BioMS Medical Announces 2007 Year E...(31 2007 compared to $5.4 million for the...)

Date:3/18/2008

31, 2007 compared to $5.4 million for the year ended December 31, 2006. General and administrative expenses were $2.3 million for the three months ended December 31, 2007 compared with $1.5 million for the fourth quarter of 2006. The increase was primarily due to expenses related to conducting partnering discussions with various interested parties.

During the year, the Corporation strengthened its cash position through the issuance of 16,100,000 units by way of a public offering at $2.75 per share, for gross proceeds of $44.3 million.

At December 31, 2007, cash and short-term investments totaled $38.0 million as compared to $43.1 million at December 31, 2006. At December 31, 2007, the Corporation had working capital of $34.8 million as compared to $37.4 million at December 31, 2006. The Corporation's cash position and working capital were increased by $87 million in January 2008 with the completion of the agreement with Lilly and the receipt of the upfront payment. Management estimates that the current working capital is sufficient for BioMS to meet its obligations in respect of the currently initiated clinical trials through to the end of the MAESTRO-01 clinical trial.

As at December 31, 2007 there were 91,410,323 Class "A" common shares of the Corporation issued and outstanding.

Notice of AGM

BioMS will be holding its Annual General Meeting on Friday, May 9, 2008 at 2:00 pm (MST) at the Delta Edmonton South Hotel and Conference Centre, 4404 Gateway Boulevard, Edmonton, Alberta.

About BioMS Medical Corp.

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BioMS Medical is a biotechnology corporation 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.
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SOURCE BioMS Medical Corp. Copyright©2008 PR Newswire. All rights reserved

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