Press Releases

BioMS Medical Announces 2003 Year-End Results

Edmonton, Alberta, May 6, 2004 – BioMS Medical Corp (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced fourth quarter and year-end results for the year ended December 31, 2003.

"For 2003, we continued to focus on our main objective – to execute a well-planned strategy for obtaining regulatory approval for the next trial in respect to our lead MS drug, MBP8298,” said Mr. Kevin Giese, President of BioMS Medical. “We look forward in the year ahead to obtaining approval to proceed and then initiating this important pivotal trial for secondary progressive MS.”

The consolidated net loss for the twelve months ended December 31, 2003 was $7.6 million or $0.16 per share compared with a consolidated net loss of $7.8 million or $0.16 per share for the previous year. The loss was primarily due to development and administrative costs related to the advancement of MBP8298.

Total consolidated expenses for the twelve months ended December 31, 2003 were $8.4 million, compared with $8.4 million in the previous year. Research and development expenses totalled $4 million in 2003 compared with $5 million in 2002. The decrease in research and development costs was the result of the completion of preliminary work on MBP8498 in preparation for the next phase of human clinical trials. General and administration costs increased to $3 million in 2003 compared with $1.8 million in 2002 as a result of a general increase in overall activity of the Company.

During the year, the Company received gross proceeds of $825,000 from the exercise of warrants. The Company also reported interest revenue of $789,897 for the year ended December 31, 2003 , as compared to $542,593 for the previous year. As at December 31, 2003 the Company had working capital of $17 million as compared to $22.2 million at December 31, 2002 . Subsequent to the end of the year, the Company strengthened its cash position through a private placement for gross proceeds of $9.3 million. The Company has sufficient cash to meet its ongoing obligations for 2004.

Operational Highlights
In 2003, BioMS continued to advance its lead drug towards commercialization, completing a number of objectives in preparation for seeking regulatory clearance for a pivotal clinical trial. These included securing a reliable high quality supplier of the drug and successfully undertaking financing efforts to raise additional capital to fund the planned trial.

During the year, management initiated a formal dialogue with Health Canada and submitted its pre-Clinical Trial Application (CTA) package to Health Canada 's Therapeutic Products Directorate. As a result of this dialogue, management has announced its intention to formally file a CTA in Canada for approval to commence a pivotal clinical trial for MBP8298 for the indication of secondary progressive multiple sclerosis.

BioMS also continued to strengthen its management team, enabling the Company to pursue a vision of becoming a broader drug development company. Towards this vision, the Company is also developing HYC750, a technology for the treatment of cancer therapy related side effects that is in position to commence human clinical trials. In addition, BioMS recently purchased an interest in BioCyDex, a private company developing unique technology to deliver therapeutics directly into cells in order to greatly enhance efficacy.

Notice of AGM
BioMS will be holding its Annual General Meeting on Wednesday, June 30th, 2004 at 4:00pm at the Delta Edmonton South Hotel and Conference Centre, 4404 Calgary Trail, Edmonton , Alberta .

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.