Current News
September 05, 2014
Directors Nominated By Dissident Shareholder Elected At Annual General Meeting
September 04, 2014
Med BioGene Announces Receipt of Proxies for Upcoming Annual and Special Meeting
August 06, 2014
Med BioGene Announces Director Nominations and Postponement of Annual and Special Meeting
March 07, 2014
Med BioGene Announces Publication of Data Demonstrating Independent Validation of GeneFx® Lung
January 09, 2014
Med BioGene Announces Dismissal of Litigation With Signal Genetics LLC and Respira Health LLC
| MBI CLOSES SHARES FOR DEBT TRANSACTION
Vancouver, B.C., February 16th, 2015 – Med BioGene Inc. (“MBI” or the “Company”) (TSXV: MBI) wishes to announce that the TSX Venture Exchange (the “Exchange”) has accepted the Company’s shares for debt transaction originally announced on January 13th, 2015. An aggregate of 2,652,520 common shares (“Shares”) have now been issued by the Company in settlement of the existing debt of $132,626. As previously announced, the debt was payable to Dr. Iain Weir-Jones, the Chief Executive Officer of the Company, as reimbursement for legal fees incurred in relation to the recent proxy battle which culminated at the Annual and Special General Meeting Held on September 5th, 2014. The Company decided to satisfy this outstanding indebtedness with the Shares in order to preserve its cash for the normal operating expenses. The Company anticipates receiving milestone payments in accordance with the terms of the licensing agreement signed in 2011 with Precision Therapeutics Inc. related to various phases of the commercialization of GeneFX Lung™. However, the directors of the Company have decided that it is in the best interests of the Company to continue to retain funds within its treasury to allow for MBI’s normal operations until the latter part of 2016, and also for other activities intended to enhance shareholder value. The willingness of the current management to invest in the long term success of the Company by expanding their equity positions, instead of draining funds from the treasury, is a positive sign as the Company transitions from a development entity to a commercially viable organization. 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™, a prognostic genomic based test procedure. MBI’s common shares are listed for trading on the Exchange. For more information, please visit www.medbiogene.com For further information contact: |
|
© Copyright 2006 - Med BioGene Inc. - Legal Disclaimer