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BioMS Medical Announces Third Quarter 2008 Results
Date:11/6/2008

g dirucotide

(MBP8298) for the treatment of SPMS. The trial is fully recruited

with approximately 510 patients enrolled at 68 sites across the U.S.

To date, the DSMB has conducted three reviews of the data from this

trial and has recommended it continue.

- MINDSET-01: A phase II clinical trial evaluating dirucotide (MBP8298)

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 six safety reviews to date and recommended that the

trial continue as per the protocol. Completion of the double-blind

phase of the trial is expected at the end of 2008 with results

anticipated in the first quarter of 2009.

Financial Results

The consolidated net income for the three months ended September 30, 2008 was $6.3 million or $0.07 per share compared with a net loss of $10.9 million or ($0.12) per share for the three months ended September 30, 2007. The consolidated net loss for the nine months ended September 30, 2008 was $0.8 million or ($0.01) per share compared with a loss of $35.5 million or ($0.43) per share for the same period in 2007.

Revenue for the three months ended September 30, 2008 was $16.1 million compared to $nil for the same period of 2007. Revenue for the nine months ended September 30, 2008 was $40.1 million compared to $nil for the same period of 2007. The revenue is the result of recognizing a portion of the upfront payment and development milestone for the positive interim analysis related to the MAESTRO-01 clinical trial received from the licensing agreement with Lilly.

Total consolidated expenses for the three months ended September 30, 2008 were $11.8 million compared to $10.6 million for the same period of 2007. Total consolidated expenses for the nine months
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SOURCE BioMS Medical Corp.
Copyright©2008 PR Newswire.
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