Med BioGene closes $Cdn1.6mm private placement

Molecular diagnostics company Med BioGene grossed $Cdn1.6mm ($1.4mm) through a two-tranche sale of 20mm units for $Cdn0.08 apiece (a 17% premium) to an investor group led by Berkeley Capital (which purchased almost half of the placement). Each unit consists of one common share and one-half one common share purchase warrant, with each whole warrant allowing the holder to buy a share for $Cdn0.10 over the next two years. Med BioGene will use the proceeds for development and sale of its LungExpress Dx gene-expression based test for early-stage non-small cell lung cancer.