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Med BioGene Reports No Revenues, $164K Loss for Q1

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Genomic test development firm Med BioGene today reported a loss of C$159,164 ($163,877), or C$.00 on a per-share basis, for the first quarter with no revenues.

The Vancouver, British Columbia-based company also had no revenues for the first quarter of 2010, when it posted a loss of C$453,874, or $.01 per share.

During the three months ended March 31, Med BioGene's R&D expenses declined to C$42,421, compared to C$131,568 a year ago. Its SG&A spending also was reduced to C$106,998 from C$303,828 a year ago.

The company ended the quarter with cash and cash equivalents of C$89,493.

In April the firm forged an agreement with Precision Therapeutics for the exclusive global development and commercialization rights to Med BioGene's LungExpress Dx test for non-small cell lung cancer. The deal calls for Precision to pay Med BioGene $2.3 million in licensing fees and research reimbursements within 120 days of closing the deal. Med BioGene is also eligible for royalty payments.

In May it closed on a private placement which brought in gross proceeds of C$210,000.