U.S. Federal Trade Commission Clears Global Licensing and Development Agreement Between BioMS Medical and Lilly
Toronto Stock Exchange Symbol: MS
EDMONTON, Jan. 23 /CNW/ - BioMS Medical Corp. (TSX: MS) announced today that the Federal Trade Commission (FTC) has cleared the global licensing and development agreement granting Eli Lilly and Company exclusive worldwide rights to BioMS Medical's lead multiple sclerosis (MS) compound, MBP8298. Completion of the licensing transaction had been contingent upon receipt of this clearance under the Hart-Scott-Rodino Anti-Trust Improvements Act. With this condition now satisfied, the transaction may proceed to completion.
On December 17, 2007, Lilly and BioMS entered into a global licensing and development agreement granting Lilly exclusive worldwide rights to the Company's lead MS compound, MBP8298. The compound is currently being evaluated in two pivotal phase III clinical trials in secondary progressive MS (SPMS) and one phase II clinical trial in relapsing-remitting MS (RRMS).
Under the terms of the agreement, Lilly and BioMS will collaborate on the development of MBP8298 and will also share in certain development costs, with Lilly being responsible for future R&D, manufacturing and marketing activities. BioMS will receive an upfront payment of $87 million, as well as potential development and sales milestones up to $410 million and escalating royalties on sales commensurate with the current stage of development of the product if MBP8298 is successfully commercialized. BioMS will continue to oversee the current clinical trials. Other terms of the deal were not disclosed.
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.
This press release may contain forward-looking statements, which
reflect the Company's current expectation regarding future events.
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 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.
/For further information: Tony Hesby, Ryan Giese,
Communications, BioMS Medical Corp., (780) 413-7152, (780) 408-3040 Fax,
E-mail: email@example.com, Internet: www.biomsmedical.com; James Smith,
Investor Relations, (416) 815-0700 ext. 229, (416) 815-0080 Fax, E-mail:
Posted: January 2008