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Med BioGene Swings to Loss, Posts No Revenue for First-Half 2012

NEW YORK (GenomeWeb News) – Med BioGene on Thursday reported that it swung to a loss from a profit for the first half of 2012.

The Vancouver, British Columbia-based molecular diagnostics developer also said that it recorded no revenues for the six months ended June 30, compared to revenues of C$593,714 (US$597,795) for the first half of 2011, all of which were derived from licensing deals.

Its net loss for the first half of 2012 was C$223,418, or C$.00 per share, compared to a profit of C$215,034, or C$.00 per share, for the first half of 2011.

Med BioGene cut its R&D expenses year over year to zero from C$66,229. It inked a partnership with Precision Therapeutics in April 2011, under which Precision assumed future costs associated with the further development and commercialization of the firm's LungExpress Dx test.

Med BioGene's general and administrative costs declined 14 percent year over year to C$223,595 from C$259,184.

The firm reported cash and cash equivalents of C$515,912, along with working capital of C$419,626, as of June 30.