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

and development expenses for the year ended December 31, 2008 totaled $46.5 million compared with $38.9 million in 2007. Research and development expenses were $13.9 million for the three months ended December 31, 2008 compared to $9.3 million for the same quarter the previous year. The increase in expenses was the net result of: achieving full enrolment of clinical sites and patients in the MAESTRO-03 trial; increased costs for the MAESTRO-02 trial as patients enter the trial; reduced costs of the MAESTRO-01 and MINDSET-01 trials as more patients complete these trials; a decrease in drug manufacturing expenses as the manufacture of validation batches is completed; a licensing bonus payment related to the Agreement with Lilly, and; additional expenses related to alliance management and support.

At December 31, 2008, cash and cash equivalents and short-term investments totaled $90.4 million as compared to $37.9 million at December 31, 2007. At December 31, 2008, the Company had working capital of $81.3 million as compared to $32.8 million at December 31, 2007. 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 December 31, 2008 there were 91,009,323 Class "A" common shares of the Company issued and outstanding.

    About BioMS Medical Corp.
    -------------------------

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 exchan
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SOURCE BioMS Medical Corp.
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