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Med Biogene Inc. reports financial results for second quarter 2006
Med Biogene Inc. reports financial results for second quarter 2006.
About this update from Many Bright Ideas Technologies Inc
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Aug. 30 /CNW/ - Med BioGene Inc. (TSX Venture: MBI) today\nreported its financial results for the second quarter ending June 30, 2006.\n\nRecent Scientific and Business Highlights\n\n>\n\nErinn B. Broshko, Chief Executive Officer of MBI, stated \"Med BioGene has\nmade tremendous progress over the last quarter. In respect of clinical\naffairs, the most important development was our announcement of promising\npre-clinical results in respect of our Lymphoma Profiling System. We are very\npleased with these results and are enthusiastic about the prospects of our\nLymphoma Profiling System. We are also aggressively developing our Leukemia\nProfiling System and anticipate entering shortly into the development and\nvalidation phase for our Cardiovascular Disease Profiling System. In respect\nof corporate affairs, MBI completed its public listing and a $2 million\nprivate placement and continued to enhance the depth of its management and\nboard of directors.\"\n\nSecond Quarter 2006 Financial Results\n\nFor the three months ending June 30, 2006 MBI reported a net loss of\n$2,342,651 ($0.13 per share) compared to a net loss of $109,140 ($0.01 per\nshare) for the three months ended June 30, 2005. The increase was primarily\ndue to $2,093,288 of transaction costs associated with the acquisition of\nDragon-Tex (Group) Limited that closed on April 28, 2006. These transaction\ncosts consisted of: (a) $2,000,000 representing the fair value of the shares\nissued, and (b) $93,288 of assumed liabilities of Dragon-Tex, in both cases in\nconjunction with the acquisition of Dragon-Tex.\n\nResearch and Development\n\nResearch and development expenditures were $107,058 for the three months\nended June 30, 2006 compared to $58,751 for the three months ended June 30,\n2005 which was net of government assistance received and investment tax\ncredits. The increase was due primarily to stock-based compensation of $28,967\nand an increase in personnel costs partially offset by a decrease in\nlaboratory supplies. In addition, there were $40,646 of government grants and\nrefundable tax credits recorded in the three months ended June 30, 2005, which\noffset the related research and development costs incurred in that quarter.\n\nGeneral and Administrative\n\nGeneral and administrative expenses were $155,102 for the three months\nended June 3...