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Med BioGene Posts 2009 Loss of $2.1M

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Molecular diagnostic test developer Med BioGene, which is working toward commercializing its LungExpress Dx test, earned no revenue in 2009 and took a loss on the year of US$2.1 million, the same amount it lost in 2008.

The Vancouver, BC-based company bumped up its R&D spending by 32 percent last year, from $751,000 in 2008 to $989,000 in 2009.

The company cut its general and administrative expenses by 19 percent from $1.3 million in 2008 to $1.1 million last year.

As of the end of 2009, Med BioGene had around $1.5 million in cash and cash equivalents.

In January of this year the company filed for an initial public offering in the United States.

Med BioGene noted that in 2009 the firm received $1.9 million from financing activities, compared with $1.4 million for such activities in 2008.

The LungExpress Dx test uses 15 genes to identify patients with early-stage non-small cell lung cancer who are at a higher or lower risk of death after surgical removal of their tumor. That test is expected to launch in the US this year.

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