BioMS Medical Announces Third Quarter 2009 Results
During the quarter, the exclusive license and collaboration agreement between BioMS Medical and Eli Lilly and Company (NYSE: LLY) for dirucotide was terminated with the effect that all commercial rights to dirucotide are returned to BioMS.
"During the third quarter, the Company made significant progress towards completing its termination of the dirucotide clinical trials, and in reducing expenditures," said
Financial Results
The consolidated net income of the Corporation for the three months ended
Revenue earned from the collaboration agreement in the amount of
Total consolidated expenses for the three months ended
At
Management estimates that the current working capital is sufficient for the Corporation to meet its obligations to fund the completion costs of the completed clinical trials and ongoing operations beyond 2010.
As at
About BioMS Medical Corp.
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BioMS Medical is a biotechnology company engaged in the development and commercialization of novel therapeutic technologies. BioMS Medical's lead technology, dirucotide, is for the treatment of multiple sclerosis. For further information please visit our website at http://www.biomsmedical.com
This press release may contain forward-looking statements, which reflect the Corporation'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 Corporation's ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
BioMS Medical Corp.
Interim Consolidated Balance Sheets
(Unaudited)
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(expressed in thousands of Canadian dollars)
September 30, December 31,
2009 2008
$ $
(Unaudited)
Assets
Current assets
Cash and cash equivalents 53,622 87,826
Short-term investments 2,659 2,614
Goods and services tax recoverable 341 299
Prepaid clinical trial costs 2,482 2,227
Recoverable from collaboration 2,083 267
Other current assets 120 54
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61,307 93,287
Prepaid clinical trial costs - 790
Licensing costs - 5,910
Property and equipment 395 517
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61,702 100,504
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Liabilities
Current liabilities
Accounts payable and accrued liabilities 6,667 12,015
Deferred revenue - 45,605
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6,667 57,620
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Shareholders' Equity
Share capital 175,714 175,714
Contributed surplus 10,937 8,839
Accumulated deficit (131,616) (141,669)
---------------------------
55,035 42,884
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61,702 100,504
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BioMS Medical Corp.
Interim Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
-------------------------------------------------------------------------
(expressed in thousands of Canadian dollars and shares, except per share
amounts)
Nine-month period ended Three-month period ended
September 30, September 30,
2009 2008 2009 2008
$ $ $ $
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Revenue earned from
collaboration
partner 45,605 40,097 20,615 16,096
Less: Research and
development
expenses (23,317) (32,574) (3,670) (10,092)
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22,288 7,523 16,945 6,004
General and
administrative
expenses (5,885) (11,641) (1,275) (1,252)
Amortization of
licensing costs (736) (1,103) - (368)
Amortization of
property and
equipment (127) (82) (42) (38)
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Income (loss) from
operations 15,540 (5,303) 15,628 4,346
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Other income
(expense)
Investment income 306 1,877 40 554
Impairment of
licensing costs (5,174) (5,174)
Foreign exchange
(loss) gain (619) 2,652 (546) 1,413
--------------------------- ---------------------------
(5,487) 4,529 (5,680) 1,967
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Net income (loss)
and comprehensive
income (loss) 10,053 (774) 9,948 6,313
--------------------------- ---------------------------
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Basic and diluted
net income (loss)
per common share 0.11 (0.01) 0.11 0.07
--------------------------- ---------------------------
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Basic weighted
average number of
common shares
outstanding 91,009 91,261 91,009 91,112
--------------------------- ---------------------------
--------------------------- ---------------------------
Diluted weighted
average number of
common shares
outstanding 91,009 91,261 91,009 91,919
--------------------------- ---------------------------
--------------------------- ---------------------------
BioMS Medical Corp
Interim Consolidated Statements of Cash Flows
(Unaudited)
-------------------------------------------------------------------------
(expressed in thousands of Canadian dollars)
Nine-month period ended Three-month period ended
September 30, September 30,
--------------------------- ---------------------------
2009 2008 2009 2008
$ $ $ $
Cash provided by
(used in)
Operating
activities
Net income (loss) 10,053 (774) 9,948 6,313
Items not
involving cash
Stock-based
compensation 2,098 2,175 - 7
Amortization of
licensing costs 736 1,103 - 368
Amortization of
property and
equipment 127 81 42 38
Impairment of
licensing costs 5,174 - 5,174 -
Loss on disposal
of property and
equipment - 7 - -
--------------------------- ---------------------------
18,188 2,592 15,164 6,726
Net change in
non-cash working
capital items (53,517) 57,762 (26,026) (4,998)
--------------------------- ---------------------------
(35,329) 60,354 (10,862) 1,728
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Investing
activities
Purchase of
property and
equipment (7) (269) - (241)
Net purchase of
short-term
investments (45) (66) (7) (2,271)
Licensing costs - - - -
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(52) (335) (7) (2,512)
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Financing
activities
Proceeds from
issuance of share
capital - 91 - -
Repurchase of share
capital - (1,229) - (241)
Share issue costs - - - -
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- (1,138) - (241)
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Foreign exchange
gain (loss) on
cash and cash
equivalents held
in foreign
currency 1,177 1,920 (373) 1,456
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(Decrease) increase
in cash and cash
equivalents (34,204) 60,801 (11,242) 431
Cash and cash
equivalents -
Beginning of
period 87,826 35,428 64,864 95,798
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Cash and cash
equivalents - End
of period 53,622 96,229 53,622 96,229
--------------------------- ---------------------------
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Cash and cash
equivalents
consists of
Bank accounts 1,337 1,385 1,337 1,385
Interest bearing
deposits and
securities 52,285 94,844 52,285 94,844
--------------------------- ---------------------------
53,622 96,229 53,622 96,229
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For further information: Tony Hesby, Ryan Giese, Amanda Stadel, BioMS Medical Corp., (780) 413-7152, (780) 408-3040 Fax, E-mail: [email protected], Internet: http://www.biomsmedical.com; James Smith, Investor Relations, (416) 815-0700 ext. 229, (416) 815-0080 Fax, E-mail: [email protected]
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