VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2012) - Med BioGene Inc. (MBI.V) today reported its financial results for the six months ended June 30, 2012 (all amounts are in United States dollars).
Second Quarter 2012 Financial Results
MBI incurred a loss of $223,418 ($0.00 per share) for the six months ended June 30, 2012 compared to having net income of $215,034 ($0.00 per share) for the six months ended June 30. 2011. Comparing the second quarter of 2012 to the second quarter of 2011, MBI incurred a loss of $102,121 ($0.00 per share) and net income of $374,199 ($0.00 per share), respectively. MBI did not generate any revenue during the six months ended June 30, 2012, but generated licensing revenue of $593,714 during the six months ended June 30, 2011.
Research and Development
Research and development expenses were $nil for the six months ended June 30, 2012 compared to $108,649 for the six months ended June 30, 2011. Comparing the second quarter of 2012 with the corresponding quarter of 2011, research and development expenses decreased to $nil from $66,229. Under the terms of MBI's partnership with Precision Therapeutics, Precision is responsible for all future costs associated with the development and commercialization of LungExpress Dx.
General and Administrative
General and administrative expenses were $223,595 for the six months ended June 30, 2012 compared to $259,184 for the six months ended June 30, 2011, representing a decrease of 14%. Comparing the second quarter of 2012 with the corresponding quarter from 2011, general and administrative expenses decreased by 33% to $102,289 from $152,185.
Consistent with MBI's cost saving initiatives, general and administrative expenses exclusive of non-cash share-based expenses associated with the prior issuance of stock options and foreign exchange were $140,228 for the six months ended June 30, 2012 and $70,567 for the three months ended June 30, 2012.
Liquidity and Capital Resources
At June 30, 2012, MBI had cash and equivalents totalling $515,912 and working capital of $419,626 compared to cash and equivalents of $685,170 and a working capital of $556,446 at December 31, 2011.
Cash used in operating activities was $169,939 for the six months ended June 30, 2012 compared to cash used in operating activities of $13,275 for the six months ended June 30, 2011.
Cash provided by investing activities was $nil for the six months ended June 30, 2012 compared to $64,561 for the six months June 30, 2011. The cash provided by investing activities consisted of proceeds from the disposal of capital assets.
Cash provided by financing activities was $nil for the six months ended June 30, 2012 compared to $212,930 for the six months ended June 30, 2011. The cash provided by financing activities consisted of proceeds on issuance of shares.
About Med BioGene
MBI is a life science company focused on the development and commercialization of genomic-based personalized clinical laboratory diagnostic tests. MBI is committed to advancing personalized medicine by commercializing tests that provide clinically relevant information to improve patient treatment and reduce health care costs. MBI and Precision Therapeutics have partnered to commercialize MBI's flagship test, LungExpress Dx. For more information on MBI, please visit www.medbiogene.com. For more information on Precision Therapeutics, please visit www.precisiontherapeutics.com.
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