May 30, 2012 at 13:03 PM EDT
Med Biogene Reports Financial Results for Q1 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 30, 2012) - Med BioGene Inc. (TSX VENTURE:MBI) today reported its financial results for the three months ended March 31, 2012 (all amounts are in United States dollars).

First Quarter 2012 Financial Results

MBI incurred a loss of $120,701 ($0.00 per share) for the three months ended March 31, 2012 compared to a loss of $196,551 ($0.00 per share) for the three months ended March 31, 2011.

Research and Development

Research and development expenses were $nil for the three months ended March 31, 2012 compared to $42,421 for the three months ended March 31, 2011, representing a decrease of 100%. Under the terms of MBI's partnership with Precision Therapeutics, Inc., Precision is responsible for all future costs associated with the development and commercialization of MBI's flagship test, LungExpress Dx.

General and Administrative

General and administrative expenses were $121,306 for the three months ended March 31, 2012 compared to $106,998 for the three months ended March 31, 2011, representing an increase of 13%.

Liquidity and Capital Resources

At March 31, 2012, MBI had cash and equivalents totalling $593,465 and working capital of $488,602 compared to cash and equivalents of $685,170 and a working capital of $556,446 at December 31, 2011.

Cash used in operating activities was $92,918 for the three months ended March 31, 2012 compared to cash used in operating activities of $97,181 for the three months ended March 31, 2011.

Cash provided by investing activities was $nil for the three months ended March 31, 2012 compared to $59,764 for the three months ended March 31, 2011. The cash provided by investing activities consisted of proceeds from the disposal of capital assets.

About Med BioGene

MBI is a life science company focused on the development and commercialization of genomic-based personalized clinical laboratory diagnostic tests. MBI is committed to advancing personalized medicine by commercializing tests that provide clinically relevant information to improve patient treatment and reduce health care costs. MBI and Precision Therapeutics have partnered to commercialize MBI's flagship test, LungExpress Dx. For more information on MBI, please visit www.medbiogene.com. For more information on Precision Therapeutics, please visit www.precisiontherapeutics.com.

Certain statements in this press release contain forward-looking statements and information ("forward-looking statements") under applicable United States and Canadian securities legislation. Words such as "anticipates", "believes", "estimates", "expects", "intends", "may", "plans", "projects", "will", "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements include, but are not limited to, that with respect to the timing, completion and/or results of clinical trials or studies, future profits, future product revenues, future shareholder value, future operations and plans, the completion and use of proceeds from transactions or financings and the prospects for negotiating partnerships or collaborations and their timing. These forward-looking statements are only a prediction based upon the party's current expectations, and actual events or results may differ materially. A party may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on uncertain assumptions that could cause a party's actual results and the timing of events to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. A party's forward-looking statements do not reflect the potential impact of any future partnerships, collaborations, acquisitions, mergers, dispositions, joint ventures or investments that that party may make. All forward-looking statements are qualified in their entirety by this cautionary statement and a party undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date of this press release, other than as required by applicable law.

LungExpress Dx is MBI's trademark. ChemoFx is Precision's registered trademark. Each trademark, trade name or service mark of any other entity appearing in this news release belongs to its holder.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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