BioMS posts Q2 profit

on July 18 2009 6:11 AM

BioMS Medical Corp posted a quarterly profit, helped partly by lower research and development expenses.

For the second quarter, net income was C$1.5 million ($1.35 million), or 2 Canadian cents a share, compared with a loss of C$402,000, or breakeven a share, a year earlier.

Revenue from the company's collaboration agreement rose 6 percent to C$11.9 million.

The biotechnology company's research and development expenses fell 13 percent to C$8.1 million in the second quarter.

Shares of the Edmonton, Alberta-based company were down 1 Canadian cent at C$2.79 Friday after the bell.

(Reporting by Koustav Samanta in Bangalore; Editing by Unnikrishnan Nair)