NEW YORK (GenomeWeb News) – Med BioGene reported today a 31.4 percent decrease its fiscal 2007 net loss.
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The Vancouver, BC-based firm reported a net loss of $2.4 million, or $.09 per share, compared with a net loss of $3.5 million, or $.20 per share, for fiscal 2006. It said that the decrease was due to $2.3 million in charges in 2006 related to the acquisition of Dragon-Tex and the listing of its shares on the TSX Venture Exchange.
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Med BioGene reported no revenues for full-year 2007. The firm is working on the development and commercialization of its LungExpress Dx gene expression prognostic assay for patients with early stage non-small cell lung cancer. It licensed exclusive, worldwide rights to the test last week from the Ontario-based University Health Network.
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Med BioGene said that its R&D expenses more than doubled to $1.2 million from $565,168 in 2006, while its general and administrative costs also doubled to $1.2 million from $647,084 in 2006.
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As of Dec. 31, Med BioGene had $1.4 million in cash and cash equivalents.