ARTICLE | Company News

Med BioGene diagnostic, pharmacogenetics news

November 15, 2010 8:00 AM UTC

Med BioGene reduced headcount and began evaluating strategic alternatives, including a sale of company assets, partnering or other collaborations, or a merger, sale or orderly wind-down of the company. Med BioGene is hoping to raise money through an IPO in the U.S. but is having difficulty due to "unfavorable and deteriorating market conditions." Med BioGene's board also formed a special committee comprised of Chairman Heiner Dreismann and Director Dennis Grimaud to review any proposed transactions. Med BioGene is developing LungExpress Dx, a 15-gene expression-based assay that classifies cancer patients into high- and low-risk prognostic groups based on the molecular profile of a patient's tumor. ...