BioMS Medical Warrant Extension
Toronto Stock Exchange Symbol: MS
EDMONTON, March 2 /PRNewswire-FirstCall/ - BioMS Medical Corp , a leading developer in the treatment of multiple sclerosis (MS), announced that effective on March 16, 2009 the exercise term of 11,500,000 share purchase warrants, each of which entitles the holder to purchase one Class A common share at a price of $5.00 per share, will be extended from March 23, 2009 to December 31, 2009.
On March 18, 2008, BioMS Medical's Board of Directors passed a resolution to extend 10,514,000 of the warrants, the portion held by warrant holders who are at arm's length to the Company. At the Company's annual general meeting held on May 9, 2008, the shareholders holding a majority of the Class A common shares, excluding the votes attached to Class A common shares held by insiders whose warrants were being amended, approved the extension for the remaining 986,000 warrants held by insiders.
About BioMS Medical Corp.
BioMS Medical is a biotechnology company engaged in the development and commercialization of novel therapeutic technologies. BioMS Medical's lead technology, dirucotide, is for the treatment of multiple sclerosis and is being evaluated in two pivotal phase III clinical trials for secondary progressive MS patients, MAESTRO-01 in Canada and Europe and MAESTRO-03 in the United States. In December 2007, BioMS entered into a licensing and development agreement granting Eli Lilly and Company exclusive worldwide rights to dirucotide in exchange for an $87 million upfront payment, milestone payments and escalating royalties on sales. For further information please visit our website at www.biomsmedical.com.
This press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting. Certain of the assumptions made in preparing forward-looking statements include but are not limited to the following: that dirucotide will continue to demonstrate a satisfactory safety profile in ongoing and future clinical trials; and that BioMS Medical Corp. will complete the respective clinical trials within the timelines communicated in this release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Tony Hesby, Ryan Giese, Amanda Stadel, Corporate Communications,
BioMS Medical Corp., (780) 413-7152, (780) 408-3040 Fax, E-mail:
rgiese@biomsmedical.com, Internet: www.biomsmedical.com; James Smith,
Investor Relations, (416) 815-0700 ext. 229, (416) 815-0080 Fax, E-mail:
jsmith@equicomgroup.com