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Med BioGene Withdraws IPO

NEW YORK (GenomeWeb News) – Med BioGene has withdrawn its planned initial public offering in the US, the Canadian personalized diagnostics firm said in a document filed with the US Securities and Exchange Commission last week.

In the filing, Med BioGene said it decided not to pursue its IPO "due to the availability of other opportunities" that its board "deemed to be in the best interests of the company and its shareholders." It did not provide further details.

Based in Vancouver, British Columbia, Med BioGene develops and commercializes genomic-based tests. Its stock trades on the Toronto Stock Exchange, and the company filed a registration statement with SEC in December 2009 to go public in the US.

The company has developed a gene expression test called LungExpress Dx for identifying patients with early stage non-small cell lung cancer who are at a lower or higher risk of mortality following surgical removal of their tumor. In November, it reported C$1.7 million in third-quarter revenues and C$853,317 in cash and cash equivalents

Last year Med BioGene was sued by Signal Genetics, which alleged it breached an agreement that gave Signal Genetics an exclusive license to the LungExpress Dx technology, when Med BioGene licensed it to Precision Therapeutics.

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