Med BioGene Inc.
TSX VENTURE : MBI

Med BioGene Inc.

April 13, 2011 08:30 ET

Med BioGene Shareholders Approve Commercialization Partnership With Precision Therapeutics

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2011) - Med BioGene Inc. (TSX VENTURE:MBI) today announced the results of its annual and special meeting of shareholders held on April 12, 2011.

At the meeting, shareholders representing 26% of the issued and outstanding common shares voted in person or by proxy as follows:

Outcome of Vote
1.Election of the following nominees as directors of MBI:Carried
Erinn B. Broshko
Dr. Heiner Dreismann
Dennis L. Grimaud
Kevin K. Rooney
2.Appointment of PricewaterhouseCoopers LLP as auditor of MBICarried
3.Approval of Commercialization, License and Research Reimbursement Agreement with Precision Therapeutics, Inc.Passed
(99.5% in Support)

Erinn Broshko, Chief Executive Officer of MBI, stated "we are very pleased with the overwhelming support of our shareholders in approving our partnership with Precision Therapeutics. We are moving quickly towards closing the transaction and working with Precision to commercialize LungExpress Dx".

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 statements and information ("forward-looking statements") under applicable United States and 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 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 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. These forward-looking statements are only a prediction based upon the party's current expectations, and actual events or results may differ materially. A party 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 a party'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. A party's forward-looking statements do not reflect the potential impact of any future partnerships, collaborations, acquisitions, mergers, dispositions, joint ventures or investments that that party may make. All forward-looking statements are qualified in their entirety by this cautionary statement and a party 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 closing of the Commercialization, License and Research Reimbursement Agreement with Precision Therapeutics, Inc. is subject to certain conditions and includes approval of the transaction by the MBI shareholders at the annual and special meeting of MBI shareholders, receipt of certain assurances from the University Health Network and MBI settling its outstanding debt with creditors. Such conditions may not be satisfied and the agreement may not close.

LungExpress Dx is MBI's trademark. Each trademark, trade name or service mark of any other entity appearing in this news release belongs to its holder.

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

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