|By Marketwired .||
|August 29, 2014 10:25 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/29/14 -- Med BioGene Inc. (TSX VENTURE: MBI) today reported its financial results for the six months ended June 30, 2014 (all amounts are in United States dollars).
Second Quarter 2014 Financial Results
Including certain expenses accrued but not incurred, as further described below, during the six months ended June 30, 2014, MBI recorded a loss of $129,881 (2013 - $217,585) and during the three months ended June 30, 2014, MBI recorded a loss of $57,060 (2013 - $139,171), which consists of general and administrative expenses.
General and Administrative Expenses
General and administrative expenses consist of personnel costs, consulting fees, public company costs, directors' fees, communications, facilities and office operations expenses, and professional fees.
Actual general and administrative expenses, excluding accruals for management and director compensation that has been voluntarily deferred, were $82,328 for the six months ended June 30, 2014 compared to $217,585 for the six months ended June 30, 2013. The increase from the previous period is primarily attributable to an increase in legal fees (included in professional fees) of $63,675 relating to the previously announced petition filed in the British Columbia Supreme Court on June 4, 2013 by certain dissident shareholders of MBI against the company. On August 30, 2013, the petition was discontinued by the petitioners. General and administrative expenses, including accruals for management and director compensation that has been voluntarily deferred, were $129,881 for the six months ended June 30, 2014.
Actual general and administrative expenses, excluding accruals for management and director compensation that has been voluntarily deferred, were $9,507 for the three months ended June 30, 2014 compared to $139,171 for the three months ended June 30, 2013. The increase from the previous period is primarily attributable to an increase in legal fees (included in professional fees) of $63,675 relating to the above-mentioned petition. General and administrative expenses, including accruals for management and director compensation that has been voluntarily deferred, were $57,060 for the three months ended June 30, 2014.
Liquidity and Capital Resources
At June 30, 2014, MBI had cash and equivalents totalling $83,102 and a working capital deficiency of $18,316, compared to cash and equivalents of $181,507 and working capital of $112,624 at December 31, 2013.
Cash used in operating activities was $97,967 for the period ended June 30, 2014 compared to cash used in operating activities of $182,779 for the period ended June 30, 2013.
On August 12, 2014, the Company announced that it has received signed subscription agreements and funds for a non-brokered private placement of $200,000 of units. Each unit will be issued at a price of $0.05 and will consist of one common share and one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one common share at a price of $0.10 for a period of 24 months. The securities issued pursuant to the private placement will be subject to a four-month hold period from the date of closing. As a finder's fee, the Company may issue compensation options to acquire the Company's common shares equal to 10% of the units sold pursuant to the private placement. The closing of the private placement is conditional upon, among other things: (a) receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange, and (b) at least three of the four persons, including the Executive Chairman of the Company, nominated by management for re-election to the board of directors of the Company at the at the upcoming annual and special meeting of shareholders to be held on September 5, 2014 (the "Meeting"), being elected as directors of the Company at the Meeting (this condition being required by the key subscribers to the proposed financing). It is important to note that there can be no assurances that the financing will close. The subscription funds are being held by the Company in trust and if the conditions to closing of the private placement, including re-election of a majority of the board of directors, are not met the subscription proceeds will be returned to the subscribers pursuant to the terms of the subscription agreements.
Since March 2014, as a result of MBI's cash position, management and directors of MBI have voluntarily elected to defer their cash compensation (not including reimbursement of expenses in the ordinary course) to provide an extended runway for the company pending the anticipated payment by Precision of the first milestone payment under the commercialization agreement. The cash compensation owing but not paid to management and directors is being accrued and is due and payable upon demand. The debt amount owing to management and directors as of June 30, 2014 was $50,500 and continues to accrue.
Management and directors of MBI have advised the company that in the event that the replacement of the MBI board by the dissident shareholders appears likely, they will demand payment of the debt owing to them. Under such circumstances, MBI would make such payment and, as of the date of the Meeting, MBI would have minimal remaining available cash.
About Med BioGene Inc.
MBI is a life science company based in Vancouver, British Columbia that is currently focused on managing the license and rights to GeneFx Lung. MBI's common shares are listed for trading on the TSX Venture Exchange. For more information, please visit www.medbiogene.com.
About GeneFx Lung
GeneFx Lung is a proprietary gene expression-based test to improve upon staging for identifying those patients with early-stage non-small-cell lung cancer (NSCLC) who, following surgical removal of their tumor, are at higher and lower risks of mortality. In an initial study of patient specimens from the National Cancer Institute of Canada Clinical Trials Group JBR.10 trial, published in the Journal of Clinical Oncology, patients classified by GeneFx Lung as high risk benefited from adjuvant chemotherapy, and those classified as low risk did not benefit and may have experienced a detrimental effect from adjuvant chemotherapy. In the same study, GeneFx Lung was validated in predicting patient mortality in four independent studies involving data from tumor specimens totaling 375 untreated early-stage NSCLC patients. As published in the Journal of Thoracic Oncology, GeneFx Lung was also independently validated in a prospective and blinded manner in predicting patient mortality in a study of 181 specimens from untreated NSCLC patients. GeneFx Lung is expected to provide better-informed and personalized treatment decisions to assist in the selection of patients for adjuvant chemotherapy.
On April 15, 2011, Precision and MBI closed their commercialization, license and research reimbursement agreement. The agreement provides to Precision exclusive global rights to develop and commercialize GeneFx Lung.
About Precision Therapeutics
Precision Therapeutics, a leading life science company based in Pittsburgh, Pennsylvania, is dedicated to improving the outcomes of cancer patients by providing personalized medicine solutions that aim to increase quality of life and cancer survival rates. Precision offers a portfolio of products developed to help guide physicians and patients with difficult clinical decisions throughout the continuum of cancer care.
Precision currently markets a number of tests through its CLIA-certified laboratory, including ChemoFx®, BioSpeciFx® and GeneFx® Colon.
For more information on Precision, please visit www.precisiontherapeutics.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information in this press release contains forward-looking information and statements ("forward-looking information") of MBI under applicable Canadian and United States legislation. Words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Forward looking information includes, but is 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. This forward-looking information is only a prediction based upon MBI's current expectations, and actual events or results may differ materially. MBI may not actually achieve the plans, intentions or expectations disclosed in its forward-looking information. Forward-looking information is subject to known and unknown risks and uncertainties and is based upon uncertain assumptions that could cause MBI'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 this forward-looking information, which speak only as of the date of this press release. MBI's forward-looking information does not reflect the potential impact of any future partnerships, collaborations, acquisitions, mergers, dispositions, joint ventures or investments that MBI may make. All forward-looking information herein is qualified in its entirety by this cautionary statement and MBI undertakes no obligation to revise or update any such forward-looking information 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 and expectations 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 may constitute forward-looking information. A redacted copy of the 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 press release belongs to its holder.
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