Med BioGene Q1 Loss Narrows

5/30/2012 1:36 PM ET

Med BioGene Inc. (MBI.V: Quote) Wednesday reported a first quarter loss of $121 thousand, narrower than $197 thousand in the same quarter last year. On a per share basis, earnings were breakeven, flat with last year.

MBI did not incur any research and development expenses throughout the quarter, as its partner Precision Therapeutics, Inc., was responsible for all future costs associated with the development and commercialization of MBI's flagship test, LungExpress Dx, as announced in an agreement. In the prior year, Med BioGene has recorded R&D expenses of $42 thousand.

General and administrative expenses for the quarter increased 13 percent to $121 thousand from $107 thousand last year.

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by RTT Staff Writer

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