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BioMS Medical Announces Third Quarter 2009 Results

^{Published on 2009-11-12 14:02:26 - Market Wire}
 

 About BioMS Medical Corp. ------------------------- 

 BioMS Medical Corp. Interim Consolidated Balance Sheets (Unaudited) ------------------------------------------------------------------------- (expressed in thousands of Canadian dollars) September 30, December 31, 2009 2008 $ $ (Unaudited) Assets Current assets Cash and cash equivalents 53,622 87,826 Short-term investments 2,659 2,614 Goods and services tax recoverable 341 299 Prepaid clinical trial costs 2,482 2,227 Recoverable from collaboration 2,083 267 Other current assets 120 54 --------------------------- 61,307 93,287 Prepaid clinical trial costs - 790 Licensing costs - 5,910 Property and equipment 395 517 --------------------------- 61,702 100,504 --------------------------- --------------------------- Liabilities Current liabilities Accounts payable and accrued liabilities 6,667 12,015 Deferred revenue - 45,605 --------------------------- 6,667 57,620 --------------------------- Shareholders' Equity Share capital 175,714 175,714 Contributed surplus 10,937 8,839 Accumulated deficit (131,616) (141,669) --------------------------- 55,035 42,884 --------------------------- 61,702 100,504 --------------------------- --------------------------- BioMS Medical Corp. Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) ------------------------------------------------------------------------- (expressed in thousands of Canadian dollars and shares, except per share amounts) Nine-month period ended Three-month period ended September 30, September 30, 2009 2008 2009 2008 $ $ $ $ --------------------------- --------------------------- Revenue earned from collaboration partner 45,605 40,097 20,615 16,096 Less: Research and development expenses (23,317) (32,574) (3,670) (10,092) --------------------------- --------------------------- 22,288 7,523 16,945 6,004 General and administrative expenses (5,885) (11,641) (1,275) (1,252) Amortization of licensing costs (736) (1,103) - (368) Amortization of property and equipment (127) (82) (42) (38) --------------------------- --------------------------- Income (loss) from operations 15,540 (5,303) 15,628 4,346 --------------------------- --------------------------- Other income (expense) Investment income 306 1,877 40 554 Impairment of licensing costs (5,174) (5,174) Foreign exchange (loss) gain (619) 2,652 (546) 1,413 --------------------------- --------------------------- (5,487) 4,529 (5,680) 1,967 --------------------------- --------------------------- Net income (loss) and comprehensive income (loss) 10,053 (774) 9,948 6,313 --------------------------- --------------------------- --------------------------- --------------------------- Basic and diluted net income (loss) per common share 0.11 (0.01) 0.11 0.07 --------------------------- --------------------------- --------------------------- --------------------------- Basic weighted average number of common shares outstanding 91,009 91,261 91,009 91,112 --------------------------- --------------------------- --------------------------- --------------------------- Diluted weighted average number of common shares outstanding 91,009 91,261 91,009 91,919 --------------------------- --------------------------- --------------------------- --------------------------- BioMS Medical Corp Interim Consolidated Statements of Cash Flows (Unaudited) ------------------------------------------------------------------------- (expressed in thousands of Canadian dollars) Nine-month period ended Three-month period ended September 30, September 30, --------------------------- --------------------------- 2009 2008 2009 2008 $ $ $ $ Cash provided by (used in) Operating activities Net income (loss) 10,053 (774) 9,948 6,313 Items not involving cash Stock-based compensation 2,098 2,175 - 7 Amortization of licensing costs 736 1,103 - 368 Amortization of property and equipment 127 81 42 38 Impairment of licensing costs 5,174 - 5,174 - Loss on disposal of property and equipment - 7 - - --------------------------- --------------------------- 18,188 2,592 15,164 6,726 Net change in non-cash working capital items (53,517) 57,762 (26,026) (4,998) --------------------------- --------------------------- (35,329) 60,354 (10,862) 1,728 --------------------------- --------------------------- Investing activities Purchase of property and equipment (7) (269) - (241) Net purchase of short-term investments (45) (66) (7) (2,271) Licensing costs - - - - --------------------------- --------------------------- (52) (335) (7) (2,512) --------------------------- --------------------------- Financing activities Proceeds from issuance of share capital - 91 - - Repurchase of share capital - (1,229) - (241) Share issue costs - - - - --------------------------- --------------------------- - (1,138) - (241) --------------------------- --------------------------- Foreign exchange gain (loss) on cash and cash equivalents held in foreign currency 1,177 1,920 (373) 1,456 --------------------------- --------------------------- (Decrease) increase in cash and cash equivalents (34,204) 60,801 (11,242) 431 Cash and cash equivalents - Beginning of period 87,826 35,428 64,864 95,798 --------------------------- --------------------------- Cash and cash equivalents - End of period 53,622 96,229 53,622 96,229 --------------------------- --------------------------- --------------------------- --------------------------- Cash and cash equivalents consists of Bank accounts 1,337 1,385 1,337 1,385 Interest bearing deposits and securities 52,285 94,844 52,285 94,844 --------------------------- --------------------------- 53,622 96,229 53,622 96,229 --------------------------- --------------------------- --------------------------- ---------------------------