Press Releases

BioMS Medical completes $15 million private placement

Edmonton, Alberta , June 1, 2006 - BioMS Medical Corp (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced it has successfully completed the private placement of 4,406,800 million units at a price of $3.41 per unit for gross proceeds of $15,027,188.

Each unit consists of one common share of the Company and one-half of one common share purchase warrant with each whole warrant entitling the holder to purchase one common share at an exercise price of $4.00 per share for a period of four years. Banc of America Securities LLC acted as lead placement agent and Versant Partners Inc. and Rodman & Renshaw, LLC acted as co-placement agents.

“We are pleased with the positive response from the investment community as these p roceeds will be used to finance our on-going phase III secondary progressive MS trial and allow us to advance our clinical strategy for MBP8298 into relapsing-remitting MS ,” said Kevin Giese, President of BioMS Medical.

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.