Microbix Announces Year-End Results, Continuing Progress in Major Product Development

About this update from Microbix Biosystems Inc.

[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 21 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) today\nannounced results for the fiscal year ended September 30, 2007.\n\n\n"Consistent with our long-term strategic plan, we continued to make\nsignificant investments in our three major products, and I'm pleased to report\nthat progress was achieved on all fronts," said William J. Gastle, CEO of\nMicrobix. "Any one of these projects, if successfully commercialized, would\nprovide shareholders with a substantial return on their investment as each has\nthe potential for annual sales in the hundreds of millions of dollars."\n\n\nMicrobix' strategy over the past five years has been to use cash from its\ncore virology business to help fund the development of this product pipeline.\nAs well, the Company focuses on new products that allow it to leverage its\nexisting skills and expertise, facilities, and technology platforms. As Mr.\nGastle states, "The next key hurdle for Microbix is to fund Urokinase, and\nonce that milestone has been achieved, the company can return to profitability\nimmediately."\n\n\nHighlights for fiscal 2007 included:\n\n\nCore Business\n\n\nRecord sales were achieved for the core virology business, with\nyear-over-year growth of 14 per cent. Solid base business performance is\nexpected to continue, with 20 per cent growth anticipated in fiscal 2008.\n\n\nMicrobix is now planning to expand the manufacturing facility in order to\naccommodate increased demand for virology products, water-based products and\nviral vaccine contract manufacturing.\n\n\nVIRUSMAX(TM)\n\n\nThe Company recently signed two Letters Of Intent with companies outside\nNorth America which are interested in licensing its influenza vaccine yield\nenhancement technology on a non-exclusive basis. The first definitive\nagreement is now being negotiated, and Microbix anticipates agreements will be\nestablished early in 2008.\n\n\nVIRUSMAX(TM) has now been granted patents in the U.S., Canada, India and\nAustralia, and patents are pending in a number of other countries. During the\nyear, the international, peer-reviewed scientific journal Vaccine reported on\nVIRUSMAX(TM), and the technology also attracted a great deal of interest at a\nconference in Toronto attended by delegates from all over the world.\n\n\nSemen Sexing Technology(TM) (SST(TM))\n\n\nT...

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