NEW YORK (GenomeWeb News) – Med BioGene today said that its shareholders have approved its commercialization partnership with Precision Therapeutics.
The partnership is for Med BioGene's LungExpress Dx. Under the terms of the deal, agreed to by the two companies last month, Precision will pay Med BioGene $2.3 million in licensing fees and research reimbursements within 120 days of the deal's closing. Med BioGene is also eligible for royalty payments.
The deal was reached following competing bids made by Precision and Signal Genetics for the gene expression-based test. LungExpress Dx has been developed to identify patients with early-stage non-small-cell lung cancer, who following surgical removal of their tumors, are at higher or lower risks of mortality.
The technology is at the center of a lawsuit filed by Signal Genetics against Med BioGene and Precision, saying it had been in negotiations with Med BioGene for LungExpress Dx before Med BioGene licensed the test to Precision. Signal Genetics accused Med BioGene of fraud and Precision Therapeutics of tortious interference.
In a statement today, Med BioGene CEO Erinn Broshko said, "We are very pleased with the overwhelming support of our shareholders in approving our partnership with Precision Therapeutics. We are moving quickly towards closing the transaction and working with Precision to commercialize LungExpress Dx."