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BioMS Medical Announces Second Quarter 2008 Results
Date:8/12/2008

nt of SPMS. Enrollment for the randomized, double-blind study was initiated in June, 2007 and on July 31, 2008, BioMS completed full recruitment of approximately 510 patients at 68 sites across the U.S. To date, the DSMB has conducted two reviews of the data from this trial and has recommended it continue.

(x) MINDSET-01: A phase II clinical trial evaluating MBP8298 (dirucotide) for the treatment of relapsing-remitting MS (RRMS). The randomized, double-blind study has completed recruitment with 218 patients enrolled at 24 trial sites in six countries across Europe. The DSMB has completed five safety reviews to date and recommended that the trial continue as per the protocol. Completion of the trial is expected at the end of 2008 with results anticipated in the first half of 2009.

Licensing and Development Agreement

On December 17, 2007, BioMS entered into a licensing and development agreement granting Eli Lilly and Company exclusive worldwide rights to MBP8298 (dirucotide). Under the terms of the agreement, Lilly and BioMS will collaborate on the development of MBP8298 (dirucotide) and will also share in certain development costs with Lilly being responsible for future research and development, manufacturing and marketing activities. The transaction closed on January 25, 2008 with the receipt of an upfront payment of US$87 million. BioMS has the potential to receive additional development and sales milestones of up to US $410 million and escalating royalties on sales commensurate with the current stage of development of the product if MBP8298 (dirucotide) is commercialized.

Financial Results

The consolidated net loss for the three months ended June 30, 2008 was $0.4 million or ($0.00) per share compared to a consolidated net loss of $11.8 million or ($0.14) per share for the three months ended June 30, 2007. The consolidated net loss for the six months ended June 30, 2008 was $7.1 million or ($0.08) per share compared to a consolid
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SOURCE BioMS Medical Corp.
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