Bellus Health Inc. (BLU.TO) reported that its first-quarter net loss was C$3.19 million or C$0.01 per share, compared to profit of C$3.30 million or break even per share in the prior year.
Revenue for the quarter declined to C$568 thousand from C$746 thousand in the previous year.
Bellus Health announced that Securityholders approved $17.25 million strategic partnership and financing with Pharmascience Inc. The company noted that Securityholders also approved a 30 for one common share consolidation, to take effect immediately upon closing of the transaction.
Assuming all conditions of the completion of the arrangement are satisfied or waived, including approval by the Quebec Superior Court of Justice, the transaction is expected to be completed by May 25, 2012.
Bellus Health announced, in relation to its partnership with Celtic Therapeutics Inc., that 90 of approximately 230 patients had been enrolled in the global Phase III confirmatory clinical trial for KIACTA (eprodisate). The trial is designed to confirm the safety and efficacy of KIACTA in preventing renal function decline in patients diagnosed with AA amyloidosis.
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