BioMS Medical update on dirucotide development

BioMS Medical Corp. (TSX: MS), today provided an update on developments in respect of dirucotide, its drug candidate for multiple sclerosis (MS):

Dirucotide Program Review Underway

On July 27, 2009, BioMS Medical and Eli Lilly announced it was discontinuing the clinical trials evaluating dirucotide, a novel therapeutic peptide for the treatment of MS, to review all available data from these studies. This process is currently underway and once the data has been reviewed, BioMS Medical expects to be in a position to knowledgeably evaluate potential options for the dirucotide clinical development program.

BioMS and Eli Lilly Terminate Collaboration

The exclusive license and collaboration agreement between BioMS Medical and Eli Lilly and Company (NYSE: LLY) for dirucotide has now been terminated with the effect that all commercial rights to dirucotide are returned to BioMS.

"Our collaboration with Lilly for the development of dirucotide was highly productive and professional, and we are appreciative for having had the opportunity to work with them on this project," said Kevin Giese, President and CEO of BioMS Medical. "As we move ahead, we look forward to completing our review of the additional dirucotide clinical data and assessing the strategic options available to BioMS."

Source: BIOMS MEDICAL CORP.