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Med BioGene Posts Slightly Higher Q2 Loss as Lung Cancer Test Nears Commercialization

NEW YORK (GenomeWeb News) – Med BioGene today reported a second quarter net loss of C$139,171 (US$132,159), up slightly from a net loss of C$102,121 for the second quarter of 2012.

The Vancouver, British Columbia-based molecular diagnostics developer didn't report any revenues for the quarter. It noted that its commercialization partner, Precision Therapeutics, recently completed the final clinical studies on the firm's GeneFx Lung test and expects to launch the assay in the US as a CLIA waived test this fall.

GeneFx Lung was formerly called LungExpress Dx. It is a gene expression-based test to identify patients with early-stage non-small-cell lung cancer, who following surgical removal of their tumors, are at higher or lower risks of mortality.

"In order to receive a CLIA certificate relating to GeneFx Lung to allow for the commencement of commercial testing, Precision is in the process of completing certain 'wet laboratory work' and associated data analysis demonstrating the analytical validity of the assay in Precision's laboratory," Med BioGene said in a statement. "Precision expects this laboratory work and data analysis to be completed in October 2013 and anticipates receipt of their CLIA-certification and product launch thereafter."

Last week, the firm and Precision announced that they had settled litigation with Signal Genetics and its Respira Health subsidiary, ending a dispute over an alleged breach of contract that began more than two years ago.

Med BioGene finished the quarter with C$396,991 in cash and cash equivalents, as well as C$298,607 in working capital.