Business
Microbix First Quarter Sales Grow Over 50% With Continued Progress On The Pipeline
New manufacturing facility opening in Second Quarter TORONTO, Feb. 13 /CNW/ - Microbix Biosystems...
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\nNew manufacturing facility opening in Second Quarter\n\n\nTORONTO, Feb. 13 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) said today\nthat despite a challenging year for the biopharmaceutical industry, it has\nmaintained its focus and continued its advance toward the ultimate goal of\nsustained profitability. The Company was announcing results for the first\nquarter ended December 31, 2008.\n\n\nIn a news release today, William J. Gastle, CEO of Microbix said "the\nCompany has improved the fundamentals of its core business and we are\napproaching major milestones in our product pipeline. We are waiting for the\nFDA to authorize release of Kinlytic inventory, our Urokinase product, we are\nin discussions with potential pharma partners for our Hunan (China) influenza\nvaccine business and we expect to provide guidance on the SST program as we\nnear the end of the expanded sex specific protein investigation described in\n2008."\n\n\nFirst Quarter Highlights\n\nCore Business\n\n\nGrowth was robust in the first quarter with sales improving over 50 per\ncent compared to the same quarter last year. "We exceeded our sales target in\nthe first quarter," Mr. Gastle continued "and we are on a path to meet or\nexceed projections for this fiscal year. The Company will open its new\nfacility in Mississauga, Ontario in March 2009 with significantly improved\ncapacity.\n\n\nVIRUSMAX(TM)\n\n\nThe Company is collaborating with a major firm to evaluate VIRUSMAX in\ntheir influenza vaccine manufacturing process in the second quarter.\nPreliminary results were promising and the evaluation has moved to the next\nphase at the partner's manufacturing facility.\n\n\nWe are pleased with the arrangement to form a manufacturing joint venture\nagreement to build and operate an influenza vaccine plant in China based on\nVIRUSMAX. We are making solid progress towards completing the pre-conditions\nthat have been set for financing of the Hunan project to occur. The Company is\nworking with the Hunan Provincial Government and now also Chinese Central\nGovernment organizations to complete the financing.\n\n\nSemen Sexing Technology (SST)\n\n\nThe SST program has focused on executing the program's strategy to hold a\ncomprehensive intellectual property position for sex-specific proteins on\nsperm cells. "We are approaching an imp...