VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/25/13 -- Med BioGene Inc. (TSX VENTURE: MBI) today provided an update in regard to its ongoing litigation with Signal Genetics LLC and Respira Health LLC.
In February 2011, Signal and Respira filed a lawsuit against MBI and its commercial partner, Precision Therapeutics, Inc., in the Supreme Court of the State of New York asserting twelve causes of action against MBI. MBI continues to believe that the lawsuit is frivolous, vexatious and entirely without merit and is defending the lawsuit vigorously. MBI has received financial support from Precision to, among other things, conduct such defense (half of which is credited against future royalties that may be owed to MBI by Precision) and to cover any settlement or award of damages made against MBI, subject in all cases to certain threshold limits.
Discovery in the lawsuit has been completed and, on August 24, 2012, MBI filed with the Court a motion for partial summary judgment to dismiss Signal and Respira's claims for lost profits arising from alleged breaches of contract and the duty of good faith and fair dealing, and causes of action for negligent misrepresentation, unfair competition and unjust enrichment.
On February 20, 2013, the Court heard oral argument in connection with MBI's motion. In a Decision and Order of the same date, the Court granted MBI's motion and dismissed Signal and Respira's: (1) claims against MBI for lost profit damages arising from alleged breaches of contract and the duty of good faith and fair dealing; (2) cause of action against MBI for negligent misrepresentation; and (3) cause of action against MBI for unfair competition. No trial date has been set with respect to the remaining claims.
Erinn Broshko, MBI's Executive Chairman commented: "This decision is a significant setback for Signal and Respira. We have always believed that the lawsuit is entirely without merit and are confident that we will be successful in having the remaining claims and causes of action dismissed."
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 LungExpress Dx. MBI and Precision Therapeutics have partnered for the global commercialization of LungExpress Dx. For more information about Precision Therapeutics, please visit www.precisiontherapeutics.com. Med BioGene's common shares are listed for trading on the TSX Venture Exchange. For more information about MBI, please visit www.medbiogene.com.
About LungExpress Dx
LungExpress Dx 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 LungExpress Dx 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. LungExpress Dx was subsequently validated in predicting patient mortality in four independent studies involving data from tumor specimens totaling 676 untreated early-stage NSCLC patients. LungExpress Dx is expected to provide better-informed and personalized treatment decisions to assist in the selection of patients for adjuvant chemotherapy.
Certain statements in this press release contain forward-looking statements and information ("forward-looking statements") under applicable United States and Canadian securities legislation. Words such as "anticipates", "believes", "estimates", "expects", "intends", "may", "plans", "projects", "will", "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements include, but are 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, the prospects for negotiating partnerships or collaborations and their timing and the expected outcomes of any litigation. These forward-looking statements are only a prediction based upon the party's current expectations, and actual events or results may differ materially. A party may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on uncertain assumptions that could cause a party'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 these forward-looking statements, which speak only as of the date of this press release. A party's forward-looking statements do not reflect the potential impact of any future partnerships, collaborations, acquisitions, mergers, dispositions, joint ventures or investments that that party may make. The outcome of litigation can be highly uncertain and you are cautioned not to place undue reliance on any forward looking statements made in respect thereof. All forward-looking statements are qualified in their entirety by this cautionary statement and a party undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date of this press release, other than as required by applicable law. Each trademark, trade name or service mark of any entity appearing in this news release belongs to its holder.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Med BioGene Inc.
Erinn B. Broshko
(888) 646-2531 (FAX)
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