LAVAL, Quebec, Dec. 28, 2018 (GLOBE NEWSWIRE) -- BELLUS Health Inc. (BLU.TO) (“BELLUS Health” or the “Company”), a clinical-stage biopharmaceutical company developing novel therapeutics for conditions with high unmet medical needs, today announced that it will pay an amount of $134,149 to the Contingent Value Rights (“CVR”) holders as provided in the agreements of the 2013 Thallion Pharmaceuticals Inc. (“Thallion”) acquisition by BELLUS Health.
In accordance with the terms of the agreements of the 2013 Thallion acquisition, Thallion’s income tax credits deducted in the 2013 Thallion Statement of Net Cash are now payable to the CVR holders as they were not claimed by tax authorities after their audit or their assessment period expired (the “Income Tax Credits”).
Accordingly, on January 25, 2019, a net amount of $134,149 ($0.00374 per CVR) will be paid to the CVR holders of record on December 28, 2018, which consists of the Income Tax Credits of $159,603 less $25,454 for CVR agent costs. CVR agent costs were deducted from the Income Tax Credits in accordance with the terms of the agreements of the 2013 Thallion acquisition by BELLUS Health.
The Company expects that there will be no additional payment to CVR holders.
About BELLUS Health (www.bellushealth.com)
BELLUS Health is a clinical-stage biopharmaceutical company developing 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 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 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.
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.
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