OTCQX:MRVFF - Post by User
Post by
langeron Dec 18, 2007 5:21pm
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Post# 14041623
Hopefully a deal like this will come through for N
Hopefully a deal like this will come through for NNot approved YET but still got a deal.
BioMS Medical stock up 49 per cent on licensing deal with Eli Lilly
THE CANADIAN PRESS
December 18, 2007
EDMONTON - Shares in
BioMS Medical Corp. (
TSX:MS) rose 49 per cent Tuesday, a day after the company announced a licensing and development deal with Eli Lilly and Co. on its lead multiple sclerosis compound.
In early afternoon, the Edmonton-based firm's shares were up $1.33 at $4.03 on about three million shares traded.
BioMS announced late Monday it will receive an upfront payment of $87 million and up to $410 million if sales of compound MBP8298 are approved.
Lilly is obtaining exclusive worldwide rights to BioMS Medical's lead multiple sclerosis drug, which is being evaluated in two pivotal Phase 3 clinical trials in secondary progressive MS and one Phase 2 clinical trial in relapsing-remitting MS.
Kevin Giese,
CEO of BioMS Medical, said in a release that "Lilly's well-established leadership in the neurology arena and considerable resources, expertise and proven ability to launch first-in-class drugs will help MBP8298 to realize its full development and commercial potential."
Multiple sclerosis is an autoimmune disease caused by immune attack against normal components of the central nervous system.
MS is thought to affect as many as 2.5 million people worldwide, including about 75,000 in Canada, 400,000 in the United States and more than 500,000 in Europe.