Canadian IPO: Med BioGene Inc. (MBGI)

By Douglas A. McIntyre Updated Mar 30, 11:03AM EDT · Published Dec 29, 9:57AM EST

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Med BioGene Inc. has filed for an initial public offering in the United States. Technically this may not be a formal IPO because it trades in Canada where the company is based. We do not have the exact terms, but the company listed that it would sell a total of up to $24.25 million in securities, broken down as common shares worth as much as $23,000,000 and the rest in warrants. The common shares are currently listed in Canada on the TSX Venture Exchange under the symbol “MBI.” Rodman & Renshaw, LLC is the sole underwriter listed in the prospectus.

On December 24, 2009, the closing price of common shares on the TSX Venture Exchange was C$6.00 per share, or US$5.66 per share and after giving effect to an assumed 1-for-50 reverse stock split of its outstanding common shares that it expects to effect prior to or upon the date of this prospectus. The new shares will trade on the NASDAQ Capital Market under the stock ticker “MBGI” and it plans to move its listing from the TSX Venture Exchange to the Toronto Stock Exchange under the symbol “MBI”.

Med BioGene is a life science company focused on the development and commercialization of genomic-based clinical laboratory diagnostic tests for cancer. It is seeking to develop and commercialize genomic-based tests that characterize tumors on a molecular level to provide personalized and clinically relevant information to improve patient treatment and reduce health care costs. Its initial focus is on lung cancer and it expects to launch its first test, LungExpress Dx, in the United States in 2010.

JON C. OGG
DECEMBER 29, 2009

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.