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Med BioGene Reports No Revenues in Q1; Loss Narrows

NEW YORK (GenomeWeb News) – Med BioGene today reported no revenues for the first quarter, the same as in the first quarter of 2012.

For the three months ended March 31, the Vancouver, British Columbia-based molecular diagnostics firm said the comprehensive loss totaled $74,133, or breakeven, compared to a loss of $120,701, or breakeven, a year ago, according to a document filed with Canadian regulators.

SG&A costs were lowered 35 percent to $78,414 from $121,296.

Med BioGene reported $291,717 in cash and cash equivalents at the end of the quarter.

During the quarter, Precision Therapeutics completed its clinical studies validating the use of its GeneFx diagnostic test for identifying patients with early stage, non-small-cell lung cancer who, following surgical removal of their tumor, are at higher or lower risks of mortality. The test was previously called LungExpress Dx.

Med BioGene previously said it anticipates making the test commercially available mid-year.

In 2011, Signal Genetics and Respira Health sued Med BioGene alleging a breach of agreement, violation of a confidentiality agreement, and misuse of proprietary information, among other charges. In February, Med BioGene said that the Supreme Court of the State of New York granted its motion to dismiss claims by the plaintiffs for lost-profit damages arising from alleged breaches of contract, as well as a cause of action for negligent misrepresentation and a cause of action for unfair competition.

Erinn Broshko, executive chairman of the company, said today in a statement that the company is "confident that we will be successful in having the remaining claims and causes of action dismissed."

This month, 2.3 million warrants and agents' warrants to purchase an equal number of common shares at $0.10 per share were exercised, providing Med BioGene gross proceeds of $231,800. As a result, it had $470,000 in cash and cash equivalents as of May 28, it said.

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