Toronto Stock Exchange Symbol: MS
EDMONTON, AB, May 3 /PRNewswire-FirstCall/ - BioMS Medical Corp. (TSX: MS), today announced its updated corporate strategy. The Company's new strategy will encompass becoming a full service provider in the healthcare industry, whereby BioMS will directly invest in and advise companies on strategy, financing, mergers & acquisitions (M&A), licensing transactions and undertake technology development. The Company also announced it has hired Mr. Nitin Kaushal, a leading healthcare investment banker, as Executive Vice President and Managing Director.
"There is a significant opportunity in today's market place - great healthcare technologies reside in companies that are otherwise under-funded and under-resourced, particularly in Canada and Europe," said Kevin Giese, President and CEO of BioMS Medical. "Our strategy is to invest our financial and human capital into healthcare related opportunities to create value for our stakeholders and we believe that our new structure and focus will maximize our current resources."
BioMS Medical also announced it intends to change its name to Medwell Capital Corp. subject to approval by the Toronto Stock Exchange and shareholders at the annual general meeting to be held on June 25, 2010.
Appointment of Mr. Nitin Kaushal --------------------------------
Mr. Kaushal will be responsible for the implementation of the Company's strategy to become a full service provider to the healthcare industry. Mr. Kaushal brings more than 25 years of financial and investment experience to BioMS, including expertise in the areas of investment banking, venture capital and strategic consulting.
Mr. Kaushal has worked in senior roles with a number of Canadian investment banks focused on healthcare, including Desjardins Securities Inc, Orion Securities Inc, Vengate Capital, HSBC Securities Inc and Gordon Capital. He has held roles within the private equity/venture capital industry at MDS Capital Corp. and at PricewaterhouseCoopers in their M&A, valuation and audit groups. In addition, Mr. Kaushal has sat on a number of public and private company boards. Mr. Kaushal was awarded a Bachelor of Science (Chemistry) from the University of Toronto and is a Chartered Accountant. In 2008, Mr. Kaushal was awarded the Brendan Wood TopGun Healthcare Banker in Canada.
Mr. Giese added: "We are excited to have Nitin join us as we focus on generating value through investments and providing services in the healthcare arena. His vast experience in corporate finance and healthcare research will provide BioMS with the expertise needed to implement our new corporate strategy. As one of the leading healthcare bankers in North America, he will further enhance our ability to seize opportunities in this sector."
About BioMS Medical Corp. -------------------------
BioMS Medical is a biotechnology company engaged in the investment, development and commercialization of pharmaceutical technologies. For further information please visit our website at http://www.biomsmedical.com
This press release may contain forward-looking statements, which reflect the Corporation's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation's ongoing quarterly and annual reporting. Certain of the assumptions made in preparing forward-looking statements include but are not limited to the following: that dirucotide will continue to demonstrate a satisfactory safety profile in ongoing and future clinical trials; and that BioMS Medical Corp. will complete the respective clinical trials within the timelines communicated in this release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE BioMS Medical Corp.