MonoGen, Inc.
TSX : MOG

MonoGen, Inc.

June 18, 2008 16:15 ET

MonoGen: Management Leads Private Placement

LINCOLNSHIRE, ILLINOIS--(Marketwire - June 18, 2008) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

MonoGen, Inc. (TSX:MOG)(the "Corporation" or "MonoGen") announced today it closed on the previously announced follow-on private placement for an aggregate amount of Cdn. $1.6 million. The Corporation sold approximately 1.6 million units ("the Units") at a price of Cdn. $1.00 per Unit. The terms were the same as the Cdn. $7.5 million private placement completed in April 2008. The primary participants in this placement were senior management and members of the Board of Directors. In addition, some accredited investors with prior existing relationships with the Corporation also participated.

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 the issuance date of the warrant. The common shares and warrants issued pursuant to the offering are subject to a hold period of four months and one day from issuance.

The proceeds of the offering will be used by the Corporation for working capital and general corporate purposes.

The securities offered have not been registered under the United States 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 response from existing and potential competitors. Additional discussions of the various risks are contained in our Annual Information Form dated March 19, 2008, which is available on SEDAR (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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