Toronto Stock Exchange Symbol: MS
EDMONTON, Sept. 3 /PRNewswire-FirstCall/ - BioMS Medical Corp (TSX: MS) a leading developer in the treatment of multiple sclerosis (MS), announced today that it is renewing its normal course issuer bid. Under the bid, which will be conducted pursuant to the rules of the Toronto Stock Exchange ("TSX"), the Company may purchase up to 1,000,000 of its Class A common shares (the "Common Shares") representing approximately 1.1% of the Company's issued and outstanding Common Shares.
The bid will commence September 8, 2008 and will expire September 7, 2009 or such earlier date as the Company may complete its purchases. The price at which the Company will purchase its shares will be the market price thereof at the time of acquisition. Purchases of Common Shares will be made in the open market through the facilities of the TSX. Any Common Shares acquired by the Company will be cancelled. The Company has 91,180,923 Common Shares issued and outstanding as of August 27, 2008. During the previous 12 months, the Company acquired 343,300 of its Common Shares at an average price of $3.37 per share by way of a normal course issuer bid. The average daily trading volume of the Common Shares on the TSX (exclusive of purchases under the Company's previous normal course issuer bid) for the period February 1, 2008 to July 31, 2008 was 78,945 shares. Daily purchases will be limited to 19,736 Common Shares, other than block purchase exceptions.
The Board of Directors of the Company believes that the market price of the Common Shares may not fully reflect the value of the Company's business and its future business prospects. As a result, the Board has concluded that the purchase and cancellation of the Common Shares may represent an appropriate and desirable use of the Company's funds and provide market stability.
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 dirucotide (MBP8298), in exchange for an $87 million upfront payment, milestone payments and escalating royalties on sales. For further information please visit our website at http://www.biomsmedical.com.
This press release may contain forward-looking statements, which reflect the Company'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 Company's ongoing quarterly and annual reporting. Certain of the assumptions made in preparing forward-looking statements include but are not limited to the following: that MBP8298 will continue to demonstrate a satisfactory safety profile in ongoing and future clinical trials; and that BioMS Medical Corp. will complete the respective clinical trials within the timelines communicated in this release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
|SOURCE BioMS Medical Corp.|
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