Click here to close now.




















Welcome!

Microsoft Cloud Authors: Eric Aarrestad, Greg O'Connor, Liz McMillan, Aleksei Gavrilenko, Elizabeth White

News Feed Item

Med BioGene Reports Financial Results for Q3 2012

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/30/12 -- Med BioGene Inc. (TSX VENTURE:MBI) today reported its financial results for the nine months ended September 30, 2012 (all amounts are in United States dollars).

Business Highlights

Commercialization of LungExpress Dx

MBI announced in October 2012 that its commercial partner, Precision Therapeutics, Inc., expects to commence commercialization of LungExpress Dx, a proprietary gene expression-based test for early-stage non-small-cell lung cancer, in its CLIA-certified laboratory by mid-2013.


--  In advance of commercialization, Precision has established an advisory
    board comprised of world leaders in lung cancer research and treatment
    from the United States, Canada, France and Italy. 
--  LungExpress Dx is currently validated for use with frozen tumour tissue.
    Precision is responsible for all costs associated with the development
    and commercialization of LungExpress Dx and is commencing clinical
    studies to validate the use of LungExpress Dx with tissue preserved by
    RNARetain, a molecular fixative. RNARetain eliminates the need to flash-
    freeze specimens and to keep specimens frozen throughout storage and
    transport, a process that can be cumbersome and costly. It also
    eliminates the need for preserving tissue in formalin, which is known to
    cross-link and degrade the nucleic acids rendering them less suitable
    for specific downstream molecular applications. 
--  These clinical studies are being conducted using patient specimens
    collected prospectively by Precision from a consortium of medical
    centers in the United States. This collection is complete and the final
    step of validation using RNARetain has begun.

Erinn Broshko, Executive Chairman of MBI, commented: "The commercial success of a molecular diagnostic test depends, in large measure, upon the extent of its integration into current pathological processes. The use of LungExpress Dx with RNARetain will allow pathologists to avoid the logistics involved with using flash-frozen tumor specimens and, instead, to handle and ship specimens at room temperature, thereby simplifying the process significantly. We believe that this will materially enhance the commercial prospects of our test and are encouraged by the progress made by Precision."

Restructuring of Milestone Payments Under Commercialization Agreement

Under the terms of MBI's commercialization agreement with Precision, Precision has paid to MBI license fees and research reimbursement of $2.3 million, half of which is credited against future royalties that may be owed to MBI by Precision. In addition, MBI is eligible to receive up to $1 million in payments based on the achievement of certain milestones, all of which are credited against future royalties that may be owed to MBI by Precision. MBI and Precision amended in September 2012, among other things, these milestone payments such that Precision will now pay to MBI, following the commercial launch of LungExpress Dx, amounts totaling $500,000 and, following the achievement of $5 million in net revenues from LungExpress Dx, amounts totaling $500,000.

MBI will also receive royalty payments in the high single digits based on a percentage of Precision's future net revenues associated with the commercialization of LungExpress Dx.

Erinn Broshko further commented: "By restructuring the milestone payments in our commercialization agreement, we expect to extend MBI's cash runway following the commercialization of LungExpress Dx to allow us the opportunity to demonstrate increasing clinical and commercial success of our test. As a result of our focused burn rate, we believe that MBI currently has sufficient cash resources to continue with operations until approximately the first quarter of 2014. If Precision commercializes LungExpress Dx around the expected timeframe then, with receipt of the $500,000 in milestone payments from Precision relating to commercial launch, we believe that MBI will have sufficient cash resources to fund operations until approximately the third quarter of 2015."

Third Quarter 2012 Financial Results

MBI incurred a loss of $301,667 ($0.00 per share) for the nine months ended September 30, 2012 compared to having net income of $1,790,427 ($0.02 per share) for the nine months ended September 30, 2011. MBI incurred a loss of $78,239 ($0.00 per share) in the third quarter of 2012 compared to having net income of $1,575,650 ($0.02 per share) in the third quarter of 2011. MBI did not generate any revenue during the nine months ended September 30, 2012, but generated net licensing revenue of $2,069,773 during the nine months ended September 30, 2011.

Research and Development

Research and development expenses were $nil for the nine months ended September 30, 2012 compared to $123,161 for the nine months ended September 30, 2011. Comparing the third quarter of 2012 with the corresponding quarter of 2011, research and development expenses decreased to $nil from $14,511. Under the terms of MBI's partnership with Precision, Precision is responsible for all future costs associated with the development and commercialization of LungExpress Dx.

General and Administrative

General and administrative expenses, including non-cash share-based expenses associated with the prior issuance of stock options and foreign exchange, were $301,844 for the nine months ended September 30, 2012 compared to $443,397 for the nine months ended September 30, 2011, representing a decrease of 32%. Comparing the third quarter of 2012 with the corresponding quarter from 2011, general and administrative expenses decreased by 57% to $78,249 from $183,958.

Consistent with MBI's cost saving initiatives, general and administrative expenses, exclusive of non-cash share-based expenses associated with the prior issuance of stock options and foreign exchange, were $199,511 for the nine months ended September 30, 2012 and $59,474 for the three months ended September 30, 2012.

Liquidity and Capital Resources

At September 30, 2012, MBI had cash and equivalents totalling $458,964 and working capital of $356,614 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 $226,923 for the nine months ended September 30, 2012 compared to cash provided by operating activities of $472,724 for the nine months ended September 30, 2011.

Cash provided by investing activities was $nil for the nine months ended September 30, 2012 compared to $64,499 for the nine months ended September 30, 2011. The cash provided by investing activities consisted of proceeds from the disposal of capital assets.

Cash provided by financing activities was $nil for the nine months ended September 30, 2012 compared to $212,930 for the nine months ended September 30, 2011. The cash provided by financing activities consisted of proceeds on issuance of shares.

About Med BioGene

MBI is a life science company based in Vancouver, British Columbia, that is currently focused on managing the license and rights to LungExpress Dx, a proprietary gene expression-based test for early-stage non-small-cell lung cancer. LungExpress Dx is expected to provide better-informed and personalized treatment decisions to assist in the selection of patients for adjuvant chemotherapy. MBI has partnered with Precision Therapeutics for the global commercialization of LungExpress Dx. MBI's common shares are traded on the TSX Venture Exchange. For more information regarding MBI, please visit www.medbiogene.com. For more information regarding Precision, 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, the timing for commercialization of any products, 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. Certain information included in this press release in respect of Precision and its scientific, clinical and/ or commercialization efforts have been provided to MBI by Precision. MBI may not have been able to confirm the accuracy of such information and you should not place undue reliance on any such information, including any information regarding Precision that would constitute forward-looking information. A redacted copy of the amended commercialization agreement between MBI and Precision may be found at www.sedar.com. Each trademark, trade name or service mark of any 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.