Press Releases

BioMS Medical Announces First Quarter 2005 Results

Edmonton, Alberta, May 13, 2005 – BioMS Medical Corp (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced results for the first quarter ended March 31, 2005.

“During the quarter, we initiated patient dosing for our pivotal phase II/III multiple sclerosis trial for the treatment of secondary progressive MS. This trial now involves 9 sites across Canada and we are on track to expand the trial into the United Kingdom and other jurisdictions in Europe,” said Mr. Kevin Giese, President of BioMS Medical. “By raising more than $41 million in the quarter through a prospectus offering, we have ensured that we are well financed to advance this trial and also undertake a Phase I clinical trial for HYC750 this year.”

The consolidated net loss for the first quarter ended March 31, 2005 was $2.4 million or ($0.05) per share compared to a consolidated net loss of $4.4 million or ($0.09) per share for the first quarter of the previous year.

Total consolidated expenses for the first quarter of 2005 were $2.5 million compared to $4.5 million for the first quarter of 2004. Research and development expenditures totaled $1.0 million for the first quarter of 2005 compared to $3.4 million for the first quarter of 2004. General and administration expenditures totaled $1.1 million for the first quarter of 2005 compared to $0.8 million for the first quarter of 2004. Research and development expenses decreased due to completion of preparation work for the company’s pivotal trial for MBP8298, offset by the subsequent initiation of this trial. General and administration costs increased as a result of a general increase in the overall activity of the company.

Revenue consisted entirely of interest earned on funds invested and was $92,000 for the first quarter of 2005 compared to $91,000 for the first quarter of 2004.

As at March 31, 2005 cash and short-term investments totaled approximately $50.1 million as compared to $14.4 million at December 31, 2004. At March 31, 2005 the company had working capital of $50 million as compared to $14 million at December 31, 2004. The current working capital is sufficient for the corporation to meet its on going obligations.

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.