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Microbix Announces Fiscal 2006 Results: Year Highlighted By Sales Growth, Product And Infrastructure Investment, And Independent Confirmation Of Its Flu Vaccine Technology
Microbix Announces Fiscal 2006 Results: Year Highlighted By Sales Growth, Product And Infrastructure Investment, And Independent Confirmation Of Its Flu Vaccine Technology.
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 15 /CNW/ - Microbix Biosystems Inc. (MBX:TSX) today\nannounced financial results for the year ended September 30, 2006.\n\n\nMicrobix announced previously that 2006 would be a transition year as\nmanagement continues to seek partnering opportunities for the Urokinase and\nVaccine technologies. Significant investment was made in the Company's\npipeline development and manufacturing capacity in anticipation of utilization\nof these core assets.\n\n\nThe Company also continues to expand development of the Semen Sexing\nTechnology, has acquired the Urokinase manufacturing facility from Merck KgaA,\nand laid additional groundwork for building value in the Vaccine Technology.\nNet loss for fiscal 2006 was $2,092,022 or $0.06 per share, compared to\n$125,526 or $0.00 per share in fiscal 2005.\n\n\nThe Microbix Virology business enjoyed a record performance in sales\ngrowth with a 40% increase compared to the same period a year earlier. Total\nrevenues, however, declined 17% on the year due to a decrease in development\ncontract revenue and the absence of one-time license fees for technology\nlicenses. The Company raised approximately $1.0 million and funds were\ndirected largely towards investment in the key projects in the company.\n\n\nThe year and quarter results were as follows:\n\n Quarter Ended Sept. 30 Year Ended Sept. 30\n 2006 2005 2006 2005\n-------------------------------------------------------------------------\nRevenue $ 675,406 $ 964,326 $ 3,644,142 $ 4,376,579\n-------------------------------------------------------------------------\nNet Profit (loss) $ (700,274) $ (118,193) $(2,092,022) $ 125,566\n-------------------------------------------------------------------------\nNet Profit (loss)\n Per Share $ (0.02) $ (0.00) $ (0.06) $ 0.00\n-------------------------------------------------------------------------\nCash flow $ (664,453) $ (16,961) $ (853,288) $ (17,636)\n\n\nSperm Sexing Technology\n\n\nIn 2005, the Company acquired the worldwide rights to a new\nbiologicals-based technology for sexing semen (SST) targeting the domestic\nanimal food production industry. With an existing artificial insemination\nindustry network serving in excess of US$3 billion market, this opportunity is\nseen as a potential blockbuster-sized product.\n\n\nIn anticipation of the need for field trials and technical tran...