BioMS Medical Announces 2009 Year End Results
Published: Mar 17, 2010
Toronto Stock Exchange Symbol: MS
EDMONTON, March 16 /PRNewswire-FirstCall/ - BioMS Medical Corp. , today announced financial and operational results for the year ended December 31, 2009.
"While 2009 was a challenging year for BioMS and our shareholders, we have remained focused on our core mission of investing our financial and management resources in promising opportunities so as to realize shareholder value," said Kevin Giese, President and CEO of BioMS Medical. "Our investment in Spectral Diagnostics once again provides us with an opportunity to actively participate in the advancement of a pivotal stage product with major market potential, while also leaving resources available to pursue other future opportunities."
The consolidated net income of the Corporation for the year ended December 31, 2009 was $2.9 million or $0.03 per share compared with a consolidated net loss of $(0.5) million or $(0.01) per share for the previous year. The consolidated net loss for the three months ended December 31, 2009 was $(7.2) million or $(0.08) per share compared with a consolidated net income of $0.3 million or $0.01 per share for the previous year.
Revenue of $45.6 million was recorded for the year ended December 31, 2009 compared to $52.6 million for the year ended December 31, 2008. The revenue is the result of the amortization of the upfront payment and development milestone received from the agreement with Lilly. Investment income earned on funds invested for the year ended December 31, 2009 decreased to $0.3 million from $2.4 million for 2008 due to the decrease in cash and cash equivalents. The investment income is earned from the short-term investment of cash reserves in low risk term deposits and bankers acceptance notes.
Total consolidated expenses for the year ended December 31, 2009 were $42.4 million compared with $61.9 million for 2008. Total consolidated expenses for the three months ended December 31, 2009 totaled $7.1 million as compared to $16.5 million in the same quarter the previous year.
Research and development expenses for the year ended December 31, 2009 totaled $28.5 million compared with $46.5 million in 2008. Research and development expenses were $5.2 million for the three months ended December 31, 2009 compared to $13.9 million for the same quarter of the previous year. The decrease in expenses was the net result of: completion of the MAESTRO-01 clinical trial and discontinuation of other trials; cost recoveries for intellectual property expenditures; and a decrease in drug manufacturing, regulatory and research.
BioMS also reduced its headcount by 50% and incurred approximately $2.2 million in related termination payments that have been recorded in result of operations for the year ended December 31, 2009.
At December 31, 2009, cash and cash equivalents and short-term investments totaled $51.4 million as compared to $90.9 million at December 31, 2008. At December 31, 2009, the Company had working capital of $47.5 million as compared to $81.3 million at December 31, 2008. Management estimates that the current working capital is sufficient for the Company to meet its obligations.
As at December 31, 2009 there were 91,008,923 Class "A" common shares of the Company issued and outstanding.
BioMS Medical is a biotechnology company engaged in the investment, development and commercialization of pharmaceutical technologies. For further information please visit our website at http://www.biomsmedical.com
This press release may contain forward-looking statements, which reflect the Corporation'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 Corporation'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, BioMS Medical Corp., (780) 413-7152,
(780) 408-3040 Fax, E-mail: firstname.lastname@example.org, Internet:
http://www.biomsmedical.com; James Smith, Investor Relations, (416)
815-0700 ext. 229, (416) 815-0080 Fax, E-mail: email@example.com