MonoGen, Inc.

MonoGen, Inc.

August 10, 2007 18:04 ET

MonoGen Announces Revised Agreement with Cardinal Health

CHICAGO, ILLINOIS--(Marketwire - Aug. 10, 2007) - MonoGen, Inc. ("Corporation") (TSX:MOG) today announced a revised agreement with Cardinal Health. Under the new agreement, MonoGen will directly distribute, market and sell its liquid-based cytology products to laboratories and physician offices throughout the United States.

Cardinal Health will be responsible for generating leads for the MonoGen sales team and will receive a 7-year warrant to purchase approximately 9.1 million common shares of MonoGen stock representing five percent of the basic shares outstanding as of June 30, 2007. The exercise price for each share under the warrant, which is presently calculated at US$0.61, is determined on the basis of the recent trading range of MonoGen's publicly-traded shares.

Ted S. Geiselman, MonoGen's President and CEO, commented, "We are extremely pleased that Cardinal Health supported this change in our relationship. This will allow MonoGen to fully execute the optimum sales and marketing strategy while retaining margins that will enhance the financial attractiveness of the business for the long term."

With operational headquarters in the United States (Greater Chicago area), MonoGen is a medical device company developing an integrated suite of fully automated devices (the SAVANT LABORATORY SYSTEM™) for anatomic and molecular pathology laboratories. The SAVANT LABORATORY SYSTEM™ is being designed to automate processes performed by clinical laboratories to reduce their costs, increase throughput, and improve the quality and consistency of results.
The common shares of the Corporation are listed for trading on the Toronto Stock Exchange under the trading symbol "MOG".

Forward-Looking Statements

This press release contains statements that are forward-looking in nature. Statements preceded by the words believe, expect, anticipate, plan, intend, continue, estimate, may, will, and similar expressions are forward-looking statements. Forward-looking statements are based on the Corporation's beliefs and assumptions based on information available at the time the assumption was made. Forward-looking statements relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, new services, market forces, commitments and technological developments, relating to the Corporation. By its nature, such forward-looking information is subject to various risks and uncertainties which could cause the Corporation's actual results and experience to differ materially from the anticipated results or other expectations expressed. Those risks and uncertainties include, but are not limited to MonoGen's ability to raise additional capital, MonoGen's ability to execute its business plan while obtaining and maintaining at all times its various regulatory approvals, the performance of its strategic partners including the performance of Cardinal Health in the commercialization of the Corporation's products in the marketplace and the competitive response from existing and potential competitors. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this document, and the Corporation undertakes no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise.

Contact Information