TORONTO, April 22 /CNW/ - Microbix Biosystems Inc. (MBX:TSX) announced today that it has purchased a new manufacturing plant in the Toronto area that will triple its capacity to produce virology products.
Late last year, Microbix raised $6.8 million in equity through a brokered private placement financing. Some of these funds are being used to purchase the new facility, with additional financing provided by the Business Development Bank of Canada.
"This is part of our growth plan, and we're pleased to have achieved this particular milestone because it will ensure that Microbix continues to meet the steadily growing demand for its virology products," said CEO William J. Gastle.
The state-of-the-art manufacturing plant will be the new home to Microbix' base business. This business grew 54 per cent during the first quarter of fiscal 2008 and the Company expects this trend to continue.
The production and sale of virology products continues to provide critical funding and technology that help support the Company's development of large-market products in the fields of biotherapeutics, vaccines, and animal reproduction technologies.
"All of our large-market products - Urokinase, VIRUSMAX(TM), and Semen Sexing Technology(TM) (SST) - are making progress," said Gastle. The Company will be providing an update on these technologies and market activities in its 2008 second quarter report to be published in mid-May.
This press release contains forward-looking statement, which are subject to risks and uncertainties that could cause results to differ materially from those set forth in the forward-looking statements. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent obligation to update these forward-looking statements
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