Press Releases

BioMS Medical Raises $9.3 Million to Develop MS Drug

Edmonton, Alberta, March 18, 2004 – BioMS Medical Corp (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced that it has completed the sale of 2,821,526 units of the Company at a price of $3.30 per Unit for gross proceeds of $9,311,000. Each Unit consists of one Class A common share of the Company and one-half of one non-transferable share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one common share at a price of $4.30 per share on or before March 17, 2005 . Union Securities Ltd. acted as agent.

“The proceeds from this offering will principally be applied towards the pivotal human clinical trial of our lead drug, MBP8298, for the treatment of multiple sclerosis,” said Mr. Kevin Giese, President and CEO.

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.