BELLUS Health Posts Financial Results for Q2 2017

BELLUS Health (TSX:BLU) reported their operating and financial results for the second quarter of 2017.
As quoted in the press release:

Q2 2017 Highlights
BLU-5937
On April 24, 2017, the Company announced that the U.S. Patent and Trademark Office issued U.S. Patent No. 9,598,409, which grants claims covering the composition of matter of BELLUS’ lead drug candidate, BLU-5937, and related imidazopyridine compounds, in addition to pharmaceutical compositions comprising BLU-5937 and uses thereof. The patent has an expiration date of 2034, excluding any potential patent term extension. Patent applications with similarly broad claims are currently pending in Europe, Japan, China and other industrialized nations.
The Company is currently performing preclinical studies on BLU-5937 to complete its submission package for an IND application expected in 2018. The Company plans to initiate a phase 1 clinical study in the second half of 2018.
Sale of equity interest in FB Health
On June 30 2017, the Company sold its equity interest in FB Health for a potential total consideration of $2,536,000, consisting of upfront cash payments of $1,769,000 and a contingent revenue-based milestone payment of up to $767,000(€518,000), which will be determined one year from the closing of the transaction.
The proceeds from this transaction, along with the proceeds from the sale of Thallion, will support the development of the Company’s lead drug candidate for the treatment of chronic cough, BLU-5937, while extending the Company’s cash runway to the first quarter of 2019.

Click here to read the full press release.

Source: www.newswire.ca