Press Releases

BioMS Medical Announces 2004 Year-End Results

Edmonton, Alberta, Feb 18, 2005 – BioMS Medical Corp (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced fourth quarter and year-end results for the year ended December 31, 2004.

Highlights for 2004:
 

• Received Health Canada clearance for pivotal phase II/III
• multiple sclerosis trial;
• Initiated enrollment for pivotal MS trial;
• Received approval to expand pivotal MS trial into the United Kingdom;
• Appointed Dr. Leopold Arfors, former Product Medical Director and MS specialist at AstraZeneca, to Medical Director;
• Appointed Tony Verco, former Medical Director of AstraZeneca’s Clinical Pharmacology Unit, to V.P. Clinical & Medical Affairs;
• Announced 17 additional patents for MBP8298 issued by various countries;
• Strengthened cash position through a private placement for gross proceeds of $9.4 million.

Research and development expenditures for the three months ended September 30, 2004 totaled $1.1 million compared with $0.8 million for the same period in 2003. Research and development expenditures for the nine months ended September 30, 2004 totaled $5.4 million compared to $2.3 million in 2003. General and administration expenditures increased to $1.1 million for the three months ended September 30, 2004 compared to $0.6 million for the three months ended September 30, 2003. The increases were the result of a general increase in business activity by the Company.

As at September 30, 2004 cash and short-term investments totaled $17 million as compared to $19 million at December 31, 2003. At September 30, 2004, the Company had working capital of $17 million, unchanged from $17 million at December 31, 2003. The current working capital is sufficient for the Company to meet its on going obligations.

As at December 31, 2004 cash and short-term investments totaled $14,385,600 as compared to $18,948,634 at December 31, 2003. At December 31, 2004, the Corporation had working capital of $14 million as compared to $17 million at December 31, 2003. The current working capital is sufficient for the Corporation to meet its on going obligations.

In the fourth quarter ended December 31, 2004, the Company incurred a loss of $3,525,748 or ($0.07) per share compared to a loss of $2,746,817 or ($0.06) per share in the fourth quarter of 2003. Revenue was $86,354 in the fourth quarter of 2004 compared to $195,460 in the fourth quarter of 2003. Research and development expenses increased to $1,852,438 in the fourth quarter of 2004 compared to $1,713,430 in the fourth quarter of 2003. General and Administrative costs increased to $1,377,896 in the fourth quarter of 2004 from $851,900 in the fourth quarter of 2003.

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. Certain of the assumptions made in preparing forward-looking statements include but are not limited to the following: that dirucotide (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.