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BioMS Medical Announces Third Quarter 2009 Results
Date:11/12/2009

Toronto Stock Exchange Symbol: MS

EDMONTON, Nov. 12 /PRNewswire-FirstCall/ - BioMS Medical Corp. (TSX: MS) today announced financial and operational results for the three and nine months ended September 30, 2009.

During the quarter, the exclusive license and collaboration agreement between BioMS Medical and Eli Lilly and Company (NYSE: LLY) for dirucotide was terminated with the effect that all commercial rights to dirucotide are returned to BioMS.

"During the third quarter, the Company made significant progress towards completing its termination of the dirucotide clinical trials, and in reducing expenditures," said Kevin Giese, President and CEO of BioMS Medical. "We anticipate that this process of ending the trials, which includes the collecting, and review and analysis of the trial data, should be substantially completed by the end of the year."

Financial Results

The consolidated net income of the Corporation for the three months ended September 30, 2009 was $9.9 million or $0.11 per share compared with consolidated net income of $6.3 million or $0.07 per share for the previous year. The consolidated net income of the Corporation for the nine months ended September 30, 2009 was $10.1 million or $0.11 per share compared with a consolidated net loss of ($0.8) million or ($0.01) per share for the same period in 2008.

Revenue earned from the collaboration agreement in the amount of $20.6 million for the three months and $45.6 million for the nine months ended September 30, 2009 compared to $16.1 million and $40.1 million for the three and nine months ended September 30, 2008. The revenue represents the amortization of deferred revenue from the US$87 million upfront licensing fee payment and the US$10 million development milestone payment received from Lilly from the Agreement that was terminated on September 2, 2009. Deferred revenue is recorded as revenue as the Corporation incurred the co
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