Investment income earned on funds invested was $0.7 million for the three months ended March 31, 2008, compared to $0.4 million for the first three months of the previous year.
At March 31, 2008, cash and short-term investments totaled $107.9 million as compared to $38.0 million at December 31, 2007. At March 31, 2008, the Company had working capital of $105.0 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 Company to meet its obligations in respect of the currently initiated clinical trials for which it is responsible under the Lilly agreement.
As at March 31, 2008 there were 91,400,523 common shares of the Company issued and outstanding, 26,021,528 warrants and 9,001,000 stock options.
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 (MBP8298), is for the treatment of multiple
sclerosis and is being evaluated in two pivotal phase III clinical trials
for secondary progressive MS patients, MAESTRO-01 in Canada and Europe and
MAESTRO-03 in the United States. It additionally is being evaluated for
relapsing remitting MS patients in a Phase II trial in Europe entitled
MINDSET-01. In December 2007, BioMS entered into a licensing and
development agreement granting Eli Lilly and Company exclusive worldwide
rights to MBP8298 in exchange for an US $87 million upfront payment,
|SOURCE BioMS Medical Corp.|
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