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Med BioGene Announces March 8, 2011 Conference Call and Webcast to Discuss Partnership With Precision Therapeutics
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) - Med BioGene Inc. (TSX VENTURE:MBI) today announced that it will host an investor conference call and webcast at 4:30 pm EST (1:30 pm PST) on Tuesday, March 8, 2011 to discuss MBI's previously announced commercialization, license and research reimbursement agreement with Precision Therapeutics. The agreement provides Precision with exclusive global rights to develop and commercialize LungExpress D
TM).
Under terms of the agreement, Precision will pay to MBI within 120 days of closing license fees and research reimbursement of US$1.6 million. In addition, MBI is eligible to receive up to US$1.0 million in payments based on achievement of certain milestones associated with the development and commercialization of LungExpress D
TM). Also, MBI will receive royalty payments based on a market percentage rate of Precision's future revenues associated with the commercialization of LungExpress D
TM) or any other products incorporating MBI's technology. Precision will also cover certain expenses of MBI incurred in relation to the proposed transaction.
Precision will be responsible for all future costs associated with the development and commercialization of LungExpress D
TM) and the parties may undertake co-marketing arrangements involving LungExpress D
TM).
The closing of the agreement is subject to customary conditions and includes approval of the transaction by the MBI shareholders at a special meeting to be announced, receipt of certain assurances from the University Health Network and MBI settling its outstanding debt with creditors.
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