NEW YORK (GenomeWeb News) – Canadian molecular diagnostics firm Med BioGene today reported that its first-quarter net loss increased around 6 percent as it continued to prepare to launch its LungExpress Dx test.
The Vancouver, BC-based firm reported no revenues for the quarter.
It plans to launch in the US this year its LungExpress Dx test, a 15-gene signature panel for identifying those patients with early-stage non-small-cell lung cancer who, following surgical removal of their tumor, are at a higher and lower risk of mortality. The aim of the test is to help physicians select patients for adjuvant therapy.
Med BioGene's net loss for the three-month period ended March 31 was $468,120, or $.01 per share, compared to a net loss of $443,319, or $.01 per share, for the first quarter of 2009.
Its R&D spending for the quarter declined 19 percent to $131,568 from $162,599 year over year, due to a reduction in the number of the firm's employees and consultants and license fees paid in 2009 that were not repeated in 2010. The company's general and administrative costs increased 21 percent to $318,074 from $263,269.
Med BioGene did not report its cash position as of the end of the quarter.