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.
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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.