Exhibit 99.14
 
 THERATECHNOLOGIES INC.




---



##### 



THERATECHNOLOGIES INC.
  Financial StatementsConsolidated Balance Sheets
    
    
    1Consolidated Statements of Operations
    
    
    2Consolidated Statements of Comprehensive Loss
    
    
    3Consolidated Statements of Shareholders Equity
    
    
    4-5Consolidated Statements of Cash Flows
    
    
    6Notes to Consolidated Financial Statements
    
    
    7




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##### 



THERATECHNOLOGIES INC.
 
 August 31,
    
    
    November 30,2010
    
    
    2009AssetsCurrent assets:Cash
    
    $
    2,370
    
    
    $
    1,519Bonds
    
    
    1,694
    
    
    
    10,036Accounts receivable
    
    
    131
    
    
    
    375Tax credits receivable
    
    
    514
    
    
    
    1,666Inventories
    
    
    4,585
    
    
    
    2,225Research supplies
    
    
    283
    
    
    
    287Prepaid expenses
    
    
    680
    
    
    
    30210,257
    
    
    
    16,410Bonds
    
    
    39,355
    
    
    
    51,807Property and equipment
    
    
    1,106
    
    
    
    1,229Other assets
    
    
    41
    
    
    
    41$
    50,759
    
    
    $
    69,487Liabilities and Shareholders EquityCurrent liabilities:Accounts payable and accrued liabilities
    
    $
    3,823
    
    
    $
    5,901Current portion of deferred revenues (note 7)
    
    
    6,849
    
    
    
    6,84710,672
    
    
    
    12,748Deferred revenues (note 7)
    
    
    8,557
    
    
    
    13,691Deferred lease inducements
    
    
    167
    
    
    
    Shareholders equity:Capital stock (note 3)
    
    
    279,389
    
    
    
    279,169Contributed surplus
    
    
    7,356
    
    
    
    6,484Accumulated other comprehensive income
    
    
    872
    
    
    
    1,282Deficit
    
    
    (256,254
    )
    
    
    (243,887
    )(255,382
    )
    
    
    (242,605
    )Total shareholders equity
    
    
    31,363
    
    
    
    43,048Contingency (note 4)$
    50,759
    
    
    $
    69,487
  1




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##### 



THERATECHNOLOGIES INC.
 
 August 31,
    
    
    August 31,2010
    
    
    2009
    
    
    2010
    
    
    2009(3 months)
    
    
    (9 months)Revenues:Royalties, technologies
and other (note 7)
    
    $
    1,717
    
    
    $
    12,601
    
    
    $
    5,151
    
    
    $
    15,750Interest
    
    
    435
    
    
    
    547
    
    
    
    1,522
    
    
    
    1,7242,152
    
    
    
    13,148
    
    
    
    6,673
    
    
    
    17,474Operating costs and expenses:Research and development
    
    
    2,930
    
    
    
    5,681
    
    
    
    11,298
    
    
    
    17,692Tax credits
    
    
    (448
    )
    
    
    (294
    )
    
    
    (783
    )
    
    
    (1,384
    )2,482
    
    
    
    5,387
    
    
    
    10,515
    
    
    
    16,308General and administrative
    
    
    2,225
    
    
    
    1,337
    
    
    
    6,083
    
    
    
    5,515Cost of Sales
    
    
    120
    
    
    
    
    
    
    
    120
    
    
    
    Selling and market
development
    
    
    521
    
    
    
    495
    
    
    
    1,901
    
    
    
    1,516Patents
    
    
    81
    
    
    
    105
    
    
    
    421
    
    
    
    226Fees associated with
collaboration and
licensing agreement
(note 7)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,2695,429
    
    
    
    7,324
    
    
    
    19,040
    
    
    
    27,834(Net loss) net earnings
    
    $
    (3,277
    )
    
    $
    5,824
    
    
    $
    (12,367
    )
    
    $
    (10,360
    )Basic and diluted (loss)
earnings per share
(note 3 (d))
    
    $
    (0.05
    )
    
    $
    0.10
    
    
    $
    (0.20
    )
    
    $
    (0.17
    )
  2




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##### 



THERATECHNOLOGIES INC.
 
 August 31,
    
    
    August 31,2010
    
    
    2009
    
    
    2010
    
    
    2009(3 months)
    
    
    (9 months)(Net loss) net earnings
    
    $
    (3,277
    )
    
    $
    5,824
    
    
    $
    (12,367
    )
    
    $
    (10,360
    )Unrealized gains (losses) on
available-for-sale financial
assets
    
    
    586
    
    
    
    342
    
    
    
    (151
    )
    
    
    1,327Reclassification adjustment
for gains and losses on
available-for-sale financial
assets
    
    
    (65
    )
    
    
    (48
    )
    
    
    (259
    )
    
    
    (118
    )Comprehensive (loss)
earnings
    
    $
    (2,756
    )
    
    $
    6,118
    
    
    $
    (12,777
    )
    
    $
    (9,151
    )
  3




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##### 



THERATECHNOLOGIES INC.
 
 Accumulatedothercompre-Capital stock
    
    
    Contributed
    
    
    hensiveNumber
    
    
    Dollars
    
    
    surplus
    
    
    income
    
    
    Deficit
    
    
    TotalBalance, November 30, 2009
    
    
    60,429,393
    
    
    $
    279,169
    
    
    $
    6,484
    
    
    $
    1,282
    
    
    $
    (243,887
    )
    
    $
    43,048Issuance of share capital (note 3)
    
    
    2,880
    
    
    
    15
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15Exercise of stock options:Cash proceeds
    
    
    77,493
    
    
    
    128
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    128Ascribed value
    
    
    
    
    
    
    77
    
    
    
    (77
    )
    
    
    
    
    
    
    
    
    
    
    Stock-based compensation
    
    
    
    
    
    
    
    
    
    
    949
    
    
    
    
    
    
    
    
    
    
    
    949Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,367
    )
    
    
    (12,367
    )Unrealized gains on available-for-
sale financial assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (410
    )
    
    
    
    
    
    
    (410
    )Balance, August 31, 2010
    
    
    60,509,766
    
    
    $
    279,389
    
    
    $
    7,356
    
    
    $
    872
    
    
    $
    (256,254
    )
    
    $
    31,363
  4




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##### 



THERATECHNOLOGIES INC.
 
 Accumulatedothercompre-Capital stock
    
    
    Contributed
    
    
    hensiveNumber
    
    
    Dollars
    
    
    surplus
    
    
    income
    
    
    Deficit
    
    
    TotalBalance, November 30, 2008
    
    
    58,215,090
    
    
    $
    269,219
    
    
    $
    5,585
    
    
    $
    372
    
    
    $
    (228,230
    )
    
    $
    46,946Issuance of share capital
(note 2 (a))
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (599
    )
    
    
    (599
    )Share issue costs
(notes 3 and 7)
    
    
    2,182,387
    
    
    
    9,861
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,861Stock-based compensation
    
    
    
    
    
    
    
    
    
    
    705
    
    
    
    
    
    
    
    
    
    
    
    705Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (10,360
    )
    
    
    (10,360
    )Unrealized gains on available-
for-sale financial assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,209
    
    
    
    
    
    
    
    1,209Balance, August 31, 2009
    
    
    60,397,477
    
    
    $
    279,080
    
    
    $
    6,290
    
    
    $
    1,581
    
    
    $
    (239,189
    )
    
    $
    47,762
  5




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##### 



THERATECHNOLOGIES INC.
 
 August 31,
    
    
    August 31,2010
    
    
    2009
    
    
    2010
    
    
    2009(3 months)
    
    
    (9 months)Cash flows from operating activities:Net loss
    
    $
    (3,277
    )
    
    $
    5,824
    
    
    $
    (12,367
    )
    
    $
    (10,360
    )Adjustments for:Amortization of property
and equipment
    
    
    92
    
    
    
    157
    
    
    
    374
    
    
    
    441Lease inducements
and amortization
    
    
    125
    
    
    
    
    
    
    
    167
    
    
    
    Stock-based compensation
    
    
    431
    
    
    
    205
    
    
    
    949
    
    
    
    705(2,629
    )
    
    
    6,186
    
    
    
    (10,877
    )
    
    
    (9,214
    )Changes in operating assets
and liabilities:Interest receivable on bonds
    
    
    317
    
    
    
    74
    
    
    
    696
    
    
    
    (728
    )Accounts receivable
    
    
    45
    
    
    
    56
    
    
    
    244
    
    
    
    415Tax credits receivable
    
    
    1,488
    
    
    
    (293
    )
    
    
    1,152
    
    
    
    (1,383
    )Inventories
    
    
    (89
    )
    
    
    
    
    
    
    (2,360
    )
    
    
    (1,594
    )Research supplies
    
    
    (12
    )
    
    
    1,797
    
    
    
    4
    
    
    
    2,023Prepaid expenses
    
    
    (17
    )
    
    
    (200
    )
    
    
    (378
    )
    
    
    (326
    )Accounts payable and
accrued liabilities
    
    
    (3,216
    )
    
    
    (922
    )
    
    
    (1,950
    )
    
    
    (2,590
    )Deferred revenues
    
    
    (1,714
    )
    
    
    (1,715
    )
    
    
    (5,132
    )
    
    
    22,252(3,198
    )
    
    
    (1,203
    )
    
    
    (7,724
    )
    
    
    18,069(5,827
    )
    
    
    4,983
    
    
    
    (18,601
    )
    
    
    8,855Cash flows from financing activities:Share issuance
    
    
    37
    
    
    
    
    
    
    
    143
    
    
    
    9,861Share issue costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (8
    )37
    
    
    
    
    
    
    
    143
    
    
    
    9,853Cash flows from investing activities:Additions to property and
equipment
    
    
    (43
    )
    
    
    (55
    )
    
    
    (379
    )
    
    
    (290
    )Acquisition of bonds
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (19,631
    )Disposal of bonds
    
    
    4,706
    
    
    
    3,963
    
    
    
    19,688
    
    
    
    13,8054,663
    
    
    
    3,908
    
    
    
    19,309
    
    
    
    (6,116
    )Net (decrease) increase in cash
    
    
    (1,127
    )
    
    
    8,891
    
    
    
    851
    
    
    
    12,592Cash, beginning of period
    
    
    3,497
    
    
    
    3,834
    
    
    
    1,519
    
    
    
    133Cash, end of period
    
    $
    2,370
    
    
    $
    12,725
    
    
    $
    2,370
    
    
    $
    12,725
   6




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##### 



THERATECHNOLOGIES INC.
 
 1.
    
    Basis of presentation:
 The financial statements included in this report are unaudited and reflect normal and recurring
adjustments which are, in the opinion of the Company, considered necessary for a fair
presentation of its results. These financial statements have been prepared in conformity with
Canadian generally accepted accounting principles (GAAP). The same accounting policies as
described in the Companys latest annual report have been used. However, these financial
statements do not include all disclosures required under GAAP and, accordingly, should be read
in connection with the financial statements and the notes thereto included in the Companys
latest annual report. These interim financial statements have not been reviewed by the
auditors.
 2.
    
    New accounting policies:
 (a)
    
    Adoption of new accounting standards:
 Goodwill and intangible assetsEffective with the commencement of its 2009 fiscal year, the Company adopted the Canadian
Institute of Chartered Accountants (CICA) Handbook Section 3064, Goodwill and
Intangible Assets, which will replace Section 3062, Goodwill and Other Intangible Assets,
and Section 3450, Research and Development Costs.The standard provides guidance on the
recognition of intangible assets in accordance with the definition of an asset and the
criteria for asset recognition, whether these assets are separately acquired or internally
developed. The impact of adopting this standard has been to increase the opening deficit
and to reduce other assets as at December 1, 2008 by $599, which is the amount of patent
costs related to periods prior to these dates.Lease inducementsLease inducements arising from leasehold improvements allowance and rent-free inducements
received are deferred and amortized over the term of the lease on a straight-line basis.
 7




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##### 



THERATECHNOLOGIES INC.
 
 2.
    
    New accounting policies (continued):
 (b)
    
    Future accounting changes:International Financial Reporting StandardsIn February 2008, the Accounting Standards Board of Canada (AcSB) announced that
accounting standards in Canada, as used by public companies, will converge with
International Financial Reporting Standards (IFRS), for financial periods beginning on
and after January 1, 2011 with the option to early adopt IFRS upon receipt of approval from
the Canadian Securities regulatory authorities.The Companys mandatory changeover from current Canadian GAAP to IFRS applies to the fiscal
year beginning December 1, 2011. However, the Company plans to file an exemption with the
Canadian securities regulatory authorities to early adopt IFRS beginning December 1, 2009,
the change over date. The Company intends to file its November 30, 2010 financial
statements under IFRS with December 1, 2008 being the proposed transition date. Should the
exemption be granted, the comparative annual period for fiscal 2009 will be restated under
IFRS as will all quarterly filings for 2009 and 2010.
 3.
    
    Capital stock:
 During the second quarter of 2010, the Company received subscriptions in the amount of $15 ($7
for the same period in 2009) for the issue of 2,880 common shares (2,550 for the same period in
2009) in connection with its share purchase plan.
 (a)
    
    Shareholder rights plan:On February 10, 2010, the Board of Directors of the Company adopted a shareholder rights
plan (the Plan), effective as of such date. The Plan is designed to provide adequate
time for the Board of Directors, and the shareholders, to assess an unsolicited takeover
bid for the Company. In addition, the Plan provides the Board of Directors with sufficient
time to explore and develop alternatives for maximizing shareholder value if a takeover bid
is made, as well as provide shareholders with an equal opportunity to participate in a
takeover bid and receive full and fair value for their common shares (the Common Shares).
The Plan, if approved by the shareholders, will expire at the close of the Companys annual
meeting of shareholders in 2013.
 8




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##### 



THERATECHNOLOGIES INC.
 
 3.
    
    Capital stock (continued):
 (a)
    
    Shareholder rights plan (continued):The rights issued under the Plan will initially attach to and trade with the Common Shares
and no separate certificates will be issued unless an event triggering these rights occurs.
The rights will become exercisable only when a person, including any party related to it,
acquires or attempts to acquire 20% or more of the outstanding Common Shares without
complying with the Permitted Bid provisions of the Plan or without approval of the
Board of Directors. Should such an acquisition occur or be announced, each right would,
upon exercise, entitle a rights holder, other than the acquiring person and related
persons, to purchase Common Shares at a 50% discount to the market price at the time.Under the Plan, a Permitted Bid is a bid made to all holders of the Common Shares and which
is open for acceptance for no less than 60 days. If, at the end of the 60-day period, at
least 50% of the outstanding Common Shares, other than those owned by the offeror and
certain related parties, have been tendered, the offeror may take up and pay for the Common
Shares but must extend the bid for a further 10 days to allow other shareholders to tender.(b)
    
    Stock option plan:Changes in outstanding options granted under the Companys stock option plan for the year
ended November 30, 2009 and the nine-month period ended August 31, 2010 were as follows:
 Weightedaverageexercise priceNumber
    
    
    per shareOptions as at November 30, 2008
    
    
    2,161,800
    
    
    $
    6.52Granted
    
    
    680,500
    
    
    
    1.83Cancelled and expired
    
    
    (176,500
    )
    
    
    8.34Options as at November 30, 2009
    
    
    2,665,800
    
    
    
    5.20Granted
    
    
    335,000
    
    
    
    4.03Cancelled and expired
    
    
    (60,337
    )
    
    
    6.32Exercised
    
    
    (77,493
    )
    
    
    1.65Options as at August 31, 2010
    
    
    2,862,970
    
    
    $
    5.14
 9




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##### 



THERATECHNOLOGIES INC.
 
 3.
    
    Capital stock (continued):
 (c)
    
    Stock-based compensation and other stock-based payments:The estimated fair value of the options granted was estimated at the date of grant using
the Black-Scholes option pricing model with the following weighted average assumptions:
 2010
    
    
    2009Risk-free interest rate
    
    
    2.49
    %
    
    
    1.80
    %Volatility
    
    
    81
    %
    
    
    79
    %Average option life in years
    
    
    6
    
    
    
    6Dividend yield
    
    Nil
    
    
    Nil
 The risk-free interest rate is based on the implied yield on a Canadian Treasury
zero-coupon issue with a remaining term equal to the expected term of the option. The
volatility is based solely on historical volatility equal to the expected term of the
option. The average life of the options is estimated considering the vesting period, the
term of the option and the length of time that similar grants have remained outstanding in
the past. Dividend yield was excluded from the calculation, since it is the present policy
of the Company not to retain in cash in order to keep funds available to finance the
Companys growth.The following table summarizes the weighted average fair value of stock options granted
during the periods ended August 31, 2010 and 2009:
 Weighted averageNumber of
    
    
    grant-datePeriods ended August 31 (9 months)
    
    options
    
    
    fair value2010
    
    
    335,000
    
    
    $
    2.832009
    
    
    660,500
    
    
    
    1.24
 Weighted averageNumber of
    
    
    grant-datePeriods ended August 31 (3 months)
    
    options
    
    
    fair value2010
    
    
    70,000
    
    
    $
    3.362009
    
    
    
    
    
    
    
 10




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##### 



THERATECHNOLOGIES INC.
 
 3.
    
    Capital stock (continued):
 (d)
    
    Diluted (loss) earnings per share:The following table presents a reconciliation between basic and diluted (loss) earnings per
share:
 August 31,
    
    
    August 31,2010
    
    
    2009
    
    
    2010
    
    
    2009(3 months)
    
    
    (9 months)Basic (loss) earnings per
share:Basic weighted
average number of common
shares outstanding
    
    
    60,502,515
    
    
    
    60,397,477
    
    
    
    60,469,621
    
    
    
    60,284,591Basic (loss) earnings
per share
    
    $
    (0.05
    )
    
    $
    0.10
    
    
    $
    (0.20
    )
    
    $
    (0.17
    )Diluted (loss) earnings
per share:Basic weighted
average number of
common shares
outstanding
    
    
    60,502,515
    
    
    
    60,397,477
    
    
    
    60,469,621
    
    
    
    60,284,591Plus impact of
stock options
    
    
    
    
    
    
    237,498
    
    
    
    
    
    
    
    Diluted weighted
average number
of common shares
outstanding
    
    
    60,502,515
    
    
    
    60,634,975
    
    
    
    60,469,621
    
    
    
    60,284,591Diluted (loss) earnings
per share
    
    $
    (0.05
    )
    
    $
    0.10
    
    
    $
    (0.20
    )
    
    $
    (0.17
    )
 11




---



##### 



THERATECHNOLOGIES INC.
 
 4.
    
    Contingency:
 On July 26, 2010, the Company received a motion of authorization to institute a class action
against the Company and certain of its executive officers (the Motion). This Motion was filed
in the Superior Court of Quebec, district of Montreal. The applicant is seeking to initiate a
class action suit to represent the class of persons who were shareholders at May 21, 2010 and
who sold their common shares of the Company on May 25 or 26, 2010. This applicant alleges that
the Company did not comply with its continuous disclosure obligations as a reporting issuer by
failing to disclose a material change. The Company is of the view that the allegations
contained in the Motion are frivolous and entirely without merit and intends to take all
appropriate actions to vigorously defend its position.
 As of October 11, 2010, the Motion has not yet been heard by the Superior Court of Quebec.
 The Company subscribed insurances covering the responsibility of its administrators and
officers in the exercise of their functions.
 5.
    
    Supplemental information:
 (a)
    
    The following transactions were conducted by the Company and did not impact cash
flows:
 August 31,
    
    
    November 30,2010
    
    
    2009Additions to property and equipment included in
accounts payable and accrued liabilities
    
    $
    55
    
    
    $
    183
 (b)
    
    For the nine-month period ended August 31, 2010, the Company has reclassified in net
loss $259 of realized gains on available-for-sale financial assets previously recorded in
accumulated other comprehensive income ($118 in 2009).On August 31, 2010, the accumulated other comprehensive loss was composed of unrealized
gains on available-for-sale financial assets of $872 (gains of $1,282 on November 30,
2009).
 12




---



##### 



THERATECHNOLOGIES INC.
 
 5.
    
    Supplemental information (continued):
 (c)
    
    For the periods ended August 31, 2010 and 2009, the following items were included in
the determination of the Companys net loss:
 2010
    
    
    2009Amortization of property and equipment
    
    $
    374
    
    
    $
    441Stock-based compensation
    
    
    949
    
    
    
    705
 6.
    
    Financial instruments:
 (a)
    
    Carrying value and fair value:The Company has determined that the carrying values of its short-term financial assets and
liabilities, including cash, accounts receivable, as well as accounts payable and accrued
liabilities, approximate their fair value because of the relatively short period to
maturity of these instruments.Bonds and investments in public companies are stated at estimated fair value, determined by
inputs that are directly observable.(b)
    
    Interest income and expenses:Interest income consists of interest earned on cash and
bonds.(c)
    
Loss on exchange:General and administrative expenses include a loss on foreign exchange of $144 ($580 in
2009) for the nine-month period ended August 31, 2010.
 7.
    
    Collaboration and licensing agreement:
 On October 28, 2008, the Company entered into a collaboration and licensing agreement with EMD
Serono, Inc. (EMD Serono), an affiliate of Merck KGaA, of Darmstadt, Germany,
regarding the exclusive commercialization rights of tesamorelin in the United States for the
treatment of excess abdominal fat in HIV-infected patients with lipodystrophy (the Initial
Product). The Company retains all tesamorelin commercialization rights outside of the United
States.
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THERATECHNOLOGIES INC.
 
 7.
    
    Collaboration and licensing agreement (continued):
 Under the terms of the agreement, the Company is responsible for the development of the Initial
Product up to obtaining marketing approval in the United States. The Company is also
responsible for product production and for the development of a new formulation of the initial
product. EMD Serono is responsible for conducting product commercialization activities.
 At the closing of the agreement, on December 15, 2008, the Company received US$30,000
(CAD$36,951), which includes an initial payment of US$22,000 (CAD$27,097) and US$8,000
(CAD$9,854) as a subscription for common shares in the Company by Merck KGaA at a price of
US$3.67 (CAD$4.52) per share. The Company may receive up to US$215,000, which amount includes
the initial payment of US$22,000, the equity investment of US$8,000, as well as payments based
on the achievement of certain development, regulatory and sales milestones. The Company will
also be entitled to receive increasing royalties on annual net sales of tesamorelin in the
United States, if applicable.
 The initial payment of $27,097 has been deferred and is being amortized over its estimated
service period on a straight-line basis. This period may be modified in the future based on
additional information that may be received by the Company. For the nine-month period ended
August 31, 2010, an amount of $5,134 related to this transaction was recognized as revenue. At
August 31, 2010, the deferred revenues related to this transaction amounted to $15,403.
 On August 12, 2009, the US Food and Drug Administration accepted the New Drug Application
(NDA) made by the Company for tesamorelin. Under the terms of the Companys Collaboration and
Licensing Agreement with EMD Serono, the acceptance of the tesamorelin NDA resulted in a
milestone payment of US$10,000 (CAD$10,884). This milestone payment has been recorded in the
third quarter of 2009.
 The Company may conduct research and development for additional indications. Under the
Collaboration and Licensing Agreement, EMD Serono will have the option to commercialize
additional indications for tesamorelin in the United States. If it exercises this option, EMD
Serono will pay half of the development costs related to such additional indications. In such
cases, the Company will also have the right, subject to EMD Seronos agreement, to participate
in the promotion of the additional indications.
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