Microbix Biosystems Inc. (
TSX: MBX, OTCQX: MBXBF,
Microbix®), a life sciences innovator, manufacturer, and
exporter, announces that it is undertaking further expansions to
its capabilities and capacity for manufacturing specialized
products relating to diagnostic testing for infectious diseases.
The Government of Ontario is supporting the expansions at
Microbix’s three adjacent sites in Mississauga with a grant of $
840,000 from the Ontario Together Fund (“
OTF”). A
separate $ 840,000 of interest-free loan funding has also been
provided by the Government of Canada through its FedDev Ontario
program. The balance of costs will be provided by Microbix from its
current funds or ongoing cash flow.
This project has three principal objectives, (i)
build and equip further product manufacturing space and
capabilities for Microbix’s core diagnostics businesses, (ii) build
and equip new development and quality control laboratory spaces,
and (iii) commission a Containment Level 3 production suite. The
project will be completed in 2024, at which time Microbix will be
able to optimally service all its current initiatives and rapidly
develop further product lines in its field of business. The project
is anticipated to create and support dozens of new life sciences
manufacturing, product development, and related jobs in
Ontario.
Microbix was the recipient of a prior grant from
OTF (2020) and prior FedDev Ontario funding (2019). Since its first
funding from the two programs, Microbix has created two entirely
new product lines comprising dozens of fully-registered medical
devices, built many strategic customer relationships and a global
distribution network, almost doubled its sales, gone to three
facilities from one, nearly doubled its staff, and supported
healthcare in Ontario, across Canada, and internationally.
Vic Fedeli, Ontario’s Minister of Economic
Development Job Creation and Trade, said, “Through the Ontario
Together Fund, our government is proud to support innovative
companies like Microbix, who are developing the next-generation of
made-in-Ontario health care solutions. This exciting new project
will further grow Ontario’s life sciences sector and ensure that
our province remains a global leader in innovation and life
sciences.”
Dr. Ken Hughes, Microbix’s COO stated “Microbix
is honoured to receive these second rounds of funding from MEDJCT
(OTF) and from FedDev Ontario. We are very thankful for this
ongoing support, which clearly illustrates the objective success of
our previously funded initiatives. As before, we will deploy these
funds to further support our business growth, while ensuring that
Microbix’s operations remain rooted in Ontario, Canada and
maximally effective during that growth.”
About Microbix BiosystemsMicrobix
creates proprietary biological products for human health, with over
100 skilled employees and annualized sales targeting C$ 2.0 million
per month. It makes a wide range of critical ingredients and
devices for the global diagnostics industry, notably antigens for
immunoassays and its laboratory quality assessment products (QAPs™)
that support clinical lab proficiency testing, enable assay
development and validation, or help ensure the quality of clinical
diagnostic workflows. Its antigens drive the antibody tests of
approximately 100 diagnostics makers, while QAPs are sold to
clinical laboratory accreditation organizations, diagnostics
companies, and clinical laboratories. Microbix QAPs are now
available in over 30 countries, distributed by 1WA (Oneworld
Accuracy Inc.), Alpha-Tec Systems, Inc., Diagnostic International
Distribution SpA., Labquality Oy, The Medical Supply Company of
Ireland, Neo-Science Equipment LLC, R-Biopharm AG, SDT Molecular
Pte Ltd, Seegene Canada Inc., and Thomas Scientific LLC. Microbix
is ISO 9001 and 13485 accredited, U.S. FDA registered, Australian
TGA registered, Health Canada establishment licensed, and provides
CE marked products.
Microbix also applies its biological expertise
and infrastructure to develop other proprietary products and
technologies, most notably viral transport medium (DxTM™) to
stabilize patient samples for lab-based molecular diagnostic
testing and Kinlytic® urokinase, a biologic thrombolytic drug used
to treat blood clots. Microbix is traded on the TSX and OTCQX, and
headquartered in Mississauga, Ontario, Canada.
Forward-Looking InformationThis
news release includes “forward-looking information,” as such term
is defined in applicable securities laws. Forward-looking
information includes, without limitation, discussion of
Governments, OTF, or FedDev Ontario, the project or the products of
Microbix, Microbix’s business and business results, goals or
outlook, risks associated with financial results and stability,
development projects such as those referenced herein or in its
corporate presentation, regulatory compliance and approvals, sales
to foreign jurisdictions, engineering and construction, production
(including control over costs, quality, quantity and timeliness of
delivery), foreign currency and exchange rates, maintaining
adequate working capital or raising further capital on acceptable
terms or at all, and other similar statements concerning
anticipated future events, conditions or results that are not
historical facts. These statements reflect management’s current
estimates, beliefs, intentions and expectations; they are not
guarantees of future performance. The Company cautions that all
forward-looking information is inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond the Company’s control. Accordingly, actual
future events, conditions and results may differ materially from
the estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. All statements are made
as of the date of this news release and represent the Company’s
judgement as of the date of this new release, and the Company is
under no obligation to update or alter any forward-looking
information.
Please visit https://microbix.com or www.sedar.com
for recent Microbix news and filings.
For further information, please contact Microbix
at:
Cameron Groome, CEO(905) 361-8910 |
Jim Currie, CFO(905) 361-8910 |
Deborah Honig, Investor RelationsAdelaide Capital Markets(647)
203-8793 ir@microbix.com |
Copyright © 2023 Microbix Biosystems Inc.
Microbix®, DxTM™, Kinlytic®, and QAPs™ are trademarks of Microbix
Biosystems Inc.
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