Med BioGene Inc.

Med BioGene Inc.

March 16, 2009 14:20 ET

Med BioGene Appoints Life Sciences Veteran as Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2009) - Med BioGene Inc. (TSX VENTURE:MBI) today announced the appointment of David Matthews as Chief Financial Officer of MBI.

"Dave brings to Med BioGene over twenty years of experience in funding and operating life science companies. We are on track to launch LungExpress Dx™ in the second half of 2009 in the United States and Dave will play a critical role in executing upon our commercialization strategy" stated Erinn Broshko, Chief Executive Officer of MBI.

Immediately prior to joining MBI, Mr. Matthews was a Director of BMO Capital Corporation, a subsidiary of Bank of Montreal providing mezzanine financing and equity capital to Canadian mid-market companies. Prior to that, Mr. Matthews was the Managing Director of Aspreva Pharmaceuticals SA, the European subsidiary of Aspreva Pharmaceuticals Corporation (NASDAQ: ASPV; TSX: ASV), which was acquired in 2007 by Galenica Group (SWX: GALN) for US$915 million. Prior to joining Aspreva, Mr. Matthews was the Chief Financial Officer of StressGen Biotechnologies Corp. (now Nventa Biopharmaceuticals Corporation; TSX: NVN) and Allelix Biopharmaceuticals Inc. (TSX: AXB), which was acquired in 1998 by NPS Pharmaceuticals for $60 million.

"I am excited to join Med BioGene. I believe that the company has one of the best molecular diagnostic test and IP portfolios in the personalized medicine industry," stated Mr. Matthews. "LungExpress Dx™ is poised to significantly improve the standard of care for lung cancer and reduce healthcare costs by identifying those patients who will benefit most from adjuvant chemotherapy, in the early stages when lung cancer is curable. I very much look forward to working with management and the board to move Med BioGene this year from a development stage to revenue generating company."

Corporate Matters

On February 25, 2009, MBI granted to certain of its officers, directors, employees and consultants five-year incentive stock options to purchase an aggregate of 3,975,000 common shares. The options have an exercise price per share equal to the then closing price of MBI's common shares on the TSX Venture Exchange of $0.045 per share.

About Med BioGene

MBI is a life science company focused on the development and commercialization of genomic-based personalized clinical laboratory diagnostic tests for cancer.

MBI's lead product, LungExpress Dx™, is expected to be the first commercially available genomic-based test for early stage non-small-cell lung cancer that provides information on an individual patient's prognosis and response to adjuvant chemotherapy. Patients and their physicians can use this valuable information in making treatment decisions.

MBI is committed to advancing personalized medicine by commercializing tests that provide actionable information to both save lives and reduce health care costs.

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, that 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. 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 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. 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 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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