MonoGen, Inc.

MonoGen, Inc.

April 24, 2007 08:09 ET

MonoGen to Raise C$12 Million of Equity Financing

MONTREAL, QUEBEC--(CCNMatthews - April 24, 2007) -


MonoGen, Inc. ("Corporation")(TSX:MOG) today announced that it has entered into an agreement with a syndicate of underwriters led by GMP Securities L.P. to purchase on a bought deal basis 12,000,000 units ("Units") from the Corporation at a price of C$1.00 per Unit for aggregate gross proceeds of C$12,000,000 (the "Offering"). The underwriters will also have an option, exercisable for a period of 30 days following the closing date, to purchase from the Corporation up to an additional 1,800,000 Units for gross proceeds of C$1,800,000 to cover over-allotments. The Company intends to use the net proceeds of the Offering for commercialization of the MonoPrep system, new product development, working capital and general corporate purposes. The Offering is expected to close on or about May 15, 2007.

Each Unit will consist of one common share in the capital of the Corporation and one half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share of the Corporation until the date that is 24 months after the closing date at a price of C$1.40 per common share.

Mr. Ted S. Geiselman, President and CEO indicated that "although this financing is relatively small in terms of dilution to our shareholders, it is important to the Corporation as it provides MonoGen with added flexibility on the timing for raising additional equity capital by way of a Nasdaq offering in the event that the market conditions are not appropriate at that time".

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".

The common shares and warrants comprising the Units have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S." Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Forward-Looking Statements

This press release is not for distribution in the United States.

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 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.

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