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Med BioGene Records $594K in H1 2011 Revenues

NEW YORK (GenomeWeb News) – Genomic test development firm Med BioGene today reported revenues of $593,714 for the first half of 2011, compared to no revenues in the year-ago period.

All revenues during the six months ended June 30 were generated from licensing deals.

For the half-year, the Vancouver, British Columbia-based firm posted net income of $215,034, or break-even on an EPS basis, compared to a loss of $1 million, or $.01 per share, for the first half of 2010.

Its R&D expenses totaled $108,649, down 71 percent from $380,408 for the first half of 2010, while its SG&A costs decreased 56 percent to $259,184 from $586,431 a year ago.

Med BioGene had $378,852 in cash and cash equivalents as of June 30.

In April it reached an agreement with Precision Therapeutics for the commercialization of Med BioGene's LungExpress Dx test for identifying patients with early-stage non-small-cell lung cancer who, following surgical removal of their tumors, are at higher or lower risk of mortality.

Erinn Broshko, CEO of Med BioGene, said in a statement today that Precision "has been making progress in establishing an advisory board comprised of the world's leading clinicians and researchers in lung cancer and in moving LungExpress Dx [toward] commercialization."

The deal called for Precision to pay Med BioGene $2.3 million within 120 days of its close, and Med BioGene said that after June 30, it had received $1.7 million as the final payment. Part of that amount is subject to sublicensing fees that the company has to pay to University Health Network for licensed technology, Med BioGene said.