Med BioGene Inc. (TSX VENTURE:MBI) today provided an update in regard to its
ongoing litigation with Signal Genetics LLC and Respira Health LLC.


In February 2011, Signal and Respira filed a lawsuit against MBI and its
commercial partner, Precision Therapeutics, Inc., in the Supreme Court of the
State of New York asserting twelve causes of action against MBI. MBI continues
to believe that the lawsuit is frivolous, vexatious and entirely without merit
and is defending the lawsuit vigorously. MBI has received financial support from
Precision to, among other things, conduct such defense (half of which is
credited against future royalties that may be owed to MBI by Precision) and to
cover any settlement or award of damages made against MBI, subject in all cases
to certain threshold limits.


Discovery in the lawsuit has been completed and, on August 24, 2012, MBI filed
with the Court a motion for partial summary judgment to dismiss Signal and
Respira's claims for lost profits arising from alleged breaches of contract and
the duty of good faith and fair dealing, and causes of action for negligent
misrepresentation, unfair competition and unjust enrichment.


On February 20, 2013, the Court heard oral argument in connection with MBI's
motion. In a Decision and Order of the same date, the Court granted MBI's motion
and dismissed Signal and Respira's: (1) claims against MBI for lost profit
damages arising from alleged breaches of contract and the duty of good faith and
fair dealing; (2) cause of action against MBI for negligent misrepresentation;
and (3) cause of action against MBI for unfair competition. No trial date has
been set with respect to the remaining claims.


Erinn Broshko, MBI's Executive Chairman commented: "This decision is a
significant setback for Signal and Respira. We have always believed that the
lawsuit is entirely without merit and are confident that we will be successful
in having the remaining claims and causes of action dismissed."


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. MBI and
Precision Therapeutics have partnered for the global commercialization of
LungExpress Dx. For more information about Precision Therapeutics, please visit
www.precisiontherapeutics.com. Med BioGene's common shares are listed for
trading on the TSX Venture Exchange. For more information about MBI, please
visit www.medbiogene.com.


About LungExpress Dx

LungExpress Dx 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
LungExpress Dx as higher risk benefited from adjuvant chemotherapy, and those
classified as lower risk did not benefit and may have experienced a detrimental
effect from adjuvant chemotherapy. LungExpress Dx was subsequently validated in
predicting patient mortality in four independent studies involving data from
tumor specimens totaling 676 untreated early-stage NSCLC patients. LungExpress
Dx is expected to provide better-informed and personalized treatment decisions
to assist in the selection of patients for adjuvant chemotherapy.


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, the prospects for negotiating
partnerships or collaborations and their timing and the expected outcomes of any
litigation. 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. The
outcome of litigation can be highly uncertain and you are cautioned not to place
undue reliance on any forward looking statements made in respect thereof. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Med BioGene Inc.
Erinn B. Broshko
Executive Chairman
(800) 641-3593
(888) 646-2531 (FAX)
ebroshko@medbiogene.com
www.medbiogene.com

Med Biogene (TSXV:MBI)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024 Plus de graphiques de la Bourse Med Biogene
Med Biogene (TSXV:MBI)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024 Plus de graphiques de la Bourse Med Biogene