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Microbix completes financing for its new state-of-the-art drug manufacturing facility in Toronto
Microbix completes financing for its new state-of-the-art drug manufacturing facility in Toronto.
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Feb. 9 /CNW/ - Microbix Biosystems Inc. TSX:MBX) announced today\nit has completed a Cdn $1-million financing agreement that will be used to\noperate a state-of-the-art facility in Toronto for the production of\nurokinase.\nThe financing is in the form of a 9% convertible debenture, in a non-arms\nlength transaction with an existing shareholder. The principal amount of the\ndebenture is convertible into common shares at $ 0.90 per share for a period\nof 10 years. The existing debentures of December 2002 and March 2004 have been\nconformed to a new debenture at the 9% interest rate and expire at the same\ntime as the new debenture.\nAs previously announced, Microbix acquired all the assets and use of the\nGMP manufacturing plant from Genpharm Inc., an affiliate of Merck KgaA.\nMicrobix is and will be negotiating for rights to new patented uses of the\ndrug and plans to supply the product to companies with established franchises\nin target markets.\n\"This is an important step for the Company,\" said President and CEO\nWilliam J. Gastle. \"What this does is put Microbix in a dominant position to\nproduce and supply urokinase in the near term, and it also gives us the\nflexibility to enter into licensing agreements with partners that have\nspecialized franchises in specific markets.\"\nUnder licensing agreements, Microbix would be the exclusive manufacturer\nof the active pharmaceutical ingredient for the drug. The Company's partners\nwould market and sell the product. Once clinical trials and regulatory\napprovals have been gained, Microbix and its partners would participate in the\nrevenues and market exclusivity for several years resulting from patent\nprotection.\n\"Microbix wants to build a market franchise in these specialized product\nuses for urokinase,\" said Gastle. \"We believe there is excellent market\npotential for manufacturing urokinase products that meet specific clinical\nneeds.\"\n\nMicrobix specializes in developing proprietary biological technologies\nand commercializing them through global partners. The Company has intellectual\nproperty in large market biotherapeutic drugs, vaccine technologies and animal\nreproduction technologies. Established in 1988, Microbix is headquartered in\nToronto.\n\nThis press release contains forward-looking statements, which are subject\nto risks and uncertain...