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Med Biogene Records Loss of US$117K in Q1

NEW YORK (GenomeWeb News) – Med Biogene today said that it had a loss of C$120,701 (US$117,357) for the first quarter of 2012.

For the three months ended March 31, the Vancouver, British Columbia-based molecular diagnostics firm had EPS of breakeven, compared to a loss of C$196,551, or breakeven EPS, a year ago.

Med Biogene did not disclose its revenues for the quarter and its quarterly earnings document was not yet available online from Canadian regulators.

The company said that it had no R&D expenses for the quarter, compared to C$42,421 a year ago. Under an agreement forged with Precision Therapeutics last year, that firm has responsibility for all future costs associated with the development and commercialization of Med Biogene's LungExpress Dx test for the identification of patients with early stage non-small-cell lung cancer, who following surgical removal of their tumors, are at higher or lower risks of mortality.

Its SG&A expenses ticked up 13 percent to C$121,306 in the first quarter from C$106,998 a year ago.

The firm ended the quarter with C$593,465 in cash and cash equivalents.

Med Biogene, which trades on the Toronto Stock Exchange, withdrew its US initial public offering in February "due to the availability of other opportunities" that its board "deemed to be in the best interests of the company and its shareholders," it said in a document filed with the US Securities and Exchange Commission at the time.

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