Press Releases

BioMS Medical Reports First Quarter 2003 Financial Results

Edmonton, Alberta, May 30, 2003 - BioMS Medical Corp (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced financial results for the first quarter ended March 31, 2003.

During the quarter, BioMS continued to focus on developing a cautious and well-planned strategy for achieving regulatory approval of MBP8298, its synthetic peptide therapeutic for the treatment of multiple sclerosis (MS). The MBP8298 peptide is designed to reduce the disease-associated production of a group of anti-MBP antibodies that are reactive with the central nervous system. Subsequent to the end of the quarter, the Company announced positive final results from its Phase II clinical trial with MBP8298.

"Our ultimate objective is to commercialize a best-in-class compound for the treatment of MS on a worldwide basis," said Mr. Kevin Giese, President of BioMS Medical. "These results reinforce our confidence in the potential of MBP8298 as we prepare the regulatory submissions for a pivotal clinical trial, targeted to commence in 2003."

During the quarter, the Company also announced plans to conduct a phase I human clinical trial to evaluate the safety and potential efficacy of HYC750, a technology licensed from the University of Alberta for the mobilization of stem cells and neutrophils for the treatment of cancer therapy related side- effects. The market potential for effective products in this area is estimated to be in excess of $10 billion annually, with current products accounting for sales of just over $2 billion. The Company anticipates filing for regulatory approval to conduct the trial this year, and that the proposed trial will be up to one year in length.

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.