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

million to corporate administrative personnel; costs associated with the completion of the licensing agreement including travel, consultants, legal advisors and financials advisors; and increased investor relations and media relations costs in support of creating awareness for BioMS in the US and Canada.

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.

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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, mileston
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SOURCE BioMS Medical Corp.
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