Toronto Stock Exchange Symbol: MS
EDMONTON, Dec. 17 /PRNewswire-FirstCall/ - BioMS Medical Corp. (TSX: MS) today provided the following update on corporate developments:
Dirucotide Update -----------------
The Company has completed its substantive review of the data from the discontinued late-stage trials for dirucotide, its drug candidate for the treatment of multiple sclerosis (MS). BioMS has decided that it will explore a compassionate access and research program with limited financial commitment, but that it will not pursue further late stage clinical trials with dirucotide in MS.
Strategic Investment --------------------
BioMS earlier today announced a $12.0 million strategic investment in Spectral Diagnostics Inc., in exchange for approximately 48% of Spectral's issued and outstanding common shares, once the proposed transaction is completed. BioMS will also support Spectral and its management team in the development of its lead product, Toraymyxin(TM), in the US under a three-year $3 million contract to supply BioMS' management services to Spectral.
"Spectral represents the type of development opportunity that BioMS is seeking and ideally suited for: investment in a late-stage clinical program with a large market opportunity, and the ability to assist in the successful development of a project using our management expertise," said Kevin Giese, President and CEO of BioMS Medical. "BioMS will continue to leverage its resources and management team to pursue additional opportunities to realize shareholder value."
Spectral is a leader in the battle against sepsis. Spectral's Endotoxin Activity Assay (EAA(TM)) is the only FDA cleared assay for the measurement of endotoxin in the bloodstream. With the growing awareness for the role of endotoxemia in sepsis, the EAA(TM) can be used to identify patients, enable therapeutics and monitor treatment.
|SOURCE BioMS Medical Corp.|
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