Vitus Investments III Private Limited - News Release under the Early Warning System

MONTREAL, May 25, 2012 /CNW Telbec/ - This news release is issued by Vitus Investments III Private Limited ("Vitus") as required under Regulation 62-104 respecting Take-Over Bids and Issuer Bids ("Regulation 62-104"). On May 25, 2012, Bellus Health Inc. ("Old Bellus") announced that it had completed its previously-announced restructuring under a plan of arrangement (the "Arrangement").

Before the Arrangement, Vitus owned and controlled 21,621,621 common shares of Old Bellus ("Old Bellus Shares") and held notes of Old Bellus in the principal amount of $10,307,500. Under the Arrangement, those notes were converted into Old Bellus Shares at a price of $0.05 per Old Bellus Share and all of the Old Bellus Shares were then exchanged on a one-for-one basis for common shares of Old Bellus' successor entity, also named Bellus Health Inc. ("New Bellus").

For a complete description of the Arrangement, please see New Bellus' news release dated May 25, 2012 as well as Old Bellus' management information circular dated April 18, 2012 filed on SEDAR (www.sedar.com) under the profile of Old Bellus.

As a result of the Arrangement, Vitus acquired ownership and control over 436,262,905 common shares of New Bellus ("New Bellus Shares"), representing approximately 30.66% of the outstanding number of New Bellus Shares. Immediately after completion of the Arrangement, the New Bellus Shares are being consolidated on a 1:30 basis, as a result of which Vitus will own and control 14,542,096 New Bellus Shares, which will represent approximately 30.66% of the outstanding number of New Bellus Shares.

Vitus holds its New Bellus Shares for investment purposes only. Vitus may, subject to market conditions and other relevant factors and in accordance with applicable securities laws, make additional investments in or dispositions of additional New Bellus Shares or other securities of New Bellus. Vitus's address is 80 Raffles Place, UOB Plaza 1 #25-01, Singapore, 0486241.

A copy of the report under Regulation 62-104 filed on SEDAR under the profile of New Bellus is available by contacting Marc-André Blais at [phone] x301.

Marc-André Blais
[phone] x301