Business
Microbix Uses Core Business Cashflow To Fund Late-Stage Pipeline To Build Shareholder Value In 2009
Year-End Results Show 2008 Revenue Growth Of 23% TORONTO, Dec. 10 /CNW/ - In a news release today...
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\nYear-End Results Show 2008 Revenue Growth Of 23%\n\n\nTORONTO, Dec. 10 /CNW/ - In a news release today, Microbix announced\nresults for the fiscal year ended September 30, 2008. Revenues from its\nprofitable core business are continuing to fund Microbix Biosystems Inc.'s\n(TSX:MBX) late-stage pipeline opportunities which are expected to build\nshareholder value in the short and long term, according to William J. Gastle,\nCEO of the Company.\n\n\n"We expect cash flow from our base business to strengthen our balance\nsheet," Mr.Gastle said. "Fiscal 2009 will be a pivotal year as we re-launch\nUrokinase and seek partnership for our Hunan (China) influenza vaccine\nbusiness with a pharmaceutical company."\n\n\nHighlights for fiscal 2008:\n\n\nCore Business\n\n\nRecord performance was achieved again for the core business in revenues\nand volumes shipped, with year-over-year growth of 23 per cent.\n\n\n"We exceeded our targets in 2008," Mr. Gastle continued "and we are in\nthe final steps towards completing expansion of our manufacturing facility to\naccommodate increased demand for virology products - the impact of this\nadditional capacity will be realized in fiscal 2009."\n\n\nVIRUSMAX(TM)\n\n\nThe Company is collaborating with two major firms resulting from\nagreements announced last year. A third collaboration is now under discussion.\nActivities have accelerated as a result of the Agreement with the Hunan\nprovince of the Peoples Republic of China announced in June 2008. Engineering\nhas begun on site in China and financing activities are under way. VIRUSMAX\nhas now been granted patents in the U.S., Canada, India, Australia, and China.\nPatents are pending in a number of other countries.\n\n\nSemen Sexing Technology(TM) (SST(TM))\n\n\nSST will enable commercial breeders to pre-determine the sex of livestock\noffspring resulting from artificial insemination, a market that is currently\nvalued at over $2.5 billion.\n\n\nThe Company submitted new provisional patents for inventions relating to\nSST which describe new discoveries that would significantly strengthen its\nproprietary process for separating X and Y chromosome-containing sperm.\n\n\nThe Company is working to identify all sex specific proteins and\ncharacterize them. Microbix took the necessary steps to ensure that it has\n...