Med BioGene Reports Financial Results for Q2 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2014) - Med BioGene Inc. (TSX VENTURE:MBI) today reported its financial results for the six months ended June 30, 2014 (all amounts are in United States dollars).

Second Quarter 2014 Financial Results

Including certain expenses accrued but not incurred, as further described below, during the six months ended June 30, 2014, MBI recorded a loss of $129,881 (2013 - $217,585) and during the three months ended June 30, 2014, MBI recorded a loss of $57,060 (2013 - $139,171), which consists of general and administrative expenses.

General and Administrative Expenses

General and administrative expenses consist of personnel costs, consulting fees, public company costs, directors' fees, communications, facilities and office operations expenses, and professional fees.

Actual general and administrative expenses, excluding accruals for management and director compensation that has been voluntarily deferred, were $82,328 for the six months ended June 30, 2014 compared to $217,585 for the six months ended June 30, 2013. The increase from the previous period is primarily attributable to an increase in legal fees (included in professional fees) of $63,675 relating to the previously announced petition filed in the British Columbia Supreme Court on June 4, 2013 by certain dissident shareholders of MBI against the company. On August 30, 2013, the petition was discontinued by the petitioners. General and administrative expenses, including accruals for management and director compensation that has been voluntarily deferred, were $129,881 for the six months ended June 30, 2014.

Actual general and administrative expenses, excluding accruals for management and director compensation that has been voluntarily deferred, were $9,507 for the three months ended June 30, 2014 compared to $139,171 for the three months ended June 30, 2013. The increase from the previous period is primarily attributable to an increase in legal fees (included in professional fees) of $63,675 relating to the above-mentioned petition. General and administrative expenses, including accruals for management and director compensation that has been voluntarily deferred, were $57,060 for the three months ended June 30, 2014.