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Med BioGene Announces Private Placement
May 06, 2011

This news release is not for distribution to United States newswire services or for dissemination in the United States.

VANCOUVER, BRITISH COLUMBIA – Med BioGene Inc. (TSXV: MBI) today announced a non-brokered private placement of a maximum of $300,000 of units.

Each unit will be issued at a price of $0.05 and will consist of one common share and one-half of 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, subject to the acceleration by MBI of the expiration of the warrants if the closing price of the common shares on the TSX Venture Exchange is greater than $0.25 for twenty or more consecutive trading days.

The securities issued pursuant to the private placement will be subject to a four-month hold period from the date of closing. 

MBI may pay an 8% selling commission and compensation options to acquire that number of MBI common shares equal to 8% of the units sold pursuant to the private placement.

MBI will use the proceeds of the private placement for general corporate purposes.  The closing of the private placement is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

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

Further Information

For information regarding MBI, please contact:
Erinn B. Broshko
Chief Executive Officer
(800) 641-3593
ebroshko@medbiogene.com

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

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.  Each trademark, trade name or service mark of any entity appearing in this news release belongs to its holder.

 


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