Med BioGene Inc.

Med BioGene Inc.

February 27, 2007 08:30 ET

Med BioGene Appoints Dr. Richard C. Cook to its Scientific Advisory Board

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 27, 2007) - Med BioGene Inc. (TSX VENTURE:MBI), a biotechnology company developing genetic biomarkers to improve screening, diagnosis, prognosis and treatment decisions for patients suffering from certain cancers and cardiovascular disease, is pleased to announce that it has appointed Dr. Richard C. Cook, MD, M.Sc., FRCSC, to its Scientific Advisory Board.

Dr. Cook is a Clinical Associate Professor of Surgery with the Department of Cardiovascular Surgery at the University of British Columbia and is an expert in complex mitral valve repair and minimally-invasive and robotic cardiac surgery. Dr. Cook holds an M.D. from the University of Alberta, and an M.Sc. from the University of British Columbia (UBC). Following his cardiac surgical training at UBC, Dr. Cook completed subspecialty fellowship training at the Hopital Pitie-Salpetriere, Paris, France with Professor Christophe Acar, and at East Carolina University, Greenville, North Carolina with Dr. W. Randolph Chitwood Jr.

Dr. Cook is the only formally trained minimally-invasive and robotic cardiac surgeon in western Canada and is currently developing the first robotic cardiac surgery program in western Canada at Vancouver General Hospital. Dr. Cook is actively involved in clinical research at the University of British Columbia as a co-investigator and collaborator in multiple clinical trials funded by the Canadian Institutes of Health Research and the Heart and Stroke Foundation of British Columbia and Yukon. Moreover, Dr. Cook is also a co-inventor and collaborator in National Institutes of Health sponsored trials of innovative technologies applicable to robotic cardiac surgery.

"Dr. Cook's expertise and experience as a cardiac surgeon will be invaluable in assisting Med BioGene's efforts to develop its molecular screening tests for cardiovascular disease," stated Erinn Broshko, Chief Executive Officer of MBI. "Dr. Cook will contribute significantly to Med BioGene's development of an accurate and rapid screening tool for cardiovascular disease," concluded Mr. Broshko.

"It is essential that doctors identify cardiovascular disease at a very early stage - long before any symptoms become apparent - to allow for identification of patients at risk of fatal or debilitating cardiovascular events. These patients can then benefit from the early implementation of preventive strategies and treatments. Because of the limitations of currently available screening tools, too many patients are identified in the late stages of cardiovascular disease when irreversible damage to the heart may have already occurred. As a screening tool, MBI's genetic biomarkers for cardiovascular disease are expected to be an invaluable tool for periodic screening of patients who may be at risk for developing clinically significant cardiovascular disease. If a patient is found to have significant cardiovascular disease using MBI's genetic biomarkers, his or her cardiologist can then perform further testing specifically in these patients, thereby directing expensive and limited testing towards those who need it the most, and sparing patients not at risk from unnecessary and invasive testing," noted Dr. Cook.

Corporate Matters

Effective February 21, 2007, MBI granted to The Howard Group Inc. of Calgary to provide investor and financial relations services to MBI stock options to purchase 200,000 MBI common shares at an exercise price of $0.58 per share. The stock options have a term of 12 months from the date of grant; vest in four equal amounts every three months from the date of grant; are subject to a four month hold period; and are subject to acceptance for filing by the TSX Venture Exchange. Also effective the same date, MBI granted to certain of its employees and consultants stock options to purchase an aggregate of 85,000 MBI common shares at an exercise price of $0.59 per share. The stock options have a term of 5 years from the date of grant; vest in equal monthly amounts for 18 months from the date of grant; and are subject to a four month hold period. The foregoing option grants were made pursuant to the Med BioGene Inc. 2006 Incentive Stock Option Plan and in the normal course of business.

About Med BioGene

MBI is a biotechnology company with advanced research and development in gene expression technology. MBI intends to utilize its expertise in gene expression to identifying those genes, known as "biomarkers," which mark the presence of various diseases. These biomarkers will be used as an effective tool for accurate and rapid screening and diagnosis and to unlock innovation in therapeutic development and treatment. With a robust set of qualified biomarkers, disease screening and diagnosis will be quicker, less invasive and more accurate and the safety of new therapeutics will be increased, drug products will get to patients in less time and treatment decisions will be more informed.

MBI is currently focused on developing and validating biomarkers in respect of lymphoma, leukemia, colorectal cancer and cardiovascular disease through its Gene Expression Profiling System™.

Certain statements in this press release contain forward-looking information under applicable 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 information, although not all forward-looking information contains these identifying words. Forward-looking information includes, but is not limited to, those with respect to future profits, future product revenues, future operations and plans, the use of proceeds from financings, the timing of clinical trials and the completion date for clinical trials and the prospects for negotiating partnerships or collaborations and their timing. These forward-looking statements or information are only predictions 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 are based on 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 speaks only as of the date of this press release. Our forward-looking information does not reflect the potential impact of any future partnerships, collaborations, acquisitions, mergers, dispositions, joint ventures or investments MBI may make. All forward-looking information is qualified in its entirety by this cautionary statement and MBI undertakes no obligation to revise or update any 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.

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