Business
Microbix Reports Second Quarter Profit
On Track for Sustainable Cash Flow and Profitability TORONTO, May 14, 2013 /CNW/ - Mi...
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\n\n\nOn Track for Sustainable Cash Flow and Profitability\n\n\nTORONTO, May 14, 2013 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), a\n biotechnology company developing innovative biological products and\n technologies, today reported financial results for its second quarter\n ending March 31, 2013. Revenue was $2,103,426 compared to $1,896,947\n for the same quarter last year, an increase of $206,479. This increase\n is the result of strong antigen sales in the quarter and ongoing\n consulting services provided to Zydus under terms of the Kinlytic®\n license agreement. Operating expenses for the quarter were $849,307\n compared to $1,573,097 for the same quarter last year, a reduction of\n $723,790. This improvement is attributable to the following factors:\n (1) reassignment of Kinlytic® related costs to cost of goods sold to\n support development work for Zydus, (2) savings realized from the\n recent business restructuring, (3) upfront payment from the sale of the\n Water-for-Injection business. These results contributed to an operating\n profit for the quarter of $169,570 compared to an operating loss of\n $609,425 for the same quarter last year.\n\n\nVaughn Embro-Pantalony, President and Chief Executive Officer remarked,\n \"I am very pleased to report our first profitable quarter in several\n years. We have worked very hard to achieve this result and it\n represents a big step towards our ultimate goal of eliminating our cash\n burn by generating sustainable profitability and cash flow from\n operations. Antigen sales recovered nicely from the weak first quarter\n and are projected to grow on a full year basis. Also, during the\n quarter we expanded our support of Zydus under the Kinlytic® license\n agreement.\" He commented further, \"Our restructuring efforts have\n contributed to the profitable turnaround and we remain focused on\n delivering sustainable cash flow from operations by September 30, 2013\n the end of our fiscal year.\"\n\n\nMr. Embro-Pantalony also provided an update on the pipeline products,\n \"We are making good progress on the Kinlytic® project with Zydus in\n preparation for a meeting with the FDA in the fall when we will present\n our plan for returning the drug to the U.S. market. Also, we are in the\n final stages of securing funding for the biological development phase\n o...