MonoGen, Inc.
TSX : MOG

MonoGen, Inc.

April 16, 2008 15:24 ET

MonoGen Closes Cdn. $7.5 Million Financing

LINCOLNSHIRE, ILLINOIS--(Marketwire - April 16, 2008) - THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES

MonoGen, Inc. ("Corporation") (TSX:MOG) today announced that it has closed on the previously announced equity capital bought deal private placement financing for an aggregate amount of Cdn. $7.5 million, including the exercise of the underwriter's over-allotment option. The Corporation sold 7.5 million units ("Units) at a price of Cdn. $1.00 per Unit. Each Unit consists of one common share in the capital of the Corporation and one-half of one common share purchase warrant. Each whole warrant is exercisable to acquire one additional common share of the Corporation at a price of Cdn. $1.40 for a period of two years following today's closing. The common shares and warrants issued pursuant to the offering are subject to a hold period of four months from closing.

GMP Securities L.P. was the underwriter for this financing.

Mr. Ted S. Geiselman, President and CEO, commented "This financing will allow the Corporation the financial flexibility needed to gain FDA manufacturing approval, drive our Imaging R&D program forward, and initiate our commercial marketing efforts for the MonoPrep device. We are pleased with our continued investor support."

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About MonoGen, Inc.

MonoGen, Inc., headquartered in the Chicago area, is a medical device and diagnostics company providing high-quality and cost-effective cytological screening and diagnostic products to healthcare providers in the anatomic pathology industry.

Forward-Looking Statements

This press release contains forward-looking statements. 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 our beliefs and assumptions based on information available at the time the assumptions were 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. By its nature, such forward-looking information is subject to various risks and uncertainties which could cause our actual results to differ materially from the anticipated results or other expectations expressed. Those risks and uncertainties include, but are not limited to, our ability to raise additional capital, our ability to execute our business plan while maintaining at all times our various regulatory approvals, and the competitive response from existing and potential competitors. Additional discussions of the various risks are contained in our Annual Information Form dated March 19, 2008, which may be found on SEDAR at www.sedar.com. 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.

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