Thursday, January 31, 2008
- BioMS receives $87 million upfront payment -
Edmonton, Alberta, January 25, 2008 – BioMS Medical Corp. (TSX: MS) reported today that it has completed the previously-announced licensing and development agreement with Eli Lilly and Company. As part of the agreement, BioMS has received an upfront cash payment of US$87 million. In December, 2007 BioMS Medical entered into a global licensing and development agreement granting Lilly exclusive worldwide rights to BioMS Medical's lead drug, MBP8298, for the treatment of multiple sclerosis (MS).
“We look forward to a productive and successful relationship with Lilly,” said Kevin Giese, President and CEO of BioMS. “With these resources and the support from a world-class pharmaceutical company, we are well positioned to realize our shared goal of developing MBP8298 to bring new hope to patients suffering from MS.”
About BioMS Medical Corp.
BioMS Medical is a biotechnology company engaged in the development and commercialization of novel therapeutic technologies. BioMS Medical's lead technology, 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 www.biomsmedical.com .
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