Press Releases

BioMS Medical Files Preliminary Short-Form Prospectus

Edmonton, Alberta, December 23, 2003 – BioMS Medical Corp. (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced that it has filed a Preliminary Short Form Prospectus with the securities regulatory authorities in the Provinces of Alberta, British Columbia, Ontario and Quebec, with respect to an offering of units of the Company, each unit consisting of one Class A common share and one-half of one non-transferable share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase a further common share for a period of one year. It is anticipated that the maximum amount to be raised under the offering will be $16,250,000, although the actual maximum amount and the price per unit will be set in light of market conditions. The exercise price of the warrants will be at a $1.00 premium from the offering price of the units. Union Securities Ltd. has agreed to act as agent on a best efforts basis in respect of the offering.

The Company will use the funds raised from the offer primarily to finance the planned pivotal Phase III clinical trial for its lead product, MBP8298, for the treatment of secondary progressive multiple sclerosis (MS).

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.