UPDATE 1-Canada’s Med BioGene explores sale, shares sink

* Says exploring strategic alternatives

* Closing of US IPO uncertain

* Shares down 30 pct

Nov 2 (BestGrowthStock) – Med BioGene Inc (MBI.V: ) on Tuesday said
it was looking at strategic alternatives including a possible
sale or liquidation, after failing to push through its initial
public offering in the United States, sending its shares down
30 percent.

The diagnostic test maker said it had enough cash on hand
to continue current operations for about 60 to 90 days.

It also said four of its directors had quit.

The company, which filed for an IPO of up to $24.3 million
with U.S Securities and Exchange Commission in December 2009,
cited “unfavourable and deteriorating” market conditions for
not being able to complete it.

The Vancouver, British Columbia-based company’s shares were
trading down 30 percent at $0.035 in mid-day trade on the
Toronto Venture Exchange. They have fallen 73 percent since
June, when it filed an amendment to its IPO filing with U.S.
regulators.
(Reporting by Suzannah Benjamin in Bangalore; Editing by Don
Sebastian)

UPDATE 1-Canada’s Med BioGene explores sale, shares sink