Business
Microbix Biosystems Provides a Corporate Update
Microbix Biosystems Provides a Corporate Update
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\nOct. 29, 2009 (Canada NewsWire Group) -- TORONTO, Oct. 29 /CNW/ -- Microbix Biosystems Inc. (MBX:TSX) a virology and biological technology company with a near-term pipeline of proprietary products, today provided an update on its corporate activities.For the fiscal year ended September 30, 2009, Microbix reported revenues of $6 million, a 23 percent increase over the previous year (unaudited), in its core business of providing biological products to the diagnostic and research industries. Continued growth in the core business will result in the Company becoming cash-flow positive in the very near future, reducing the need for other financings that dilute shareholder value.William J Gastle, Microbix chairman and CEO, said, \"In 2010, Microbix will be poised to take the largest step forward in its 20-year history. This growth will be fuelled by our announcement this week that the company has completed the initial financing for our joint venture with Hunan to build the world's third largest influenza vaccine facility; the approval of KINLYTIC in Canada and other markets, and partnership agreements for our semen sexing technology (SST) for livestock management. We have strong opportunities for growth in new areas with a growing and profitable base business serving the medical diagnostic industry.\"Microbix continues to invest wisely in its core business such as its new Watline production facility which has improved efficiency, capacity, and capability and promises to lead it to profitability during 2010. In addition, management has made strong process improvements, launched a new virology production line, and plans to offer more products and container sizes to grow its water-for-injection business.With a strong and profitable base, Microbix' greatest opportunities to grow the Company and increase shareholder value are found in its pipeline programs with three near-term opportunities each of which could generate annual revenues of $50M to $100M.- VIRUSMAX(TM), a proprietary influenza vaccine production enhancementtechnology.- KINLYTIC(TM) (urokinase), a thrombolytic agent indicated for thetreatment of acute massive pulmonary embolism.- SST(TM), (Semen Sexing Technology), a technology that will allowlivestock producers to pre-select the sex of offspring beforeconception.Pandemic and Seasonal Influenza Manufacturing: VIRUSMAX--...