Toronto Stock Exchange Symbol: MS
EDMONTON, July 17 /PRNewswire-FirstCall/ - BioMS Medical Corp. , a leading developer in the treatment of multiple sclerosis (MS), today announced financial and operational results for the three and six months ended June 30, 2009.
“The pivotal phase III MAESTRO-01 trial has completed the last patient last visit, and we are expecting results from this study within the second half of this year. This is the first of our two pivotal trials evaluating dirucotide in patients with secondary progressive multiple sclerosis and with a positive outcome, our drug could represent a valuable new treatment for MS patients,” said Kevin Giese, President and CEO of BioMS Medical.
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
The consolidated net income for the three months ended June 30, 2009 was $1.5 million or $0.02 per share compared with a consolidated net loss of ($0.4) million or ($0.00) per share for the previous year. The consolidated net income for the six months ended June 30, 2009 was $0.1 million or $0.00 per share compared with a consolidated net loss of ($7.1) million or ($0.08) per share for the same period in 2008.
Revenue earned from the collaboration agreement was $11.9 million for the three months and $25.0 million for the six months ended June 30, 2009 compared to $11.2 million and $24.0 million for the three and six months ended June 30, 2008. This revenue is the result of the amortization of the upfront payment and development milestone payment received from Lilly, associated with the positive interim analysis of the MAESTRO-01 clinical trial.
Total consolidated expenses for the three months ended June 30, 2009 were $10.3 million compared with $11.4 million for the three months June 30, 2008. Expenses related to direct research and development efforts accounted for $8.1 million or 79% of all expenses for the three months ended June 30, 2009 compared with $9.3 million or 82% for this period in 2008. Total consolidated expenses for the six months ended June 30, 2009 were $25.1 million as compared with $33.6 million in the six months June 30, 2008. Expenses related to direct research and development efforts accounted for $19.6 million or 78% of all expenses for the six months ended June 30, 2009 compared with $22.5 million or 67% for this period in 2008.
As at June 30, 2009, cash and cash equivalents and short-term investments totaled $67.5 million as compared to $90.4 million at December 31, 2008. As at June 30, 2009, the Company had working capital of $59.8 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 in respect of the currently initiated clinical trials.
As at June 30, 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 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.
SOURCE BioMS Medical Corp.
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
