Med BioGene Announces Date of Annual Meeting and Termination of Shareholder Rights Plan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2012) - Med BioGene Inc. (TSX VENTURE:MBI) today announced the date of its upcoming annual meeting ("Annual Meeting") of shareholders and termination of its shareholder rights plan ("Rights Plan").

Annual Meeting

The Annual Meeting will be held on Friday, March 30, 2012 at 10:00 a.m. (Pacific Time) at the Terminal City Club, 837 West Hastings Street, Vancouver, British Columbia.

The notice of meeting, information circular and form of proxy in respect of the Annual Meeting are being mailed to shareholders and will be available on SEDAR at www.sedar.com.

Shareholder Rights Plan

The Rights Plan was adopted by the Company's board of directors (the "Board") effective January 15, 2010, and was subsequently ratified by shareholders at the annual meeting of shareholders held on February 12, 2010.

The Board approved an amendment to the agreement embodying the Rights Plan to accelerate the expiration date of the underlying rights to February 27, 2012. As a result of the amendment, the underlying rights are no longer outstanding and are not exercisable, and the agreement embodying the Rights Plan is effectively terminated. Shareholders do not need to take any action as a result of this termination.

The Rights Plan was initially adopted by the Board in anticipation of the Company's then proposed initial public offering of common shares in the United States and concurrent listing of its common shares on The NASDAQ Capital Market. As this offering was discontinued, the Board felt that it was appropriate to terminate the Rights Plan.

The Board is not aware of, nor is it terminating the Rights Plan in anticipation of, any pending or threatened take-over bid or offer for the common shares of the Company.

Change of Address

Please also note that MBI has a new address. It is Suite 510 - 580 Hornby Street, Vancouver, British Columbia V6C 3B6.

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.

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.

LungExpress Dx is MBI's trademark. Each trademark, trade name or service mark of any other entity appearing in this news release belongs to its holder.