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

ated net loss of $24.6 million or ($0.31) per share for the same period of 2007.

Revenue for the three months ended June 30, 2008 was $11.2 million compared to $nil for the same period of 2007. Revenue for the six months ended June 30, 2008 was $24.0 million compared to $nil for the same period of 2007. The revenue is the result of recognizing a portion of the upfront payment received on the completion of the licensing agreement with Eli Lilly and Company.

Total consolidated expenses for the three months ended June 30, 2008 were $11.4 million compared to $12.1 million for the same period of 2007. Total consolidated expenses for the six months ended June 30, 2008 were $33.6 million compared to $25.4 million for the period of 2007.

Research and development expenses for the three months ended June 30, 2008 totaled $9.3 million compared to $10.2 million for the three months ended June 30, 2007. It is expected that total research and development expenses will remain constant over the next two years as the MAESTRO-01 and MINDSET-01 clinical trials near completion and MAESTRO-02 and MAESTRO-03 increase in number of patients under treatment. General and administrative expenses were $1.7 million for the three months ended June 30, 2008 compared to $1.5 million for the three months ended June 30, 2007.

At June 30, 2008, cash and short-term investments totaled $96.1 million as compared to $38.0 million at December 31, 2007. At June 30, 2008, the Corporation had working capital of $93.1 million (excluding the current portion of deferred revenue which does not represent a cash obligation) as compared to $34.8 million at December 31, 2007. Management estimates that the current working capital is sufficient for the Corporation to meet its obligations in respect of the currently initiated clinical trials for which it is responsible under the Lilly agreement.

As at June 30, 2008 there were 91,163,323 common shares of the Corporation issued and outs
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SOURCE BioMS Medical Corp.
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