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BioMS Medical Announces 2008 Year End Results
Date:3/17/2009

a direct license with Orcrist. BioMS assigned all BioMS owned patents relating to HYC750 and transfered all HYC750 assets to Orcrist. Under the terms of the agreement, BioMS will receive certain milestone payments in addition to a royalty on net sales of products which otherwise would have infringed on patents related to the HYC750 technology.

BioMS also ceased all development activities with respect to BioCyDex. Future development or licensing activities will be the responsibility of BioCyDex.

Financial Results

The consolidated net loss for the year ended December 31, 2008 was $0.5 million or ($0.01) per share compared with a consolidated net loss of $47.2 million or ($0.56) per share for the previous year. The consolidated net income for the three months ended December 31, 2008 was $0.3 million or $0.01 per share compared with a net loss of ($11.7) million or ($0.13) per share for the previous year.

Revenue of $52.6 million was recorded for the year ended December 31, 2008 compared to $Nil for the year ended December 31, 2007. 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, 2008 increased to $2.4 million from $1.6 million for 2007 due to the increase in cash and cash equivalents as a result of the Agreement with Lilly. The increase was partially offset by a general reduction in interest rates experienced in the market. 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, 2008 were $61.9 million compared with $48.0 million for 2007. Total consolidated expenses for the three months ended December 31, 2008 totaled $16.5 million as compared to $12.1 million in the same quarter the previous year.

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SOURCE BioMS Medical Corp.
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