Press Releases

BioMS Reports Third Quarter 2003 Financial Results

Edmonton, Alberta, November 28, 2003 – BioMS Medical Corp (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced financial results for the third quarter ended September 30, 2003.

The consolidated net loss for the three months ended September 30, 2003 was $1.5 million or ($0.03) per share compared to a consolidated net loss of $1.8 million or ($0.04) per share for the same period in 2002. For the nine months ended September 30, 2003, the consolidated net loss was $4.6 million or ($0.09) per share compared to $5.3 million or ($0.11) per share for the same period in 2002. Total consolidated expenses for the three months ended September 30, 2003 were $1.6 million as compared to $1.9 million for the same period in 2002. Total consolidated expenses for the nine months ended September 30, 2003 were $5.2 million compared to $5.7 million for the same period in 2002. The largest contributors to the decrease in total expenditures in the third quarter were reduced general and administrative expenses.
As at September 30, 2003 the Company had cash and short-term investments totaling $19.8 million as compared to $23.9 million at December 31, 2002. At September 30, 2003, the Company had working capital of $18.6 million as compared to $22.1 million at December 31, 2002. The current working capital is sufficient for the Company to meet its ongoing obligations.

“Our focus for the third quarter was to continue to advance MBP8298 through the regulatory process and get this important MS drug to market as rapidly as possible,” said Mr. Kevin Giese, President of BioMS Medical. “Subsequent to the end of the quarter, we initiated a formal dialogue with Health Canada, and look forward to a successful process leading to the commencement of our pivotal trial for MBP8298.”

MBP8298 is a synthetic peptide therapeutic for the treatment of MS that has undergone over 10 years of clinical study, successfully completing Phase I and II trials. In a double-blinded Phase II clinical trial, MBP8298 was shown over a twoyear period to delay the progression of the disease in 100% of patients with either HLA-DR2 or HLA-DR4 immune response genes, whereas 60% of patients on placebo had disease progression (p=0.01). HLA-DR2 is the genetic marker most clearly associated with susceptibility to MS, with approximately 75% of the estimated 2 million MS patients worldwide carrying either HLA-DR2 or HLA-DR4 genes.

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.