Monday, 1 December 2008

Med BioGene has its sights set on mid 2009 launch of LungExpress Dx™

Basic shares: 40 million
Fully diluted: 58 million

MBI released its third quarter numbers on Friday, and provided investors with an overview of significant corporate events that unfolded during that same period.

Highlights include:
- The successful raising of $1.8 million, during this very difficult time in the market
- The addition of Vineet Bansal as Director, Product Launch and Marketing, and Debbie Corrazzelli as Senior Advisor, Diagnostics Commercialization. Both formerly with XDx Inc., developer of AlloMap® - a gene expression-based test to help doctors manage the care of stable heart transplant recipients. Within the first two years of product launch Mr. Bansal and Ms. Corrazzelli were an integral part of the sales team that grew revenue by 1200% and penetrated 50% of all U.S. heart transplant centres.

MBI’s financial results were consistent and there was a modest increase to expenses. This increase was due to the ramping up of its R&D and marketing efforts as the company approaches the commercial launch of LungExpressDx™ in mid 2009.