Business
Med BioGene Inc. completes acquisition of Dragon-Tex (Group) Limited and $2 million financing
Med BioGene Inc. completes acquisition of Dragon-Tex (Group) Limited and $2 million financing.
About this update from Many Bright Ideas Technologies Inc
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, May 5 /CNW/ - Med BioGene Inc. (\"MBI\") (TSX Venture: MBI) is\npleased to announce that on Friday, April 28, 2006, MBI completed its\nacquisition of Dragon-Tex (Group) Limited (\"DTX\") (TSX Venture: DTX). As part\nof the acquisition, the shareholders of DTX exchanged their common shares for\ncommon shares of MBI on the basis of two common shares of DTX for one common\nshare of MBI.\nFurthermore, concurrently with the closing of the acquisition, MBI\ncompleted a brokered private placement for gross proceeds of approximately \n$2 million. MBI is pleased to report that the private placement was\noversubscribed by 38%. Blackmont Capital Inc. was the agent for the private\nplacement.\nAs a result of the acquisition, MBI was listed on, and DT was de-listed\nfrom, the TSX Venture Exchange. The common shares of MBI will begin trading on\nthe TSX Venture Exchange on Friday, May 5, 2006.\n\nAbout Med BioGene\n\nMBI is a biotechnology company with advanced research expertise in gene\nexpression technology. MBI's mission is to become a market leader in the\nsupply of content for molecular-based diagnostic micro arrays. MBI intends to\nfulfill this mission by developing and marketing genetic content for molecular-\nbased human diagnostic tests. Molecular diagnostics, based on genetic\nexpression, is a developing technology field that has the potential to replace\ncertain of today's standard diagnostic tests. MBI intends to utilize its\nexpertise in gene expression, bioinformatics and micro arrays to develop the\ndiagnostic tests' genetic content. From the tens of thousands of genes in the\nhuman genome, MBI is attempting to identify those genes, known as \"bio\nmarkers,\" which mark the presence of various disease conditions.\nMBI's initial focus will be developing diagnostic tests for certain types\nof cancer, specifically lymphoma and leukemia. In the future, MBI intends to\ndevelop diagnostic tests to identify the earliest stages of heart disease or\nthe presence of an infectious disease. These diagnostic test kits will be\ndesigned to provide additional information to physicians to allow them to\ncreate more suitable and more effective treatments for an improved patient\nprognosis.\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this release.\n\nCertain statements in this...