BELLUS Health Inc. (NASDAQ:BLU) has reported its operating and financial results for the three months ended September 30, 2020.
BELLUS Continues to pursue the development of BLU-5937
The company’s CEO and President, Roberto Bellini, said that they are delighted with the progress they have made in recent months, including the completion of vital steps in the advancement of BLU-5937. In September, the company announced a trial design for its Phase 2b SOOTHE study for refractory chronic cough treatment. This refined the BLU-5937 clinical strategy based on Phase 2 RELIEF study results. Bellini said that after meeting the FDA, the company is on track to commence the SOOTHE trial in Q4 2020. He also said that they continue to be optimistic that BLU-5937’s mechanism could have expanded applicability as a possible treatment for hypersensitization related conditions.
BELLUS expects to initiate Phase 2 BLUEPRINT study in atopic dermatitis-related chronic pruritus in Q4 2020. The company expects to release topline BLUEPRINT results of the second phase proof-of-concept study evaluating the safety and efficacy of BLU-2937 in chronic pruritus related to AD in 2021.
After a Type C meeting with the FDA on November 6, 2020, BELLUS is proceeding with Phase 2b SOOTHE trial in refractory chronic cough patients. The company will announce SOOTHE study results in 2H 2021. In July, the company released topline results of Phase 2 RELIEF clinical study of BLU-5937 in RCC patients.
BELLUS has adequate cash to fund its clinical programs
According to Bellini, following the recent common shares offering, the company is well-positioned to deliver its important upcoming milestones financially. BELLUS completed a $40.3 million offering in October 2020, which, together with cash and cash equivalents, totaled $107 million.
During the third quarter, Research and Development expense increased to $5.8 million from $5.6 million a year ago. The increase resulted from the company’s efforts to continue pursuing the development of BLU-5937 in the SOOTHE and BLUEPRINT clinical trials. The quarter’s net income was $0.5 million, dropping from $0.7 million a year ago, which was due to lower foreign exchange gain.