Microbix Announces Initiation of Normal Course Issuer Bid

MISSISSAUGA, Ontario, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, OTCQX: MBXBF, Microbix^®), a life sciences innovator, manufacturer, and exporter, announces the initiation of a Normal Course Issuer Bid (“NCIB”) program for the repurchase and cancellation of outstanding common shares.

Specifically, the NCIB enables Microbix to repurchase up to 6,827,518 Common Shares ("Shares"), that number being approximately five percent (5%) of the 136,550,374 Shares outstanding as at December 1, 2023. Repurchases will be made through the facilities of the Toronto Stock Exchange (“TSX”) over a 12-month period starting on December 8, 2023. The actual number of Shares which may be repurchased pursuant to the NCIB will be determined by management under applicable rules and policies.

The NCIB has been approved by Microbix’s Board of Directors and will be conducted in accordance with the applicable rules and policies of the TSX and Canadian securities laws, including TSX approval of Microbix’s notice of intention to conduct a NCIB. Under the NCIB, Shares may be repurchased in open market transactions on the TSX, or by such other means as may be permitted by the TSX and applicable Canadian securities laws. Microbix will pay the prevailing market price at the time of its Share repurchases.

Pursuant to TSX rules and policies, the maximum number of Shares that may be repurchased in one day via the NCIB will be 12,286, that being 25% of the average daily trading volume (“ADTV”) of the Shares on the TSX for the most recently completed six calendar months, subject to certain prescribed exceptions such as periodic block trades. The ADTV on the TSX for six calendar months ended November 30, 2023 is 49,145. Microbix conducted a prior NCIB for the 12-months from October 3, 2022 under which it sought and obtained approval to purchase up to 6,948,568 shares and under which it repurchased a total of 2,892,000 shares with a volume weighted average price of $0.385.

Microbix has entered into a pre-defined automatic securities purchase plan with its NCIB broker, PI Financial Corp., to allow for the repurchase of Shares at times when it ordinarily would not be active in the market due to Microbix’s internal trading blackout periods, insider trading rules, or otherwise. Such plans will be conducted in accordance with applicable Canadian securities laws. Outside of such restricted periods, the timing of repurchases will be determined by Microbix management. Decisions regarding repurchases will be based on market conditions, Share price, best uses of available cash, and other factors. The funding for any repurchases pursuant to the NCIB will be financed from working capital and all Shares will be repurchased for cancellation. Microbix may also use its NCIB to acquire Shares pursuant to the exercise of stock options to offset the dilutive effect of options that have been exercised.

The Board of Directors believes Microbix’s underlying value is not reflected in the current market price of its Shares. As a result, depending upon future price movements and other factors, the Board believes that the repurchase of Shares is an appropriate use of corporate funds and in the best interests of Microbix and its shareholders. Furthermore, the NCIB is expected to benefit persons who continue holding Shares by increasing their proportionate equity interest in Microbix as the repurchased Shares are cancelled.

A copy of Microbix’s notice of the NCIB to the TSX may be obtained by any shareholder without charge, by contacting Jim Currie, the Company's Chief Financial Officer.

About Microbix Biosystems Inc.
Microbix Biosystems Inc. 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 lab accreditation organizations, diagnostics companies, and clinical labs. Microbix QAPs are now available in over 30 countries, supported by a network of 10 international distributors. Microbix is ISO 9001 & 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 Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots, and viral transport medium (DxTM™), to stabilize patient samples for lab-based molecular diagnostic testing. Microbix is traded on the TSX and OTCQX, 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 NCIB and its goals and processes, the TSX and related rules, regulations, or laws, 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 https://www.sedarplus.ca for recent Microbix news and filings.

For further information, please contact Microbix at:

Copyright © 2023 Microbix Biosystems Inc.
Microbix®, DxTM™, Kinlytic®, and QAPs™ are trademarks of Microbix Biosystems Inc.