Med BioGene Announces Date of Annual and Special Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2011) - Med BioGene Inc. (TSX VENTURE:MBI) today announced the date of its upcoming annual and special meeting of shareholders.

Annual and Special Meeting

The meeting will be held on Tuesday, April 12, 2011 at 10:00 a.m. (Pacific Time) at the Terminal City Club, 837 West Hastings Street, Vancouver, British Columbia.

At the meeting, shareholders will be asked to, among other things, approve the Commercialization, License and Research Reimbursement Agreement with Precision Therapeutics, Inc., as previously announced on March 1, 2011. The agreement is subject to, among other things, the approval of MBI's shareholders and, upon the closing of all transactions contemplated in the agreement, MBI will grant to Precision exclusive worldwide rights to develop and commercialize LungExpress Dx.

The notice of meeting, information circular and form of proxy in respect of the meeting are being mailed to shareholders and will be available on SEDAR at www.sedar.com.

About Med BioGene

MBI is a life science company focused on the development and commercialization of genomic-based personalized clinical laboratory diagnostic tests. MBI is committed to advancing personalized medicine by commercializing tests that provide clinically relevant information to improve patient treatment and reduce health care costs. For more information, please visit www.medbiogene.com.

Certain statements in this press release contain forward-looking statements and information ("forward-looking statements") under applicable United States and Canadian securities legislation. Words such as "anticipates", "believes", "estimates", "expects", "intends", "may", "plans", "projects", "will", "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements include, but are not limited to, that with respect to the timing, completion and/or results of clinical trials or studies, future profits, future product revenues, future shareholder value, future operations and plans, the completion and use of proceeds from transactions or financings and the prospects for negotiating partnerships or collaborations and their timing. These forward-looking statements are only a prediction based upon the party's current expectations, and actual events or results may differ materially. A party may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on uncertain assumptions that could cause a party's actual results and the timing of events to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. A party's forward-looking statements do not reflect the potential impact of any future partnerships, collaborations, acquisitions, mergers, dispositions, joint ventures or investments that that party may make. All forward-looking statements are qualified in their entirety by this cautionary statement and a party undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date of this press release, other than as required by applicable law.

The closing of the agreement with Precision is subject to certain conditions and includes approval of the transaction by the MBI shareholders at the special meeting announced today, receipt of certain assurances from the University Health Network and MBI settling its outstanding debt with creditors. Such conditions may not be satisfied and the agreement may not close.

LungExpress Dx is MBI's trademark. Each trademark, trade name or service mark of any other entity appearing in this news release belongs to its holder.