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TORONTO, Nov. 13 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) is pleased to announce that it has completed a brokered private placement financing totaling $6.825 million, resulting in the issue of 6.5 million units at a price of $1.05 per unit. Each unit comprises one common share of Microbix and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of Microbix until November 13, 2012, at $1.26 per share. The financing was led by Dundee Securities Corporation and included J.F. Mackie & Company Ltd.
"For the first time, Microbix has attracted strong institutional sponsorship," said William J. Gastle, Chief Executive Officer of Microbix. "This reflects the strength of our Company's core business - as well as the market opportunities inherent in our Semen Sexing Technology (SST), Urokinase and VIRUSMAX(TM) technology."
The majority of Microbix' product pipeline advancements have been funded from internal cash flow. Given Microbix' significant near term opportunities, the management team and Board are confident that a targeted, institutionally-led financing is prudent at this juncture in the Company's development.
Microbix intends to use the proceeds for the expansion of the core manufacturing operations that also include the SST research centre. "With this financing secured, we can now continue to grow our core business and bring our late-stage product development portfolio through to commercialization," Mr. Gastle noted.
"I am pleased to have assisted Microbix secure its new institutional shareholder base with this financing. Significant value building opportunities are within reach, and this financing will help Microbix achieve its commercial milestones for SST and VIRUSMAX(TM)," said Dr. Andre Uddin of BioStrategy Management Inc.
Microbix specializes in developing proprietary biological technologies and commercializing them through global partners. The Company's major pipeline products include: its VIRUSMAX(TM) technology which can help address the current global shortfall of influenza vaccine by enabling manufacturers to double the amount of flu vaccine they produce each year; Urokinase, a thrombolytic biologic that can be used as a catheter clearing drug and has potential in a new cancer drug combination; and SST which can ensure the sex of livestock offspring resulting from artificial insemination.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offering, solicitation or sale would be unlawful.
This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements including the risks associated with failure to develop and commercialize Urokinase on a timely basis, non-adoption, resistance to business model for commercialization and implementation; risk associated with operation and maintenance of facilities; risks associated with commercializing technology; and risks associated with margins due to appreciation of the Canadian dollar, among others. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.
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