Tuesday, 19 February 2008

MED BIOGENE APPOINTS DIAGNOSTICS INDUSTRY VETERAN DENNIS L. GRIMAUD TO BOARD OF DIRECTORS

Med BioGene (MBI: TSX.V)

As Med BioGene prepares for a strategic partnership for its lead product LymphExpress Dx™, the addition of Dennis L. Grimaud to Med BioGene’s Board of Directors is a significant endorsement of the company. Mr. Grimaud’s track record, network and experience in developing and commercializing diagnostic tests will be invaluable as MBI begins to engage potential licensing partners. For MBI’s press release, click here.

Mr. Grimaud, Chief Executive Officer of Theragnostix Reference Laboratories Inc., an innovative clinical laboratory providing diagnostic services for infectious disease, has over 30 years of experience in the health care industry and 18 years of experience in biotechnology and molecular diagnostics as an entrepreneur, senior executive and consultant.

From 2004 to 2006, Mr. Grimaud was the Chief Executive Officer of Genaco Biomedical Products, Inc., a molecular diagnostics company with proprietary multiplexing technology for infectious disease and cancer diagnostics. In 2006, Mr. Grimaud led the sale of Genaco to global molecular diagnostics giant Qiagen (Nasdaq: QGEN). Theragnostix is in the process of licensing this technology from Qiagen.

Previously, Mr. Grimaud founded Cytometry Associates in 1988 and served as its President and Chief Executive Officer until 1999. A company providing cancer diagnostic, drug discovery and clinical trial services, Cytometry Associates was recognized as one of the Top 50 Fastest Growing businesses in the area. Mr. Grimaud has held other prominent leadership roles in the health care, biotechnology and banking industries.

Med BioGene CEO, Erinn Broshko, noted in a recent update to shareholders (click here) that the company is on track to completing a strategic partnership for LymphExpressDx™ with a global pharmaceutical / diagnostics company by the end of 2008. Such a transaction is expected to include significant upfront, milestone and royalty payments. Mr. Grimaud has completed many such deals in his many years of experience, and will be a valuable driver for MBI in completing the strategic partnership.

Stay tuned to this story, because this stock will definitely be worth watching as things develop.