EDMONTON, Dec. 11 /PRNewswire-FirstCall/ -- BioMS Medical Corp (TSX: MS), a leading developer in the treatment of multiple sclerosis (MS), today announced that the Company was the recipient of the "Licensing Deal of the Year Award" at the 4th Annual Scrip Awards held in London, U.K. In December 2007, BioMS entered into a licensing and development agreement granting Eli Lilly and Company (Lilly) exclusive worldwide rights to dirucotide, for the treatment of MS, in exchange for an US$87 million upfront payment, potential development and sales milestones up to US$410 million and escalating royalties on sales.
"We are honored to receive this award which recognizes the significance of the alliance between BioMS and our partner Lilly," said Kevin Giese, President and CEO of BioMS Medical. "This partnership demonstrates a mutual commitment focused on developing an effective therapeutic option for patients with secondary progressive MS, a debilitating disease of global proportion for which there are limited treatment options."
About The Scrip Awards 2008 ---------------------------
The Scrip Awards, hosted by Informa Healthcare - one of the world's leading medical and scientific publishers - brings together hundreds of senior-level industry experts at one of the industry's most prestigious and hotly contested awards ceremony, to highlight the achievements of pharmaceutical companies throughout the year. For further information visit http://scripawards.com/.
About BioMS Medical Corp. -------------------------
BioMS Medical is a Canadian biotech company engaged in the development and commercialization of novel therapeutic technologies. BioMS Medical's lead technology, dirucotide (MBP8298), is for the treatment of multiple sclerosis and is being evaluated in two pivotal phase III clinical trials for secondary progressive MS patients, MAESTRO-01 in Canada and Europe and MAESTRO-03 in the United States. It additionally is being evaluated for relapsing remitting MS patients in a Phase II trial in Europe entitled MINDSET-01. For further information please visit our website at http://biomsmedical.com/
This press release may contain forward-looking statements, which reflect the Company'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 Company'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 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.
