VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 17, 2015) - Med BioGene Inc. ("MBI" or the "Company") (TSX VENTURE:MBI) wishes to announce that the TSX Venture Exchange (the "Exchange") has accepted the Company's shares for debt transaction originally announced on January 13th, 2015. An aggregate of 2,652,520 common shares ("Shares") have now been issued by the Company in settlement of the existing debt of $132,626. As previously announced, the debt was payable to Dr. Iain Weir-Jones, the Chief Executive Officer of the Company, as reimbursement for legal fees incurred in relation to the recent proxy battle which culminated at the Annual and Special General Meeting Held on September 5th, 2014. The Company decided to satisfy this outstanding indebtedness with the Shares in order to preserve its cash for the normal operating expenses. The Company anticipates receiving milestone payments in accordance with the terms of the licensing agreement signed in 2011 with Precision Therapeutics Inc. related to various phases of the commercialization of GeneFX Lung™. However, the directors of the Company have decided that it is in the best interests of the Company to continue to retain funds within its treasury to allow for MBI's normal operations until the latter part of 2016, and also for other activities intended to enhance shareholder value.
The willingness of the current management to invest in the long term success of the Company by expanding their equity positions, instead of draining funds from the treasury, is a positive sign as the Company transitions from a development entity to a commercially viable organization.
About Med BioGene Inc.
MBI is a life science company based in Vancouver, British Columbia that is currently focused on managing the license and rights to GeneFX Lung™, a prognostic genomic based test procedure. MBI's common shares are listed for trading on the Exchange. For more information, please visit www.medbiogene.com.
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable Canadian and United States legislation. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.