Press Releases

BioMS Medical Announces Third Quarter 2006 Results

Edmonton, Alberta, November 13, 2006 – BioMS Medical Corp (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced results for the third quarter ended September 30, 2006.

Third Quarter 2006 Highlights:

• Continued to advance the pivotal phase II/III clinical trial of MBP8298 for the treatment of secondary progressive multiple sclerosis (SPMS). An interim safety and efficacy analysis will be performed on data received from the first 200 patients enrolled when they have completed 24 months of the clinical trial. This interim analysis will occur in 1 8 months.
• Received a fifth positive safety review from the Data Safety Monitoring Board for the pivotal SPMS trial.
• Expanded the pivotal SPMS trial further across Europe into Spain , Germany , Finland and the Baltic States.
• Presented Phase II and long-term follow-up treatment results for MBP8298 at the 22nd Congress of the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS).
• Received an additional U.S. patent for MBP8298, subsequent to the end of the quarter.

"Our pivotal phase III trial for MBP8298 continues to advance as planned, gaining enrollment momentum as additional sites come online across Europe . We continue to anticipate enrollment completion for this trial at year-end,” said Kevin Giese , President and CEO of BioMS. “The cash expenditures on operating activities for the quarter were an anticipated $7.2 million. In addition, the Company accrued an expense of $2 million in the third quarter, primarily in recognition of launching of its 2007 manufacturing initiative intended to prepare the Company for filing of future market approvals for MBP8298 .”

Financial Results

The consolidated net loss for the third quarter ended September 30, 2006 was $9.2 million or ($0.14) per share compared with a consolidated net loss of $3.9 million or $0.06 per share for the third quarter of the previous year. For the first nine months of 2006, the consolidated net loss was $26.8 million or ($0.41) per share compared with a consolidated net loss of $10.7 million or ($0.18) per share for the corresponding period in 2005.

Total consolidated expenses for the third quarter of 2006 were $9.6 million compared to $4.3 million for the third quarter of 2005. Total consolidated expenses for the first nine months of 2006 were $27.8 million compared with $11.7 million for the same period in 2005.

Research and development expenditures totaled $8.0 million for the third quarter of 2006 compared to $3.2 million for the third quarter of 2005 and totaled $22.4 million for the first nine months of 2006 compared to $6.0 million for the same period in 2005. General and administration expenditures totaled $1.0 million for the third quarter of 2006 compared with $0.8 million for the third quarter of 2005 and totaled $3.0 million for the first nine months of 2006 compared with $2.8 million for the same period in 2005. The nine-month research and development expenses increased due to costs associated with the Company's pivotal trial for MBP8298.

Income from investments was $0.4 million for the third quarter of 2006 compared to $0.5 million for the third quarter of 2005. Income from investments totaled $0.9 million for the first nine months of 2006 compared to $0.9 million for the same period in 2005.

As at September 30, 2006 the Company had cash and short-term investments totaling approximately $32.5 million compared to $38.0 million as at December 31, 2005. At September 30, 2006 the Company had working capital of $26.0 million compared to $37.2 million as at December 31, 2005. The current working capital is sufficient for the Company 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.