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BioMS Medical announces first quarter 2008 results
Date:5/15/2008

million and escalating royalties on sales commensurate with the current stage of development of the product if dirucotide (MBP8298) is commercialized. The completion of the licensing agreement with Lilly resulted in a one time payment of a $9.0 million licensing bonus to Corporation personnel, paid in February, 2008.

Financial Results

The consolidated net loss for the first quarter ended March 31, 2008 was $6.7 million or ($0.07) per share compared to a consolidated net loss of $12.9 million or ($0.17) per share for the first quarter of the previous year.

Revenue for the three months ended March 31, 2008 was $12.8 million compared to $nil for the first three months of the previous year. 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 March 31, 2008 were $22.2 million compared to $13.3 million for the first three months of the previous year.

Research and development expenses for the first quarter ended March 31, 2008 totaled $13.1 million compared to $10.3 million for the first quarter of the previous year. The increase of $2.8 million is primarily attributable to: a one time licensing bonus payment of $3.4 million to research and development personnel, a decrease in drug manufacturing costs of $1.4 million and a decrease in clinical trial expenses of $1.7 million. 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 while the MAESTRO-02 and MAESTRO-03 trials increase in number of patients under treatment.

General and administrative expenses were $8.7 million for the three months ended March 31, 2008 compared to $2.6 million for the three months ended March 31, 2007. The increase is primarily attributable to: a one time licensing bonus payment of $5.6
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SOURCE BioMS Medical Corp.
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