Business
Microbix Reports 11% Growth in Product Volume for Nine Months
Microbix Reports 11% Growth in Product Volume for Nine Months
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\n Aug. 12, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nLarge market pipeline starts to meet milestones; LumiSort(TM) agreements concluded\n\nTORONTO, Aug. 12 /CNW/ - Microbix Biosystems Inc. (MBX:TSX), a biotechnology company focused on virology and biological technologies, reported sales volume grew by 11% for the first nine months of fiscal 2010, compared to the same period in 2009. Double digit sales growth was, however, offset by the impact on revenue of strongly negative currency exchange rates.\nRevenue for the third quarter ended June 30, 2010 was $1,184,761 compared to $1,391,435 for the same quarter in 2009. Revenue decreased for the nine-month period to $4,242,486 from $4,568,162 in the previous year. The strong Canadian dollar contributed a 14% reduction in revenue compared to 2009.\nIn the third quarter, Microbix moved its three late-stage pipeline programs closer to completion with significant upside potential for investors. Subsequent to the quarter Microbix announced a development agreement for LumiSort(TM) (its semen sexing technology for livestock) with one of the largest suppliers of livestock reproduction products and services in the world. In the agreement, the partner will make a $2 million investment in LumiSort in return for two years of regional exclusivity and a 10% share of annual LumiSort revenues. The partner has made an up-front payment to Microbix and will deliver additional milestone payments within the next 18 months, when LumiSort is expected to enter the $2.5 billion market for livestock artificial insemination.\nWilliam J. Gastle, Microbix' Chief Executive Officer said: "With the LumiSort announcement, Microbix reaches a major milestone for one of its three pipeline products. But, unlike other biotechnology companies who have 'bet the company' on one major product or even a single disease area, Microbix' business model is to advance a diverse pipeline of products, without the fear of ...