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Canada
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2834
|
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Not applicable
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|
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(Province or other jurisdiction of
incorporation or organization) |
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(Primary Standard Industrial Classification
Code Number (if applicable)) |
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(I.R.S. Employer Identification
Number (if applicable)) |
|
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Sebastien Roy
Davies Ward Phillips & Vineberg LLP 1501 McGill College Ave Montréal, Québec H3A 3N9 Canada Telephone: (514) 841-6493 |
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Thomas M. Rose
Troutman Sanders LLP 401 9th Street, N.W. Suite 1000 Washington, D.C. 20004 U.S.A. Telephone: (202) 274-2950 |
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Roberto Bellini
BELLUS Health Inc 275 Armand-Frappier Blvd. Laval, Québec H7V 4A7 Canada Telephone: (450) 680-4551 |
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John T. McKenna
Richard C. Segal Divakar Gupta Cooley LLP 3175 Hanover Street Palo Alto, CA 94304 U.S.A. Telephone: (650) 843-5000 |
| |
Stephen J. Kelly
Amelie Metivier Evelyn Li Norton Rose Fulbright Canada LLP 1 Place Ville Marie, Suite 2500 Montréal, Quebec H3B 1R1 Canada Telephone: (514) 847-4747 |
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A.
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☒
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upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada). |
B
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☐
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at some future date (check appropriate box below) |
1.
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☐
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pursuant to Rule 467(b) on (date) at (time) (designate a time not sooner than 7 calendar days after filing). |
2.
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☐
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pursuant to Rule 467(b) on (date) at (time) (designate a time 7 calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on (date). |
3.
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☐
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pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto. |
4.
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☐
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after the filing of the next amendment to this Form (if preliminary material is being filed). |
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Per Share
|
| |
Total
|
| ||||||
Public offering price(1)
|
| | | US$ | | | | | US$ | | | ||
Underwriting discount and commissions
|
| | | US$ | | | | | | US$ | | | |
Proceeds to BELLUS Health, Inc. (before expenses)(2)
|
| | | US$ | | | | | | US$ | | | |
| Jefferies | | | Cowen | | |
Guggenheim Securities
|
|
|
Underwriters’ position
|
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Maximum size
|
| |
Exercise period
|
| |
Exercise price
|
|
| Option to purchase additional common shares | | | Common shares | | | 30 days after the date of this prospectus supplement | | | US$ per common share | |
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Page
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| | | | S-1 | | | |
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| | | | S-6 | | | |
| | | | S-7 | | | |
| | | | S-9 | | | |
| | | | S-29 | | | |
| | | | S-31 | | | |
| | | | S-32 | | | |
| | | | S-33 | | | |
| | | | S-36 | | | |
| | | | S-62 | | | |
| | | | S-63 | | | |
| | | | S-65 | | | |
| | | | S-66 | | | |
| | | | S-67 | | | |
| | | | S-69 | | | |
| | | | S-75 | | | |
| | | | S-82 | | | |
| | | | S-83 | | | |
| | | | S-83 | | | |
| | | | S-83 | | | |
| | | | S-83 | | | |
| | | | S-84 | | | |
| | | | S-85 | | | |
| | | | S-85 | | | |
| | | | S-85 | | | |
| | | | S-85 | | |
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| | | | | 26 | | | |
| | | | | 27 | | | |
| | | | | 27 | | | |
| | | | | 27 | | |
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Year Ended
December 31, |
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Three Months
Ended June 30, |
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Six Months
Ended June 30, |
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2018
|
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2017
|
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2019
|
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2018
|
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2019
|
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2018
|
| ||||||||||||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
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(unaudited)
|
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(in thousands of $Cdn, except share and per share data)
|
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Consolidated Statement of Operations Data: |
| | | | | | | ||||||||||||||||||||||||||||||
Revenues
|
| | | $ | 35 | | | | | $ | 165 | | | | | $ | 8 | | | | | $ | 8 | | | | | $ | 17 | | | | | $ | 17 | | |
Expenses: | | | | | | | | ||||||||||||||||||||||||||||||
Research and development, net
|
| | | | 6,532 | | | | | | 3,321 | | | | | | 5,483 | | | | | | 881 | | | | | | 8,712 | | | | | | 2,126 | | |
General and administrative
|
| | | | 3,409 | | | | | | 2,529 | | | | | | 2,367 | | | | | | 946 | | | | | | 3,770 | | | | | | 1,650 | | |
Total operating expenses
|
| | | | 9,941 | | | | | | 5,850 | | | | | | 7,850 | | | | | | 1,827 | | | | | | 12,482 | | | | | | 3,776 | | |
Loss from operating activities |
| | | | (9,906) | | | | | | (5,685) | | | | | | (7,842) | | | | | | (1,819) | | | | | | (12,465) | | | | | | (3,759) | | |
Net finance income (costs) |
| | | | 741 | | | | | | 19 | | | | | | (60) | | | | | | 84 | | | | | | (228) | | | | | | 181 | | |
Change in fair value of contingent consideration receivable | | | | | 81 | | | | | | — | | | | | | — | | | | | | 171 | | | | | | — | | | | | | 171 | | |
Gains on sale of investment in FB Health and on sale of subsidiary | | | | | — | | | | | | 3,853 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss before income taxes |
| | | | (9,084) | | | | | | (1,813) | | | | | | (7,902) | | | | | | (1,564) | | | | | | (12,693) | | | | | | (3,407) | | |
Deferred tax expense
|
| | | | — | | | | | | 61 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (9,084) | | | | | $ | (1,874) | | | | | $ | (7,902) | | | | | $ | (1,564) | | | | | $ | (12,693) | | | | | $ | (3,407) | | |
Per share information: | | | | | | | | ||||||||||||||||||||||||||||||
Net loss, basic and diluted |
| | | $ | (0.27) | | | | | $ | (0.10) | | | | | $ | (0.18) | | | | | $ | (0.05) | | | | | $ | (0.29) | | | | | $ | (0.10) | | |
Basic and diluted weighted average shares outstanding | | | | | 121,020,724 | | | | | | 68,667,841 | | | | | | 158,110,962 | | | | | | 119,497,581 | | | | | | 157,769,328 | | | | | | 119,497,581 | | |
|
| | |
As of December 31,
|
| |
As of June 30,
|
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| | |
2018
|
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2017
|
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2019
|
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| | | | | | | | | | | | | | |
(unaudited)
|
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(in thousands of $Cdn)
|
| |||||||||||||||
Consolidated Balance Sheet Data: | | | | | |||||||||||||||
Cash, cash equivalents and short-term investments
|
| | | $ | 48,906 | | | | | $ | 23,888 | | | | | $ | 42,369 | | |
Working capital
|
| | | | 48,148 | | | | | | 23,860 | | | | | | 36,682 | | |
Total assets
|
| | | | 53,300 | | | | | | 28,498 | | | | | | 46,527 | | |
Total liabilities
|
| | | | 2,716 | | | | | | 2,210 | | | | | | 7,264 | | |
Total shareholders’ equity
|
| | | | 50,584 | | | | | | 26,288 | | | | | | 39,263 | | |
Purpose
|
| |
Estimated Amount ($US)
|
|
BLU-5937 clinical trials in chronic cough and chronic pruritus
|
| |
US$ million
|
|
Preclinical studies
|
| |
US$ million
|
|
Manufacturing, formulation and scale-up
|
| |
US$ million
|
|
Other project costs
|
| |
US$ million
|
|
| | |
As at June 30, 2019
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
| | |
(unaudited)
(in thousands of $Cdn) |
| |||||||||
Cash, cash equivalents and short-term investments
|
| | | $ | 42,369 | | | | | $ | | | |
Shareholders’ Equity | | | | ||||||||||
Common shares (outstanding – 43,967,947; as adjusted – )
|
| | | $ | 503,552(1) | | | | | $ | | | |
Other equity
|
| | | | 27,627 | | | |
|
| |||
Deficit
|
| | | | (491,916) | | | | | | | | |
Total shareholders’ equity
|
| | | | 39,263 | | | | | | | | |
Total capitalization
|
| | | $ | 39,263 | | | | | $ | | | |
|
Date of issuance
|
| |
Number of
shares issued |
| |
Price
(per common share) |
| |
Number of
shares issued |
| |
Price
(per common share) |
| ||||||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||||||||||||||
December 18, 2018
|
| | | | 36,842,105 | | | | | $ | 0.95 | | | | | | 10,233,918 | | | | | $ | 3.42 | | |
Date of grant
|
| |
Number of
options issued |
| |
Exercise price
(per option) |
| |
Number of
options issued |
| |
Exercise price
(per option) |
| ||||||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||||||||||||||
February 20, 2019
|
| | | | 3,655,000 | | | | | $ | 1.21 | | | | | | 1,015,278 | | | | | $ | 4.36 | | |
August 7, 2019
|
| | | | 75,000 | | | | | $ | 3.17 | | | | | | 20,833 | | | | | $ | 11.41 | | |
Date of exercise
|
| |
Number of
shares issued |
| |
Exercise price
(per option) |
| |
Number of
shares issued |
| |
Exercise price
(per option) |
| ||||||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||||||||||||||
March 4, 2019
|
| | | | 10,000 | | | | | $ | 0.50 | | | | | | 2,778 | | | | | $ | 1.80 | | |
April 3, 2019
|
| | | | 16,000 | | | | | $ | 0.50 | | | | | | 4,444 | | | | | $ | 1.80 | | |
April 15, 2019
|
| | | | 25,000 | | | | | $ | 0.50 | | | | | | 6,944 | | | | | $ | 1.80 | | |
April 25, 2019
|
| | | | 69,000 | | | | | $ | 0.50 | | | | | | 19,167 | | | | | $ | 1.80 | | |
May 2, 2019
|
| | | | 30,000 | | | | | $ | 0.50 | | | | | | 8,333 | | | | | $ | 1.80 | | |
Date of issuance
|
| |
Number of
warrants issued |
| |
Exercise price
(per warrant) |
| |
Number of
warrants issued |
| |
Exercise price
(per warrant) |
| ||||||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||||||||||||||
December 18, 2018
|
| | | | 1,450,264 | | | | | $ | 0.95 | | | | | | 402,851 | | | | | $ | 3.42 | | |
Date of exercise
|
| |
Number of
shares issued |
| |
Exercise price
(per warrant) |
| |
Number of
shares issued |
| |
Exercise price
(per warrant) |
| ||||||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||||||||||||||
September 12, 2018
|
| | | | 700,000 | | | | | $ | 0.38 | | | | | | 194,444 | | | | | $ | 1.37 | | |
February 11, 2019
|
| | | | 350,000 | | | | | $ | 0.38 | | | | | | 97,222 | | | | | $ | 1.37 | | |
February 19, 2019
|
| | | | 377,989 | | | | | $ | 0.38 | | | | | | 104,997 | | | | | $ | 1.37 | | |
February 20, 2019
|
| | | | 178,498 | | | | | $ | 0.38 | | | | | | 49,583 | | | | | $ | 1.37 | | |
March 20, 2019
|
| | | | 938 | | | | | $ | 0.38 | | | | | | 261 | | | | | $ | 1.37 | | |
May 23, 2019
|
| | | | 9,000 | | | | | $ | 0.38 | | | | | | 2,500 | | | | | $ | 1.37 | | |
June 3, 2019
|
| | | | 178,498 | | | | | $ | 0.38 | | | | | | 49,583 | | | | | $ | 1.37 | | |
July 22, 2019
|
| | | | 615,000 | | | | | $ | 0.95 | | | | | | 170,833 | | | | | $ | 3.42 | | |
July 31, 2019
|
| | | | 217,540 | | | | | $ | 0.95 | | | | | | 60,428 | | | | | $ | 3.42 | | |
| | |
High
(Cdn$) Actual |
| |
Low
(Cdn$) Actual |
| |
Aggregate
Volume Actual |
| |
High
(Cdn$)(1) (As Adjusted) |
| |
Low
(Cdn$)(1) (As Adjusted) |
| |
Aggregate
Volume (As Adjusted) |
| ||||||||||||||||||
2018 | | | | | | | | ||||||||||||||||||||||||||||||
September
|
| | | $ | 1.10 | | | | | $ | 0.87 | | | | | | 13,601,956 | | | | | $ | 3.96 | | | | | $ | 3.132 | | | | | | 3,778,321 | | |
October
|
| | | $ | 1.15 | | | | | $ | 0.67 | | | | | | 3,298,545 | | | | | $ | 4.14 | | | | | $ | 2.412 | | | | | | 916,262 | | |
November
|
| | | $ | 1.04 | | | | | $ | 0.66 | | | | | | 4,113,051 | | | | | $ | 3.744 | | | | | $ | 2.376 | | | | | | 1,142,514 | | |
December
|
| | | $ | 1.30 | | | | | $ | 0.97 | | | | | | 7,383,170 | | | | | $ | 4.68 | | | | | $ | 3.492 | | | | | | 2,050,881 | | |
2019 | | | | | | | | ||||||||||||||||||||||||||||||
January
|
| | | $ | 1.18 | | | | | $ | 0.97 | | | | | | 1,517,524 | | | | | $ | 4.248 | | | | | $ | 3.492 | | | | | | 421,534 | | |
February
|
| | | $ | 1.33 | | | | | $ | 1.02 | | | | | | 3,667,207 | | | | | $ | 4.788 | | | | | $ | 3.672 | | | | | | 1,018,669 | | |
March
|
| | | $ | 1.69 | | | | | $ | 1.24 | | | | | | 3,518,059 | | | | | $ | 6.084 | | | | | $ | 4.464 | | | | | | 977,239 | | |
April
|
| | | $ | 1.68 | | | | | $ | 1.10 | | | | | | 2,067,016 | | | | | $ | 6.048 | | | | | $ | 3.96 | | | | | | 574,171 | | |
May
|
| | | $ | 1.55 | | | | | $ | 1.10 | | | | | | 3,600,734 | | | | | $ | 5.58 | | | | | $ | 3.96 | | | | | | 1,000,204 | | |
June
|
| | | $ | 3.09 | | | | | $ | 1.46 | | | | | | 7,357,554 | | | | | $ | 11.124 | | | | | $ | 5.256 | | | | | | 2,043,765 | | |
July
|
| | | $ | 3.35 | | | | | $ | 2.71 | | | | | | 6,471,137 | | | | | $ | 12.06 | | | | | $ | 9.756 | | | | | | 1,797,538 | | |
August
|
| | | $ | 3.45 | | | | | $ | 2.35 | | | | | | 5,837,760 | | | | | $ | 12.42 | | | | | $ | 8.45 | | | | | | 1,621,600 | | |
| | |
Year Ended
December 31, |
| |
Six Months Ended June 30,
|
| ||||||||||||
(in Canadian dollars)
|
| |
2018
|
| |
2019
|
| |
2018
|
| |||||||||
Highest rate during the period
|
| | | | 1.3642 | | | | | | 1.3600 | | | | | | 1.3310 | | |
Lowest rate during the period
|
| | | | 1.2288 | | | | | | 1.3087 | | | | | | 1.2288 | | |
Average rate during the period(1)
|
| | | | 1.2957 | | | | | | 1.3336 | | | | | | 1.2781 | | |
Rate at end of the period
|
| | | | 1.3642 | | | | | | 1.3087 | | | | | | 1.3168 | | |
(in Canadian dollars)
|
| |
August, 2019
|
| |
July, 2019
|
| |
June, 2019
|
| |
May, 2019
|
| |
April, 2019
|
| |
March, 2019
|
| ||||||||||||||||||
High for the month
|
| | | | 1.3325 | | | | | | 1.3182 | | | | | | 1.3470 | | | | | | 1.3527 | | | | | | 1.3493 | | | | | | 1.3438 | | |
Low for the month
|
| | | | 1.3217 | | | | | | 1.3038 | | | | | | 1.3087 | | | | | | 1.3410 | | | | | | 1.3316 | | | | | | 1.3260 | | |
Underwriter
|
| |
Number of
Common Shares |
|
Jefferies LLC
|
| |
|
|
Cowen and Company, LLC
|
| | | |
Guggenheim Securities, LLC
|
| | | |
Robert W. Baird & Co. Incorporated
|
| | | |
Bloom Burton Securities, Inc.
|
| | | |
Total
|
| | | |
|
| | |
Per Share
|
| |
Total
|
| ||||||||||||||||||
| | |
Without Option
to Purchase Additional Shares |
| |
With Option
to Purchase Additional Shares |
| |
Without Option
to Purchase Additional Shares |
| |
With Option
to Purchase Additional Shares |
| ||||||||||||
Public offering price
|
| | | US$ | | | | | US$ | | | | | US$ | | | | | US$ | | | ||||
Underwriting discounts and commissions paid by us
|
| | | US$ | | | | | US$ | | | | | US$ | | | | | US$ | | | ||||
Proceeds to us, before expenses
|
| | | US$ | | | | | US$ | | | | | US$ | | | | | US$ | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 9 | | | |
| | | | | 9 | | | |
| | | | | 9 | | | |
| | | | | 10 | | | |
| | | | | 11 | | | |
| | | | | 11 | | |
Intended Use of Proceeds
|
| |
Estimated amount
|
| |
Amount used as of
March 31, 2019 |
| |
Anticipated
Variance |
| ||||||
| | |
(in millions $)
|
| |
(in millions $)
|
| | | | ||||||
Clinical studies, including Phase 2
|
| | | | 21 | | | | | | 2 | | | |
None
|
|
Preclinical studies
|
| | | | 10 | | | | | | 1 | | | |
None
|
|
Manufacturing, formulation and scale-up
|
| | | | 7 | | | | | | 1 | | | |
Note 1
|
|
Other R&D activities
|
| | | | 6 | | | | | | — | | | |
None
|
|
General and Administrative expenses, working capital and other general corporate purposes
|
| | | | 6 | | | | | | 1 | | | |
None
|
|