Business
Microbix' Revenue Increases 35% in Third Quarter
Operating Results Approach Break-Even for the Quarter TORONTO , Aug. 14, 2013 /CNW...
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\nOperating Results Approach Break-Even for the Quarter\n\n\nTORONTO, Aug. 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 third quarter\n ending June 30, 2013. Revenue was $1,906,652 compared to $1,413,531 for\n the same quarter last year, an increase of 35%. This increase is the\n result of continued growth in antigen sales in the quarter and ongoing\n consulting services provided to Zydus under the Kinlytic® license\n agreement. Operating expenses for the quarter were $1,026,841 compared\n to $1,437,660 for the same quarter last year, a reduction of $410,819.\n This improvement is the result of savings realized from the many\n productivity improvement initiatives implemented earlier this fiscal\n year. These results contributed to a significantly reduced operating\n loss for the quarter of $102,278 compared to an operating loss of\n $960,586 for the same quarter last year.\n\n\nVaughn Embro-Pantalony, President and Chief Executive Officer remarked,\n \"A 90% reduction in the year-over-year operating loss is a strong\n indication that we are building momentum in our transformation towards\n achieving sustainable operating profit.  A combination of strong growth\n in Antigen sales and our continued focus on productivity improvements\n has helped us achieve positive operating cash flow in the third\n quarter.\"\n\n\nMr. Embro-Pantalony also provided an update on the pipeline projects.\n \"We continue to prepare for our meeting with the FDA this fall as part\n of our plan to return Kinlytic® to the US market. We are making\n progress towards securing financing for our LumiSort® venture.  We are\n working closely with our technical partners to finalize the scope, cost\n and timing of our development program to satisfy the requirements of\n our investors.  And finally, we are preparing our defense of the\n VIRUSMAX® patent challenge by Novartis which will be heard by the\n European Patent Office in January 2014.\"\n\n\nThe Company also announced that James Long, Chief Financial Officer,\n will be retiring from Microbix at the end of August.  Charles Wallace\n will become the Company's interim Chief Financial Officer effective\n September 1st.\n\n\nMr. Embr...