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Med BioGene Loss Shrinks as It Prepares Lung Test Launch

NEW YORK (GenomeWeb News) – Med BioGene said yesterday that its fiscal-year 2008 net loss declined slightly to C$2.3 million (US$1.9 million), or C$.07 per share, from C$2.4 million, or C$.09 per share.

The Vancouver, BC-based firm had no revenues, as it is gearing up to launch its molecular assay for lung cancer this year. Med BioGene's LungExpress Dx gene expression prognostic assay is being developed for patients with early stage non-small cell lung cancer.

Last month, the firm extended its biomarker collaboration with the University Health Network in Toronto. The deal expands the firm's previous exclusive license and collaboration with UHN, which will provide additional novel gene expression-based markers for LungExpress Dx.

For FY2008, Med BioGene spent C$786,674 on R&D, down 33 percent from C$1.2 million the year before. Its general and administrative spending for the year was C$1.4 million, up 12 percent from C$1.2 million in 2007.

As of Dec. 31, 2008, Med BioGene held cash, cash equivalents, and government receivables of around C$1.1 million.