Thursday, 3 April 2008

Another milestone bites the dust!


Basic shares: 29.1 million
Fully Diluted: 42.2 million
Today’s announcement allows Med BioGene to check off its second major milestone. Last fall, Erinn Broshko, CEO of Med BioGene clearly laid out three milestones that the company intended to accomplish before signing a commercialization deal with a global diagnostics company for its LymphExpress Dx(TM).

1) Establish experienced business development team to prepare for and negotiate MBI’s first strategic partnership for LymphExpress Dx(TM).

This first milestone was met late last fall when MBI appointed Dr. Melanie M. Mahtani as Executive Advisor, Commercial Development and engaged JRG Ventures LLC, a leading U.S. consulting firm to drive the partnership efforts

2) Confirm high accuracy data for LymphExpress Dx(TM).

This announcement confirms Med BioGene’s LymphExpress Dx(TM) tool has an accuracy rate of over 90%. This is very attractive to global diagnostics companies who will be looking to commercialize this tool.

3) Expand collaboration with Duke University to include other major universities and healthcare centres to further develop and validate LymphExpress Dx(TM).

Med BioGene management has publicly stated that an announcement is coming confirming the members of the consortium in the near future.

As soon as these three milestones are out of the way, the company will be totally focused on signing its first strategic partnership deal with a global diagnostics company by the end of this year. It will bring MBI significant up-front, milestone and royalty payments for the development and commercialization of LymphExpress Dx(TM).

At 1:30 PM (EST) the stock traded over 3 million shares and the buying has been from a variety of houses. This tells us there are a lot of interested investors watching this story as it unfolds.