VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 22, 2013) - Med BioGene Inc. (TSX VENTURE:MBI) today announced that MBI and its commercial partner, Precision Therapeutics, Inc., have entered into a settlement agreement with Signal Genetics LLC and Respira Health LLC for the dismissal all of Signal and Respira's remaining legal claims made against MBI and Precision in the Supreme Court of the State of New York.
Pursuant to the settlement agreement, within three days of the payment by Precision to Signal and Respira of a certain financial obligation to be made on or by January 6, 2014, Signal and Respira will dismiss and withdraw all of their remaining legal claims made against MBI and Precision.
The terms of the settlement are confidential. As part of MBI and Precision's commercialization agreement, Precision is solely responsible for all financial obligations under the settlement agreement.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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