VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 15, 2015) - Med BioGene Inc. (the "Company") (TSX VENTURE:MBI) is very pleased to be able to confirm that our licensee, Helomics™ has advised us that logistical procedures necessary for the first commercial application of GeneFX Lung® will commence Q1 2016.
MBI and Helomics™ have been in frequent and active discussions over the past several months as Helomics™ continued to move towards the commercialization of MBI's GeneFX Lung® diagnostic test. As reported earlier in the year, a variety of go-to-market strategies are being pursued concurrently, with the expectation that a diversified approach will yield faster and larger overall returns. Shareholders should be confident that MBI's approach of minimizing overhead and the personal investments by management and the Directors, are indicative of the Company's overall confidence in its prospects.
During Q1 2016 Helomics™ will implement the logistical steps necessary to enable the first health care provider to commence shipping biopsy specimens to the Helomics™ CLIA approved laboratory in Pittsburgh. The first commercial test specimens are expected to be available for analysis in Pittsburgh in Q2 2016. This will constitute the initial phase of commercialization as defined in the April 2011 Commercialization Agreement between MBI and Precision Therapeutics, Helomics™ predecessor.
In addition to this commercial pre-market access agreement Helomics™ anticipates announcing that a second major US health care provider has approved the use of the GeneFX Lung® diagnostic test for its members. The logistical requirements for the commencement of commercial testing for this provider will start in Q2 2016.
For reasons of commercial confidentiality the specific details of the Helomics™ agreements relating to the adoption of the GeneFX Lung® test will not be released until the pre-launch period via press release by Helomics. Given the success of Helomics™ diligent marketing activities of the GeneFX Lung® test in a difficult regulatory climate, we hope that the milestones announced previously will be reached before the end of 2016.
We wish all our shareholders a healthy, happy, and prosperous New Year; and thank them for their support over the last sixteen months.
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, a prognostic genomic based test procedure. MBI's common shares are listed for trading on the Exchange. For more information, please visit www.medbiogene.com.
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable Canadian and United States legislation. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release
Contact Information:
Iain Weir-Jones
Chief Executive Officer and
Chairman of the Board of Directors
iainw@medbiogene.com
www.medbiogene.com