VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 4, 2014) - Med BioGene Inc. (TSX VENTURE:MBI) today announced the receipt of proxies for MBI's upcoming annual and special meeting to be held on September 5, 2014.
To date, MBI shareholders have submitted to the company's transfer agent proxies representing 41,487,681 common shares, being approximately 52% of the company's outstanding shares.
Of that amount, proxies representing approximately 18.5 to 18.7 million common shares authorizes management to vote in favour of the current directors, whereas proxies representing approximately 22 million common shares provides discretionary voting authority to Mr. Iain Weir-Jones.
As previously announced, Mr. Weir-Jones has provided to MBI advance notice of his intention to nominate four individuals for election to the board of directors of MBI. If at the Meeting Mr. Weir-Jones nominates these four individuals as previously indicated and as proxy-holder votes for their election as directors, and no further proxies are received by the company and accepted at the Meeting by the Chair, then the four nominated by Mr. Weir-Jones will be elected to the board of directors of MBI in replacement of the current directors. Under such circumstances, MBI's Executive Chairman, Erinn Broshko, and Chief Financial Officer, Scott Davis, have advised MBI that they intend to resign their positions effective upon completion of the Meeting.
If the nominees of Mr. Weir-Jones are elected at the Meeting, the directors and management of MBI congratulate them and wish them the very best. We trust that these nominees are aligned with MBI's shareholders and commercial partner, Precision Therapeutics, in their desire to see GeneFx Lung brought to market. Most importantly, MBI and Precision have a special opportunity to make this critical test available to patients suffering from lung cancer who would benefit from better-informed and more personalized treatment decisions.
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. MBI's common shares are listed for trading on the TSX Venture Exchange. For more information, please visit www.medbiogene.com.
About GeneFx Lung
GeneFx Lung 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 GeneFx Lung as high risk benefited from adjuvant chemotherapy, and those classified as low risk did not benefit and may have experienced a detrimental effect from adjuvant chemotherapy. In the same study, GeneFx Lung was validated in predicting patient mortality in four independent studies involving data from tumor specimens totaling 375 untreated early-stage NSCLC patients. As published in the Journal of Thoracic Oncology, GeneFx Lung was also independently validated in a prospective and blinded manner in predicting patient mortality in a study of 181 specimens from untreated NSCLC patients. GeneFx Lung is expected to provide better-informed and personalized treatment decisions to assist in the selection of patients for adjuvant chemotherapy.
About Precision Therapeutics
Precision Therapeutics, a leading life science company based in Pittsburgh, Pennsylvania, is dedicated to improving the outcomes of cancer patients by providing personalized medicine solutions that aim to increase quality of life and cancer survival rates. Precision offers a portfolio of products developed to help guide physicians and patients with difficult clinical decisions throughout the continuum of cancer care.
Precision currently markets a number of tests through its CLIA-certified laboratory, including ChemoFx®, BioSpeciFx® and GeneFx® Colon.
For more information on Precision, please visit www.precisiontherapeutics.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information in this press release contains forward-looking information and statements ("forward-looking information") of MBI under applicable Canadian and United States legislation. Words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Forward looking information includes, but is 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 and the prospects for negotiating partnerships or collaborations and their timing. This forward-looking information is only a prediction based upon MBI's current expectations, and actual events or results may differ materially. MBI may not actually achieve the plans, intentions or expectations disclosed in its forward-looking information. Forward-looking information is subject to known and unknown risks and uncertainties and is based upon uncertain assumptions that could cause MBI'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 this forward-looking information, which speak only as of the date of this press release. MBI's forward-looking information does not reflect the potential impact of any future partnerships, collaborations, acquisitions, mergers, dispositions, joint ventures or investments that MBI may make. All forward-looking information herein is qualified in its entirety by this cautionary statement and MBI undertakes no obligation to revise or update any such forward-looking information as a result of new information, future events or otherwise after the date of this press release, other than as required by applicable law. Certain information included in this press release in respect of Precision and its scientific, clinical and/ or commercialization efforts and expectations have been provided to MBI by Precision. MBI may not have been able to confirm the accuracy of such information and you should not place undue reliance on any such information, including any information regarding Precision that may constitute forward-looking information. A redacted copy of the commercialization agreement between MBI and Precision may be found at www.sedar.com. Each trademark, trade name or service mark of any entity appearing in this press release belongs to its holder.