BioMS increases equity position in BioCyDex to 49%

By E. Janene Geiss

Philadelphia, Jan. 6 - BioMS Medical Corp. announced Friday that it has exercised its option to purchase additional equity in BioCyDex Inc., bringing its total equity position to 49%.

"Our increased equity position in BioCyDex demonstrates our commitment to the research and market opportunity it presents," Kevin Giese, president of BioMS Medical, said in a company statement.

The additional investment will not significantly impact the company's cash resources, Giese said.

BioCyDex, based in Edmonton, Alta., is developing a unique 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.

The company is additionally developing technology for the delivery and imaging of genes in cells to be used as part of gene therapy treatments, officials said.

This is the third investment BioMS said it's made in technology that has been developed at the University of Alberta.

BioMS is an Edmonton, Alberta, biotechnology company dedicated to the development and commercialization of innovative therapies. Its lead drug, MBP8298, is a patented technology for the treatment of multiple sclerosis and is currently in a pivotal phase 2/3 clinical trial.

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