EDMONTON, Nov. 14 /PRNewswire-FirstCall/ - BioMS Medical Corp , a leading developer in the treatment of multiple sclerosis (MS), today announced financial and operational results for the third quarter, ended September 30, 2007.
“During the quarter, we continued to maintain momentum towards the commercialization of our lead drug, MBP8298, for the treatment of multiple sclerosis,” said Kevin Giese, President and CEO of BioMS Medical.
Financial Results
The consolidated net loss for the three months ended September 30, 2007 was $10.9 million or ($0.12) per share, compared to a consolidated net loss of $9.2 million or ($0.14) per share for the third quarter of 2006. For the nine months ended September 30, 2007, the consolidated net loss was $35.5 million or ($0.43) per share compared to $26.8 million or ($0.41) per share for the corresponding period in 2006. The increase in the loss was the result of larger research and development expenditures and an increase in general and administrative expenses.
Total consolidated expenses for the three months ended September 30, 2007 were $11.2 million compared to $9.6 million for the three months ended September 30, 2006. Total consolidated expenses for the nine months ended September 30, 2007 were $36.8 million compared with $27.8 million for the nine months ended September 30, 2006.
Research and development expenses for the three months ended September 30, 2007 totaled $9.7 million compared with $8.1 million for the same period in 2006. For the nine months ended September 30, 2007, research and development expenses totaled $30.4 million compared with $22.7 million for the same period in 2006. The increase in expenses is the result of full enrollment in the MAESTRO-01 trial with total patient enrollment of 611 patients, full enrollment of the MINDSET-01 trial with 218 patients, commencement of roll-over of patients from the MAESTRO-01 trial into the open label MAESTRO-02 trial and commencement of enrollment of patients in the MAESTRO-03 trial.
General and administrative expenses totaled $1.1 million for the three months ended September 30, 2007 compared with $1.2 million for the three months ended September 30, 2006. For the nine months ended September 30, 2007 general and administrative expenses increased to $5.2 million compared to $3.9 million for the nine months ended September 30, 2006. The increase in general and administrative expenses is the result of increased public and investor relations, increased expenses related to the public company listing and an increase in the general business activities of the corporation.
Investment income earned on funds invested was $0.4 million for the three months ended September 30, 2007, the same amount that was earned for the three months ended September 30, 2006. For the nine months ended September 30, 2007, investment income was $1.3 million compared to $0.9 million for the nine months ended September 30, 2006. Investment income is earned from the short-term investment of cash reserves in low-risk term deposits and high-quality low-risk funds.
As at September 30, 2007, cash and short-term investments totaled $49.2 million as compared to $43.1 million at December 31, 2006. As at September 30, 2007, the Corporation had working capital of $45.9 million as compared to $37.4 million at December 31, 2006. Management estimates that the current working capital is sufficient for the Corporation to meet its obligations in respect of the currently initiated clinical trials through to the latter part of 2008.
As at November 14, 2007 there were 91,339,823 Class “A” common shares of the Company issued and outstanding.
About BioMS Medical Corp.
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BioMS Medical is a biotechnology company engaged in the development and commercialization of novel therapeutic technologies. BioMS Medical’s lead technology, MBP8298, 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. It additionally is being evaluated for relapsing remitting MS patients in a Phase II trial in Europe entitled MINDSET-01. For further information please visit our website at www.biomsmedical.com.
This news release may contain certain forward-looking statements that reflect the current views and/or expectations of BioMS Medical with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
CONTACT: Tony Hesby, Ryan Giese, 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
