Press Releases

BIOMS MEDICAL RAISES ADDITIONAL $6.2 MILLION IN PRIVATE PLACEMENT

- $27.1 million raised in two-tranche private placement to support advancement of multiple sclerosis drug -

Edmonton, Alberta, December 4, 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 the second and final tranche of a private placement, issuing an additional 1,832,300 million units at a price of CDN $3.41 per unit for gross proceeds of approximately CDN $6.2 million. Combined with the previously announced closing of an initial $20.9 million, total gross proceeds of CDN $27.1 million have been raised in this two-tranche private placement.

“BioMS has seen its available cash resources rise to approximately CDN $57 million this quarter, after accounting for the funds it started the quarter with and net proceeds from this financing,” said Kevin Giese, President and CEO of BioMS. “With these resources, we are well capitalized to advance our lead MS drug MBP8298 on multiple fronts, including its ongoing pivotal Phase III trial in Secondary Progressive MS and Phase II trial in Relapsing Remitting MS.”

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 the date that is four years from the applicable closing date.

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

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.