EDMONTON, May 9 /PRNewswire-FirstCall/ - BioMS Medical Corp (TSX: MS), aleading developer in the treatment of multiple sclerosis (MS), today announcedan update on its pipeline products, HYC750 and development with BioCyDex Inc.
The Company has entered into a Royalty and Assignment Agreement withOrcrist Bio. Inc. for HYC750, a technology based on hyaluronic acid that has anumber of potential therapeutic uses and is being developed as a treatment forthe side effects of chemotherapy.
BioMS held an exclusive worldwide license to HYC750 from the University ofAlberta. As a result of the Royalty and Assignment Agreement, BioMS hasterminated its license with the University of Alberta and the University hasentered into a direct license with Orcrist. BioMS will assign all BioMS ownedpatents relating to HYC750 and transfer all HYC750 assets to Orcrist. Underthe terms of the agreement, BioMS will receive certain milestone payments inaddition to a royalty on net sales of products which otherwise would haveinfringed on patents related to the HYC750 technology.
"This asset purchase from BioMS and the exclusive worldwide license withthe University of Alberta for the HYC750 technology and product providesOrcrist with a near clinical stage asset. We are excited about the progressBioMS has made with this product over the past few years and look forward toadvancing it into the clinic and positioning it for lucrative markets andunderserved clinical indications," commented Orcrist's President and CEO, Mr.Gary Voncina.
BioMS also reported it is ceasing its development activities with respectto BioCyDex. Future development or licensing activities will be theresponsibility of BioCyDex.
"These developments allow BioMS to retain its primary focus on advancingour lead multiple sclerosis technology, MBP8298, in partnership with Eli Lillyand Company and to potentially expand our product pipeline with therapies inclinical stages or therapeutic areas that are more in keeping with ourstrategic focus," said Kevin Giese, President and CEO of BioMS Medical. "Inaddition we are very pleased with the HYC750 transaction in that it allowsOrcrist to successfully capitalize on our earlier development work, whilepermitting us to retain access to some of the potential value it may hold."
About Orcrist Bio. Inc.
Orcrist Bio Inc. (http://www.orcristbio.com) is a biotechnology companydedicated to developing and commercializing promising therapeutics for areasin which a clear market opportunity exists. Orcrist's lead program revolvesaround HYC750, a novel stem cell mobilizer compound that promotes the egressof stem cells and other blood cells from the bone marrow into the blood, fromwhich they can be harvested and applied toward treating chemotherapy-relatedwhite blood cell depletion. Orcrist is actively looking to add to its pipelineexploring the innate properties of HYC750 and its effects on stem cells, aswell as through in-licensing opportunities of other products with clear marketpotential. Orcrist is located in Calgary, Alberta. The company is financed byits founders and by private investors.
About BioMS Medical Corp.
BioMS Medical is a biotechnology company engaged in the development andcommercialization of novel therapeutic technologies. BioMS Medical's leadtechnology, MBP8298, is for the treatment of multiple sclerosis and is beingevaluated in two pivotal phase III clinical trials for secondary progressiveMS patients, MAESTRO-01 in Canada and Europe and MAESTRO-03 in the UnitedStates. It additionally is being evaluated for relapsing remitting MS patientsin a Phase II trial in Europe entitled MINDSET-01. In December 2007, BioMSentered into a licensing and development agreement granting Eli Lilly andCompany exclusive worldwide rights to MBP8298 in exchange for an $87