Toronto Stock Exchange Symbol: MS
EDMONTON, Aug. 14 /CNW/ - BioMS Medical Corp (TSX: MS), a leading
developer in the treatment of multiple sclerosis (MS), today announced
financial and operational results for the second quarter ended June 30, 2007.
"We are excited by the continued momentum of our global late-stage
clinical trials of MBP8298 for the treatment of MS," said Kevin Giese,
President and CEO of BioMS. "During this quarter, we completed patient
recruitment in MINDSET-01, our phase II trial for relapsing-remitting MS, and
we initiated enrollment of patients in MAESTRO-03, our pivotal phase III U.S.
trial for the treatment of secondary-progressive MS, a form of MS for which
there is currently no viable treatment."
Second Quarter 2007 Highlights:
- Announced that the independent Data Safety Monitoring Board (DSMB)
for the MAESTRO-01 trial had completed a safety analysis and
recommended that the trial continue as per protocol. The Company
remains on track to receive interim data in mid-2008 from the first
200 patients enrolled, when they have completed the 24 months of
- Announced Dr. Clyde E. Markowitz, Director of the Multiple Sclerosis
Center at the Hospital of the University of Pennsylvania in
Philadelphia as the lead investigator for MAESTRO-03 trial and
enrolled the first patients in the trial.
- Completed patient recruitment for MINDSET-01, a randomized, double-
blind phase II trial evaluating MBP8298 for the treatment of
relapsing remitting MS. Approximately 215 patients have been enrolled
at 24 trial sites in 6 countries across Europe.
- Completed a public offering for total gross proceeds of $44,275,000.
- Subsequent to the end of the quarter, the company announced that the
independent Data Safety Monitoring Board (DSMB) for the MINDSET-01
trial had completed a safety analysis and recommended that the trial
continue as per protocol.
- The Corporation has contracted the services of Quintiles Inc. as the
clinical research organization for the phase III clinical trial in
the United States. Quintiles is a global leader in pharmaceutical
services improving healthcare worldwide and is known for providing
innovative, quality professional expertise in the pharmaceutical,
biotechnology and healthcare industries.
The consolidated net loss for the three months ended June 30, 2007 was
$11.8 million or ($0.14) per share, compared to a consolidated net loss of
$9.1 million or ($0.14) per share for the second quarter of 2006. For the
first six months ended June 30, 2007, the consolidated net loss was
$24.6 million or ($0.31) per share compared to $17.6 million or ($0.28) 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. It is expected that research and
development expenses will increase over the next two years as the MBP8298
clinical trials (MAESTRO-01, MAESTRO-02, MAESTRO-03 and MINDSET-01) continue.
Total consolidated expenses for the second quarter of 2007 were
$12.2 million compared to $9.3 million for the second quarter of 2006. Total
consolidated expenses for the first six months of 2007 were $25.5 million
compared to $18.1 million for the same period in 2006. Research and
development expenditures totaled $10.4 million for the second quarter of 2007
compared to $7.9 million for the second quarter of 2006 and totaled
$20.7 million for the first six months of 2007 compared to $14.6 million for
the same period in 2006. General and administration expenditures totaled
$1.5 million for the second quarter of 2007 compared to $1.0 million for the
second quarter of 2006 and totaled $4.1 million for the first six months of
2007 compared to $2.7 million for the same period in 2006.
Investment income earned on funds invested was $0.5 million for the three
months ended June 30, 2007, compared to $0.1 million for the three months
ended June 30, 2006. For the six months ended June 30, 2007, investment income
was $0.9 million compared to $0.5 million for the six months ended June 30,
2006. Investment income is earned from the short-term investment of cash
reserves in low-risk term deposits and high-quality low-risk funds.
On May 23, 2007 the Company completed a prospectus financing with an
issue of 16,100,000 units at a price of $2.75 per unit for total gross
proceeds to the Corporation of $44,275,000.
As at June 30, 2007, cash and short-term investments totaled
$58.6 million as compared to $43.1 million at December 31, 2006. As at June
30, 2007, the Company had working capital of $56.3 million as compared to
$37.4 million at December 31, 2006. Management estimates that the current
working capital is sufficient for the Company to meet its obligations in
respect of the currently initiated clinical trials through to the end of 2008.
As at June 30, 2007 there were 91,356,923 Class "A" common shares of the
Company issued and outstanding.
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 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: firstname.lastname@example.org, Internet: www.biomsmedical.com; James Smith,
Investor Relations, (416) 815-0700 ext. 229, (416) 815-0080 Fax, E-mail: