Tuesday, 8 July 2008

Med BioGene to be Funded through Partnership Deal


MED BIOGENE INC. (TSX:V-MBI)

Basic shares: 29.1 million

Fully diluted: 42.2 million

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The proposed financing, which is being led by PI Financial, will net Med BioGene $1 - $3 million in cash.

Each unit will consist of one common share at $0.15 and one-half warrant at $0.20 with a two year term.

Once finalized, MBI is expecting to have more than enough money to get it through to a partnership deal, which is expected by the end of this year. As mentioned in previous commentaries, the LymphExpressDX™ deal according to management will consist of significant upfront, milestone(s) and royalty payments.

To read the full release, click here