/NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISSEMINATION/
- $27.1 million raised in two-tranche private placement to support
advancement of multiple sclerosis drug -
Toronto Stock Exchange Symbol: MS
EDMONTON, Dec. 4 /CNW/ - BioMS Medical Corp ("BioMS" or the
"Corporation") (TSX: MS), a leading developer in the treatment of multiple
sclerosis (MS), today announced that it has completed the second and final
tranche of a private placement, issuing an additional 1,832,300 million units
at a price of CDN $3.41 per unit for gross proceeds of approximately CDN
$6.2 million. Combined with the previously announced closing of an initial
$20.9 million, total gross proceeds of CDN $27.1 million have been raised in
this two-tranche private placement.
"BioMS has seen its available cash resources rise to approximately CDN
$57 million this quarter, after accounting for the funds it started the
quarter with and net proceeds from this financing," said Kevin Giese,
President and CEO of BioMS. "With these resources, we are well capitalized to
advance our lead MS drug MBP8298 on multiple fronts, including its ongoing
pivotal Phase III trial in Secondary Progressive MS and Phase II trial in
Relapsing Remitting MS."
Each unit consists of one Class A common share of the Corporation and
one-half of one Class A common share purchase warrant with each whole warrant
entitling the holder to purchase one Class A common share at an exercise price
of CDN $4.00 per share on or before the date that is four years from the
applicable closing date.
Versant Partners Inc. and Rodman & Renshaw acted as co-lead placement
agents and Fondsfinans ASA acted as co-placement agent.
The securities being issued in the private placement are all subject to a
four-month hold period in accordance with applicable Canadian securities laws.
The securities have not been registered under the U.S. Securities Act of 1933,
as amended, or any state securities laws and, until so registered, may not be
offered or sold in the United States or any state absent registration or an
applicable exemption from registration requirements. This release does not
constitute an offer for sale of securities in the United States.
About BioMS Medical Corp.
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BioMS is a biotechnology company engaged in the development and
commercialization of novel therapeutic technologies. BioMS' lead technology,
MBP8298, is for the treatment of multiple sclerosis and is currently in a
pivotal phase II/III clinical trial across Canada and Europe. For further
information please visit our website at www.biomsmedical.com.
This news release may contain certain forward-looking statements that
reflect the current views and/or expectations of BioMS with respect to its
performance, business and future events. Such statements are subject to a
number of risks, uncertainties and assumptions. Actual results and events may
vary significantly.
For further information: Tony Hesby, Ryan Giese, Corporate
Communications, BioMS Medical Corp., (780) 413-7152, (780)408-3040 Fax,
E-mail: rgiese@biomsmedical.com, Internet: www.biomsmedical.com; James Smith,
Investor Relations, (416) 815-0700 ext. 229, (416) 815-0080 Fax, E-mail:
jsmith@equicomgroup.com; Mr. Barry Mire, Investor Relations, (514) 939-3989,
E-mail: bmire@renmarkfinancial.com