Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Microbix Achieves Full Utilization of its Bioreactors

Six Units in Ongoing Use for Foreseeable Future, Seventh Ordered

MISSISSAUGA, Ontario, May 19, 2020 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, Microbix®), an award-winning life sciences innovator and exporter, announces that it has achieved full utilization of the six bioreactor units it installed for manufacturing the “antigens” which are at the core of immunoassays that establish exposure or immunity to the Rubella virus, the cause of German Measles.

This marks a milestone for Microbix shareholders, as product from subsequent bioreactor batches will more fully realize the gross margin benefits of multiple units being run in parallel by the same personnel. Product deliveries from this level of operations will start to be made as of October, 2020 – realizing the originally intended gross margin benefits in the first quarter of fiscal 2021 and beyond.

Cameron Groome, President and CEO, stated, “I invite all Microbix stakeholders to join me in thanking our talented professionals for enabling us to achieve this strategically important goal. This project involved every department of our company, including R&D, Manufacturing, QC, QA, Sales & Marketing, Finance, and HR. As a result of bioreactor production attaining this level of activity, Microbix should start realizing better and more consistent gross margins from this best-selling and critical antigen product.”

Microbix’s intense program has led to it becoming expert in the usage of bioreactors for mammalian cell culture and for production of native-organism viral antigens. It can now reliably produce enough Rubella antigen to supply all demand from its international customer-base of immunoassay test makers. Microbix’s dedicated bioreactor suite has been designed to accommodate up to eight bioreactors. The Company has recently ordered a seventh unit to conduct further process optimization studies. In the future, these more efficient methods may be applied to the production of other viral antigens, and the conversion of Rubella to bioreactors has freed space for more production of other antigens by conventional methods.

Microbix began the program to convert its production of this critical “TORCH Panel” test ingredient from traditional “roller bottle” culturing methods to leading-edge bioreactor technology in 2015. Validation of Microbix’s processes and its first commercial sale were achieved in September, 2017. Microbix completed renovations to its facility to accommodate up to eight bioreactors in May, 2018 and it purchased six. After multiple customer-driven timeline extensions, Microbix announced full acceptance of antigen produced via its bioreactor process in August, 2019. Since that time, Microbix has been consuming built-up product inventory and, one-by-one, has been increasing the number of its bioreactors being regularly operated.

Financial support for the bioreactor program was provided by Microbix’s many shareholders, with further assistance from the Industrial Research Assistance Program and the FedDev Ontario program of the Government of Canada. Microbix gratefully acknowledges this assistance, as well as the cooperation of its customers in reconfirming the acceptability of bioreactor-produced antigen for their tests.

About Microbix Biosystems
Microbix develops proprietary biological and technology solutions for human health and well-being, with approximately 80 skilled employees and sales now usually exceeding $1 million per month on average. It makes a wide range of critical biological materials 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 quality control of clinical diagnostic tests. Microbix antigens and QAPs are sold to many customers worldwide, at present primarily to multinational diagnostics companies and laboratory accreditation organizations. Microbix is ISO 9001 and 13485 accredited, FDA and 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 Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots.

Microbix is a publicly-traded company, listed on the Toronto Stock Exchange and headquartered in Mississauga, Ontario, Canada.

Forward-Looking Information
This news release includes “forward-looking information,” as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of the bioreactors and the product made in them, the utility or consequences of use of the bioreactors, references to external collaborators and regulatory processes, Microbix’s business and business results, goals or outlook, risks associated with financial results and stability, development projects such as those referenced 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 and 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 www.microbix.com or www.sedar.com for recent Microbix news and filings.

For further information, please contact Microbix at:

Cameron Groome, CEOJim Currie, CFODeborah Honig, Investor Relations
(905) 361-8910
(905) 361-8910Adelaide Capital Markets
  (647) 203-8793   [email protected]

Copyright © 2020 Microbix Biosystems Inc.
Microbix®, Kinlytic®, and QAPs™ are trademarks of Microbix Biosystems Inc.

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).