Business
Hunan Influenza Vaccine Joint Venture on Hold Pending Resolution of Contract Renegotiation
Jun. 27, 2011 (Canada NewsWire Group) -- Microbix suspends project activity and returns Pha...

About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n Jun. 27, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nMicrobix suspends project activity and returns Phase I funds to private\n investors.\n\n\nTORONTO, June 27, 2011 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), a\n biotechnology company commercializing novel technologies for influenza\n vaccine manufacturing and biological products announced today that it\n is renegotiating key terms of the original joint venture agreement with\n their Joint Venture partner Hunan Biopharmaceutical Co. Ltd. (a Hunan\n Province state-owned enterprise). The original agreement was signed in\n 2008 to build and operate Asia's largest influenza vaccine production\n facility.\n\n\nWilliam J. Gastle, Chief Executive Officer said, "In January we closed\n Phase I financing for Crucible,  a Microbix subsidiary, and began\n working diligently to implement the new legal structure for the Joint\n Venture Company, requiring both parties to sign certain amendments to\n the original agreement.  During this process Hunan raised some material\n issues they wanted to discuss and revise.  At the same time we have our\n own issues we wish to discuss and revise based on feedback from\n interested private equity investors.  We have involved different levels\n of government to facilitate these discussions, but at this time we are\n at an impasse with Hunan and anticipate these negotiations could take\n considerably more time to resolve.  Under these circumstances, we have\n deci...