VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 5, 2013) - Med BioGene Inc. (TSX VENTURE:MBI) today announced that on June 4, 2013 certain shareholders of MBI served the company with a petition (the "Petition") filed in the British Columbia Supreme Court. MBI believes that the claims made in the Petition are entirely without merit and intends to oppose the Petition.
The Petition was filed by Iain Weir-Jones, Elizabeth Anne Weir-Jones, Graeme May and Tracy May and makes claims against MBI relating to, among other things: the adoption of the Advance Notice Policy by the board of directors of MBI in advance of the annual and special meeting of MBI shareholders held on May 17, 2013 (the "Meeting"); MBI's subsequent rejection, for failure to comply with the requirements of the Advance Notice Policy, of a notice of intention submitted to MBI by Mr. Weir-Jones to nominate himself and another person at the Meeting for election as directors of MBI; and decisions made at the Meeting by the chairman.
The dissident shareholders are seeking from the Court, among other things, an order convening a new annual general meeting of MBI and allowing the dissident shareholders to nominate persons for election as directors of the company.
The board of directors of MBI adopted the Advance Notice Policy as a matter of good corporate governance to provide shareholders, directors and management of MBI with a clear framework for nominating directors of MBI at a shareholders' meeting. The two leading proxy advisory firms, Institutional Shareholder Services Inc. and Glass, Lewis & Co., support the adoption of advance notice policies.
About Med BioGene
MBI is a life science company based in Vancouver, British Columbia that is currently focused on managing the license and rights to GeneFx® Lung. MBI's common shares are listed for trading on the TSX Venture Exchange.
For more information on MBI, please visit www.medbiogene.com.
About GeneFx® Lung
GeneFx Lung is a proprietary gene expression-based test to improve upon staging for identifying those patients with early-stage non-small-cell lung cancer (NSCLC) who, following surgical removal of their tumor, are at higher and lower risks of mortality. In an initial study of patient specimens from the National Cancer Institute of Canada Clinical Trials Group JBR.10 trial, published in the Journal of Clinical Oncology, patients classified by GeneFx Lung as higher risk benefited from adjuvant chemotherapy, and those classified as lower risk did not benefit and may have experienced a detrimental effect from adjuvant chemotherapy. GeneFx Lung was subsequently validated in predicting patient mortality in four independent studies involving data from tumor specimens totaling 676 untreated early-stage NSCLC patients. GeneFx Lung is expected to provide better-informed and personalized treatment decisions to assist in the selection of patients for adjuvant chemotherapy.
On April 15, 2011, MBI and Precision Therapeutics, Inc. closed their commercialization, license and research reimbursement agreement. The agreement provides to Precision exclusive global rights to develop and commercialize GeneFx Lung.
About Precision Therapeutics
Precision, a leading life science company based in Pittsburgh, Pennsylvania, is dedicated to improving the outcomes of cancer patients by providing personalized medicine solutions that aim to increase quality of life and cancer survival rates. Precision offers a portfolio of products developed to help guide physicians and patients with difficult clinical decisions throughout the continuum of cancer care.
Precision currently markets a number of tests through its CLIA-certified laboratory, including ChemoFx®, BioSpeciFx®, GeneFx® Colon and miRview®mets2.
For more information on Precision, please visit www.precisiontherapeutics.com.
Certain statements in this press release contain forward-looking statements and information ("forward-looking statements") under applicable United States and Canadian securities legislation. Words such as "anticipates", "believes", "estimates", "expects", "intends", "may", "plans", "projects", "will", "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, that with respect to the timing, completion and/or results of clinical trials or studies, the timing for commercialization of any products, future profits, future product revenues, future shareholder value, future operations and plans, the completion and use of proceeds from transactions or financings and the prospects for negotiating partnerships or collaborations and their timing. These forward-looking statements are only a prediction based upon the party's current expectations, and actual events or results may differ materially. A party may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on uncertain assumptions that could cause a party's actual results and the timing of events to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. A party's forward-looking statements do not reflect the potential impact of any future partnerships, collaborations, acquisitions, mergers, dispositions, joint ventures or investments that that party may make. All forward-looking statements are qualified in their entirety by this cautionary statement and a party undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date of this press release, other than as required by applicable law. Certain information included in this press release in respect of Precision and its scientific, clinical and/ or commercialization efforts have been provided to MBI by Precision. MBI may not have been able to confirm the accuracy of such information and you should not place undue reliance on any such information, including any information regarding Precision that would constitute forward-looking information. A redacted copy of the commercialization agreement, as amended, between Precision and MBI may be found at www.sedar.com. Each trademark, trade name or service mark of any entity appearing in this news release belongs to its holder.