Business
Microbix Enters The Urokinase Market
Acquires all Urokinase inventory, sales infrastructure and the FDA-approved NDA from ImaRx Therap...
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\nAcquires all Urokinase inventory, sales infrastructure and the\n\n\nFDA-approved NDA from ImaRx Therapeutics\n\n\nTORONTO, Sept. 24 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) announced\ntoday that it has completed a $2.5 million acquisition of all Urokinase assets\nfrom ImaRx Therapeutics, Inc. of Tucson, Arizona, (Nasdaq: IMRX).\n\n\nThese assets include ImaRx' remaining Urokinase inventory, the regulatory\napproval to market the product formerly known as Abbokinase(R) (now rebranded\nas Kinlytic(TM)), key raw materials for Urokinase manufacture, and the\ncorresponding sales and marketing infrastructure. With this acquisition, the\nCompany has assumed full title and control of this clot-busting drug, a\nsignificant benefit to Microbix and its shareholders.\n\n\nThe acquired inventory has been pending US FDA product inventory release\nsince receipt of a May 2008 approvable letter. FDA requested additional\nproduct characterization data to allow a dating extension of this key medical\nproduct. "We are committed to working diligently with the FDA to address\nissues related to the approvable letter for Urokinase," said Dr. Kenneth\nHughes, Microbix Vice President of Scientific Affairs.\n\n\nUpon receiving FDA release of the Urokinase inventory, a further\nUS $2.5 million bonus will be paid to ImaRx. The acquired inventory will have\na retail value of more than US $35M once released by the FDA. Sales for 2007\nwere over $10 million. Microbix intends on selling the Kinlytic(TM) inventory\nover the period before its own manufactured Kinlytic(TM) product is released\nby the FDA. Microbix intends to market the product directly in the future.\n\n\nThe benefits of this acquisition to Microbix, and its shareholders, are\nthe following:\n\n\n- Immediately accretive with generation of significant new revenue and\n free cash flow beginning in 2009;\n- Diversification of Microbix' revenue and cash flow stream;\n- Control of an FDA approved drug for a large market opportunity for\n currently unmet medical needs;\n- Potential to expand the drug's indications into larger markets such\n as catheter clearance, oncology and ophthalmology;\n- Use an already FDA-approved product to accelerate Urokinase production\n at its facility in Toronto.\n\n\n"With this acquisition, Microbix becomes a full scale commercial\nbiopharmaceutica...