Business
Microbix Announces Second Quarter Results and Provides Update on Product Development
Microbix Announces Second Quarter Results and Provides Update on Product Development.
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, May 15 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) today\nannounced its second quarter results for fiscal 2007 and provided an update on\nthe development of its large-market products.\n\n\n"We made significant progress during the quarter in moving all three of\nour proprietary biotechnology products closer to commercialization," said\nWilliam J. Gastle, Chairman and CEO.\n\n\n"Our continuing investment in this product pipeline is reflected in the\nfinancial results. The decision to investment spend ahead of future revenues\nis a deliberate strategy - one that we believe will create shareholder value\nas Microbix endeavours to become a major player in large-market biotherapeutic\ndrugs, vaccines, and reproductive technologies."\n\n\nHe noted that the Company's core virology business continues to provide\ncash flow for product pipeline development as well as the in-house expertise,\ntechnology and facilities necessary to help move products to market.\n\n\n"Microbix is a changed company from what it was only three years ago.\nToday, we are an innovative enterprise with potential blockbuster products, a\nsolid platform of business, and a state-of-the art manufacturing plant,"\nGastle reported.\n\n\nHighlights of the three months ended March 31, 2007, included:\n\n\nUrokinase\n\n\nMicrobix is making good progress in its discussions with potential\ninvestors, and financing is expected to be concluded this year. Interest has\nbeen propelled by the clinical proof of concept as Urokinase has been used in\npatients as a thrombolytic drug. The catheter clearance indication is seen as\nlow risk and will be a very successful business in its own right. The other\nindications of immediate interest have also shown proof of concept such as\noncology therapy where the drug has been shown to work effectively as a\ncombination cancer therapy in limited Phase I trials and compassionate use\ncases.\n\n\nFinancing should be concluded in 2007, assuming current discussions are\nsuccessful, followed by acceptance of an Investigative New Drug (IND)\napplication to begin the trials.\n\n\nManagement believes that Urokinase offers other attractive opportunities\nin the biotherapeutics marketplace which can be pursued using the same\nproduct, processes, and manufacturing facilities.\n\n\nMicrobix is now the only s...