MBI Med Biogene Inc

Med BioGene Inc. (TSX VENTURE:MBI) today reported its financial results for the
three months ended March 31, 2014 (all amounts are in United States dollars).


First Quarter 2014 Financial Results 

During the three months ended March 31, 2014, MBI recorded a net loss of $72,821
(2013 - $78,414), which consists of general and administrative expenses. 


General and Administrative Expenses 

General and administrative expenses consist of personnel costs, consulting and
directors' fees, professional fees, public company costs and communications,
facilities and office operations expenses. 


General and administrative expenses were $72,821 for the three months ended
March 31, 2014 compared to $78,414 for the three months ended March 31, 2013.
The general and administrative expenses for the three months ended March 31,
2014 are comparable to the three months ended March 31, 2013 because during the
past two years MBI has been focused on managing the license and rights to
GeneFx(R) Lung granted to Precision Therapeutics, Inc. 


Liquidity and Capital Resources 

At March 31, 2014, MBI had cash and equivalents totalling $129,409 and working
capital of $40,842 compared to cash and equivalents of $181,507 and a working
capital of $112,624 at December 31, 2013. 


Cash used in operating activities was $52,098 for the three months ended March
31, 2014 compared to $63,601 for the three months ended March 31, 2013.  


Under MBI and Precision's commercialization agreement, MBI is eligible to
receive from Precision up to $1.0 million in the following milestone payments,
all of which are credited against future royalties that may be owed to MBI by
Precision: following the commercial launch of GeneFx Lung, amounts totaling
$500,000 and, following the achievement of $5 million in net revenues from
GeneFx Lung, amounts totaling $500,000. 


As a result of MBI's current cash position, management has decreased their
compensation to provide an extended runway to the anticipated commercialization
of GeneFx Lung and receipt from Precision of the $500,000 milestone payment
noted above. 


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. MBI's
common shares are listed for trading on the TSX Venture Exchange. For more
information, 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 high risk
benefited from adjuvant chemotherapy, and those classified as low risk did not
benefit and may have experienced a detrimental effect from adjuvant
chemotherapy. In the same study, GeneFx Lung was validated in predicting patient
mortality in four independent studies involving data from tumor specimens
totaling 375 untreated early-stage NSCLC patients. As published in the Journal
of Thoracic Oncology, GeneFx Lung was also independently validated in a
prospective and blinded manner in predicting patient mortality in a study of 181
specimens from untreated 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, Precision and MBI 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 Therapeutics, 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(R), BioSpeciFx(R) and GeneFx(R) Colon.  


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.


Certain information in this press release contains forward-looking information
and statements ("forward-looking information") of MBI under applicable Canadian
and United States legislation. Words such as "anticipates," "believes,"
"estimates," "expects," "intends," "may," "plans," "projects," "will," "would"
and similar expressions are intended to identify forward-looking information,
although not all forward-looking information contains these identifying words.
Forward looking information includes, but is 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. This
forward-looking information is only a prediction based upon MBI's current
expectations, and actual events or results may differ materially. MBI may not
actually achieve the plans, intentions or expectations disclosed in its
forward-looking information. Forward-looking information is subject to known and
unknown risks and uncertainties and is based upon uncertain assumptions that
could cause MBI'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 this forward-looking information, which speak
only as of the date of this press release. MBI's forward-looking information
does not reflect the potential impact of any future partnerships,
collaborations, acquisitions, mergers, dispositions, joint ventures or
investments that MBI may make. All forward-looking information herein is
qualified in its entirety by this cautionary statement and MBI undertakes no
obligation to revise or update any such forward-looking information 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 and expectations 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 may constitute
forward-looking information. A redacted copy of the commercialization agreement
between MBI and Precision may be found at www.sedar.com. Each trademark, trade
name or service mark of any entity appearing in this press release belongs to
its holder.


FOR FURTHER INFORMATION PLEASE CONTACT: 
For corporate information, please contact:
Erinn B. Broshko
Executive Chairman
(800) 641-3593
ebroshko@medbiogene.com
www.medbiogene.com

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