BioMS Medical Announces 2007 Year E...(consultant review. Financial Results ...)

Financial Results

The consolidated net loss for the year ended December 31, 2007 was $47.2 million or ($0.56) per share compared with a consolidated net loss of $40.9 million or ($0.62) per share for the previous year. The consolidated net loss for the fourth quarter ended December 31, 2007 was $11.7 million or ($0.13) per share compared with a consolidated net loss of $14.1 million or ($0.20) per share for the fourth quarter of the previous year.

Total consolidated expenses for the year ended December 31, 2007 were $48.0 million compared to $42.2 million for the previous year. Total consolidated expenses for the three months ended December 31, 2007 were $12.1 million compared to $14.4 million for the same quarter of the previous year.

Research and development expenses for the year ended December 31, 2007 totaled $38.9 million compared with $35.2 million in 2006. The increase was due primarily to the start up and initial enrollment of patients in the MAESTRO-02 follow-on trial, the full enrollment and continuation of the MINDSET-01 clinical trial and the start-up and commencement of enrolment of the MAESTRO-03 clinical trial. It is expected that research and development expenses will increase over the next two years as the current clinical trials for MBP8298; MAESTRO-01, MAESTRO-02, MAESTRO-03 and MINDSET-01, continue in Canada, Europe and the U.S.

Research and development expenses were $9.3 million for the fourth quarter ended December 31, 2007 compared to $12.5 million for the fourth quarter of the previous year. The reduction in expenses was the net result of reduced costs for the MAESTRO-01 trial, as more patients are completing or near completion of their two years on the trial, and a reduction in the number of batches of MBP8298 manufactured in the year, offset by start-up costs for the MAESTRO-02 and MAESTRO-03 trials.

General and administrative expenses were $7.5 million for the year ended December
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