Microbix Continues Progress in Implementing Strategic Plan in Q3

About this update from Microbix Biosystems Inc.

[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 13 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) today\nannounced results for the third quarter ended June 30, 2008, and outlined\nsteps that have been taken in implementing its strategic business plan.\n\n\nIn his remarks reviewing the third quarter, William J. Gastle Microbix\nCEO stated, "The China project announced in the quarter is the opportunity to\ninstall VIRUSMAX(TM) in one of the largest influenza vaccine manufacturing\nfacilities to be built in the world. This project is expected to have a major\nlong term impact on Company revenues and profit beginning in 2009."\n\n\nMr. Gastle went on to say, "We are enjoying an increase in sales and have\nincreased manufacturing capacity to complement increasing demands of the\ncommercial activities of the major value drivers in our business."\n\n\nOperating Highlights\n\nVirology Products\n\n- The base Virology Products business performed well, with sales up\n 25 percent in the third quarter and up 25 percent in the first nine\n months of fiscal 2008 compared to the same periods a year earlier.\n\nVIRUSMAX(TM)\n\n- The major highlight announced in the third quarter is the\n unprecedented influenza vaccine agreement signed with the Hunan\n Government in China. It is a very large deal for your Company, as it\n represents the opportunity to install the use of VIRUSMAX(TM) in one\n of the largest influenza vaccine manufacturing facilities to be built\n in the world. The joint venture has received a commitment for more\n than 100 million doses from the Province of Hunan - a contract worth\n in excess of $500 million, representing one of the largest single\n commitments for flu vaccine ever made. The economics of this deal are\n impressive and are a significant breakout from the confines of the\n existing market. Specifically, it ensures a royalty rate that\n reflects the value of a large and new market that will all be\n exclusive to this facility.\n\n- Additional opportunities are being presented to the Company to\n further utilize the Virusmax(TM) Technology. Letters of Intent\n previously announced have led to evaluations of the technology that\n may lead to definitive agreements. New LOI's are anticipated.\n\nUrokinase\n\n- Negotiations to bring Urokinase back to the medical treatment market\n have continued with ImaRx during the quarter. Aft...

More updates from Microbix Biosystems Inc.