Business
Microbix Reports a Record Increase in Worldwide Sales for 2nd Quarter 2010
Microbix Reports a Record Increase in Worldwide Sales for 2nd Quarter 2010
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\n May 13, 2010 (Canada NewsWire Group) -- Sales rise 17% for the Toronto biotech which is now focused on partnering its pipeline\n\n Microbix Biosystems Inc. (MBX:TSX), a biotechnology company focused on virology and biological technologies, reported sales for the second fiscal quarter of 2010 of $1.83 million, a 17% increase, and a record sales level for the 20-year-old biotech company. If not for the strong Canadian dollar, sales would have increased by 36%.\nThe record sales improvement was due to three major developments: First, increased product shipments due to higher capacity at the company's new manufacturing facility, which is now fully operational. Second, higher sales were due to Microbix' newly introduced proficiency test diagnostic product which is used in US hospitals and clinical laboratories to document the accuracy of their lab results before they can receive Medicaid funding. And, third, sales increased due to higher royalty fees, specifically, licensing fees for Microbix' recombinant Rabies Vaccine which, for example, has reduced the transmission of the rabies virus in wild animals to zero throughout the province of Ontario, Canada.\n"We are pleased that our strong virology business has delivered record sales and provided funding to continue developing our pipeline products. However, the company has developed its pipeline to the point where we are ready to close on partnership arrangements for urokinase, to manufacture and commercialize this highly effective the clot-busting therapy; for Lumisort(TM), Microbix' new proprietary instrument for semen sexing technology which enables livestock producers to predetermine sex of offspring; and for VIRUSMAX(TM), which increases vaccine yields," said William J. Gastle, Microbix CEO.\n"We're succeeding in our business strategy, namely, to focus on creating technology with high value potential and then to partner with larger commercial companies to move that technology to market," Gastle added.\nFor the second quarter ending March 31, 2010, Microbix reported sales of $1,831,186, a 17% increase from sales of $1,570,204 in the comparative period last year. For the quarter, the company reported a loss of $576,000 compared with a loss of $512,834 in the same quarter last year.\nOperating expenses increased $237,000 compared to last year, due to non-...