Med BioGene Announces March 8, 2011 Conference Call and Webcast to Discuss Partnership With Precision Therapeutics

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) - Med BioGene Inc. (TSX VENTURE:MBI) today announced that it will host an investor conference call and webcast at 4:30 pm EST (1:30 pm PST) on Tuesday, March 8, 2011 to discuss MBI's previously announced commercialization, license and research reimbursement agreement with Precision Therapeutics. The agreement provides Precision with exclusive global rights to develop and commercialize LungExpress Dx™.

Under terms of the agreement, Precision will pay to MBI within 120 days of closing license fees and research reimbursement of US$1.6 million. In addition, MBI is eligible to receive up to US$1.0 million in payments based on achievement of certain milestones associated with the development and commercialization of LungExpress Dx™. Also, MBI will receive royalty payments based on a market percentage rate of Precision's future revenues associated with the commercialization of LungExpress Dx™ or any other products incorporating MBI's technology. Precision will also cover certain expenses of MBI incurred in relation to the proposed transaction.

Precision will be responsible for all future costs associated with the development and commercialization of LungExpress Dx™ and the parties may undertake co-marketing arrangements involving LungExpress Dx™.

The closing of the agreement is subject to customary conditions and includes approval of the transaction by the MBI shareholders at a special meeting to be announced, receipt of certain assurances from the University Health Network and MBI settling its outstanding debt with creditors.

Live Dial-In Information

Toronto and International: (416) 695-6623

North America (Toll Free): (800) 952-6845

Participant webcast: http://www.gowebcasting.com/2320

* Please note that you will only be able to partake in the Questions and Answers portion by dialing into the conference call.

Replay Call Information

Toronto and International: (905) 694-9451 passcode: 1808762

North America (Toll Free): (800) 408-3053 passcode: 1808762

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. For more information, please visit www.medbiogene.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.

The closing of the agreement with Precision is subject to certain conditions and includes approval of the transaction by the MBI shareholders at a special meeting to be announced, receipt of certain assurances from the University Health Network and MBI settling its outstanding debt with creditors. Such conditions may not be satisfied and the agreement may not close.

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.