Toronto Stock Exchange Symbol: MS
EDMONTON, Jan. 23 /CNW/ - BioMS Medical Corp. (TSX: MS) announced today
that the Federal Trade Commission (FTC) has cleared the global licensing and
development agreement granting Eli Lilly and Company exclusive worldwide
rights to BioMS Medical's lead multiple sclerosis (MS) compound, MBP8298.
Completion of the licensing transaction had been contingent upon receipt of
this clearance under the Hart-Scott-Rodino Anti-Trust Improvements Act. With
this condition now satisfied, the transaction may proceed to completion.
On December 17, 2007, Lilly and BioMS entered into a global licensing and
development agreement granting Lilly exclusive worldwide rights to the
Company's lead MS compound, MBP8298. The compound is currently being evaluated
in two pivotal phase III clinical trials in secondary progressive MS (SPMS)
and one phase II clinical trial in relapsing-remitting MS (RRMS).
Under the terms of the agreement, Lilly and BioMS will collaborate on the
development of MBP8298 and will also share in certain development costs, with
Lilly being responsible for future R&D, manufacturing and marketing
activities. BioMS will receive an upfront payment of $87 million, as well as
potential development and sales milestones up to $410 million and escalating
royalties on sales commensurate with the current stage of development of the
product if MBP8298 is successfully commercialized. BioMS will continue to
oversee the current clinical trials. Other terms of the deal were not
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, 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. For further information
please visit our website at 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.
For further information:
For further information: Tony Hesby, Ryan Giese, Corporate
Communications, BioMS Medical Corp., (780) 413-7152, (780) 408-3040 Fax,
E-mail: email@example.com, Internet: www.biomsmedical.com; James Smith,
Investor Relations, (416) 815-0700 ext. 229, (416) 815-0080 Fax, E-mail: