Exhibit 99.17
 
 MANAGEMENTS DISCUSSION AND ANALYSIS
   Financial Overview
     Revenues
  Theratechnologies Inc.    




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##### 



R&D Activities
  Other Expenses
   Net Results
   2




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##### 



Financial Position
    Quarterly Financial Information
 Goodwill and Intangible Assets
  2010
    
    
    
    
    
    
    
    
    
    
    2009
    
    
    2008Q2
    
    
    Q1
    
    
    Q4
    
    
    Q3
    
    
    Q2
    
    
    Q1
    
    
    Q4
    
    
    Q3Revenues
    
    $
    2,226
    
    
    $
    2,295
    
    
    $
    2,246
    
    
    $
    13,148
    
    
    $
    2,317
    
    
    $
    2,009
    
    
    $
    616
    
    
    $
    710Net (loss) earnings
    
    $
    (4,823
    )
    
    $
    (4,267
    )
    
    $
    (4,698
    )
    
    $
    5,824
    
    
    $
    (5,430
    )
    
    $
    (10,754
    )
    
    $
    (15,145
    )
    
    $
    (11,220
    )Basic and diluted (loss) earnings per share
    
    $
    (0.08
    )
    
    $
    (0.07
    )
    
    $
    (0.08
    )
    
    $
    0.10
    
    
    $
    (0.09
    )
    
    $
    (0.18
    )
    
    $
    (0.26
    )
    
    $
    (0.19
    )
  Non-GAAP Measures
  3




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##### 



Definition and Reconciliation of Non-GAAP Measures
   May 31st
    
    
    May 31st(3 months)
    
    
    (6 months)Adjusted net loss
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Net loss, per the financial statements
    
    $
    (4,823
    )
    
    $
    (5,430
    )
    
    $
    (9,090
    )
    
    $
    (16,184
    )Adjustments:Revenue associated with a collaboration and license
agreement (note 6 to the consolidated financial
statements)
    
    
    (1,711
    )
    
    
    (1,711
    )
    
    
    (3,423
    )
    
    
    (3,137
    )Fees associated with collaboration and license agreement
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,269Adjusted net loss
    
    $
    (6,534
    )
    
    $
    (7,141
    )
    
    $
    (12,513
    )
    
    $
    (15,052
    )
 May 31st
    
    
    May 31st(3 months)
    
    
    (6 months)Adjusted burn rate before changes in operating assets and liabilities
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Burn rate before changes in operating assets and liabilities, per
the financial statements
    
    $
    (4,387
    )
    
    $
    (4,988
    )
    
    $
    (8,248
    )
    
    $
    (15,400
    )Adjustments:Revenue associated with a collaboration and license agreement (note
6 to the consolidated financial statements)
    
    
    (1,711
    )
    
    
    (1,711
    )
    
    
    (3,423
    )
    
    
    (3,137
    )Fees associated with collaboration and license agreement
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,269Adjusted burn rate before changes in operating assets and liabilities
    
    $
    (6,098
    )
    
    $
    (6,699
    )
    
    $
    (11,671
    )
    
    $
    (14,268
    )
 New Accounting Policies
   4




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##### 



Conversion Plan
  Phase One: Diagnostic Phase 
 Phase Two: Detailed Analysis 
 Phase Three: Design 
 Phase Four: Implementation 
 Conversion
Progress
   Potential Impact on the Company
  
    
    Presentation of financial statements
 
    
    Foreign exchange conversion
 
    
    Stock-based payment
 
    
    Impairment of assets
   5




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##### 



Outstanding Share Data
  Contractual Obligations
  Economic and Industry Factors
  Forward-Looking Information
     6




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##### 



7