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BioMS Medical Announces 2009 Year End Results
Date:3/16/2010

nd 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 it
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