Business
Microbix' first quarter results reflect continued substantial investments in its proprietary products
Microbix' first quarter results reflect continued substantial investments in its proprietary products.
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 14 /CNW/ - Microbix Biosystems Inc. (MBX:TSX) today\nannounced a net loss of $482,127 for the first quarter ended December 31,\n2006, compared to a net loss of $106,052 in the same period a year earlier.\n\n\nOverall revenue declined 41% in the latest quarter as a result of a 29%\ndecline in the revenue from virology products due to the timing of orders from\nour key customers and, as previously disclosed, the loss of revenue from\nResearch & Development contracts due to the amendment to our agreement with\nGenpharm Inc.\n\n\n Quarter Ended December 31\n 2006 2005\n-------------------------------------------------------------------------\nRevenue $ 672,484 $ 1,136,809\n-------------------------------------------------------------------------\nNet Profit (loss) $ (482,127) $ (106,052)\n-------------------------------------------------------------------------\nNet Profit (loss) Per Share $ (0.01) $ 0.00\n-------------------------------------------------------------------------\nCash flow $ (301,667) $ 7,119\n-------------------------------------------------------------------------\n\n\n\"Our financial results for the first quarter of fiscal 2007 reflect the\nsubstantial investments we continue to make in developing our product\npipeline. As we indicated last year, this is an aggressive and focused\nstrategy designed to boost shareholder value over the longer term, knowing\nthat there will be short-term impacts on net profit and cash flow,\" said\nMicrobix Chairman and CEO William J. Gastle.\n\n\n\"We remain committed to this program, and it is beginning to pay off.\"\n\n\nDuring the three months ended Dec. 31, 2006, the Company made progress in\nall areas of product development - oncology, reproductive technology, and\nvaccine production.\n\n\nOncology\n\n\nMicrobix and Angiogen LLC are collaborating in the development of a\ncancer therapy that combines urokinase with a second drug. This drug\ncombination, which works by cutting off the blood supply to solid tumours and\nthereby destroying them, has already shown success in patients. Because both\nof the drugs in the combination are already FDA-approved for other indications\nand are known to be safe, the partners are hopeful that this program will be\nable to move relatively quickly to market.\n\n\nThe two companies are currently seeking financing for Ph...