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Med BioGene's Q2 Net Loss Widens 11 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Canadian diagnostics firm Med BioGene today said its net loss rose 11 percent in the second quarter.

For the three months ended June 30, the company posted no revenues, the same as a year ago. Net loss totaled C$551,910 ($524,266), or C$0.01 per share for the quarter, compared to C$497,503, C$0.01 per share, a year ago.

The firm filed a preliminary prospectus with the US Securities and Exchange Commission in late-December to float its shares on the Nasdaq, and today said that it has incurred a total of C$929,446 in expenses related to the IPO.

R&D spending for the quarter rose 30 percent C$248,840 during the quarter from C$190,863, and SG&A spending dipped 2 percent to C$282,804 from C$286,888 in the year-ago period.

The Vancouver, B.C., company said it had cash and cash equivalents of C$493,660 as of June 30.

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