- BioMS receives $87 million upfront payment -
Toronto Stock Exchange Symbol: MS
EDMONTON, Jan. 25 /CNW/ - BioMS Medical Corp. (TSX: MS) reported today
that it has completed the previously-announced licensing and development
agreement with Eli Lilly and Company. As part of the agreement, BioMS has
received an upfront cash payment of US$87 million. In December, 2007 BioMS
Medical entered into a global licensing and development agreement granting
Lilly exclusive worldwide rights to BioMS Medical's lead drug, MBP8298, for
the treatment of multiple sclerosis (MS).
"We look forward to a productive and successful relationship with Lilly,"
said Kevin Giese, President and CEO of BioMS. "With these resources and the
support from a world-class pharmaceutical company, we are well positioned to
realize our shared goal of developing MBP8298 to bring new hope to patients
suffering from MS."
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: