BioMS Medical announces its intention to renew a normal course issuer bid

    Toronto Stock Exchange Symbol: MS

    EDMONTON, Sept. 3 /CNW/ - 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

    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

    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; James Smith, Investor
Relations, (416) 815-0700 ext. 229, (416) 815-0080 Fax, E-mail:

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