Business
Microbix takes over production of urokinase, and is currently negotiating the exclusive right to manufacture the drug for a new proprietary use
Microbix takes over production of urokinase, and is currently negotiating the exclusive right to manufacture the drug for a new proprietary use.
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Jan. 31 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) announced\ntoday that it has taken over the production of its urokinase product from\nGenpharm Inc. and will directly operate the manufacturing facilities.\nThe two companies, which have been working together over the past three\nyears to commercialize the product, have now amended their licensing agreement\nto reflect these changes. Microbix will now assume the costs associated with\nbringing the drug to market - costs previously funded by Genpharm, an\naffiliate of Merck KgaA,\nIn addition to producing urokinase at the facilities, Microbix plans to\nuse the plant to manufacture other products. \"By doing so, we expect to\ngenerate revenue and operate these facilities on a positive cash flow basis\nbefore and after urokinase is in the market,\" said William J. Gastle,\nPresident and CEO of Microbix.\nMicrobix' original intent was to market its urokinase product, the 'clot\nbusting' drug ThromboClear(TM), as a generic equivalent. While several\nimportant milestones have already been achieved, the Company has been\nreviewing its strategy because of slowing sales for the brand-name drug after\nthe manufacturer announced that it was no longer producing the product.\n\"While a generic opportunity still exists, we have identified potential\nnew clinical uses for urokinase which offer the possibility of higher valued\nmarkets, and we have been aggressively pursuing these opportunities,\" Gastle\nstated.\nAs a result of this renewed strategy, Microbix has now entered into\nnegotiations for exclusive rights to manufacture the drug for a specific new\nproprietary use. Details will be announced if and when negotiations are\nsuccessfully concluded.\n\"We now have control of a specialized pharmaceutical manufacturing\nfacility designed to produce urokinase, and with capacity to produce other\nproducts. As well, we believe there is excellent potential for manufacturing\nurokinase products that meet specific clinical needs. These developments\nrepresent real opportunities for additional significant revenues for the\nCompany,\" Gastle said.\nMicrobix specializes in developing proprietary biological technologies\nand commercializing them through global partners. The Company has intellectual\nproperty in large market biotherapeutic drugs, vaccine technologies and animal\nrepro...