BioMS Medical purchases interest in drug delivery company (January 06, 2004)

Edmonton, AB – January 6, 2004 – BioMS Medical, a developer of treatments for multiple sclerosis (MS), says it has purchased an 18% interest in BioCyDex, a private company based in Edmonton.

“BioCyDex is developing a proprietary drug delivery technology to deliver both existing and novel anti-viral and chemotherapeutic compounds directly into cells, with the potential to greatly enhance their effectiveness,” says Kevin Giese, president of BioMS Medical. The company is additionally developing technology for the delivery and imaging of genes in cells, to be used as part of gene therapy treatments.”

The president and founder of BioCyDex is Dr Len Wiebe, professor emeritus and past associate dean of the department of pharmacy at the University of Alberta.

Under the terms of the agreement, BioMS Medical has committed to purchase a total 30% interest in the company over the next year, and has an option to purchase up to a total 50% interest in BioCyDex over the next two years.