Thursday, 29 November 2007

Med Biogene Results Show Push Towards Commercialization

Med BioGene is clearly focused on the commercialization of its LymphExpressTM product as was evident with the release of third quarter business and financial results. The release provides investors with specific indicators that Med BioGene is working feverishly towards a commercialization deal within the next year.

Business highlights include the following:
  • September 2007: World renowned expert in gene expression profiling of lymphoma, Dr. Sandeep Dave of Duke University signed on as Principal Investigator for their Lymph ExpressTM product.

  • September 2007: MBI appointed Dr. Melanie Mahtani as Executive Advisor, Commercial Development.

  • October 2007: Med BioGene signed JRG Ventures to be its strategic business advisor. JRG Ventures' list of clients include: Bayer, Genzyme, Nova Pharmaceuticals and many more. Click here to view JRG Ventures' client list.

Financial highlights include the following:

  • Increased expenses due to the expansion of the company’s operations and R&D activities.

  • Increases in labour expenses and stock based compensation, due to the addition of consultants and key positions that will play integral roles as the company works towards a commercialization deal.
  • As of September 30, 2007, Med BioGene had $1,965,422 in cash, government receivables and cash equivalents. Based on its burn rate for the last three months, that amount can carry it through to commercialization, which is expected in 2008.

To view the news release, click here.