Featured News September 04, 2014
Med BioGene Announces Receipt of Proxies for Upcoming Annual and Special Meeting
August 06, 2014
Med BioGene Announces Director Nominations and Postponement of Annual and Special Meeting
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Med BioGene Reports Financial Results for the First Quarter 2008
May 30, 2008
VANCOUVER, BRITISH COLUMBIA – Med BioGene Inc. (TSX Venture: MBI) today reported its financial results for the first quarter ended March 31, 2008. Erinn Broshko, MBI’s Chief Executive Officer stated “Med BioGene has made tremendous progress in 2008. On the leadership front, Dr. Heiner Dreismann, former CEO of Roche Molecular Diagnostics and one of the top industry experts in the field of molecular diagnostics, joined our Board of Directors. On the business front, we entered into a strategic collaboration with the University Health Network (affiliates of the University of Toronto) to commercialize LungExpress Dx™, we announced positive results from a recent study that demonstrate the high accuracy rate of LymphExpress Dx™, and we continued to work with Duke University to finalize a world-class international consortium of universities to develop LymphExpress Dx™. Furthermore, we have been collaborating extensively with the University of Ottawa Heart Institute and have achieved promising results in our cardiovascular disease program, of which we expect to publish in the second quarter of 2008.� Recent Business and Scientific Highlights
First Quarter 2008 Financial Results MBI reported a net loss of $492,947 ($0.02 per share) in the first quarter of 2008 compared to a net loss of $623,680 ($0.03 per share) in the first quarter of 2007. The decrease was a result of reduced stock-based compensation expenses and reduced laboratory supply purchasing partially offset by increased research and development personnel costs and business development costs as the Company continues to expand it’s partnering and commercialization efforts. Research and Development Research and development expenses were $158,725 in the first quarter 2008 compared to $344,194 in the first quarter 2007.  The decreased expenses are related to reduced stock-based compensation of $43,498 and reduced laboratory supply purchases of $151,128 compared to the quarter ended March 31, 2007. In contrast to the comparative quarter the Company was focused more on commercialization and partnering matters then extensive laboratory work during the quarter ended March 31, 2008. The Company had a further $34,465 of government contributions to support its cardiovascular disease program during the quarter. General and Administrative General and administrative expenses were $311,733 in the first quarter 2008 compared to $275,794 in the first quarter 2007. The increase was due primarily to increased business development activities in the quarter resulting from expanded partnering and commercialization efforts offset by decreased stock-based compensation expenses. Liquidity and Capital Resources At March 31, 2008, MBI had $1,109,735 of cash and cash equivalents and government receivables as compared to $1,580,672 at December 31, 2007. The decrease relates primarily to operational cash outflows during the quarter with no offsetting financing activities. The Company is reviewing options relating to future financings with estimated working capital sufficient until November 2008. About Med BioGene MBI is a life science company focused on the development and commercialization of genomic-based clinical laboratory diagnostic and prognostic tests for cancer and cardiovascular disease. MBI develops these tests by identifying the genes, known as "biomarkers," which indicate the presence of disease. The development of these tests is the first step towards personalized medicine and will assist in replacing the conventional “one drug fits all� approach to disease management. MBI’s lead products are LungExpress Dx™, a gene expression-based prognostic test for lung cancer, and LymphExpress Dx™, a gene expression-based diagnostic and prognostic test for lymphoma. For corporate information, please contact: Erinn B. Broshko For investor relations information, please contact:
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