Consolidated Financial Statements of
BELLUS HEALTH INC.
(formerly Neurochem Inc.)
(a development stage company)
Years ended December 31, 2008, 2007 and 2006 and period from inception
(June 17, 1993) to December 31, 2008
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of BELLUS Health Inc.
We have audited the accompanying consolidated balance sheets of BELLUS Health Inc. (formerly
Neurochem Inc.) (“the Company”) and subsidiaries as of December 31, 2008 and 2007 and the
consolidated statements of operations, comprehensive loss, shareholders’ (deficiency) equity and
cash flows for each of the years in the three-year period ended December 31, 2008 and the
consolidated statements of operations and cash flows for the period from inception (June 17,
1993) to December 31, 2008. These consolidated financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards.
With respect to the consolidated financial statements for the years ended December 31, 2008 and
2007, we also conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material