Med BioGene Inc.
TSX VENTURE : MBI

Med BioGene Inc.

March 23, 2011 15:52 ET

Med BioGene Receives Offer From Signal Genetics and Respira Health to Commercialize LungExpress Dx

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) - Med BioGene Inc. (TSX VENTURE:MBI) announces that it has received from Signal Genetics, LLC and its subsidiary Respira Health LLC an offer to enter into a commercialization, license and research reimbursement agreement that would provide Respira with exclusive global rights to develop and commercialize MBI's lead test, LungExpress Dx™.

Signal's press release can be found here: http://www.businesswire.com/news/home/20110322007172/en/Signal-Genetics-Subsidiary-Respira-Health-LLC-Superior.

On February 14, 2011, MBI announced that it became aware of the filing of a lawsuit by Signal and Respira against MBI in the Supreme Court of the State of New York. MBI further announced that it believes the lawsuit to be frivolous, vexatious and entirely without merit and intends to defend it vigorously. On February 25, 2011, MBI became aware of the filing by Signal and Respira of an amendment to the lawsuit to include additional claims against the Company and claims against Precision Therapeutics, Inc.

On March 1, 2011, MBI announced that it had entered into a commercialization, license and research reimbursement agreement with Precision that would provide Precision with exclusive global rights to develop and commercialize LungExpress Dx™.

Closing of the agreement with Precision is subject to, among other things, the approval of MBI's shareholders. A general and special meeting of MBI's shareholders will be held on Tuesday, April 12, 2011 at 10:00 a.m. (Pacific Time) at the Terminal City Club, 837 West Hastings Street, Vancouver, British Columbia where the shareholders will be asked to, among other things, approve the agreement with Precision. A copy of the notice of meeting, information circular and form of proxy has been mailed to shareholders and is available on-line at www.sedar.com.

The board of directors of MBI is considering, in light of its obligations under its agreement with Precision, the offer from Signal and Respira and will announce its decision as to acceptance or rejection of such offer once a determination has been made.

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 information and statements ("forward-looking statements") under applicable Canadian and United States 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 operations and plans, the completion and use of proceeds from financings and the prospects for negotiating partnerships or collaborations and their timing. These forward-looking statements are 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 statements. Forward-looking statements are 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 these forward-looking statements, which speak only as of the date of this press release. MBI's forward-looking statements do not reflect the potential impact of any future partnerships, collaborations, acquisitions, mergers, dispositions, joint ventures or investments that MBI may make. All forward-looking statements are qualified in their entirety by this cautionary statement and MBI 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 TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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