Toronto Stock Exchange Symbol: MS
EDMONTON, May 11 /PRNewswire-FirstCall/ - BioMS Medical Corp. , a leading developer in the treatment of multiple sclerosis (MS), today announced financial and operational results for the first quarter, ended March 31, 2009.
“We remain on track to obtain the results from MAESTRO-01, the first of our two pivotal trials evaluating dirucotide in patients with secondary progressive multiple sclerosis, in the second half of 2009,” said Kevin Giese, President and CEO of BioMS Medical. “We have demonstrated in previous trials that dirucotide has shown to be well tolerated and has the capacity to slow the progression of disease in certain genetically pre-disposed MS patients. If our pivotal trials confirm these results, we believe dirucotide could represent the first drug with blockbuster potential for the treatment of secondary progressive multiple sclerosis.”
Currently, BioMS is conducting two pivotal clinical trials and one open-label follow-on trial of dirucotide for the treatment of secondary progressive MS (SPMS):
Financial Results
Revenue of $13.1 million was recorded for the three-months ended March 31, 2009 compared to $12.8 million for the three-months ended March 31, 2008. The revenue is the result of the amortization of the upfront payment and development milestone received from the licensing and development agreement with Lilly.
Total consolidated expenses for the first quarter ended March 31, 2009 were $14.8 million compared to $22.2 million for the first quarter of 2008. Research and development expenses for the first quarter of 2009 totaled $11.5 million compared to $13.1 million for the first quarter of 2008. The decrease in expenses was the net result of: increased costs for the MAESTRO-03 trial; increased costs for the MAESTRO-02 trial as patients entered the trial; increased investigative and analysis costs associated with the completion of the MINDSET-01 trial, and; additional expenses related to alliance management and support. Expenses in the first quarter of 2008 also included a licensing bonus payment related to the licensing and development agreement with Lilly.
The consolidated net loss for the three-months ended March 31, 2009 was $1.4 million or ($0.02) per share compared to a consolidated net loss of $6.7 million or ($0.07) per share for the three-months ended March 31, 2008.
As at March 31, 2009, cash and cash equivalents and short-term investments totaled $78.4 million compared to $90.4 million at December 31, 2008. As at March 31, 2009, the Company had working capital of $69.3 million 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 in respect of the currently initiated clinical trials.
As at March 31, 2009 there were 91,009,323 Class “A” common shares of the Company issued and outstanding.
BioMS Medical will hold its Annual General Meeting on Wednesday May 27, 2009, at 2:00 p.m. (MT) at the Delta Edmonton South Hotel in Edmonton, Alberta.
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 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, Amanda Stadel, BioMS Medical Corp., (780)
413-7152, (780) 408-3040 Fax, E-mail: info@biomsmedical.com, Internet:
http://www.biomsmedical.com; James Smith, Investor Relations, (416)
815-0700 ext. 229, (416) 815-0080 Fax, E-mail: jsmith@equicomgroup.com
