TORONTO, Feb. 05, 2019 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, Microbix®), an innovator of biological products and technologies, provides an update on the expansion of its quality assessment product lines, announcing the addition of new customers, more products, and steps to expand its production capacity.
Microbix’s quality assessment products (QAPs™) are stabilized and inactivated pathogen samples. QAPs are used by proficiency organizations, diagnostic test developers, researchers and clinical laboratories and are now being manufactured under ISO 13485. Microbix has long offered a range of such products to proficiency organizations for use in their clinical laboratory certification programs (its PTDx™ line). In 2018, Microbix added the PROCEEDx™ line to its quality assessment offerings, for use in research, assay development, validation/verification of instruments, troubleshooting, and operator training.
PROCEEDx products are now being sold to multiple diagnostics companies, which will ship these Microbix-branded QAPs to their customers as a part of their new instrument sales or for use in their R&D and internal QC. Such shipments are the first time that Microbix’s name will be visible to end-users in the diagnostics market – a strategic milestone for our company. Development of further PROCEEDx brand QAPs is ongoing in collaboration with multiple leading diagnostics companies. Microbix believes such engagement substantiates its QAPs opportunities.
In order to effectively support its QAPs programs, Microbix is also pleased to announce that it has leased additional office, production, and warehousing space at 235 Watline Avenue in Mississauga. The newly-leased space will provide a further 10,300 square feet of space adjacent to its fully-owned 14,000 square foot production site at 265 Watline Avenue. When it takes occupancy this spring, Microbix will cede the office space it currently rents at 211 Watline Avenue and consolidate all its operations across the two neighboring buildings. It is expected that the new site will provide adequate space for filling, labeling and testing of its QAPs products at greatly-expanded volumes.
Cameron Groome, CEO and President of Microbix, provided further perspective. “Our quality business builds from the capabilities we developed to provide native antigens for many leading immunoassay makers. Supporting both immunoassays and molecular diagnostics, we expect our QAPs sales to grow in absolute terms and as a proportion of our total sales. In addition, we are pursuing new intellectual property to protect our product innovations in this field. We look forward to further reporting upon the sales growth of the QAPs product lines and their related value creation."
The current list of Microbix’s PROCEEDx products is available from its website at www.microbix.com. A more detailed business description is provided in Microbix’s Annual Information Form (AIF) for fiscal 2018, also on its website or at www.sedar.com.
About Microbix Biosystems
Microbix Biosystems Inc. specializes in the development of proprietary biological and technology solutions for human health and well-being. The Company manufactures a wide range of critical biological materials for the global diagnostics industry, notably antigens used in immunoassays or quality assessment and proficiency testing products. Microbix’s products are sold to more than 100 customers worldwide, primarily to multinational diagnostics companies and laboratory accreditation organizations.
Microbix also applies its biological expertise and technology platforms to create other innovative products and technologies. Currently it has two; (1) Kinlytic® urokinase, a biologic thrombolytic drug (used to dissolve blood clots) and (2) LumiSort™ cell-sorting, a technology platform for ultra-rapid and efficient sorting of particles that can be used to enrich cell populations of interest, such as in sexing semen. Established in 1988, 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, management’s discussion of financial results or the outlook for the business, the risks associated with its financial results and stability, its QAPs or biologicals business, development projects such as those referenced herein, operations in foreign jurisdictions, engineering and construction generally, production (including control over costs, quality, quantity and timeliness of delivery of products), 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.sedar.com for recent Microbix filings.
For further information, please contact:
Company Contacts:
Cameron L. Groome, CEO
(905) 361-8910
Jim Currie, CFO
(905) 361-8910
Deborah Honig, Investor Relations – Adelaide Capital Markets
(647) 203-8793 ir@microbix.com