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BioMS Medical Announces 2009 Year End Results

Toronto Stock Exchange Symbol: MS

EDMONTON, March 16 /PRNewswire-FirstCall/ - BioMS Medical Corp. (TSX: MS), today announced financial and operational results for the year ended December 31, 2009.

"While 2009 was a challenging year for BioMS and our shareholders, we have remained focused on our core mission of investing our financial and management resources in promising opportunities so as to realize shareholder value," said Kevin Giese, President and CEO of BioMS Medical. "Our investment in Spectral Diagnostics once again provides us with an opportunity to actively participate in the advancement of a pivotal stage product with major market potential, while also leaving resources available to pursue other future opportunities."

    Corporate Update

    -   Subsequent to the end of the year, BioMS invested $12 million in
        Spectral Diagnostics Inc. (TSX: SDI) in exchange for 30,000,000
        common shares of Spectral, representing 39.57% of its issued and
        outstanding common shares.

    -   Spectral has also entered into a three year services agreement where
        BioMS will provide clinical, regulatory and capital markets
        consulting services to Spectral in exchange for $3 million paid to
        BioMS over the term of the contract.

    -   On March 3, 2010, Spectral Diagnostics received Investigational
        Device Exemption (IDE) approval from the     (1,343)
                                                   ------------  ------------

    Foreign exchange gain (loss) on cash and
     cash equivalents held in foreign currency            (134)        3,698
                                                   ------------  ------------

    (Decrease) increase in cash and cash equivalents   (39,052)       52,398

    Cash and cash equivalents - Beginning of year       87,826        35,428
                                                   ------------  ------------

    Cash and cash equivalents - End of year             48,774        87,826
                                                   ------------  ------------
                                                   ------------  ------------

    Cash and cash equivalents consists of
    Bank accounts                                       14,855           610
    Interest bearing deposits and securities            33,919        87,216
                                                   ------------  ------------
                                                        48,774        87,826
                                                   ------------  ------------
                                                   ------------  ------------

SOURCE BioMS Medical Corp.

Back to top U.S. Food and Drug Administration (FDA) for Toraymyxin(TM), a treatment for severe sepsis. This approval permits Spectral to initiate its planned pivotal trial for Toraymyxin(TM) in the United States. - At the end of 2009, BioMS had reduced its headcount by approximately 50% to 15. Dirucotide Update ----------------- - On July 27, 2009, BioMS reported that the results of the MAESTRO-01 pivotal trial for dirucotide, its drug candidate for the treatment of multiple sclerosis, did not meet its efficacy endpoints. BioMS discontinued all ongoing clinical trials with dirucotide, and announced that it did not intend to pursue further late-stage trials. The licensing and development agreement between BioMS and Eli Lilly for dirucotide was terminated, with all commercial rights returning to BioMS.

Financial Results

The consolidated net income of the Corporation for the year ended December 31, 2009 was $2.9 million or $0.03 per share compared with a consolidated net loss of $(0.5) million or $(0.01) per share for the previous year. The consolidated net loss for the three months ended December 31, 2009 was $(7.2) million or $(0.08) per share compared with a consolidated net income of $0.3 million or $0.01 per share for the previous year.

Revenue of $45.6 million was recorded for the year ended December 31, 2009 compared to $52.6 million for the year ended December 31, 2008. 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, 2009 decreased to $0.3 million from $2.4 million for 2008 due to the decrease in cash and cash equivalents. 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, 2009 were $42.4 million compared with $61.9 million for 2008. Total consolidated expenses for the three months ended December 31, 2009 totaled $7.1 million as compared to $16.5 million in the same quarter the previous year.

Research and development expenses for the year ended December 31, 2009 totaled $28.5 million compared with $46.5 million in 2008. Research and development expenses were $5.2 million for the three months ended December 31, 2009 compared to $13.9 million for the same quarter of the previous year. The decrease in expenses was the net result of: completion of the MAESTRO-01 clinical trial and discontinuation of other trials; cost recoveries for intellectual property expenditures; and a decrease in drug manufacturing, regulatory and research.

BioMS also reduced its headcount by 50% and incurred approximately $2.2 million in related termination payments that have been recorded in result of operations for the year ended December 31, 2009.

At December 31, 2009, cash and cash equivalents and short-term investments totaled $51.4 million as compared to $90.9 million at December 31, 2008. At December 31, 2009, the Company had working capital of $47.5 million as compared to $81.3 million at December 31, 2008. Management estimates that the current working capital is sufficient for the Company to meet its obligations.

As at December 31, 2009 there were 91,008,923 Class "A" common shares of the Company issued and outstanding.

    About BioMS Medical Corp.

BioMS Medical is a biotechnology company engaged in the investment, development and commercialization of pharmaceutical technologies. For further information please visit our website at

This press release may contain forward-looking statements, which reflect the Corporation's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation's ongoing quarterly and annual reporting. Certain of the assumptions made in preparing forward-looking statements include but are not limited to the following: that dirucotide will continue to demonstrate a satisfactory safety profile in ongoing and future clinical trials; and that BioMS Medical Corp. will complete the respective clinical trials within the timelines communicated in this release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    BioMS Medical Corp.
    Consolidated Balance Sheet
    December 31, 2009 and 2008

    (expressed in thousands of Canadian dollars)

                                                          2009          2008
                                                             $             $

    Current assets
    Cash and cash equivalents                           48,774        87,826
    Short-term investments                               2,662         2,614
    Goods and services tax recoverable                     351           299
    Prepaid clinical trial costs                             -         2,227
    Recoverable from collaboration partner                 424           267
    Other prepaid expenses                                 112            54

                                                        52,323        93,287

    Prepaid clinical trial costs                             -           790

    Licensing costs                                          -         5,910

    Property and equipment                                 350           517

                                                        52,673       100,504

    Current liabilities
    Accounts payable and accrued liabilities             4,822        12,015
    Deferred revenue                                         -        45,605

                                                         4,822        57,620
    Commitments and contingencies
    Shareholders' Equity

    Share capital                                      175,714       175,714

    Contributed surplus                                 10,937         8,839

    Accumulated deficit                               (138,800)     (141,669)

                                                        47,851        42,884

                                                        52,673       100,504

    BioMS Medical Corp.
    Consolidated Statements of Operations and Comprehensive Loss

    (expressed in thousands of Canadian dollars. except per share amounts)

                                                     Years ended December 31,

                                                          2009          2008
                                                             $             $

    Revenue earned from collaboration partner           45,605        52,561
    Less: Research and development expenses            (28,486)      (46,502)
                                                   ------------  ------------

                                                        17,119         6,059

    General and administrative expenses                 (7,821)      (13,790)

    Amortization of licensing costs                       (736)       (1,472)

    Amortization of property and equipment                (164)         (125)
                                                   ------------  ------------

    Income (loss) from operations                        8,398        (9,328)

    Other income (expense)
    Investment income                                      333         2,436
    Impairment of licensing costs                       (5,174)            -
    Foreign exchange (loss) gain                          (688)        6,429
                                                   ------------  ------------

                                                        (5,529)        8,865
                                                   ------------  ------------
    Net income (loss) and comprehensive
     income (loss)                                       2,869          (463)
                                                   ------------  ------------
                                                   ------------  ------------
    Basic and diluted net income (loss)
     per common share                                     0.03         (0.01)

    Basic and diluted weighted average number
     of common shares outstanding                       91,009        91,187

    BioMS Medical Corp.
    Consolidated Statements of Cash Flows

    (expressed in thousands of Canadian dollars)

                                                     Years ended December 31,

                                                          2009          2008
                                                             $             $
    Cash provided by (used in)

    Operating activities
    Net income (loss)                                    2,869          (463)
    Items not involving cash
      Stock-based compensation                           2,098         2,198
      Amortization of licensing costs                      736         1,472
      Amortization of property and equipment               164           125
      Impairment of licensing costs                      5,174             -
      Loss on disposal of property and equipment             8            11
                                                   ------------  ------------

                                                        11,049         3,343
    Net change in non-cash working capital items       (49,912)       47,109
                                                   ------------  ------------
                                                       (38,866)       50,452
                                                   ------------  ------------
    Investing activities
    Purchase of property and equipment                      (7)         (323)
    Net purchase of short-term investments                 (48)          (86)
    Licensing costs                                          -             -
                                                   ------------  ------------
                                                           (55)         (409)
                                                   ------------  ------------

    Financing activities
    Proceeds from issuance of share capital                  -            91
    Repurchase of share capital                              -        (1,434)
                                                   ------------  ------------
SOURCE BioMS Medical Corp.
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