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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 costs related to meeting its obligations under the terms of the Agreement.

Total consolidated expenses for the three months ended September 30, 2009 were $5.0 million as compared with $11.8 million in the three months September 30, 2008. Expenses related to the Corporation's direct research and development efforts accounted for $3.7 million or 75% of all expenses as compared with $10.1 million or 86% in 2008. Total consolidated expenses for the nine months ended September 30, 2009 were $30.1 million as compared with $45.4 million in the nine months September 30, 2008. Expenses related to the Corporation's direct research and development efforts accounted for $23.4 million or 78% of all expenses as compared with $32.6 million or 72% in 2008.

At September 30, 2009, cash and cash equivalents and short-term investments totaled $56.3 million as compared to $90.4 million at December 31, 2008. At September 30, 2009, the Corporation had working capital of $54.4 million as compared to $81.3 million at December 31, 2008.

Management estimates that the current working capital is sufficient for the Corporation to meet its obligations to fund the completion costs of the completed clinical trials and ongoing operations beyond 2010.

As at September 30, 2009 there were 91,008,923 Class "A" common shares of the Company issued and outstanding.

    About BioMS Medical Corp.
    -------------------------

BioMS Medical is a biotechnology company engaged in the development and commercialization of novel therapeutic technologies. BioMS Medical's lead technology, dirucotide, is for the treatment of multiple sclerosis. For further information please visit our website at http://www.biomsmedical.com

This press release may contain forward-looking statements, which reflect the Corporation's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation's ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    BioMS Medical Corp.
    Interim Consolidated Balance Sheets
    (Unaudited)
    -------------------------------------------------------------------------

    (expressed in thousands of Canadian dollars)

                                                  September 30,  December 31,
                                                          2009          2008
                                                             $             $
                                                    (Unaudited)
    Assets

    Current assets
    Cash and cash equivalents                           53,622        87,826
    Short-term investments                               2,659         2,614
    Goods and services tax recoverable                     341           299
    Prepaid clinical trial costs                         2,482         2,227
    Recoverable from collaboration                       2,083           267
    Other current assets                                   120            54
                                                  ---------------------------

                                                        61,307        93,287

    Prepaid clinical trial costs                             -           790

    Licensing costs                                          -         5,910

    Property and equipment                                 395           517
                                                  ---------------------------

                                                        61,702       100,504
                                                  ---------------------------
                                                  ---------------------------

    Liabilities

    Current liabilities
    Accounts payable and accrued liabilities             6,667        12,015
    Deferred revenue                                         -        45,605
                                                  ---------------------------

                                                         6,667        57,620
                                                  ---------------------------


    Shareholders' Equity

    Share capital                                      175,714       175,714

    Contributed surplus                                 10,937         8,839

    Accumulated deficit                               (131,616)     (141,669)
                                                  ---------------------------

                                                        55,035        42,884
                                                  ---------------------------

                                                        61,702       100,504
                                                  ---------------------------
                                                  ---------------------------



    BioMS Medical Corp.
    Interim Consolidated Statements of Operations and Comprehensive Loss
    (Unaudited)
    -------------------------------------------------------------------------
    (expressed in thousands of Canadian dollars and shares, except per share
    amounts)

                         Nine-month period ended    Three-month period ended
                                    September 30,               September 30,

                              2009          2008          2009          2008
                                 $             $             $             $
                     ---------------------------  ---------------------------

    Revenue earned from
     collaboration
     partner                45,605        40,097        20,615        16,096
    Less: Research and
     development
     expenses              (23,317)      (32,574)       (3,670)      (10,092)
                     ---------------------------  ---------------------------

                            22,288         7,523        16,945         6,004

    General and
     administrative
     expenses               (5,885)      (11,641)       (1,275)       (1,252)

    Amortization of
     licensing costs          (736)       (1,103)            -          (368)

    Amortization of
     property and
     equipment                (127)          (82)          (42)          (38)
                     ---------------------------  ---------------------------

    Income (loss) from
     operations             15,540        (5,303)       15,628         4,346
                     ---------------------------  ---------------------------

    Other income
     (expense)
    Investment income          306         1,877            40           554
    Impairment of
     licensing costs        (5,174)                     (5,174)
    Foreign exchange
     (loss) gain              (619)        2,652          (546)        1,413
                     ---------------------------  ---------------------------

                            (5,487)        4,529        (5,680)        1,967
                     ---------------------------  ---------------------------
    Net income (loss)
     and comprehensive
     income (loss)          10,053          (774)        9,948         6,313
                     ---------------------------  ---------------------------
                     ---------------------------  ---------------------------

    Basic and diluted
     net income (loss)
     per common share         0.11         (0.01)         0.11          0.07
                     ---------------------------  ---------------------------
                     ---------------------------  ---------------------------

    Basic weighted
     average number of
     common shares
     outstanding            91,009        91,261        91,009        91,112
                     ---------------------------  ---------------------------
                     ---------------------------  ---------------------------
    Diluted weighted
     average number of
     common shares
     outstanding            91,009        91,261        91,009        91,919
                     ---------------------------  ---------------------------
                     ---------------------------  ---------------------------



    BioMS Medical Corp
    Interim Consolidated Statements of Cash Flows
    (Unaudited)
    -------------------------------------------------------------------------

    (expressed in thousands of Canadian dollars)

                         Nine-month period ended    Three-month period ended
                                    September 30,               September 30,

                     ---------------------------  ---------------------------
                              2009          2008          2009          2008
                                 $             $             $             $
    Cash provided by
     (used in)

    Operating
     activities
    Net income (loss)       10,053          (774)        9,948         6,313
    Items not
     involving cash
      Stock-based
       compensation          2,098         2,175             -             7
      Amortization of
       licensing costs         736         1,103             -           368
      Amortization of
       property and
       equipment               127            81            42            38
      Impairment of
       licensing costs       5,174             -         5,174             -
      Loss on disposal
       of property and
       equipment                 -             7             -             -
                     ---------------------------  ---------------------------

                            18,188         2,592        15,164         6,726
    Net change in
     non-cash working
     capital items         (53,517)       57,762       (26,026)       (4,998)
                     ---------------------------  ---------------------------
                           (35,329)       60,354       (10,862)        1,728
                     ---------------------------  ---------------------------
    Investing
     activities
    Purchase of
     property and
     equipment                  (7)         (269)            -          (241)
    Net purchase of
     short-term
     investments               (45)          (66)           (7)       (2,271)
    Licensing costs              -             -             -             -
                     ---------------------------  ---------------------------
                               (52)         (335)           (7)       (2,512)
                     ---------------------------  ---------------------------

    Financing
     activities
    Proceeds from
     issuance of share
     capital                     -            91             -             -
    Repurchase of share
     capital                     -        (1,229)            -          (241)
    Share issue costs            -             -             -             -
                     ---------------------------  ---------------------------
                                 -        (1,138)            -          (241)
                     ---------------------------  ---------------------------

    Foreign exchange
     gain (loss) on
     cash and cash
     equivalents held
     in foreign
     currency                1,177         1,920          (373)        1,456
                     ---------------------------  ---------------------------

    (Decrease) increase
     in cash and cash
     equivalents           (34,204)       60,801       (11,242)          431

    Cash and cash
     equivalents -
     Beginning of
      period                87,826        35,428        64,864        95,798
                     ---------------------------  ---------------------------

    Cash and cash
     equivalents - End
     of period              53,622        96,229        53,622        96,229
                     ---------------------------  ---------------------------
                     ---------------------------  ---------------------------

    Cash and cash
     equivalents
     consists of
      Bank accounts          1,337         1,385         1,337         1,385
    Interest bearing
     deposits and
     securities             52,285        94,844        52,285        94,844
                     ---------------------------  ---------------------------
                            53,622        96,229        53,622        96,229
                     ---------------------------  ---------------------------
                     ---------------------------  ---------------------------

SOURCE BioMS Medical Corp.


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SOURCE BioMS Medical Corp.
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