BioMS Medical announces third quarter 20...(September 30 2007was $10.9 million or ($...)

Date:11/14/2007

September 30, 2007 was $10.9 million or ($0.12) per share, compared to a consolidated net loss of $9.2 million or ($0.14) per share for the third quarter of 2006. For the nine months ended September 30, 2007, the consolidated net loss was $35.5 million or ($0.43) per share compared to $26.8 million or ($0.41) per share for the corresponding period in 2006. The increase in the loss was the result of larger research and development expenditures and an increase in general and administrative expenses.

Total consolidated expenses for the three months ended September 30, 2007 were $11.2 million compared to $9.6 million for the three months ended September 30, 2006. Total consolidated expenses for the nine months ended September 30, 2007 were $36.8 million compared with $27.8 million for the nine months ended September 30, 2006.

Research and development expenses for the three months ended September 30, 2007 totaled $9.7 million compared with $8.1 million for the same period in 2006. For the nine months ended September 30, 2007, research and development expenses totaled $30.4 million compared with $22.7 million for the same period in 2006. The increase in expenses is the result of full enrollment in the MAESTRO-01 trial with total patient enrollment of 611 patients, full enrollment of the MINDSET-01 trial with 218 patients, commencement of roll-over of patients from the MAESTRO-01 trial into the open label MAESTRO-02 trial and commencement of enrollment of patients in the MAESTRO-03 trial.

General and administrative expenses totaled $1.1 million for the three months ended September 30, 2007 compared with $1.2 million for the three months ended September 30, 2006. For the nine months ended September 30, 2007 general and administrative expenses increased to $5.2 million compared to $3.9 million for the nine months ended September 30, 2006. The increase in general and administrative expenses is the result of increased public and investor relations, increased
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SOURCE BioMS Medical Corp. Copyright©2007 PR Newswire. All rights reserved

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