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Med Biogene Inc. reports financial results for fiscal year 2005
Med Biogene Inc. reports financial results for fiscal year 2005.
About this update from Many Bright Ideas Technologies Inc
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, May 18 /CNW/ - Med Biogene Inc. (TSX-V - MBI) (\"MBI\") today\nreported its financial results for the year ending December 31, 2005.\n\n2005 Financial Results\n\nFor the year ended December 31, 2005 the Company reported a net loss of\n$893,416 ($0.10 per share) compared to a net loss of $429,918 ($0.05 per\nshare) for the year ended December 31, 2004.\n\nRevenue\n\nMBI had revenues of $33,742 for the year ended December 31, 2005 compared\nto $18,000 for the year ended December 31, 2004. The increase in revenues was\nprimarily due to an increase in the delivery of microarray services to\ncustomers. This source of revenue is ancillary to MBI's core business\noperations, being the advanced research and development of gene expression\ntechnology, and may not be generated in the future.\n\nResearch and Development\n\nFor the year ended December 31, 2005 research and development expenses\nwere $401,176 compared to $222,634 for the year ended December 31, 2004. The\nincrease was due primarily to increases in personnel and laboratory supplies\nexpenses and was partially offset by a decrease in consulting fees and\nincreases in government grants received and investment tax credits recorded.\nOverall, the increase in research and development expenditures resulted\nprimarily from greater research and development activity related to the\ndevelopment of MBI's Hematological Cancer Profiling System.\n\nGeneral and Administrative\n\nFor the year ended December 31, 2005, general and administrative expenses\nwere $182,288 compared to $206,029 for the year ended December 31, 2004. The\ndecrease was primarily due to a decrease in professional fees which were\nprimarily recorded as transaction costs in 2005.\n\nTransaction costs\n\nFor the year ended December 31, 2005, transaction costs consist of\nprofessional and filing fees incurred to complete the amalgamation with \nDragon-Tex and were $281,798. There were no such costs in 2004.\n\nLiquidity and Capital Resources\n\nEffective April 28, 2006, MBI completed a private placement for gross\nproceeds of approximately $2 million. Such proceeds is expected to satisfy\nMBI's operating expenses and capital requirements required to meet MBI's\nbusiness objectives for at least twelve months. However, additional capital\nwill be required to complete the development of MBI's product cand...