELLUS Health on
May 25, 2012. Pharmascience did not
convert the Units with a view to materially affect control of
BELLUS Health.
About BELLUS Health
(www.bellushealth.com)
BELLUS Health is a drug development company focused on rare
diseases. Its pipeline of rare disease projects includes KIACTA™ in
Phase 3 for AA amyloidosis, KIACTA™ for sarcoidosis, clinical stage
Shigamab™ for sHUS and a research-stage project for AL amyloidosis.
The lead program KIACTA™ has completed a Phase 3 Confirmatory Study
for the treatment of AA amyloidosis, an orphan indication resulting
in renal dysfunction that often leads to dialysis and death, and
top-line results are expected in Q2 2016. BELLUS Health is
partnered with global private equity firm Auven Therapeutics for
the development of KIACTA™.
About Pharmascience
(www.pharmascience.com)
Established in 1983, privately owned Pharmascience Inc. is the
3rd largest retail generic manufacturer and 10th largest
pharmaceutical company in Canada,
with a highly skilled workforce of 1,623 employees, 1,546 of which
are Quebec-based. Pharmascience
Inc. commercializes nearly 400 product families in
20 different dosage forms for over 2,000 products, including
generic, branded prescription and over-the-counter consumer
products. In Canada alone, more
than 45 million prescriptions a year are filled with Pharmascience
products. Additionally, Pharmascience has a significant
international presence in 60 countries. Operationally,
Pharmascience is fully integrated and controls all aspects of its
operations, from R&D, through manufacturing to
commercialization.
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 obtain financing, the impact of
general economic conditions, general conditions in the
pharmaceutical industry, changes in the regulatory environment in
the jurisdictions in which the 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, dependence on Auven Therapeutics for the
completion of the KIACTA™ Phase 3 Confirmatory Study 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 the KIACTATM
Phase 3 Confirmatory Study and the sharing
of proceeds between Auven Therapeutics and BELLUS Health Inc. from
potential future revenue of KIACTA™ are dependent upon a number of
factors, including the quantum of proceeds. 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.