NEW YORK (GenomeWeb News) – Canadian diagnostic developer Med BioGene announced the adoption of a shareholder rights plan.
Med BioGene said that the purpose of the rights plan is to provide sufficient time to its board and shareholders to assess any unsolicited bids to take over the company, and to allow the board to consider "value-enhancing" alternatives and entertain competing bids.
The rights plan is subject to ratification by shareholders at the company's annual meeting, to be held on Feb. 12.
Med BioGene noted that it is not aware of, nor is it seeking ratification of the rights plan in anticipation of, any pending or threatened takeover bid.
Shares of the Vancouver-based company are traded on Canada's TSX Venture Exchange. Last month, Med BioGene filed for an initial public offering in the US, and said that it would use the proceeds from the IPO to validate its first diagnostic test, called LungExpress Dx, on a real-time, quantitative reverse transcriptase PCR platform.