NEW YORK (GenomeWeb News) – Med BioGene on Friday reported that its net loss rose 22 percent for the third quarter as it prepares for the US launch of its LungExpress Dx test in mid-2009.
The Vancouver, British Columbia-based firm posted a net loss of C$675,383 (US$547,694), or C$.02 per share, compared to a net loss of C$552,563, or C$.02 per share, for the third quarter of 2007.
Med BioGene’s R&D expenses grew to C$330,877 from C$276,341 year over year, while its general and administrative spending increased to C$320,437 from C$285,557.
During August and September, the firm raised gross proceeds of C$1.8 million from the sales of 12,168,667 units consisting of one common share and one-half of one transferable common share purchase warrant. The money is being used to finance the creation of Med BioGene’s commercial operations.
The company’s lead product, LungExpress Dx, is a gene expression-based test for early-stage non-small-cell lung cancer patients. The firm expects the test to be used for guiding treatment and improving the selection of patients for chemotherapy following surgical removal of cancerous tumors.
Med BioGene finished the quarter with C$1.4 million in cash and cash equivalents.