TORONTO, Dec. 14 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) has signed two Letters Of Intent with companies outside North America which are interested in licensing the VIRUSMAX(TM) technology on a non-exclusive basis.
The technical evaluation of the VIRUSMAX(TM) technology was successfully completed. Two of the current season's influenza strains were tested and both showed at least a two-fold increase in yield. The first definitive agreement is now being negotiated and Microbix anticipates agreements will be established early in 2008.
Microbix also announced today that the technology has been granted a patent in Australia. This follows patents being awarded in the U.S., Canada and India. Patents are pending in a number of other countries.
VIRUSMAX(TM) has significant implications for the influenza vaccine marketplace. Currently, there are only three countries that produce enough vaccine to immunize their own populations - Canada, France and Australia. Every other country lacks the manufacturing capacity to meet domestic needs, with the largest deficits in the U.S., China and India.
Annual global flu production is currently 350 million doses. If VIRUSMAX(TM) is adopted on a global basis, the number of doses available would increase to at least 700 million.
For Microbix, the next step in generating annual revenues from VIRUSMAX(TM) is to license the technology to vaccine producers on a non-exclusive basis. "These Letters of Intent are a major step towards achieving that goal, and our management team remains focused on signing agreements in 2008," said Microbix CEO William J. Gastle. He added that further details will follow.
Microbix' discovery has been reported in Vaccine, an international, peer-reviewed scientific journal. In addition, the yield enhancement has been evaluated and confirmed in an independent study.
Microbix specializes in developing proprietary biological technologies, including biotherapeutic drugs, vaccine technologies and animal reproduction technologies. It has been researching and developing the flu vaccine yield enhancement technology for a number of years, with a team at the company's Toronto laboratories spearheading these efforts.
This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements such as the risks associated with licensing the technology to vaccine manufacturers. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.
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