Press Releases

BIOMS MEDICAL CORPORATION ANNOUNCES PRIVATE PLACEMENT

Edmonton, Alberta, November 24, 2006 – BioMS Medical Corp ("BioMS" or the "Corporation") (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced that it has completed a private placement of 6,128,957 million units at a price of CDN $3.41 per unit, for gross proceeds of CDN $20.9 million. It is anticipated that a further closing of approximately 880,000 units for gross proceeds of approximately $3,000,000 may occur within the next two weeks.

Each unit consists of one Class A common share of the Corporation and one-half of one Class A common share purchase warrant with each whole warrant entitling the holder to purchase one Class A common share at an exercise price of CDN $4.00 per share on or before November 23, 2010.

Versant Partners Inc. and Rodman & Renshaw acted as co-lead placement agents and Fondsfinans ASA acted as co-placement agent.

BioMS intends to use the proceeds from the financing to fund ongoing research and clinical development efforts and for general corporate purposes.

The securities being issued in the private placement are all subject to a four-month hold period in accordance with applicable Canadian securities laws. The securities have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and, until so registered, may not be offered or sold in the United States or any state absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

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.