Microbix Makes Significant Progress in Implementing Strategic Plan in Q2

About this update from Microbix Biosystems Inc.

[{"type":"text","content":"\n\n\n\nTORONTO, May 14 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) today\nannounced results for the second quarter ended March 31, 2008, and outlined\nsteps that have been taken in implementing its strategic business plan.\n\n\n"We have made significant progress in moving VIRUSMA(TM) and Urokinase\ninto the market since the first quarter, and we expect to reach important\nmilestones with SST(TM)in the coming months. Our base Virology business\ncontinues to support our pipeline development activities with strong cash\nflows from this division," said Microbix CEO William J. Gastle.\n\n\nOperating Highlights\n\nVirology Products\n\n- The base virology business performed well, with sales up 9 per cent in\n the second quarter and up 27 per cent in the first six months of\n fiscal 2008 compared to the same periods a year earlier.\n\n- Subsequent to the end of the second quarter, Microbix announced the\n purchase of a new plant in the Toronto area that will triple its\n manufacturing capacity, allow the Company to meet the steadily growing\n demand for its virology products, and facilitate further\n diversification into pharmaceutical grade water-based products and\n viral vaccine contract manufacturing.\n\nVIRUSMA(TM)\n\n- To date, Microbix has signed two letters of intent, is negotiating a\n definitive agreement with one, and is in discussions with two new\n companies regarding the licensing of its proprietary influenza vaccine\n yield enhancement technology.\n\n- Further opportunities are anticipated in 2008 as countries around the\n world, most lacking the manufacturing capacity to meet domestic needs,\n become increasingly concerned about the risks of a pandemic.\n VIRUSMAX(TM) can enable manufacturers to at least double the amount of\n influenza vaccine they produce, reducing dependence on imported\n supplies.\n\nUrokinase\n\n- Subsequent to the quarter's end, Microbix announced that it intends to\n transfer its Urokinase assets - including the manufacturing facilities\n and equipment, worldwide commercial rights to all Urokinase\n therapeutic indications, and the associated staff and management - to\n a new private company named Klarogen Biotherapeutics Inc. Microbix\n would retain a significant equity stake in the newly created company.\n\n- Under the terms of a newly arranged letter of intent, Klarogen would\n purcha...

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