Business
Financing Announced For Ongoing Development Of Large Market Pipeline
Financing Announced For Ongoing Development Of Large Market Pipeline.
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Oct. 17 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) announced\ntoday it has agreed to a Cdn $500,000 financing agreement that will be used to\ncommercialize Urokinase, advance the Company's Vaccine Technology and expand\ndevelopment of its Sperm Sexing Technology.\nThe financing is in the form of a 9% convertible debenture in an arms\nlength transaction with an existing shareholder. The principal amount of the\ndebenture is convertible into common shares at $0.90 per share for a period of\n10 years. The Company has an existing debenture with the same terms.\nThe transaction is subject to TSX acceptance or approval.\n\"We have made progress on all three major product initiatives and this\nfunding provides us with the working capital needed to reach our next\nmilestones,\" said President and CEO William J. Gastle. \"In our 2006 fiscal\nyear we expanded development of the Sperm Sexing Technology, obtained third\nparty validation of our Vaccine Technology and acquired the manufacturing\nplant that will lead to increased core business revenues and a $70 million\ncapacity to supply Urokinase.\"\n\"Shareholders can expect milestones on all three products in the coming\nyear,\" said Mr. Gastle.\n\nAbout Microbix\n\nMicrobix specializes in developing proprietary biological technologies\nand commercializing them through global partners. The Company has intellectual\nproperty in large market biotherapeutic drugs, vaccine technologies and animal\nreproduction technologies. Established in 1988, Microbix is headquartered in\nToronto.\n\nThis press release contains forward-looking statements, which are subject\nto risks and uncertainties that could cause actual results to differ\nmaterially from those set forth in the forward-looking statements including\nthe risks associated with failure to develop and commercialize, non-adoption,\nresistance to business model for commercialization and implementation; risk\nassociated with operation and maintenance of facilities; risks associated with\ncommercializing technology; and risks associated with margins due to\nappreciation of the Canadian dollar, among others. These forward-looking\nstatements represent the Company's judgment as of the date of this press\nrelease. The Company disclaims any intent or obligation to update these\nforward-looking statements.\n\n%SEDAR: 00004220E\n\n\n...